Cashing out of Bitcoin | Jom News Day

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In his article ( Cashing out of Bitcoin ) John Milibit postulated that if the BTC chain were to lose mining power to the BCH chain, blocks on the BTC chain would get increasingly hard to find, block times would get longer, the BTC chain would get into a Chain Death Spiral and could come to a grinding halt. Furthermore, blocks found on the BTC chain can only clear the mempool at 1MB per block. This at a time when the mempool will be increasing because of all the transactions wanting urgently to get into the next block pushing fees sky high. The BTC chain will become unusable.

The Awful Truth

This now exposes the awful truth about the BTC chain which have been missed. With the BCH chain alive and well, the BTC chain is now totally dependent on miners' goodwill to continue mining, or the Chain Death Spiral will come into effect. Note the emphasis on dependent on miners' goodwill and less on mining economics. There is now another option for miners. They could leave because the BCH chain becomes more profitable to mine or for any other reason, and there are consequences for the BCT chain from their decision. Prior to the fork they could not leave. Now they have to be begged and persuaded to stay.

For a rational investor, even the possibility that such a risk exist, makes the system untenable and unusable. We now realise, how important a role, the miners play. Their contribution should have been appreciated and they should have been listen to and given the respect they deserved. Not vilified and demonised. Who would have known?

What happens now?

The short of it is that no person or economic entity can accept or tolerate risks not within their control. They cannot place their financial well being at the goodwill and mercy of others. The Bitcoin system depends on pure greed and capitalism to function. Socialism, Communism, Dictatorship, Appeal to authority or Miners goodwill cannot work. BTC IS DEAD. LONG LIVE BTC.

Only a gentlemen cartel among investors, users and miners for a BTC hardfork to include EDA can save the current BTC chain. However cartels do not work in real life as the economic advantages to be the first to leave is too strong. In this Game Of Forks there is room for only one fork and BTC lost.

If you have not sold your BCH you will not be affected as BCH will become the new BTC. For the rest there are winners and losers. BTC will have no value. The war is ended, but not in any way we wished or planned.