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Well then what are they planning on doing Saturday? How are they going to exchange it?
They literally have to notify the merchants, they need lightning support, they need exchanges to list it, and with ~ 3% hashrate it would take ~ 60 weeks to get a difficulty adjustment. Or 30 hours for 'final confirmation' of a transaction (6 blocks at 5 hours per block found).
Or ~ 15 hours to open a lightning channel (3 confs for Lightning).
(10 minutes x 30 = 300 minutes = 5 hours per block)
And bip-110 miners cannot sell their coins for 100 blocks or 500 hours or ~ 20 days.
Will those coins have buyers to pay for the electricity? Basically 3 weeks without a payout for the miners etc etc
And if none of this 'works' (miners waiting almost 21 days to sell their mined coins) then knowing ahead of time the new PoW would give the forking insiders an enormous advantage. To solo-mine or essentially premine by having the equipment set up already.
And in which case what is the name of the new coin going to be? Who decides how much difficulty the mining will have? And if the PoW changes will it still be 'temporary' for just the year what happens after the year is up?
I haven't seen any of these questions answered yet and I've been following this stuff for few years
The biggest one for me is this: if it takes ~ 5 hours to find ONE Knots block then either
- the fees will be REALLY high in which case the spam on Knots is outbid anyway.
or
- the Bitcoin Knots Blocks are empty. Which means it's not being used 'as money' despite what the forkers say.
So then what is the point of the fork?
The point of the fork is to punish Bitcoin Core developers for not listening to the pitchfork mob. Don’t mind them cutting off their own noses to spite their faces.
Given that any transactions submitted to either chaintip will be valid for both chaintips at first, I expect that their mempool will be growing substantially and their minimum block feerates will be significantly higher than those of the standard chaintip. Which would mean that any transactions sent to compete for inclusion on the BIP 110 chaintip would also pay exorbitant fees on the standard chaintip. Probably most BIP 110 proponents will hold back transaction activity and wait for the dust to settle. I wouldn’t be surprised if support for the minority chaintip folds in less than 24h.
Not sure about spam transactions. Yes, most should be priced out, but there might be some attempts to get data into the first signaling block just for sport.
Either way, I expect a lot of people to be watching closely and discussing what’s happening on Saturday.
I expect some small 'inscription' (could just be a random Brc thing) in every post-chaintip block. Meaning that every block will be 'thrown out' by bip-110 nodes correct? So the hardfork will be almost immediate.
Then the forkers nodes will never see another valid block... because the previous block will already have been thrown out. It only takes one transaction from what I understand, almost a given, for the forkers to think the block is invalid meaning that every subsequent block is also invalid and the chains fork immediately.
Then it is on the forkers to generate enough hashrate to actually find blocks on their chain. If miners ignore them then... what?
Ah I see. Thank you for the clarification.
So if Block A doesn't signal... and on the same chain Block B does...
Do knots nodes see Block B build on A? Or do they just find the whole chain as invalid?
At this time, I have not heard if any exchange that plans on listing the bip110 coin.