Published on: 2015-08-21T11:03:36+00:00
odinn expresses skepticism that most users would be able to utilize a proposal involving a BIP and soft fork. The proposal assumes that many wallets would support or recognize encumbered coins, even if not all of them do. Users would still be able to move their coins around, but only those trading between XT and Core would need wallets that support it. By consolidating BTC-Core and BTC-XT into a single output, the user can convert it back to a normal output. The purpose of this proposal is to offer a sneak preview and show which choice will give the highest BTC value.To measure the economic majority in Bitcoin, which represents the will of those who actually use Bitcoin as a payment system, contracts could be added with a soft fork like the P2SH one. This would allow the output to be spent on multiple forks, preserving the value on each until the deadline. If someone wants to propose a hard fork, they can create a new fork id and release software that implements the hard fork at a given deadline without requiring a miner vote.After the deadline, core will allow conversion of outputs that pay to the core fork-id to be converted into unencumbered outputs by the person with the core-id script. Similarly, the fork software will allow outputs that pay to the fork id to be converted. Legacy bitcoin that haven't been "split" will be spendable on both sides equally. This means that users can convert legacy bitcoin into fork-bitcoins and core-bitcoins in advance of the fork, allowing exchanges to support trading between the two.The side that trades with the most value is the one supported by the economic majority. As it becomes clear which side is going to win, the price of coins on the losing side is expected to drop. It is unlikely that the two sides would stay at exactly the same value without one side winning. Users who want to use the losing rules are free to do so, but the economic majority will have made its decision.
Updated on: 2023-08-01T15:35:11.033330+00:00