Author: Mike Hearn 2015-06-01 13:21:39
Published on: 2015-06-01T13:21:39+00:00
The conversation starts with a statement that the receiver is ignorant and does not understand the current situation. The speaker explains that they suffered from orphans when they started in 2013 and now it's the receiver's turn. Moving on, the conversation revolves around the issue of downloading block templates from a trusted node outside of the country due to high bandwidth requirements. The speaker highlights the consequences of Chinese miners not scaling up in case of a hard fork. They state that the coins mined by Chinese miners will not be recognized on trading platforms and cannot be sold, causing larger losses than orphans. The conversation points out that even if Chinese miners who can't scale up are more than 50% hashrate, SPV clients would need a forced checkpoint, which is technically feasible but messy and undesirable. From the perspective of people trading coins, the smaller side of the chain would cease to exist. It suggests that if the internet connectivity situation is poor enough that one cannot handle one or two megabits out of the country, then Chinese Bitcoin is unsustainable, and alt coins specific to China could be a solution.
Updated on: 2023-06-09T21:51:11.140012+00:00