Speedy Trial

Summary:

The article discusses the opposition of soft fork changes in Bitcoin through various methods, including the speedy trial approach. The writer suggests that convincing 10% of hash power owners not to support the change is cheaper than upgrading software for bip9 or bip8. They also explain how opposing the change can result in failure and provide necessary information to make important decisions.If one fails to oppose the change, the article suggests creating a new chain without the proposed change and making a hard fork if needed. However, there may be significant problems if the new chain doesn't have a hashpower majority. The writer further talks about avoiding calling things "evil" to maintain reasonable discussion and the hashrates of various cryptocurrencies such as BSV, Namecoin, RSK, and Syscoin.They also mention that scheduling a hard fork around the same time as the start of enforcement of the soft fork may be straightforward. Additionally, the article compares different activation methods like BIP8 and speedy trial and talks about how different approaches work better depending on the situation.The article also discusses the idea of setting up a futures market for Bitcoin to give miners valuable information about which rules would be most profitable to mine for. While futures markets can be manipulated, they measure people's beliefs weighted by wealth and confidence. The BCH futures market accurately predicted the rewards and hence hashrate for mining BCH in the first couple of weeks after the split. Setting up a futures market could help miners figure out how much resources to invest in signalling, and it could be done before signalling for the soft fork starts. Overall, the article provides insights into various methods of opposing soft fork changes in Bitcoin, the importance of communication and coordination among stakeholders, and the potential benefits of setting up a futures market.

Updated on: 2023-05-22T18:18:10.424957+00:00