The Last Resort: Establish a Bitcoin fork with the minority chain.
Finally if the majority of miners go with Blockstream Coin then our community has the option to fork with the minority chain using something like Bitcoin Unlimited with a new POW (to defend against 51% attacks from the majority coin).
The value of the 2 new coins would probably split according to the ratio of hash power they secured. And both coins together would probably equal less than if they remained united.
Existing holders/investors of bitcoin would automatically have coins with BOTH chains. Retailers would know this. BU and other wallets would need to be updated to manage both coins and track consensus of both chains. Different retailers/investors would accept both coins or pick sides. If one chain is truly superior then over time the status quo would reflect that. Altcoins would have a better chance at becoming the network effect front runner.
Ultimately if there is a hidden agenda to capture the bitcoin network the attackers would ride the line right down the middle to 1) restrain competitive features 2) capture communication channels 3) capture miners while 4) without pushing any of these too hard that the minority decides to use The Last Resort.
I think its fair enough to be suspicious since we have motive and means.To wit:
- keep block size limit low, capture developers, divide/conquer alternate implementations
- r/bitcoin censorship/shills
- FUD miners or offer them rental to lock in a price floor
- continuing postponement/delays/fake compromise
Posted Feb 22, 2016, 4:17 AM UTC