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RE: How to Survive the Upcoming Bitcoin Soft Fork - BIP 148 UASF Segwit
Thanks for elaborating on this, makes it a bit less obscure for me. I'm a newbee at this, so bear with me, but what would be a reason for miners to choose for the old Legacy chain, or for the new 148 chain? It sounds a bit like a prisoners dillema, if they don't choose what is in their mutual best interest, they both loose, is that correct? What do you think will happen?
The new 148 chain has SegWit activated. This means that the transactions on the new 148 chain will be a lot faster than on the old Legacy chain. The only reason miners wouldn't accept the new chain is pure stubbornness. Some people believe that the old Bitcoin code shouldn't be changed. Overall, I think the new 148 chain is the best option, as it improves the Bitcoin Blockchain.
Also, I believe that there will initially be a chain-split resulting in two Bitcoins. However, the majority of the miners will eventually accept SegWit and the 148 BTC chain will ultimately overtake the Legacy Chain resulting in one Bitcoin again. My advice is to secure your bitcoins and just wait it out. The situation will eventually resolve itself.
Thanks for explaining. Do you think the transition will go well, or are people holding BC at risk in August? And if so, if you had to guess, how big would you say the chance is that things go haywire?
In the end, I think the transition will go well and SegWit will be activated. The majority of the BTC community will, in my opinion, accept SegWit because they are sick and tired of the slow transaction times. This will result in one Bitcoin, and everything will go back to normal. During the transition, I predict that the price of BTC will drop, however it will recover shortly after the activation of SegWit.