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Bitcoin [BTC] does not need any more “contentious forks” this year: Cobra

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Bitcoin [BTC] does not need any more “contentious forks” this year: Bitcoin.org co-founder
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With the cryptocurrency community divided along several lines, the Bitcoin “maximalists,” as they are referred to and those that are loyal to other forks of the coin like Bitcoin Cash [BCH] and the fledgling Bitcoin SV [BSV], often attack each other more than their other rivals.

Now, the Bitcoin.org and the Bitcointalk.org co-founder, Cobra, has come out to state that the top cryptocurrency does not need any “contentious” hardforks in 2019, running against the sentiments of many proponents who advocate a return to a smaller block size from the increased block size of BCH.

Cobra was responding to a tweet from John Carvalho, better known in the community as BitcoinErrorLog, who tweeted in agreement with Luke Dashjr, a BTC developer, stating that a reduced block size would give him more confidence especially with the Lightning Network in full flow.

His tweet in full read:

“I agree with @LukeDashjr that the block size should be smaller. I feel more confidence to say it now that we have LN making strides. I’ll run the soft fork.”

The Bitcoin.org co-founder was quick to respond to BitcoinErrorLog, calling any other change in the block size, “contentious.” He added that this change would be especially detrimental given that 2019 is a key year for BTC adoption, in light of the incoming institutional interest in the industry.

Cobra stated that even if the intention was to reduce the block size, it is nothing but a hardfork, a change to the fundamental structure of the coin. He also stated that if this “soft fork” is completed then, there will be a break away from the established consensus, and the resulting drama and damage will decrease trust in the coin and by extension, the entire cryptocurrency community.

In his own words,

“Stop this madness! Last thing Bitcoin needs is yet more contentious forks in this key year for adoption! A soft fork to “reduce the block size” is a hard fork in all but name. This will split off from the established consensus, cause massive drama, and damage trust in Bitcoin.”

BTC hard-forked back in August 2017, to give birth to Bitcoin Cash, which argued for a bigger block size among other changes. The split left the community divided as some claimed that BCH was the original intention of the coin. Roger Ver even recently called BCH what Satoshi had originally envisioned it to be.

Furthermore, advocates of a “bottomless” blocksize caused a further split in the Bitcoin Cash community leading to the formation of Bitcoin Satoshi’s Vision (BSV), spearheaded by nChain’s Craig Wright back in November 2018, causing another massive decline in the market.

With the market set to herald in institutional players, Cobra foresees that a hardfork of the coin which holds over 52 percent of the entire market, may cause a massive decrease in the price along with goodwill of the collective industry.

Some Twitter users however, were not very happy with Cobra’s criticism, with a user named Satoshi’s Disciple (B) stating:

“John is right.
BTC smaller blocks will help Bitcoin.”

Another user Wecx- stated:

“This is the year of Lightning Network. A lower blocksize and higher fees will accelerate LN adoption. For Bitcoin to be a decentralized settlement layer every user must run a node and lowering the blocksize to 300kb will accomplish that. For onchain payments use Bitcoin Cash.”





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  1. Avatar

    FidLaf

    February 13, 2019 at 1:12 AM

    Bitcoin has been forked many times, Bitcoin Cash, Bitcoin Gold, Bitcoin Classic, Bitcoin SV, Bitcoin up your ass, on and on. They are all forks of the original Bitcoin. All pretty much the same technology under the hood with modest differences to justify the forks. This was the first generation tech of cryptocurrency, and it does everything poorly, slowly, and expensively.

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Bitcoin continues to scale new heights after Wasabi Wallet records first ever 100-person CoinJoin

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Bitcoin [BTC] rises in the market as cryptocurrency continues to mark new milestones
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Bitcoin [BTC], the largest cryptocurrency in the market, has successfully breached the $9000 mark, boosting the market sentiment. Notably, the digital currency was not the only coin to rise in the market as other coins such as Ethereum [ETH] also registered a significant rise in the market.

According to CoinMarketCap, at press time, Bitcoin was trading at $9181, with a market cap of $163.101 billion. The 24 hour trading volume of the cryptocurrency was recorded to be nearly $22.778 billion, with the coin recording a significant rise of over 17 percent in the past week.

Keeping the price surge aside, the coin has constantly been in the headlines with news pertaining to its development and new milestones. The coin was placed in the limelight of the cryptocurrency space after report by researchers at the Technical University of Munich [TUM]  claimed that Bitcoin’s carbon footprint was between 22 and 22.9 megatonnes/year, almost the same as that of Vienna or Las Vegas.

Further, the coin recently marked a new milestone after Bitcoin surpassed a million daily active addresses, with the last record on the same dating back to November 2017. Weiss Ratings heralded the same, tweeting,

“Bitcoin passed an interesting milestone – there are now over a million daily active addresses – an important metric that shows actual, unique transfers separate from the various direct transfers to and from bigger exchanges.”

Additionally, the coin was in the news again after Wasabi Wallet, an open-source non-custodial Bitcoin wallet, completed the first ever 100 participants CoinJoin, the largest CoinJoin transaction in terms of participants. Aviv Milner reported the same on Twitter,

“Huge Congratulations – @wasabiwallet just did the first ever 100 person CoinJoin, likely the largest in Bitcoin History. (link) A monumental achievement in Bitcoin privacy. Credit to the team @lontivero @molnardavid84 @nopara73 @dwuk86 @NicolasDorier and others!”

Days after this achievement, a Redditor highlighted that the largest CoinJoin transactions, in terms of inputs, was completed on June 17, 2019, with a total of 125 inputs. Golden Wiki describes CoinJoin as,

“A digital currency platform that enables multiple users to combine all inputs and outputs from different transactions into a single transaction. Privacy is achieved in a way that when a transaction is broadcast, it will not be possible to determine which Bitcoins went where.”





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