jameslewis on Nostr: Any "Bitcoin 2" will only have to be a response to an exploit and a hard fork upgrade ...
Any "Bitcoin 2" will only have to be a response to an exploit and a hard fork upgrade of the existing network in which the old chain would necessarily become unused because it is exploitable. Anything short of a near complete switch of 95% of miners and clients, like a SHA2 to SHA3 upgrade when and if SHA2 ever gets cracked (big IF) will result in a precarious balance that will cost millions their life savings.
The only way I think a hard fork would ever work is compound soft forks that combine into a hard fork only when the overwhelming majority have switched.
All the alt coins were started because they thought they were better, and even if it's true that they're technologically better, they aren't philosophically better because the genius of Bitcoin lay in the supply cap and mining rate, which are undermined by creating a new chain and a new coin.
True market disruptors will build on Bitoin, not try and make a better coin, just like car manufacturers didn't reinvent the wheel but found new ways to drive it.
The only way I think a hard fork would ever work is compound soft forks that combine into a hard fork only when the overwhelming majority have switched.
All the alt coins were started because they thought they were better, and even if it's true that they're technologically better, they aren't philosophically better because the genius of Bitcoin lay in the supply cap and mining rate, which are undermined by creating a new chain and a new coin.
True market disruptors will build on Bitoin, not try and make a better coin, just like car manufacturers didn't reinvent the wheel but found new ways to drive it.