For the first time in Bitcoin history. if the miners withdraw their mining power from mining BTC, transactions on the BTC chain will grind to a halt. ( See Chain Death Spiral ) Block confirmation time will be exceeding long and user experience so bad that BTC's price will collapse. Just the announcement that they will do so is enough to affect the price negatively.
So why have they not done so before? Well, prior to the fork, they will only hurt themselves as they mine and hold BTC. Today they have another option. When this strategy plays out, their plan will make them all the money that they have dreamed about.
Some of the miners with about 40 percent of the mining power have fought a very bitter battle for big blocks over several years. It was a very nasty, very open spat with both sides spewing verbal diarrhea on social media. This will not be settled by just a simple agreement and bear in mind that none of the Core developers were present or signed the NYA agreement.
We hear justifications like :
Miners mine the most profitable coin. True, but this is economic action not strategy.
Miners will honor their agreement. Money talks. Everything else is just noise.
Segwit and BTC is better technology. Better technology does not always win.
Core developers are not the same as the army of programmers and developers pulling for Segwit and Side chains and Lightning. I cannot fault their passion, zeal and dedication. However they are just being used to push an agenda.
Core developers do not want Segwit2X and have openly said so even coding to exclude Segwit2X transactions. They did not expect the BCH fork, but even so, are perfectly happy with BTC as it is, even if it loses to the other chain. There will be no Segwit2X. Simply put there are no developers for Segwit2X. Core developers will not be coding for Segwit2X.
The rise of Ethereum, debut of Zcash and finally the resolution of Bitcoin governance will clear the fog. Underlying every coin is it's utility as a currency. Every coin can be used as a currency, as long as there are people out there who are will to accept it in exchange for goods and services. Which coin is used in the transaction will then come down to how well the coins are distributed and how easy it is to transact in that coin.
The main currency coins are Zcash, Bitcoin, Litecoin and Dogecoin. Ethereum is not designed as a currency but more as a smart contract platform. It currently sits on the second spot in market capitalisation, I am skeptical about Ethereum because is it always just one step away from calamity and disaster. After the DAO, I believe that it would be virtually impossible to recover from another hack, code or user error disaster. That it has found a new use in ICO use is commendable but I really do wonder how that much monetary value can be place on an insecure platform. Quite irresponsible maybe even fraudulent and certainly greedy.
Source - bitcoinandtheblockchain.blogspot.com
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