By Bitcoin Warrior
This morning another hit-piece on Bitcoin was published by Jason Bloomberg on Forbes. His argument essentially boils down to the current debate about how to scale Bitcoin up and the possibility of a hard fork to Bitcoin Classic, raising the block size limit to 2 megabytes.
Bloomberg plays a little loose in his facts at a couple of points, but his main thrust is that if and when a fork happens, there will be a period when bitcoiners will have bitcoins sitting on two chains, effectively doubling their money. He doesn’t go into this, but the theory is that Classic with its new block size limit would go into effect when 75% of the network has switched to the Classic software. This would leave 25% of the network working the old blockchain which will not recognize any coins on the new blockchain. Fear would likely motivate anyone in the 25% to convert over pretty quickly, but there would be some period of time when for all intents and purposes, the number of bitcoins in existence would double. Bloomberg, who got his theory from a Reddit discussion, understands that this gap would open an opportunity for cunning traders to game the system and double their coins.
Read the entire article at http://bitcoinwarrior.net/2016/02/bitcoin-enabling-mainstream-press-attack/
