Explanation
First of all, nobody cares about there being a hard fork. If this group wants to hard fork a new chain, they can.
The problem is that this new fork is not fully safe. It is going to allow for replay attacks.
What this means is that the new chain, and the old chain, will be functionally similar. Any transactions you issue to the Bitcoin network will also be valid for the B2X network - and vice versa. Anybody can copy these transactions and simply replay them on the other network to wreak havoc on other people's coins.
Say you used your new low value B2X to buy a coffee. You spent 0.2 B2X.
This gets replayed by a mischievous troll on the Bitcoin blockchain.
Suddenly, "CryptoCafe" just profited $700 for a coffee (since they own that address, too!)
Everybody should care that 2X isn't safe for activation in its current form, and could wreak havoc on both BTC and B2X blockchains.
This bull-headed move of Jihan Wu is sort of a "you can enable 2X or not, but we're going to do it and the whole thing will be fundamentally broken until you join us."
This isn't just an attack. This is bitcoin being held hostage.
Miners have to follow economic value. And they very obviously do, as we can see from the swinging hashrates between BCH and BTC. So when 2X forks off and is dumped like BCH (or worse, as a pointless intermediate), 90+% of those NYA miners will be gone back to BTC in a New York minute.
That's assuming B2X can even get listed on an exchange without replay protection. B2X is radioactive for exchanges because of the risks it creates for lost coins (and very angry customers).
And then there's the little problem of nodes. The B2X network is likely to be so weak as to be very vulnerable to attack.
I don't understand why Barry hasn't torn up the NYA in public. My best guess is he's shorting Bitcoin and intends to drag this out as an extension to the China news and FUD for the greatest profitability he can wring out of it. If so October could be bearish for BTC.
That was very insightful.
In my opinion from now until February the cryptcurency will be not moving a lot. Yet, BTC and all the others have recovered 10-15% of what they lost the night of 16/09. I don't see why you think that October would be bad for the coins. Tha