Beware the Eunuch 💰👾

The Lighthouse of Alexandria was one of the 7 wonders of the ancient world, a single light to guide the way. Today what remains are only stories and pictures passed down through time. There is a story of a Eunuch sent to Alexandria by the Byzantines written by al-Mas’udi. The Eunuch gained the confidence of the Caliph and convinced him there was treasure under the Lighthouse and to allow him to search for it. ‘The search was cunningly made in such a manner that the foundations were undermined, and the Pharos collapsed.’ Bitcoin is bigger than 1 man, but it is important to remember that bad actors exist, we are just lucky that Bitcoin’s transparent nature brings them to light sooner rather than later.

Every once in a while there is a serious bought of FUD(Fear, Uncertainty, Doubt) in the bitcoin space, whether or not it is serious really isn’t that important. The market cycle makes sure there is always some news correlation to price movements, or vice versa. Right now, in Bitcoin, we are just coming down from new ALL TIME HIGHS and eventually the market has to correct. I believe this may be beginning to happen now. Bitmain Tech, Jihan Wu, the largest producers of ASICS have been utilizing something call ASICBOOST, which as the name implies, boosts your bitcoin mining profits. Greed is now showing itself in the attempts to co-opt or create a new centralized bitcoin. Currently we have #chinacoin, #bitmaincoin #suckitjihan. The proposal: https://blog.bitmain.com/en/uahf-contingency-plan-uasf-bip148/ is a User Activated Hard Fork, actually a Miner Activated Hard Fork, which is a contingency plan against BIP 148, a User Activated Soft Fork, that would signal the adoption of Segwit and necessary protocol upgrades. The UAHF is an attempt to get bitcoin into an onchain scaling course, effectively giving Bitmain, with its mining resources, total control over Bitcoin development. However, if the UAHF is activated it will be a shitcoin, not Bitcoin. The reception to the proposal is poor to say the least, and it already looks like the UAHF/MAHF is dead in the water. I still think there will be a few weeks to months of FUD surrounding the issue as many headlines are pumped to confuse or muddle information. Most respected people in the ecosystem have already made their opinions clear, and I have assurances that it is already settled that Segwit will be activated through BIP 141 once/if BIP 148 (MAHF) fails.

Here’s some reactions from a few notable Bitcoin folk online though

Rodolfo Novak (creator of OPENDIME) https://twitter.com/nvk/status/874973468734914561

Slush (first bitcoin pool operator; creator of first hardware wallet, Trezor) https://twitter.com/slushcz/status/874918543275548672

Eric Lombrozo‏ (Core contributor) https://twitter.com/eric_lombrozo/status/874875291247816705

Dr Washo (OB1 co-founder) https://twitter.com/drwasho/status/874948482208907265

Luke-Jr (Core contributor) https://twitter.com/LukeDashjr/status/874863403067731969″ “Bitmain plans to attack the network on August 1st and blame BIP148. Guess they’ll have to learn the hard way.”

Analysis of the Proposal
View story at Medium.com

Support from industry/Core Devs (Visual)DCTq8UFW0AEVDoO.jpg_large

Memes:

IMG_2017-06-16 14:17:41

Twitter Reaction: https://twitter.com/BITMAINtech/status/874853904067985408

The coin is strong.

K

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