At the time of this writing, the Bitcoin community is in disarray. After years of debate, it became clear there are two distinctive groups of people:
•Those who want to turn Bitcoin into a settlement network: A limited blocksize, artificial fee market, getting as many transactions away from the blockchain as possible by using third party solutions such as the Lightning Network or other sidechain solutions.
•Those who want to keep Bitcoin in line with Bitcoin’s whitepaper and Satoshi’s vision: Using Bitcoin as its intended onchain peer to peer cash system, and not implementing any artificial limits that force people to use sidechain solutions by getting their transactions stuck.
There are more nuances to this debate, but that’s basically the gist of it.
As an act of good faith, and to resolve this fight amicably so we can all move on, we have decided to split off. We wish all the best to those who continue on the other path.
What Bitcoin Classic will offer:
•A return to the Bitcoin from a year ago. No high fees and no more stuck transactions.
•A simple and predictable cryptocurrency with a clear vision: We will follow Bitcoin’s whitepaper and Satoshi’s subsequent clarifications.
•An open, inclusive community without censorship of any form.
•The ability to pay for your coffee through bitcoins peer to peer cash system.
Q: What’s the block size limit you will use?
A: For now, we will move to a static 8MB as this seems to be the best tradeoff. We will make sure to plan a subsequent increase well before that limit is reached. Our long term intention is to always stay above market demand.
Last night, when the miners started to posture about getting serious on the fork, the market hit $880, communicating that going down the BU road is the path to a shit coin. BU started to back off overnight, price recovers. Now the miners know that BU is no longer in their best interest, its a dead end. Price is now going to settle out around a $1000, and the market wants to know and asks "do you want the shit coin (crash) or do you want SegWit (continue our march to $3000)?"
