I haven’t much time to write this unfortunately, so I’ll be brief and crass. Fuck Segwit, fuck BIP 148. They are calling BIP 148 a “soft fork” but that’s a manipulation. If 148 isn’t adopted by all, it will split away and we have 2 bitcoins. Its a soft fork that necessarily will lead to a hard fork. Fuck you, its a hard fork.
What is the motivation for this? GREED. The old bitcoin crowd is angry about the success of alt coins, so they are destroying bitcoin to try to keep up with the crowd. Comes down to scaling. Bitcoin isn’t fast enough to be the sole coin on planet earth so they’re trying to speed it up. The old bitcoin devs want no crypto ecosystem, they want everything to be run on Bitcoin. Its not just greed, they hope to be the world’s new Trillionaires (equivalent in BTC of course). Fuck them. The capacity they’re adding with this new code is still vastly insufficient to be a global payment network. So understand this. They’re going to split Bitcoin in 2 to add function that will do almost nothing toward Bitcoin’s problem.
Bitcoin could have fulfilled the role of the slower, older coin that you hold for long term reserve. It has a natural place within the crypto ecosystem. After this fork, what will we have? A bitcoin that has a stupid “legacy” before it and a new bitcoin fork coin that is vastly inferior to modern alt coins. Sounds fantastic.
My advice. If you’ve been holding most of your money in BTC because its the “safe one”, get the hell out. I won’t hold more than 5% of my cryptos in BTC ever again.
At the advice of a colleague, I should always leave some alt recommendations. Full disclosure, of course I have some of all of these great coins:
FTC, MYR, ETC, FST, MUSIC, XCP…..oh and VTC and LTC even though they adopted segwit. Fuck segwit.
At the advice of another colleague there may be too many “fuck”s in this article. Fuck that too.