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<html><head></head><body><div style="font-family: Verdana;font-size: 12.0px;"><div>
<div style="line-height: 21.3px; color: rgb(68, 68, 68); font-family: Calibri,sans-serif; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; background-color: rgb(255, 255, 255);">&gt;Then please enlighten me. You&#39;re unable to download block templates from a trusted node outside of the country because the bandwidth requirements are too high? Or due to some other problem?&nbsp;</div>

<div style="line-height: 21.3px; color: rgb(68, 68, 68); font-family: Calibri,sans-serif; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; background-color: rgb(255, 255, 255);">&nbsp;</div>

<div style="line-height: 21.3px; color: rgb(68, 68, 68); font-family: Calibri,sans-serif; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; background-color: rgb(255, 255, 255);">&gt;With respect to &quot;now it&#39;s your turn&quot;. Let&#39;s imagine the hard fork goes ahead. Let us assume that almost all exchanges, payment processors and other businesses go with larger blocks, but Chinese miners do not.</div>

<div style="line-height: 21.3px; color: rgb(68, 68, 68); font-family: Calibri,sans-serif; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; background-color: rgb(255, 255, 255);">&nbsp;</div>

<div style="line-height: 21.3px; color: rgb(68, 68, 68); font-family: Calibri,sans-serif; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; background-color: rgb(255, 255, 255);">&gt;Then you will mine coins that will not be recognised on trading platforms and cannot be sold. Your losses will be much larger than from orphans.</div>

<div style="line-height: 21.3px; color: rgb(68, 68, 68); font-family: Calibri,sans-serif; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; background-color: rgb(255, 255, 255);">&nbsp;</div>

<div style="line-height: 21.3px; color: rgb(68, 68, 68); font-family: Calibri,sans-serif; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; background-color: rgb(255, 255, 255);">&gt;This can happen <i style="line-height: 21.2999992370605px; font-style: italic;">even</i>&nbsp;if Chinese miners who can&#39;t/won&#39;t scale up are &gt;50% hashrate. SPV clients would need a forced checkpoint, which would be messy and undesirable, but it&#39;s technically feasible. The smaller side of the chain would cease to exist from the perspective of people actually trading coins.</div>

<div style="line-height: 21.3px; color: rgb(68, 68, 68); font-family: Calibri,sans-serif; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; background-color: rgb(255, 255, 255);">&nbsp;</div>

<div style="line-height: 21.3px; color: rgb(68, 68, 68); font-family: Calibri,sans-serif; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; background-color: rgb(255, 255, 255);">&gt;If your internet connectivity situation is really so poor that you cannot handle one or two megabits out of the country then you&#39;re hanging on by your fingernails anyway: your connection to the main internet could become completely unusable at any time. If that&#39;s really the case, it seems to me that Chinese Bitcoin is unsustainable and what you really need is a China-specific alt coin that can run entirely within the Chinese internet.</div>

<div style="line-height: 21.3px; color: rgb(68, 68, 68); font-family: Calibri,sans-serif; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; background-color: rgb(255, 255, 255);">
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<p>&nbsp;</p>

<p>You claim that if all merchants, exchanges and users are moving to your chain then it will be the main chain even if it has less computational power.</p>

<p>But the majority of the hashrate can now perform double spends on your chain! They can send bitcoins to exchanges, sell it, extract the money and build a new longer chain to get their bitcoins back. Are companies like Xapo and Coinbase really so stupid that they would go along with this without complete consensus? I dont think so.</p>

<p>If the miners think that Bitcoin is doomed because of this change, then this is what they will do to maximize their profits.</p>

<p>But you could always roll back the blockchain to revert the double spend and have you and Gavin do a checkpoint on every block. Better yet just sign the blocks yourselves and you wont have to worry about that pesky mining!</p>

<p>Or you could change the hashing algortihm... Oh, but wait... so much capital has gone into the mining industry so this aint gonna happen.</p>

<p>The sheep of reddit who worships Gavin and Hearn really need to understand the importance of consensus...</p>

<p>Nothing of this is obviously going to happen, but just the fact that Mike suggests it is painful to watch.</p>
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