Imagine internet kill switch is in action around the world due to some lets say major conflict and previously global network becomes local in some territories or even turned off in others. So what is the bitcoin destiny in this case? Will people in some areas continue to mine bitcoin that will lead to several separate chains? Is there plan for such a scenario?

I don’t know if there is a plan, but this is what I think:

At the beginning, you will have many identical copies of the blockchain. We can assume that there will be several local networks with people who have enough bitcoin to want to keep the blockchain alive, so they will continue mining. From this point onward, each blockchain becomes an independent chain with the same starting point.

Assuming that the people are truly constrained to their local network, it would be possible to continue independently and merge the blockchains once the networks reconnect.

However, in practice it might be possible for someone to move from one network to the other. This person can spend all of her bitcoins in local network A and she will still have all of her bitcoins in the other copies of the blockchain. I think that what makes the most sense is to simply add the bitcoins from the networks when two networks merge. So, if you have 1 bitcoin, the network splits into 10, and then the 10 networks get back together, you would have 10 bitcoins that are worth ~1/10th of their original worth.

That’s a good theory. Either one chain (the longest) becomes dominant, then all the others will be wiped and the transactions reversed and the mining fruitless. Or else it will be like the XBT / BCC hard fork, becoming two independent currencies and each banknote can be spent twice.

Or else the price will collapse with all the uncertainty, and people will turn off their mining machines. Then a 51% attack could happen. Someone will gain a majority of global mining power and either own the currency or kill it.

@Matheo_bis
12M

Becoming the Senate, crypto style

@tracyspcy
creator
22M

it could be an interesting situation, let’s say fragmented internet and several countries with comparable facilities continue to mine alone on their chain from same point and spend their coins too. In this case each country would like to accept other countrys chain as “standard” one in case they spent more than they mined, considering that they can estimate how much others can mine during period, probably best option for them will be spend more and then merge with chain where coins still in their wallets.

A loosely moderated place to ask open ended questions

If your post is

  1. Open ended
  2. Not offensive

it’s welcome here!

  • 0 users online
  • 15 users / day
  • 41 users / week
  • 120 users / month
  • 476 users / 6 months
  • 1557 subscribers
  • 438 Posts
  • 5453 Comments
  • Modlog