Bitcoin ABC doesn’t believe in Bitcoin BCH

The only going debate regarding how to proceed with the Bitcoin BCH blockchain has led some to claim that the upcoming hard fork in November could lead to a new cryptocurrency being created. Those who understand the importance of blockchain integrity, and the place Bitcoin BCH plays in the advancement of digital currencies, are working together to ensure that this doesn’t happen. But, there is a minority of individuals who are apparently pushing for it to happen.

One of these is Bitcoin ABC. The development team has repeatedly spoken out against several advances that are being added to Bitcoin BCH, including the Nakamoto Consensus. Per the application’s white paper, “They (the miners) vote with their CPU power, expressing their acceptance of valid blocks by working on extending them and rejecting invalid blocks by refusing to work on them. Any needed rules and incentives can be enforced with this consensus mechanism.”

However, the Bitcoin ABC doesn’t like this idea. One of the team’s developers, Johnathan Toomim, was asked why Bitcoin ABC is against the model, to which he responded, “Because it doesn’t work! Nakamoto Consensus would work for a soft fork but not a hard fork. You [can’t] use a hash war to resolve this issue! If you have different hard forking rule sets you are going to have a persistent chain split no matter what the hash rate distribution is. Whether or not we are willing to use Nakamoto consensus to resolve issues is not the issue right here. What the issue is, is that it is technically impossible.”

To put it bluntly, this – coupled with other recent developments of which Bitcoin ABC has been apart – show that the developers don’t believe in Bitcoin BCH. They don’t believe, despite overwhelming evidence, that the blockchain can continue as has been designed and seem to be determined to create their own cryptocurrency.

If that’s what they want to do – create their own cryptocurrency – then that’s what they need to do. Just because they don’t understand why models such as the Nakamoto consensus and canonical transaction ordering (CTOR) work doesn’t mean that they need to try to kill them. Given that all of the information on how to create a cryptocurrency is out in the public and is open source, perhaps it’s time that they concentrate on creating their own digital currency and let Bitcoin BCH continue to be the blockchain it is now – one that works.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Bitcoin ABC doesn’t believe in Bitcoin BCH appeared first on Coingeek.

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CoinEx produces a confusing and misleading statement about supposed Bitcoin Cash fork

Yesterday morning, CoinEx, a company whose CEO, Haipo Yang of ViaBTC, supports Bitmain on the ABC stance, issued the following statement concerning the Bitcoin Cash hard fork in November:

The statement has caused confusion among investors, who were otherwise led to believe by Bitcoin SV supporting teams that the competing client would not produce a split.

nChain and CoinGeek, two of the biggest mining backers of the Bitcoin SV client, categorically deny any willingness or attempt to create an alternate fork chain, and will instead be competing over Bitcoin BCH directly, by the very definition of ‘Nakamoto consensus’. That is, the consensus mechanism inherently built into Bitcoin, as referenced in the founding whitepaper.

CoinGeek has noted a number of factually incorrect statements and issues the following responses:

“Bitcoin-SV (BSV) is the altered version of Bitcoin Cash protocols.”

This point is blatantly false. CoinGeek would like to request from CoinEx, a definition of ‘Bitcoin Cash protocols’. By implying that Bitcoin SV introduces an altered set of protocols, then by definition, so does ABC with their November hard-fork. Any upgrade would be effectively doing this.

Interestingly, ABC lead dev also made a remark in similar vain, stating the following:

We are therefore led to believe the only possible explanation to this statement is that CoinEx believes that ABC holds literal ownership of the Bitcoin Cash (BCH) brand.

This is not too dissimilar to a time in 2015, when Bitcoin XT, a competing client to the ‘BitcoinCore’ client was incorrectly labelled an alt-coin. Despite being an optional fork of the client with slightly different network protocols, Bitcoin XT was misleadingly branded an alt-coin on all BitcoinCore backed websites and forums. We fear the implication here is similar.

The next point on CoinEx’s statement follows on:

“BSV is likely to bring a potential fork of Bitcoin Cash by causing incompatibility with Bitcoin Cash network and therefore create a new cryptocurrency asset – Bitcoin-SV (Token: BSV)”

If Nakamoto consensus rules that Bitcoin SV is the dominant client, then there is no “incompatibility”. In fact in such a scenario, the only incompatibility will come from non Bitcoin SV compliant nodes in that case, which would mean ABC in this case.

Fundamentally it is premature to specify which client is “incompatible” and which client will be majority or minority. Nakamoto consensus determines this, not exchanges. Bitcoin is not democratic. The vote isn’t 1 vote per person, but 1 vote per CPU (hash).

In response to the statement, CEO of nChain Group, Jimmy Nguyen makes the key point that “Bitcoin SV is not intending nor trying to fork off from Bitcoin Cash, and Bitcoin SV is not intending to create a new coin or token. Instead, as stated in its announcement, Bitcoin SV is a professionally-driven implementation of the Bitcoin full node software for use on BCH, and is intended to provide a clear BCH implementation choice for miners who support Bitcoin’s original vision. Bitcoin SV intends to compete for miners’ votes (under Nakamoto consensus) to be the winning BCH chain”.

It is worth also noting, that recently, yet another team announced a new BCH implementation, like Bitcoin SV, it intends to fulfill the original Satoshi vision. This is called “Protocol Client” and its github repository can be found here:

CoinEx has made no mention of “Protocol Client” however, despite this being another client with different rules.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post CoinEx produces a confusing and misleading statement about supposed Bitcoin Cash fork appeared first on Coingeek.

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