Calvin Ayre: The only one that’s got sustainable business model is Bitcoin SV

The one good thing that has come out of the recent so-called BCH hash war is that the original Bitcoin is back—now in the form of Bitcoin SV (Satoshi Vision).

Bitcoin SV is the only cryptocurrency with a blockchain that massively scales; it’s the only one that has utility value and the one that can do it all. At the CoinGeek Week Conference, taking place at The Mermaid at Puddle Dock in London, CoinGeek founder Calvin Ayre explains how BSV is set to take over and replace other non-scaling platforms, and then also grow utility value.

“I believe firmly that the business models of all the alternative coins, the ICOs and the digital gold and whatnot are actually not real business models and that they actually, it’s a bit of an illusion or a mirage that is being sold to people, and people who don’t understand how this stuff works are being sold a bill of goods. I think one positive outcome of the hash war is the fact that people were forced to focus on the technical choices in front of them, and I think a lot of people got educated on what the differences are,” he said. “The only one that’s got a sustainable business model, that can have growth and take enterprise investment is Bitcoin SV, which is the original Bitcoin. It’s the original economic model.”

The CoinGeek Week Conference is the perfect place to hear from thought leaders about the implications of the world’s first Bitcoin Hash War fought according to Nakamoto Consensus. The three-day conference, with a special invitation-only Miners Day kicking off the week’s events, is important for anyone already involved in crypto, as well as those looking to get started. As the only cryptocurrency that is being developed to truly serve as a digital currency, Bitcoin—now in Bitcoin SV—has the most potential to make a difference in the retail industry.

Ayre said, “This is about learning, but it’s also about planning. We’re getting a lot of thought leaders together here to plan how to move ahead to actually finally show what the power of the economic model is in Bitcoin. Because now the people that were kneecapping the business model aren’t here anymore so from that perspective, there’s a lot of euphoria about the opportunities and a lot of planning going around it, but it’s also a celebration of sorts. I mean, it’s the 10-year anniversary now of the birth of the original Bitcoin and it’s also ironically the rebirth birthday, so instead of having two birthdays like what we thought we had with BCH and BTC, we’re back to having one. And that one birthday is the birth of Bitcoin because Bitcoin SV is Bitcoin.”

There’s still time to secure your seat to the last day of CoinGeek Week, where a major announcement is about to be made. Don’t be stuck on the sidelines watching as history is made at CoinGeek Week Day 3, buy your tickets to the conference via Eventbrite today.

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‘No longer sound money’: Developer Unwriter slams ABC’s ‘self-inflicted scars’

“What is wrong with Bitcoin ABC?” Let Unwriter break it down for you.

The prolific developer, who was behind a number of the useful infrastructure projects in the Bitcoin Cash ecosystem, recently shared his thoughts on the so-called BCH hash war and the ABC group—and they’re not pretty.

In a scathing post on Medium, Unwriter was keen to say he was not criticising individual developers, and was not personally attacking any groups or organizations, but instead reflecting on the outcome of the hash war, which has in his view resulted in significant code errors from the ABC team.

Bitcoin ABC was so afraid of an imaginary attack from SV that they made all kinds of mistakes, writing permanent code in rapid fire releases to the point where what they stand for is no longer recognizable,” he wrote. “And THIS — ABC’s self-inflicted scars that will forever exist immutably on the blockchain — has led to a blockchain I can no longer build on.”

Specifically, he highlighted the fear of an imagined attack from the Bitcoin SV camp as contributing to ABC’s hasty releases, which in his view have made the BCH ecosystem less effective for developers.

In the post, Unwriter goes on to explain that ABC has irreversibly created five conditions that are sub-optimal: that ABC is censorable, centralized, and unstable, and that it is anti Bitcoin maximalist, while signalling the death of ‘permissionless innovation.’

He noted, “There is something very wrong with Bitcoin Cash ABC and its ‘community’ today. There is too much misinformation out there, and people seem too willing to believe anything if it comes from some influencer guy who they see as ‘respected by the community,’ even when they have no idea why they are ‘respected by the community’ in the first place.”

Concluding, Unwriter said that Bitcoin SV is the real Bitcoin, and the one that best serves the needs of users and the developer community. He wrote, “Bitcoin SV is the Real Bitcoin. This is not an opinion. This is a fact. Bitcoin works. And I choose to build everything on top of Bitcoin. I feel 100% safe operating on SV because the protocol hasn’t changed at all, there has been no behind-the-doors centralized collusion…”

Read Unwriter’s Medium post, “The resolution of the Bitcoin Cash experiment,” here.

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Bitcoin SV to process 1TB in transactions within three years

The hash war between Bitcoin SV and Bitcoin ABC is far from over. Bitcoin SV (BSV) is continuing to develop the blockchain in accordance with what cryptocurrency was meant to be—a peer-to-peer electronic cash—in an effort to ensure that crypto fulfills its reason for existence. To that end, preparations are being made that will allow the network to handle more transactions than any other cryptocurrency.

Dr. Craig Wright stated in a Medium post two days ago that BSV will be able to process as much as 1 terabyte (TB) of transactions within three years. This volume is imperative to allow a blockchain to handle the number of transactions that can rival other types of payments, including PayPal and credit card processors.

Currently, BSV blocks are limited to 64 megabytes (MB). This is going to increase to 512MB in six months and, within a year, will be as large as 2 gigabytes (GB).

Wright also asserts that miners will be able to make substantial returns within six months because of the scaling endeavors. He explained, “Bitcoin as SV will have miners earning over $8,000 a block based on use alone. That equates to $640 a Bitcoin on exchanges, and we have not factored in the gambling price of Bitcoin, just what miners will earn as a service.”

Miners should get behind BSV now to take advantage of the mining capabilities. As Wright points out, “With the Teranode project nChain will be scaling Bitcoin SV to handle over 1.0 TB within the next 3 years (aiming for 2) and growing sizes from there. At that level, miners will earn over $600,000 for each Terabyte block, and this is every 10 minutes on average.”

The crypto pioneer and chief scientist for nChain added that, within two to three years, BSV will be processing 6.5 million transactions a second. This is “Visa, MasterCard, banking in SWIFT, and ALL global currencies (not just crypto) in under 15% of a block.”

BCHSV, the cryptocurrency that was created to support the hard fork of Bitcoin Cash, has seen substantial gains over the past week. After reaching a low of around $38 on November 22, it is now trading at $103.79, according to CoinMarketCap, at the time of this writing. On the other hand, BCHABC, which represented the other half of the hash war, continues to fall. According to the latest data from CoinMarketCap, its value has dropped over 20% and continues to decline.

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Why the future of mining is tied to massive scaling and that means Bitcoin SV

By now, everyone knows Bitcoin SV successfully mined a 64 MB block, the largest ever on a public blockchain. It could mine a substantially bigger one if not distracted by the wasteful Hash war Bitmain and Bitcoin.com forced on the industry because they forked away from Bitcoin to their new ABC coin. This proves that Bitcoin SV scales today as we have promised for a while now.

Why is this important to miners? The reason is the Bitcoin block reward will halve again in just over a year (from 12.5 to 6.25 coins for each block), and then halve again every several years after that. As this happens, if transaction fees do not replace the reduced block reward, Bitcoin mining will not remain profitable. We also want to ensure individual transaction fees remain low so the Bitcoin network can work for an electronic cash system and to support advanced technical features. The only way to increase overall revenue from transaction fees is for the blockchain to massively scale, and to enable huge volumes of low cost microtransactions. This is the only way to drive both Miner revenues and market demand for mining hardware. Therefore, if miners do not support Bitcoin SV and its scaling roadmap, they would be following a path that ends in their own destruction.

Bitcoin SV is the only cryptocurrency with a blockchain that massively scales, the only that has utility value, and the only one that can do it all. BSV will most likely take over and replace all other non-scaling platforms. This will then also grow real utility value in BSV.

But it is important to understand that value in a chain which has no utilitarian use is fake value, and the current dump we are seeing is the market coming to realize that the current alt-coins are all worthless.

I personally look forward to a future where there is only one chain, Bitcoin SV, and this one chain does it all. But it all starts and ends with scaling. Because of this, I believe Bitcoin SV is the only token you can retreat to and have any hope of retaining your value in the current market correction.

Everyone should come to CoinGeek Week this week in London, where thought leaders in this space will be discussing the power of original Bitcoin in Bitcoin SV.

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原始比特币在Bitcoin SV(BSV)上得以重生;BCH算力大战结束

20181127日 – CoinGeek Mining很高兴地宣布原始比特币凭借Bitcoin SV(货币符号:BSV)得以回归。CoinGeek将支持比特币现金(BCH)的永久性区块链分裂,继续挖掘BSV链,并与全球其他个人和组织合作,为BSV货币建立一个充满活力的生态系统。这标志着2018年11月15日网络升级所引发的BCH算力大战的结束。

代表中本聪愿景的Bitcoin SV,有一个直接而明确的使命:实现中本聪最初的比特币白皮书中所设定的愿景。BSV的路线图旨在恢复比特币原始的中本聪协议,使其保持稳定,并使其能大规模扩容,从而使大型企业能自信地将业务建构在BSV区块链上。

在2018年11月15日的网络升级之后,BCH分成两条竞争链,双方一直在争取矿工投票以领导网络规则集。ABC的支持者利用租来的哈希算力制造了早期领先的幻觉,而Bitcoin SV的矿工们则使用自己真正投入的挖矿算力,在硬叉之前展示主导优势,并从此获得一致的支持。自从ABC的人为早期领先以来,Bitcoin SV链已经取得了进展。11月25日,BSV链显著领先ABC成为最长的链,有时甚至领先30多个区块。在累积的工作量证明上,Bitcoin SV还将ABC的领先优势降低至26%(就在几天前该差距为55%)。因此,这场算力大战的趋势正如CoinGeek所预测的那样,SV的持续算力为持久战斗并最终超越ABC的“租赁”或补贴的算力做好了准备。

Original Bitcoin is Reborn with Bitcoin SV (BSV); BCH Hash War Ends

就在11月15日升级后的短短一周内,ABC匆忙实施了许多有争议的变更,其中一些是硬叉——如增加检查站、一个10区块的重组防御。ABC还明确显示出有意图放弃中本聪共识工作量证明安全模型,并计划增加雪崩协议(Avalanche),这是一个预先共识的系统,矿工们事先就下一个区块大小达成一致,并将BCH移向权益证明系统。这些变化意味着ABC已经放弃了比特币的基本原则——以中本聪共识和矿工的工作量证明来决定有效的区块链——比BTC的隔离见证货币更不像比特币。

CoinGeek创始人卡尔文·艾尔(Calvin Ayre)评论道:

“在去年比特币核心成为隔离见证货币后,我们的使命一直是确保原始比特币的生存并得以成功。就在上周,随着一系列激进和单方面的代码更改,ABC的BCH已经远远偏离了原始的比特币,它现在就是一个替代币的开发者实验品,我们已不再对它或其黯淡的品牌感兴趣。Bitcoin SV为保卫中本聪愿景而战,并代表原始的比特币。我们现在将完全专注于构建一个已经充满活力的Bitcoin SV生态系统。尽管ABC可能保留受损的BCH货币符号,但BSV正在带领大队人马赢得BCH原生的应用生态系统。我们期待在市场上超越BCH(及BTC),而不是更多的区块链争斗。”

在短时间内,BSV生态系统已经迅速得到发展。如 CoinMarketCap所列,许多交易所已经在交易Bitcoin SV(目前被标志为BSV和BCH-SV)。不计其数的BCH钱包、应用程序和服务也宣布将支持BSV,其中许多选择只支持BSV而不是ABC。在这个不断增长的列表中包括一些最流行的(前)BCH应用程序,例如HandCashCentbee钱包、Money Button,、Yours.orgKeyport TV。赢得CoinGeek 5百万英镑大赛的Tokenized平台也正在将其一流的、业务友好的代币化解决方案推向BSV。

为了支持BSV的进一步发展,用户的稳定性是头等要务。CoinGeek已经与Bitcoin SV开发团队就稳定性措施进行了磋商。Bitcoin SV项目技术总监史蒂夫·施德斯(Steve Shadders)解释道:

“稳定性的一个方面是重放攻击保护。既然ABC并没有将这种稳定性作为首要任务,那么Bitcoin SV将在这方面下功夫,让用户和企业对两条链都有信心。这一变化需要Bitcoin SV团队与比特币生态系统合作,当生态系统准备就绪时,我们就会宣布时间表。”

同时,Bitcoin SV团队准备了一份十分有用的用户指南,向用户解释如何安全地将他们的BCH货币拆分为ABC和BSV货币。随着更多工具开发出来,用户指南将会定期更新。

艾尔观察到:

“聪明的投资是在BSV上。因为BSV代表着原始的比特币,它将生成比特币一直设想的未来价值。虽然目前的市场价格因其他加密货币而受到抑制,但由于BSV路线图是计划为大型企业所使用,因此BSV是唯一可以让价值显著增加的代币。我们很高兴能够帮助实现中本聪愿景,并邀请所有比特币信徒加入BSV之旅.”

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Original Bitcoin is Reborn with Bitcoin SV (BSV); BCH Hash War Ends

CoinGeek Mining is pleased to announce the original Bitcoin is back with Bitcoin SV (ticker: BSV). CoinGeek will support a permanent chain split from Bitcoin Cash (BCH), continue mining the BSV chain, and will work with others globally to establish a vibrant ecosystem for the BSV coin. This ends the on-going BCH hash war triggered by the November 15, 2018 network upgrade.

Bitcoin SV, which stands for Satoshi Vision, has a straightforward and clear mission: fulfil the vision set out by Satoshi Nakamoto’s original Bitcoin white paper. BSV’s roadmap is to restore the original Satoshi protocol for Bitcoin, keep it stable, enable it to massively scale, and allow major enterprises to confidently build on top of the BSV blockchain.

Original Bitcoin is Reborn with Bitcoin SV (BSV); BCH Hash War Ends

After a November 15, 2018 network upgrade, BCH forked into two competing chains that have been battling for miner votes to lead the network rule set. ABC supporters used a burst of rented hash power to create the illusion of an early lead, whilst the Bitcoin SV miners used their own genuine investment in mining hash to provide a dominant lead before the hard fork and a consistent level of support since then. Since ABC’s artificial early lead, the Bitcoin SV chain has gained ground. On November 25, the BSV chain significantly led ABC as the longest chain, at times over 30 blocks ahead. Bitcoin SV also reduced ABC’s lead in accumulated Proof of Work to a 26% margin (down from over 55% just a few days ago). Thus, the hash war was trending exactly as CoinGeek predicted, with SV’s sustained hash prepared to outlast and eventually overtake “rented” or subsidized hash for ABC.

But within just a week of the November 15 upgrade, ABC hastily implemented numerous controversial changes, some of them hard forks – such as adding checkpoints, a 10-block reorganization defense. ABC also demonstrated clear intent to abandon the Nakamoto consensus Proof of Work security model with plans to add Avalanche, a pre-consensus system for miners to agree in advance about the next block size and move BCH towards a Proof of Stake system. These changes mean that ABC has abandoned fundamental principles of Bitcoin – the Nakamoto consensus and miners’ Proof of Work to determine the valid blockchain – and bears even less resemblance to Bitcoin than BTC’s SegWit coin.

CoinGeek founder Calvin Ayre comments:

“After Bitcoin Core became SegWit coin last year, our mission has always been to make sure the original Bitcoin survives and succeeds. With its series of radical and unilateral code changes in just the last week, ABC’s BCH has departed so far from the original Bitcoin that it is now an alt-coin developer experiment and we no longer have any interest in it or its tarnished brand. Bitcoin SV fought to preserve the Satoshi Vision, and is the original Bitcoin. We will now focus entirely on building upon an already vibrant Bitcoin SV ecosystem. Although ABC may keep the damaged BCH ticker symbol, BSV is winning over BCH’s native application ecosystem in droves. We look forward to out-competing BCH (and BTC) in the marketplace, rather than in further chain battles.”

In a short time, a BSV ecosystem has already quickly grown. Many exchanges are already trading Bitcoin SV (identified to date as both BSV and BCH-SV), as listed on CoinMarketCap. Numerous BCH wallets, applications, and services also announced they will support BSV, with many choosing to support only BSV rather than ABC. The growing list features some of the most popular (former) BCH applications, such as HandCash and Centbee wallets, Money Button, Yours.org, and Keyport TV. The Tokenized platform, which won CoinGeek’s £5M contest, is also moving its best-in-class, business-friendly tokenisation solution to BSV.

To support further growth of BSV, stability for users is a key priority. CoinGeek has consulted with the Bitcoin SV development team about stability measures. Steve Shadders, Technical Director of the Bitcoin SV project, explains:

“One aspect of stability is replay protection. Since ABC has not made this stability a priority, Bitcoin SV will do so in order to confidence to users and businesses on both chains. This change will require the Bitcoin SV team to work with the Bitcoin ecosystem, and the timeline will be announced when there is adequate ecosystem readiness.”

Meanwhile, the Bitcoin SV team has prepared a helpful user guide explaining how users can safely split their BCH coins into ABC and BSV coins. The user guide will be updated periodically as more tools are developed.

Ayre observes:

“The smart money is on BSV. Because it is the original Bitcoin, BSV will generate the future value that was always envisioned for Bitcoin. While the current market price is depressed for other cryptocurrencies, BSV is the only token postured to increase significantly in value because its roadmap plans for big enterprise usage. We’re excited to help fulfil the Satoshi Vision, and invite all Bitcoin believers to join the BSV journey.”

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More DDoS attacks on Bitcoin (BCH-SV) friendly websites

If the only defence of your policies is to silence your critics, the chances of your ideas being the wrong ones are pretty high.

Over the past week, CoinGeek.com has suffered through several distributed denial of service attacks (DDoS). The first one was a big one, and we had to upgrade our defences. Thank-you to the beautiful people at Cloud Flare, subsequent attacks have caused minimal disruptions.

On Thursday BitcoinSV.io was hit with a massive DDoS attack.

The attack comes soon after the website published a listing of wallets, block explorers and other business and services that have chosen to add their support for Bitcoin SV after the ABC decision to move away from Bitcoin BCH.

The timing of these attacks could be coincidental, but the timing of the attacks is somewhat suspect. We won’t cast aspersions towards any of the bastions of free speech in the bitcoin community, but it does highlight a problem with society in recent years.

I was always led to believe that you let your opponent talk and you listen. You present your well-reasoned arguments and allow the better ideas to succeed for the betterment of the society.

With their most recent changes, 5th since the upgrade, ABC’s critics continue to grow. People are critical on social media, and now the mainstream tech press is starting to join the chorus of critics admonishing the Bitmain and Bitcoin.com funded group of developers.

TNW, formerly known as The Next Web, has written a scathing article titled “Bitcoin Cash ABC update exposes potentially catastrophic vulnerability” where it highlights the vulnerabilities opened up by ABC’s slapdashed approach to blockchain development.

For many on Twitter, the checkpoints are a bridge too far as it removes the security provided by the proof of work principal as laid out in the original whitepaper, with many saying and we agree, that ABC is no longer Bitcoin.

The move removes the trustless decentralized system, and it allows a “trusted central authority” to publish these checkpoints. Ask yourself, whom do you trust? Roger Ver, Jihan Wu or Amaury Sechet, I’m sure they’re all nice people to share a meal with but do you trust them with all your money?

DDoS attacks, several updates untested updates and all manner of collusion with wallets and exchanges seem like the actions of desperate men.

There are rumours that the Chinese government is behind this or there is a secretive cabal trying to control the chain for nefarious reasons. I believe it’s much simpler than a crazy conspiracy; this is about plain old-fashioned greed.

The group is desperate to make Wormhole token a thing. Back in August, there was an offer, 1000 wormhole tokens for every BCH burned. This 1000-1 ratio isn’t for everyone, the general public would be and will be offered 10-1 rate when wormhole becomes a widely accepted token.

My sources tell me that Jihan, Roger and a few trusted allies either orchestrated or took advantage of this 1000-1 proposal.

Despite crowing from Ver, the hash war isn’t over and as the chorus of dissent against ABC’s move away from Bitcoin grows louder, and the support for SV swells, we expect more attempts to silence the critics but you can’t DDoS the planet.

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.

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I have a plan to end the world’s first Bitcoin hash “election”

We have not yet seen Nakamoto Consensus in true action as it was ruined by a market manipulation last week during the BCH hash vote. Bursts of transient hash (especially hash taken from customers of cloud mining on the rival BTC network) are not Proof of Work meant to decide Bitcoin rules as envisioned in the original Satoshi white paper and are a form of cheating. Under a true Nakamoto Consensus vote, this would have been decided easily in favour of Bitcoin SV to restore and lock the original Bitcoin protocol and enable massive scaling, since over 70 percent of sustained hash supported locking and scaling leading up to the November upgrade. Bitmain and Bitcoin.com should not be rewarded by the exchanges for cheating, and should not get the BCH infrastructure.

We always planned for this to be a long fight and still continue voting with our sustained hash power until the rented hash is gone, as I always said we would do. That said, here is my suggested way forward:

It is clear that ABC has forked away from the original Bitcoin design to the extent that there is no real technical way to combine the two technologies (ABC and original Bitcoin) anymore. Many are even suggesting that ABC has implemented so many changes (CTOR, OP_CheckDataSig, and especially their new checkpoints after November 15 hard fork) that they in fact created a new genesis block, and have forked off to something new which is neither Bitcoin nor even BCH anymore. I also saw some people are calling ABC’s new coin “BAB” because it’s no longer BCH, and even the Bitfinex exchange lists it now as BAB.

It is also clear that the 64 MB block mined yesterday with Bitcoin SV proves to the world that we are correct and that Bitcoin, as originally designed, can already scale quite massively. We think without the distraction of this hash election, we can already mine 128 MB blocks and we are predicting potentially 1GB blocks on SV in 12 months, once more technical work is done.

CoinGeek is the owner of the largest sustained hash on BCH for months leading up to the November upgrade and therefore the leader of efforts to make sure we give the original Bitcoin design (which Satoshi Nakamoto said should be set in stone) an opportunity to show its true genius and power. We will accept that all exchanges list ABC’s coin as BAB (Bitcoin ABC) and Bitcoin SV’s coin as BSV (Bitcoin SV). Note, we are on record as saying the Wormhole token protocol used on ABC’s chain is technically no longer Bitcoin, so ABC’s coin would be Bitcoin in name only. We also want all wallets, payment processors and other service providers to do the same, and we want the ABC faction to work with us to push this through. For this, both sides agree not to attack each other’s chain, and let the chains compete as separate offerings in the marketplace. Basically, both sides give up the claim for BCH and start even.

Additionally, CoinGeek and friends will make sure that no one in our camp launches any legal proceedings related to the manipulation of customers’ BTC hash or last week’s DDoS attack on CoinGeek’s website.

I think this would be a counted as a win-win and should be accepted by all sides, as I for one want to get back to my true passion, focusing on massively scaling Bitcoin to enterprise levels.

Bitcoin is sound money that can grow for the world and we have already proven this with Bitcoin SV when we mined the 64 MB block yesterday.

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.

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I have a plan to end the world’s first Bitcoin hash “election”

We have not yet seen Nakamoto Consensus in true action as it was ruined by a market manipulation last week during the BCH hash vote. Bursts of transient hash (especially hash taken from customers of cloud mining on the rival BTC network) are not Proof of Work meant to decide Bitcoin rules as envisioned in the original Satoshi white paper and are a form of cheating. Under a true Nakamoto Consensus vote, this would have been decided easily in favour of Bitcoin SV to restore and lock the original Bitcoin protocol and enable massive scaling, since over 70 percent of sustained hash supported locking and scaling leading up to the November upgrade. Bitmain and Bitcoin.com should not be rewarded by the exchanges for cheating, and should not get the BCH infrastructure.

We always planned for this to be a long fight and still continue voting with our sustained hash power until the rented hash is gone, as I always said we would do. That said, here is my suggested way forward:

It is clear that ABC has forked away from the original Bitcoin design to the extent that there is no real technical way to combine the two technologies (ABC and original Bitcoin) anymore. Many are even suggesting that ABC has implemented so many changes (CTOR, OP_CheckDataSig, and especially their new checkpoints after November 15 hard fork) that they in fact created a new genesis block, and have forked off to something new which is neither Bitcoin nor even BCH anymore. I also saw some people are calling ABC’s new coin “BAB” because it’s no longer BCH, and even the Bitfinex exchange lists it now as BAB.

It is also clear that the 64 MB block mined yesterday with Bitcoin SV proves to the world that we are correct and that Bitcoin, as originally designed, can already scale quite massively. We think without the distraction of this hash election, we can already mine 128 MB blocks and we are predicting potentially 1GB blocks on SV in 12 months, once more technical work is done.

CoinGeek is the owner of the largest sustained hash on BCH for months leading up to the November upgrade and therefore the leader of efforts to make sure we give the original Bitcoin design (which Satoshi Nakamoto said should be set in stone) an opportunity to show its true genius and power. We will accept that all exchanges list ABC’s coin as BAB (Bitcoin ABC) and Bitcoin SV’s coin as BSV (Bitcoin SV). Note, we are on record as saying the Wormhole token protocol used on ABC’s chain is technically no longer Bitcoin, so ABC’s coin would be Bitcoin in name only. We also want all wallets, payment processors and other service providers to do the same, and we want the ABC faction to work with us to push this through. For this, both sides agree not to attack each other’s chain, and let the chains compete as separate offerings in the marketplace. Basically, both sides give up the claim for BCH and start even.

Additionally, CoinGeek and friends will make sure that no one in our camp launches any legal proceedings related to the manipulation of customers’ BTC hash or last week’s DDoS attack on CoinGeek’s website.

I think this would be a counted as a win-win and should be accepted by all sides, as I for one want to get back to my true passion, focusing on massively scaling Bitcoin to enterprise levels.

Bitcoin is sound money that can grow for the world and we have already proven this with Bitcoin SV when we mined the 64 MB block yesterday.

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.

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I have a plan to end the world’s first Bitcoin hash “election”

We have not yet seen Nakamoto Consensus in true action as it was ruined by a market manipulation last week during the BCH hash vote. Bursts of transient hash (especially hash taken from customers of cloud mining on the rival BTC network) are not Proof of Work meant to decide Bitcoin rules as envisioned in the original Satoshi white paper and are a form of cheating. Under a true Nakamoto Consensus vote, this would have been decided easily in favour of Bitcoin SV to restore and lock the original Bitcoin protocol and enable massive scaling, since over 70 percent of sustained hash supported locking and scaling leading up to the November upgrade. Bitmain and Bitcoin.com should not be rewarded by the exchanges for cheating, and should not get the BCH infrastructure.

We always planned for this to be a long fight and still continue voting with our sustained hash power until the rented hash is gone, as I always said we would do. That said, here is my suggested way forward:

It is clear that ABC has forked away from the original Bitcoin design to the extent that there is no real technical way to combine the two technologies (ABC and original Bitcoin) anymore. Many are even suggesting that ABC has implemented so many changes (CTOR, OP_CheckDataSig, and especially their new checkpoints after November 15 hard fork) that they in fact created a new genesis block, and have forked off to something new which is neither Bitcoin nor even BCH anymore. I also saw some people are calling ABC’s new coin “BAB” because it’s no longer BCH, and even the Bitfinex exchange lists it now as BAB.

It is also clear that the 64 MB block mined yesterday with Bitcoin SV proves to the world that we are correct and that Bitcoin, as originally designed, can already scale quite massively. We think without the distraction of this hash election, we can already mine 128 MB blocks and we are predicting potentially 1GB blocks on SV in 12 months, once more technical work is done.

CoinGeek is the owner of the largest sustained hash on BCH for months leading up to the November upgrade and therefore the leader of efforts to make sure we give the original Bitcoin design (which Satoshi Nakamoto said should be set in stone) an opportunity to show its true genius and power. We will accept that all exchanges list ABC’s coin as BAB (Bitcoin ABC) and Bitcoin SV’s coin as BSV (Bitcoin SV). Note, we are on record as saying the Wormhole token protocol used on ABC’s chain is technically no longer Bitcoin, so ABC’s coin would be Bitcoin in name only. We also want all wallets, payment processors and other service providers to do the same, and we want the ABC faction to work with us to push this through. For this, both sides agree not to attack each other’s chain, and let the chains compete as separate offerings in the marketplace. Basically, both sides give up the claim for BCH and start even.

Additionally, CoinGeek and friends will make sure that no one in our camp launches any legal proceedings related to the manipulation of customers’ BTC hash or last week’s DDoS attack on CoinGeek’s website.

I think this would be a counted as a win-win and should be accepted by all sides, as I for one want to get back to my true passion, focusing on massively scaling Bitcoin to enterprise levels.

Bitcoin is sound money that can grow for the world and we have already proven this with Bitcoin SV when we mined the 64 MB block yesterday.

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 I have a plan to end the world’s first Bitcoin hash “election” appeared first on Coingeek.

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