Inside the World’s First Bitcoin Hash War
Nakamoto Consensus works and miners have spoken, and it’s now virtually impossible for there to be any other outcome than Satoshi Vision (SV) for the future of the one true Bitcoin BCH, particularly if we are looking at honest, dedicated hash. The CoinGeek-initiated Bitcoin SV is set to win!
According to Nakamoto Consensus, the longest Proof of Work chain by permanent hash (miner investment) will become the dominant chain and other weaker chains will die. Attempts at market manipulation through bursts of transient hash can be ignored. The second these bursts disappear, the dominant chain will affirm its domination and anything done in violation of the rules will be reversed.
As of today, Coin.Dance is reporting that SV is supported by over 70% of total BCH hash rate. Miners running the other two BCH implementations have less than 30% support.
ABC in particular is being abandoned by miners as previous stress tests have shown that this Bitmain-contracted technology’s intentional inability to scale will make it impossible to mine in the upcoming Professional Stress Test. This test is scheduled for November 17 to gauge the effectiveness of the Nov. 15th network upgrade.
When the dust settles, I predict that Bitmain’s ABC implementation will no longer exist – at least not in the current POW algorithm – and Bitmain itself will be mining Bitcoin BCH using Bitcoin SV. This imminent shift may have had something to do with Monday’s decision by Bitmain to kick long-time director Jihan Wu off its board of directors.
Brief history of the world’s first Bitcoin hash war
Bitcoin was born an adult, and it worked fine. Sure, some necessary tweaks were made to the code, but the foundation was solid. It was then hijacked by Blockstream, who devolved it away from Bitcoin to SegWit technology but improperly kept the Bitcoin name, negatively associating the Bitcoin brand with a piece of dead-end technology that no longer works as sound digital money.
This hijacking caused some, including my CoinGeek group, to support a fork back to the real Bitcoin. The original Bitcoin was reborn on the original blockchain and is now called Bitcoin BCH (also Bitcoin Cash).
However, Bitcoin BCH then faced another challenge to deviate from its rock-solid foundation when Bitmain and their contracted ABC dev group proposed more risky and needless protocol changes that deviated from Bitcoin’s stable design.
CoinGeek and other miners wanted Bitcoin’s original strengths to remain intact. We wanted to securely scale on a stable protocol, and do smart contracts, tokens and so much more. We wanted to really showcase the genius of Bitcoin’s original design and create massive transaction volume that will protect our equally massive investment into mining Bitcoin.
CoinGeek asked nChain, the industry’s best technology group, to build an implementation for us that was true to the original vision of the original white paper and Bitcoin SV was born. Bitcoin SV is owned by the Antiguan Based bComm Association and is available for use under the open source MIT license.
In addition to restoring the original Satoshi protocol, Bitcoin SV will also enforce the original economic model of the original Bitcoin. This economic model is what makes the original Bitcoin special. The other dev teams working on implementations for Bitcoin may be smart, but none of them seem to grasp that the economic model cannot be tinkered with if you want Bitcoin to show its enormous power.
I used the phrase ‘Adult Supervision’ in the title of this paper for good reason. Not because this is a nanny state, but because Bitcoin can now finally grow up, professionalize, and become global. Adult supervision means it is no longer a dev experiment, but a mining-backed project. CoinGeek will continue to fund ecosystem projects and create campaigns to ensure BCH goes to the top.
So how is the world of Bitcoin going to work going forward, now that there is adult supervision and the miners are in charge? First, we recommend everyone who cares to see the true original power of Bitcoin to join the bComm Association and to also come to the CoinGeek Week conference from November 28-30 (with a special advance Miner’s Day on November 27!) This will enable you to be part of the community that wants to let the original Bitcoin show the world its true power as sound money and so much more.
Miners should all mine BCH using Bitcoin SV and exercise their rights under the Bitcoin system to vote your hash so that you decide how your investment is protected and enhanced. Miners, developers who join the bComm Association, merchants, application developers, exchanges and others can all have input into how the ecosystem will work through this association.
We believe that once the original protocol is restored and the upcoming Professional Stress Test proves that the BCH network and Bitcoin SV implementation can enable mining up to 128 MB blocks, there will be a Cambrian explosion of application development on the original Bitcoin. This will drive transaction volumes and miner revenues, and attract more miners to BCH. This will increase the security of this chain and create a positive feedback loop that will pull Bitcoin BCH ahead of all other blockchains.
We want everyone – including Bitmain and Bitcoin.com – to join us to make this future happen.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.