Bitcoin SV rallies as world record 638MB block is mined

Getting your Trinity Audio player ready...

“Bitcoin SV jumps over 25% on the day as investor confidence sores on bitcoin’s ability to scale on chain!”

“Investors flock to Bitcoin SV as scaling debate comes to a close!”

“Record bitcoin block mined calling a decade of bitcoin ‘expertise’ into question,”

“Bitcoin ‘experts’ all wrong? Bitcoin SV mines ‘impossibly’ sized block.”

Where can you see these headlines?! Basically nowhere, and here’s why:

If the mainstream crypto media was unbiased and cared about reporting the superlatives occurring in the whole of the blockchain industry, these would have been the headlines first thing Monday morning. A new world record was crushed while the price of BSV surged 25%!!!

So why didn’t CoinDesk, Cointelegraph, Decrypt, Bitcoinist or anyone else point out that a world record was broken?

Well, CoinDesk is a spin-off media entity of Digital Currency Group which is an entity created by Mastercard and other old world financial titans to invest in BTC startups like Blockstream, Lightning Labs, Coinbase, Kraken, BitGo and many other big name brands in the space. So, under the auspices of being the official media outlet for blockchain news, CoinDesk merely reports propaganda with at least some pressure to bolster the Digital Currency Group portfolio. And rather than reporting fairly on everything noteworthy, they suppress information about the most superlative implementation of the bitcoin protocol even amid the setting of the new high-water mark for on-chain mining. The other publications largely follow CoinDesk’s lead, and ignore the revolutionary work being done anywhere outside of their narrow narratives, and so there was no obvious mention of the news across the media.

But make no mistake, this weekend, Bitcoin SV broke a world record by nearly TWENTY TIMES the size that could even be attempted by the next most efficient blockchain for such things! What did the other media outlets report about instead?

So what happened?

On Saturday, users of the Bitcoin SV blockchain coordinated with the honest nodes of the network to break the world record for largest block mined on a Bitcoin network with SHA256 proof of work from a public mempool. Surrounded by lots of other blocks impossible to mine on any other network, the largest block of the day was over 638 megabytes of large chunks of data including micropayments and larger individual files like high resolution photographs. In May of 2020, a 369MB block full of over a million, simple payment transactions was successfully mined on the network—showing BSV’s ability to outpace Visa in global payment volume.

This weekend’s block was aimed at showing another key differentiator of the network.

No other blockchain network allows the use of transactions to upload large or complex data to the blockchain. The advocates of Bitcoin SV believe strongly in the need for a digital Library of Alexandria where simple things like photos or complex things like operating systems or gigantic applications can be pushed in transactions so that the network can create interoperability between money and data in ways that are only possible because of the power of the unbounded Bitcoin protocol.

It is our belief that everything of value will become exponentially more valuable when it is allowed to cooperate on a value-transfer network with every other thing of value—creating an incredible opportunity in the future of data and finance!

The fact that no other publication is interested in the revolutionary fusion of data and money on a network guided purely by incentives is astounding—and sad. Amid pressures of censorship, political strife and unprecedented printing of money, all other media are focused on price action. Meanwhile, the limits of the Bitcoin protocol are being tested ferociously by a diverse group of ideologically-driven bitcoiners who believe that Satoshi Nakamoto gave the world a fundamentally good thing in 2008. We believe Bitcoin is good and sufficient the way it was originally designed: as a micropayments system that solves the Byzantine Generals Problem by incentivizing honest nodes to process “small casual transactions” with proof of work.

But aren’t you a propagandist too, Kurt?

No. I have been a big blocker ever since that term meant anything. CoinGeek is curated by big blockers so that the vision of Bitcoin can be preserved by advocates through thought-leadership and a focus on the capabilities of the unlimited bitcoin protocol. We state our biases deliberately because we believe that the original vision of Bitcoin was fundamentally good, and we believe that when the world is ready to use the blockchain to reduce payment friction and increase data integrity, we will have been the only people doing the slow and necessary work to make sure that we are ready for global scale!

A 638 megabyte block is incredible, but it is also merely an indicator of things to come! The network is ready for big businesses today, and it is the only network where data can be repurposed globally to create new incentives which drive value for customers in ways which are impossible on any other blockchain. And Bitcoin SV’s strengths aren’t just in size and data capabilities.

The network also provides a globally available supercomputer where overlay networks, complex smart contracts, tokens and specialized NFT’s can be created to include real proof of existence instead of just hashes and timestamps. NFTs on Bitcoin SV, for example, can include high resolution photos and videos of the manufacture or transfer of a valuable item, and they can all be uploaded with a digitally signed certificate of authenticity and provable chain of custody in a single transaction showing many layers of data-based proof. That is what the record-breaking block really shows!

On Ethereum, the most popular NFT platform, all anyone would get is a transaction ID hash and a link to an image hosted on Amazon’s servers somewhere. But that Ethereum hash is getting wall-to-wall coverage from the mainstream media!

Read this next phrase thrice, if you must: anything Ethereum can do, Bitcoin SV can do better. In fact, anything ANY blockchain can do can be done faster, cheaper and more secure on Bitcoin SV than any other blockchain on earth.

We’re going to change the entire face of the global economy with sound money. If the rest of the crypto media wants to stay on the sidelines shilling pump-and-dump projects that are perpetually “here today, gone tomorrow,” while carrying the water for venture capital groups that don’t care about the spread of global wealth and freedom through the power of an unbounded network of data and money, then good riddance! 

We will continue to smash world records without them.