Editorial 15 May 2017CoinGeek
The Outcome of a Hard Fork for Bitcoin
While Bitcoin soars behind the scenes the loom of the ‘Hard Fork’ grows ever stronger but that suggests two roads will the outcome. This is highly, in fact we’ll go with, wholly, unlikely.
In the case of Bitcoin, if you have a Hard Fork at 75% in the mining pools it means the remaining 25% will (at a likelihood of over 90%) contain a miner who controlled at least 16% of the original hash rate. This 16% miner in the smaller chain will now maintain 16% of the remaining 25% (that’s 64%) and hence more than the <50% proviso.
Anyone care now to extrapolate what will occur in a Hard Fork? Well, here we go:
Time 0 (at the fork):
- Chain 1 – a decentralised mix of miners and pools with 75% of the original hash rate, blocks at 13.3 mins average.
- Chain 2 – highly centralised group with a single entity controlling >64% of the chain. Blocks at 40 mins average
Time 1 – 2016 Blocks on the main chain (at worse case, just over 8 weeks later, due to hash rate loss):
- Chain 1 – hard to guesstimate
- Chain 2 – Still in the original difficulty, it is expected that 8 weeks need to pass but they only have just over 5 weeks to change
Time 2 – If the chains survive (a very unlikely scenario):
- Chain 1 – Will pool power move from a centralised control point to the larger chain?
- Chain 2 – A single miner can have total control
Result? Both cannot survive. The fork makes the miners centralised and this kills the chain, it is not like Ethereum and PoW. Forks wither in Bitcoin.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
Editorial 18 February 2019
Jimmy Song’s desperate need to be relevant
The man who is most memorable for his cowboy hat rather than his ideas or creations in the BTC world has created a rambling video attacking Bitcoin SV, CoinGeek founder Calvin Ayre and Dr. Craig Wright. We look at each of his claims one by one.
Editorial 18 February 2019
Dr. Craig Wright on proof
In a Medium post, Dr. Craig Wright attempts to put into simple terms why he is who he is and why most people in the crypto space completely miss the big picture on what Bitcoin is truly about.
Editorial 14 February 2019
Bitcoin SV is ready for the world’s business
The Bitcoin world hasn’t been short of amazing, with several new developments since Bitcoin was revitalized in November 2018. Bitcoin SV is proving that by following Satoshi’s original plan of keeping a stable protocol and pursuing massive on chain scaling, it opens up incredible new possibilities.