Why Bitcoin (Segwit BTC) and Ethereum alt coins dumping is good for society

The current coin down turn is actually good for the industry as its exposing the ridiculousness of all the other coins business models – including Bitcoin Core (BTC) which has been seriously overvalued given its inability to be used as electronic cash. Cryptocurrency value should always have been about utility, and that requires the ability to massively scale as well as low cost secure micro-transactions. Though painful for those going in the wrong direction, this market correction will allow the facts to shine through and we hope that once this is over everyone will understand that this is and always has been about real utility and scaling.

Digital gold models and ICOs are all fiction and have been very bad for this industry. Both will result in massive loses for many investors, and have obscured the understanding that cryptocurrency needs scaling to be the new global money, what Bitcoin (now existing as Bitcoin SV) was created to do.

We are glad we fought Bitcoin ABC and had Bitcoin SV stand its ground. Otherwise, the original Bitcoin would have died again last week when Bitcoin ABC rushed in a series of code changes which depart from Bitcon’s core principles. Bitcoin SV has preserved the original Bitcoin and will make sure it succeeds.

Bitcoin SV is therefore seriously undervalued now, and the token best positioned to grow in value. Our prediction is that this market correction will result in Bitcoin SV being the only cryptocurrency that you can retreat to and preserve value. It is also the only one that will protect mining industry revenue for the future, and it’s the blockchain where the explosion of new business models will happen. In fact, we’ve quickly seen that most of the BCH native applications and businesses are switching over to BSV. Anyone who switches to BSV now will be ok…those who stay with a cryptocurrency or blockchain with no reason to exist will lose everything.

Bottom line, though painful, this correction is good for the industry longer term and good for society.

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.

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.

Genesis Mining team makes a desperate plea to miners

Genesis Mining, the cloud-based cryptocurrency mining service, is hoping a marketing gimmick will help it attract new subscribers. After running a Halloween special that offered as much as 25% in discounts on new package subscriptions, the company is at it again, hoping to capitalize on Black Friday and Cyber Monday. It has taken the campaign to a new level, however, and is offering a 25% discount on all contracts.

According to a notice that was send to current subscribers, Genesis wrote, “It is Cyber Monday and our Black Friday Week special is on the home straight. You have until midnight (CET) today to take advantage of our best Black Friday deal ever – a 25% discount on all our Hashpower including our NEW $50 TH/s 2-year Bitcoin mining contracts. So don’t hesitate any longer – go ahead and make your purchase! All you need to do is use the Promo Code ‘BlackFriday25’ during the purchase checkout process.”

Genesis has apparently needed to receive major cash injections to stay afloat. It recently emerged from a six-month cease-and-desist order in South Carolina and soon after announced changes to its subscription service in an effort to overcome a difficult year. It indicated that certain users would be obligated to upgrade to a five-year plan or face having their contracts suspended. In making its announcement, it gave the indication that it has not been able to produce the revenue that it had anticipated all year.

It has been a challenging year for many in the crypto industry, but some have weathered the storm better than others. 2019 is going to bring even more changes to the space and will be the year that truly identifies cryptocurrency’s potential. It’s for this reason that those blockchains that are not ready to scale will suffer greatly. The market slide has caused the waters to recede, exposing the vulnerabilities and models of those cryptocurrencies that do not provide any real utility.

Bitcoin SV is poised to be the one blockchain that can embrace the future and the growth explosion that is going to come. Those networks that are not prepared for scalability on a large level are going to be left behind and will ultimately find themselves in a position that forces them into dissolution.

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

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


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。



The Return of Original Bitcoin: Bitcoin SV will Bring Massive Scaling and Enterprise Usage

The return of original Bitcoin: Bitcoin SV will bring massive scaling and enterprise usage

Now that original Bitcoin is back in the form of Bitcoin SV (BSV) and there is nobody left too object to massively scaling Bitcoin now, what does the future look like? There is going to have to be an adjustment period as BSV and ABC still need to take some measure to permanently split. You can already split the two coins using exchanges like Poloniex and BitAsiaEx, along with various tools, but most people will wait for a protocol level solution which I know is coming. We expect this to happen sometime in Q1 2019 and we are confident that ABC supporters will work together with BSV to get this done peacefully and return stability to the markets.

Then what?

BSV is the single best value haven in the crypto space during this volatile market. It is a superior technology, head and shoulders above any other chain, and this has been proven when we mined a 64 MB block on the BSV chain last week. No other crypto platform is even close to scaling this much, and this is only the beginning of BSV’s scaling road map. Now that original Bitcoin is back, it will be ALL about scaling to attract enterprise level application development.

BSV is also the only undervalued token now that there is an tokenisation and smart contract platform called Tokenized that works well, is business-friendly and has moved entirely to BSV. This means that BSV can do anything Ethereum does but can also scale for higher volume transactions and is more secure.

My prediction is that over the next few years, BSV will replace all other blockchain technologies that cannot scale, that have security problems or that are not trustless. I believe that starting in 2019, there is going to be an explosion of development on top of the BSV blockchain taking advantage of a stable platform and massively-scaled low cost secure microtransactions. This will eat up all competing chains as this is a “winner take all” race we are in.

But it gets even better for Miners and Mining hardware sales. Scaling gives us low cost microtransactions. Low cost microtransactions enable unique business models that have never existed before and drive transaction volumes and mining fees. This then drives mining revenues and mining hardware sales. This means that the one platform that uniquely drives the mining industry itself is Bitcoin SV BSV, the world’s most scalable cryptocurrency and all miners should be supporting this platform.

Everyone who wants details on how this is going to unfold should come to CoinGeek Week this week in London. Find out more information here. There are going to be some great announcements by thought leaders in this space. I am extremely excited about what we can now do with this technology and hope you all come enjoy the show and celebrate the rebirth of original Bitcoin!

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

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 restore 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.”

CoinGeek Week Conference begins tomorrow

Are you ready for CoinGeek Week Conference?

If you haven’t already purchased your tickets to the hottest cryptocurrency conference of the fall, time is almost up. The CoinGeek Week conference is happening this week in London, featuring an all-star cast of crypto and blockchain experts to guide the community into 2019 and beyond.

The conference is one of the most important events for everyone in the crypto space. However, Miner’s Day will undoubtedly be the highlight. The special, invitation-only event was added to the conference in order to give crypto miners the perfect opportunity to learn about the changes seen recently in Bitcoin BCH and to understand what is going on with Bitcoin SV and the future of mining operations.

Miner’s Day will be held tomorrow, November 27. Following it will be three more exciting days of events, information sharing, seminars and workshops that will deliver an experience unlike any other crypto conference. CoinGeek Week is being held at The Mermaid at Puddle Dock in London, an amazing venue that will provide an incredible backdrop for this one-of-a-kind event.

November 28 of the conference is geared specifically for application developers. It will give attendees the opportunity to learn everything they need to know about what is going on with the latest in blockchain technology. November 29 is for application merchants and will provide significant insight on how to get the edge on the competition. Following each day’s activities, there will be a casual meet-and-greet event where attendees can network and forge new business alliances.

The last day of the conference is dedicated to the future—where blockchains and Bitcoin BCH are headed. This is an excellent way to pool together all of the information presented throughout the conference and attendees will walk away knowing that they have an important role in shaping cryptocurrency’s future. Following the activity, those who have attended all four days are invited to a special after party hosted by CoinGeek founder Calvin Ayre, bringing to a close this incredible conference.

Tickets are on sale now, but there are only a few tickets remaining. You can purchase yours today using either Bitcoin BCH on the CoinGeek website or, if you prefer, with a credit card through Eventbrite. Don’t be stuck on the sidelines watching history being made—get in the game and help make it happen.

Wormhole apparently launching on Bitcoin SV ‘soon’

Wormhole apparently launching on Bitcoin SV ‘soon’

“For the good of the coin.”

When Wormhole.cash launched in August, it promised to be a game changer that would allow any group or person to create a token that could represent bonds, stocks, loyalty points, and even fiat. But when the facts were revealed, it was found that the project co-developed by Bitmain Technologies and supported by Bitcoin ABC was nothing but a nefarious plan that strips away the very heart of not just Bitcoin Cash—but the entire cryptocurrency ecosystem.

Then came November and the scheduled protocol upgrade of the Bitcoin Cash network, which also saw a hash war being fought with miners voting between the Bitcoin SV (Satoshi Vision) and Bitcoin ABC implementations of the BCH protocol. And, lo and behold, Wormhole is apparently “coming to Bitcoin SV soon.”

Not much is known about this project supposedly based off Bitcoin SV. On GitHub, the team behind this project said they are “launching soon,” noting that “our fork of Wormhole is in active development.”

According to the team, “While this was a somewhat contentious addition to Bitcoin Cash, our small group of developers sit squarely between supporting Wormhole and supporting Bitcoin SV, big blocks, along with following the insight and strength of Satoshi’s Vision. While many, including Satoshi himself, feel that burning BCH to create WHC is a problem. We feel there is much to be explored in launching Wormhole on Bitcoin SV and look forward to working with BitcoinSV in creating Wormhole on Satoshio’s [sic] Vision of Bitcoin.”

It would appear that the Wormhole SV team doesn’t really understand the original Satoshi Vision for Bitcoin—a blockchain with a protocol that is stable, scalable, secure and enables safe, instant transactions.

The original Wormhole project, which emulates Ethereum (ETH), will result in the Bitcoin Cash network turning into a developer’s playground, opening the system up to a whole host of troubles by turning the ever-watchful eye of securities regulators and government agencies towards Bitcoin Cash. We explained how Wormhole will destroy Bitcoin BCH in depth here and here.

And now we have Wormhole SV promising to be “for the good of the coin.” So again we ask: with Wormhole coded to be able to control and ultimately destroy the network, how can we call it “peer-to-peer electronic cash”?

Joe Chin on why miners should join SVPool: Like Bitcoin SV, we place miners first

Joe Chin on why miners should join SVPool: Like Bitcoin SV, we place miners first

CoinGeek Mining and Hardware CEO Joe Chin, in a recent presentation, enumerated the advantages of mining with SVPool as well as running Bitcoin SV.

Even with SVPool establishing itself among Bitcoin BCH miners soon after its launch last October, Joe Chin, CEO of CoinGeek Mining and Hardware, continues to think of how to draw miners in.

At the CoinGeek-sponsored Bitcoin Miners Choice Summit held at The Grand Harbour in Hong Kong last November 2, Chin discussed the advantages of mining with SVPool as well as running the Bitcoin SV. SVPool, a personal initiative of nChain Chief Scientist Dr. Craig Wright, is managed by CoinGeek Mining and proudly runs the Bitcoin SV full node implementation.

Chin told the audience, “Just because we launched [in October] doesn’t mean the work stops there. Almost on a weekly basis, every sprint, we’re adding new features. We’re also thinking of ways to incentivize miners who mine with us. We’re working on plans perhaps to give them access to the new miner hardware that we will release shortly.”

Chin also believes it’s important to remain receptive to miners’ needs regarding costs and payments. “[W]e also have feedback from miners, that many of them desire the steady income of PPS+ [pay per share plus], so we will be introducing that shortly. But I still believe that with zero fees, and if you have enough hash rate, you can actually do very well with the [current] PPLNS [pay per last N share]. And we’re also working on promotions and loyalty programs. So those will be announced in the very near future. So I encourage you guys to go to svpool.com/, and sign up. It’s very, very easy, so please do.”

Although coming to the mining pool scene rather recently, SVPool brings much experience in competing with other pools. “[W]e started a beta launch for invitation, customer only, in September, and that helped us debug the system… SVPool has a global infrastructure, but more importantly for a lot of you, it’s optimized for Chinese miners. So we have a node right inside China, so as to make sure you have the best, the most optimized performance. And of course, the whole purpose of SVPool is to run and support Bitcoin SV protocol. And also, we provide world-class bilingual customer service in Chinese and English, so it is very much, from your perspective, built for Chinese miners,” according to Chin.

He noted that SVPool supported the Bitcoin SV implementation, designed to maintain the principle of ‘longest chain wins’ as decided by users on their computers. SVPool, he said, “supports stable, scalable, and secure protocol, and it’s a professional Bitcoin platform, and it supports big blocks that are miner-configurable, and in the future, it will increase your revenue as miners.”

Chin said when the block reward halves in 2020, miners will want to make sure their earnings don’t take a hit. “[W]e will help you increase your earnings, even when we’re looking at the halving in 2020,” he said.

If you’re interested in learning more about Bitcoin SV and all the new developments in nChain, join the CoinGeek conference in London from November 28 to 30, with the special, invitation-only Miners Day event on November 27. It’s the perfect opportunity to meet the members of the BCH community and discuss not just the ongoing reality of Miners Choice for Bitcoin going forward but also why enterprise applications needing Bitcoin should stop moving in order for the ecosystem to grow. Also, join the (free) bComm Association and be part of the crypto revolution.

Original Bitcoin will live on as Bitcoin SV (BSV)

Original Bitcoin will live on as Bitcoin SV (BSV)

Any time you feel forced to square off to defend yourself or something you value you always need to have an end game plan. For CoinGeek that end game was always making sure there was a version of the original Bitcoin still able to show off its original economic design genius to the world. Bitcoin was born with a mature economic model and platform developers have consistently tinkered it to death…first by forking to Segwit BTC and now ABC has abandoned Bitcoin’s core principles by abandoning Nakamoto concensus and trust in miners’ Proof of Work. This is fine for them to test their thinking, but not by killing Bitcoin before it’s even been tested properly so we stepped in.

It is CoinGeek’s opinion that the two chains are now so far apart and have such divergent plans ahead that there is just no path back to joining them. We also no longer want the name Bitcoin Cash BCH as to us, Bitcoin SV is the original Bitcoin not the original Bitcoin Cash (whatever that even means). We understand that having nChain no longer fighting with them over roadmaps was the single most important issue to the ABC side. nChain tells me they are happy to leave ABC chain alone if they enact replay protection and do a permanent split. This is very convenient as the definition of winning is fundamentally different to each side so there is a win-win solution here.

From where CoinGeek sits right now, us permanently splitting the chains by ABC enacting replay protection will give both sides a WIN. Bitcoin will live on with Bitcoin SV and will finally have a chance to show off the true power of the original economic model. Similarly, ABC can join with the rest of the new chain/coin models to demonstrate what they believe they can do. The models can then all compete in the marketplace and this lets actual users vote with their actions.

I am confident that CoinGeek can enforce civility if the other side wants this in any permanent split. We believe this is in the best interests of all and call on all the exchanges and payment processors and others who have an interest in making this all go away to help us convince everyone to accept this solution so we can all focus on our visions for the future and get rid of this wasteful distraction.

I have instructed my team to start working with everyone to roll out the new Bitcoin SV coin. I hope this can be the end of this episode and look forward to the CoinGeek Week Conference next week being the launch party for the return of the original Bitcoin and all that this will enable. Look forward to seeing everyone there and especially discussing the future of the original Bitcoin.

More DDoS Attacks on Bitcoin (BCH-SV) Friendly Websites

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.