Live streaming the civil ware live!
This is not a stream I’m particularly interested in… but I know enough about what’s going on to be somewhat dangerous.
This isn’t that important to me as an operator of YEN.io… however, it’s important to the community. So I’m here!
These crypto-community issues are MY issues, because it’s something you guys care about. It has to do with your personal finances, so of course it’s important to you!
So I’m here. Let’s dig in.
Let’s look at the facts and from there let’s discuss the options.
Bitcoin Cash - Roger Ver
- Proposed through BIP91 on July 2017
- Born on August 1, 2017
- Supported by: Bitmain, Binance, Bitcoin.com, Coinbase
- Wants: Scaling improvements (on-chain), oracle services, smart contracts, lower fees
Bitcoin Cash is all about ‘adjusting blocksize cap’ - which is their interpretation of Satoshi’s Vision.
Going down tho…
Bitcoin SV (Satoshi’s Vision) // (Super Veloce)
- Proposed and created on August 16 by Craig Wright
- Supported by: CoinGeek, CalvinAyre, Bitcoin.org
- Wants: To destroy BitcoinABC, increase block size to 128mb
Bitcoin SV is all about “miner choice, miners first” and allowing the economics of miner revenues direct the future of Bitcoin.
See Craig Wright’s F-U email to Roger:
- Proposed and created in July 2017 by Andrew Clifford
- Supported by: 30-35% miners support
- Wants: BUIP098, increase blocksize to 128mg
Bitcoin Unlimited essentially is Clifford’s compromise to both BCH and BCHSV. So, forget them and just go Unlimited?
- BCH is trading at ~$400 // ~$8B market cap
- BCHSV is traking at ~$110
- CoinGeek is largest BCash Mining Pool at ~40%
- Bitmain will deploy 90,000 Antminer S9 to Bitcoin SV’s CoinGeek pool… (speculation)!
===What is the War About?===
They say it’s all about the “Hash power” – the computing resources committed by miners toward securing a blockchain – has been fluctuating between both camps in the days prior to the activation, though all signs point to Bitcoin SV proponents having the upper hand at this point…
Because of Bitcoin Cash’s underlying architecture, a 51 percent dominance in hash power will allow Bitcoin SV to launch attacks against the minority chain – and Wright has suggested that such action isn’t off the table.
===What this is REALLY ABOUT:===
The FUTURE security of Bitcoin and Satoshi’s ideas around mining and the “honest majority.” - What does this mean?
The “honest majority” refers to the idea that Bitcoin can only be fully secure with a guaranteed 51% (majority) of nodes are behaving non-maliciously. The economic incentives, the “gamification” of the market determines the security. If all are incentivized (monetarily), then the security of the network will stay up.
TL;DR: Bitcoin’s security is at stake. How do you destroy a coin? Remove the economic incentive of miners.
We have moved to the political realm of cryptocurrency!!! This is not about architecture, code, math, or economics. We have moved to POWER plays and political plays in crypto. A powerful distraction from the meta!
Remember: FORKS = ATTACKS!
What are the Dogelord’s predictions?
- Bitcoin SV - 45-60% Hashrate
- BCH - 20-40% Hashrate
Verdict: Roger Ver loses the technical / political battle.
We ALL LOSE THOUGH! - Why? - Because neither Bitcoin Cash or Bitcoin SV have implemented transaction replay protection so that EITHER of them can survive! This means that not only can people lose funds with a split chain, but hackers and exploit the vulnerability and steal from users and exchanges! [Double spend anyone?]
BUY BITCOIN and HODL. DO NOT EXCHANGE DURING THE CIVIL WAR.
This is an opportunity for you to exercise your free will. Do your own research, do your own independent thinking, make the best informed decision for yourself. At moments like these, we must remember the META GAME: To have personal agency, sovereignty, and freedom to transact WITHOUT constraints.
Here are my final thoughts and questions:
This is by design. Splits are good for spreading out the adoption and opportunities for masses to learn and get into crypto. We can WELCOME a hardfork in this regard because the GOAL is mass adoption. If adoption is the goal, then splitting and forking is a win!
Fractured ecosystem is where the middle-ware, integrators will win [YEN.io]. For builders, forks and contention are the mother of innovation. This should excite many of you who are building. There is an obvious need for better decentralized applications, integrators, on-ramps, and systems for scale. As a builder, this is a CLEAR CALL to build new solutions, not add to the noise, but create new realities that can help the masses!
The politicizing of cult-of-personality shows how Satoshi’s vision is NOT being lived out. His theories are based on economic game-theory, not petulant babies who cry on twitter and personalities who can drive politics in a new monetary system that is devoid of politics… or supposed to be devoid of politics. This reminds me of first principles of Satoshi’s vision. A trustless world? - We now have entire reddit threads created to try to ‘trust’ people like Craig Wright… WE DON’T NEED TO TRUST HIM. What a waste of time!
A centralized media discussing a decentralized world? The media is backward and using their old playbook: Focusing on talking points, political baboonery, mud slinging, personalities. Let’s NOT focus on technology, math, first principles of Bitcoin and decentralization. FAIR REPORTING does not get clicks. Objective reporting doesn’t get clicks. This highlights the need for far more decentralized infrastructure to support this burgeoning economy.
For me, moments like this remind me of why I’m a builder. Building the firmament, the fabric of the crypto economy, not just skimming off the top for clicks, hype, and political warfare. This is the perfect example of two personalities, fighting for power. I’m not into CENTRALIZED POWER PLAYS. I’m interested in each sovereign human being can LEVEL themselves up.
What will Roger do?
- Silently retire?
- Galvanize his base?
- Reverse attack?
- Continue grinding?
What will Craig Wright do?
- Win? / Gloat?
- Achieve more credibility?
- What’s next? <- This is a big problem for me. Since there isn’t any ‘plan’… it just seems like cheap politics.
What is next for consumers?
What am I using to track all of this?