Let’s just get this right out of the way. CoinGeek.com has no intention of ever causing a chain split of the one remaining true version of Bitcoin (BCH).
Additionally, we will fight any attempts by anyone else to cause a chain split. CoinGeek and friends believe in the Satoshi Vision for the evolution of Bitcoin and that means all disputes should be settled by Nakamoto consensus and Miner hash elections. Nakamoto consensus dictates that at all times the longest chain (with the most Proof of Work) shall prevail and this will be respected at all times by CoinGeek Media and Mining. CoinGeek is also not the one attempting to recklessly introduce contentious, untested and unnecessary protocol changes to Bitcoin.
A lot has been written of how we got here and this link is to a short version I recently published. Good background about how this election works was recently covered by Eli Afram.
Much of the following is already public knowledge, but I think it is worth repeating what the two options are in this election, and why nobody should support Bitmain’s death march and foolhardy attempt to subvert and undermine the Bitcoin protocol.
The core dispute in this election is not a technical one at all. It is a difference of opinion concerning the future of Bitcoin’s platform (and existence). CoinGeek and most of the Bitcoin Mining community and all of the Application Development community support the philosophy of Satoshi Vision. We want to fully restore and then lock down the battle-tested Bitcoin protocol and create a stable consistent and scalable platform for innovation to occur on top of. (Certainly, once the original Bitcoin protocol is restored, it could later evolve but any updates should be rare and only done when necessary, fully tested, and supported by clear consensus.) This is the internet model where all the great companies and services are built on top of a 30-year-old base. As a large enterprise, SBI understands why big businesses need to have a platform that is both stable and scalable with large block size before they will commit time, money and resources to build their applications and projects on top of that platform.
This will allow a vibrant Enterprise-level mining industry to flourish and a Cambrian explosion of application development and innovation that will drive the global adoption of Bitcoin as money. This will create economic freedom for everyone in the world and will especially be welcomed by the developing world.
Bitmain, by contrast, wants to embed risky untested code into the base protocol that is entirely unnecessary for anyone but them. They seek to constantly experiment with the protocol creating constant instability and driving corporate investment away. They want to use this to enable their off-chain token solution (Wormhole) that will cannibalize and eventually replace Bitcoin with their Wormhole Cash (WHC) token network. Because they have apparently pre-minted billions of WHC tokens to themselves already (at a much more generous valuation than the publicly-available 100 WHC to 1 BCH) and their new technology will use Proof of Stake, not Proof of Work, the entire mining industry will disappear with Bitcoin. This is basically a second version of Ethereum with all its scaling and security problems and many other problems related to trust.
In place of the battle-tested, decade-old trustless Bitcoin system will be a Wormhole network that will have Bitmain as emperors for life because of the billions of tokens they have pre-minted for themselves. All application development would cease to occur on a chain structured like this as it is no longer trustless or trustable. The chain itself would in fact be birthed in fraud as this is not the way Bitmain is explaining what they are really doing. Bitmain is trying to incrementally get this step by step enabled with no discussion so that by the time Miners figure out what is happening it is too late and Bitcoin and the mining industry collapse forever and the majority of the value in the Bitcoin chain has moved over to them.
Bitmain is also throwing out a red herring about scaling. Bitcoin needs to scale or it will also fail and make mining unprofitable. In two years (2020), the Bitcoin block reward will be cut in half again – to 6.25 BCH; therefore, transaction volume must significantly increase on the network to ensure that miners can earn more transaction fees for each block to make up for the lost 50% block reward amount. That requires the BCH to begin scaling now with bigger default block sizes or just have no pre-set cap so that miners can configure their own block sizes. The recent Bitcoin Stress test in which over 20 MB blocks were mined proves the BCH chain already scales so Bitmain’s objections are not only self-serving but also again Fraudulent. Bitmain’s real reason for not wanting scaling is that scaling undermines their Wormhole scam and since they are killing mining anyway they don’t care about this being a negative consequence for miners. Bitcoin already scales so let’s get this ready so that major enterprises such as SBI and application developers can build systems that need this capacity with confidence. All Miners should support future stress tests with us at CoinGeek. We invite SBI to join the bComm Association to find out details on upcoming stress tests.
CoinGeek is confident that no miners are stupid enough to support a path that leads to their own destruction so we are also confident that this election will be won by the miners and will prove the wisdom of Satoshi Vision.
To make this easier, CoinGeek is sponsoring the bComm Association to create a new Bitcoin Implementation that will be released for open source usage in October. The link to its site is here. This implementation, named Bitcoin SV, will be vigorously tested and will be the truest to the original Satoshi Vision of any of the options out there. This is not a chain-splitting fork. This is restoring and stabilizing the original Bitcoin protocol (which already had all feature sets needed for growth) and stopping the Bitmain Fork to its Wormhole-enabling/ Bitcoin ABC implementation. Wormhole is not Bitcoin so that would be the fork which deviates from Bitcoin. Bitmain is in fact the only one attempting to do a chain-splitting fork. CoinGeek will cut all our hash to this Bitcoin SV implementation as soon as it’s ready since we will never fork to Wormhole and we will do everything in our power to stop anyone from doing so and again destroying Bitcoin. Bitcoin SV will be open source and we encourage all miners to cut over to this also.
Also, we are supporting a new Satoshi Vision Pool (SVPool) and encourage all small miners to cut over to this when it is up and running in late September. In addition to encouraging Satoshi Vision and Miners choice and the use of Bitcoin SV, SVPool will also have zero fees so will be the lowest cost service offered for miners.
It is only by enforcing your right as a miner to vote your hash that we can stop Bitmain from hijacking Bitcoin and ruining it a second time.
Miners of the world unite. Join CoinGeek and friends in implementing Satoshi Vision and Miners choice now!
Bitmain and their fully funded developer team ABC, can make this all go away by simply agreeing not to make any changes to the original Bitcoin protocol without proper rigorous testing to ensure the stability of BCH and only with clear consensus support. Why don’t they do this now?