Oh my Satoshi
→ February 2020
→ January 2020
→ December 2019
→ Pumpkin Man Craig
→ CoinGeek Toronto
→ Hodlonauts everywhere
→ 10th Birthday Genesis
→ BlackNet solved
→ 10th Birthday Whitepaper
In the beginning God created the internet and the iPhone.
And the internet was without form, and void; and darkness was upon the face of the deep. And the Spirit of God moved upon the face of the networks.
And God said, “Let there be light,”
and there was Bitcoin.
And Satoshi saw that the Bitcoin was good. And Craig Wright separated the Bitcoin from the darkness.
Hard forked from Genesis 1 on Jan 19 2020
10 years ago | Block time: 62499
The iPhone 4 was released on 24 Jun 2010
"I don't care."
24 Jun 2010
Published by Daniel Krawsiz on 16 Jan 2020
People are trained by their rewards. A portfolio is a reward system. Hence there is a relationship between portfolio and behavior. In particular, money rewards tribalism. A portfolio of money is more rewarding if the users of that money preferentially befriend one another over users of different monies. Thus, money naturally evokes tribalism in humans, a naturally tribalist species. In the cryptocurrency market, tribalism can be observed. In this article, I explain how money rewards tribalism.
Why is Money Useful?
Before answering, I will note that I believe that many people in the cryptocurrency market would not be able to answer this question adequately. That means that the buyers in the crypto market have not chosen how they will be rewarded. They will be trained by their portfolios without knowing who they will become.
Money is an enabler of cooperation. People who use it can specialize more. How does it work? When profit-seekers assess a means of addressing some unmet need, they look at who already has money to assess potential revenue and they look at other profit-seekers to assess cost. The profit-seeker wants to find the best match of unmet need with his own superior abilities. That creates the highest profit. The money that a profit-seeker recognizes as his unit of account determines who he compares himself to and which unmet needs he rates as most severe. Profit-seekers in different monies specialize relative to different groups of people.
A form of money with many profit-seekers who have been specializing relative to one another for a long time is more valuable than a form of money with fewer profit-seekers who are less specialized. A more specialized economy will be able to serve more specialized needs and serve them better.
It is not magic that money can be valuable even though it is physically inert or, in the case of Bitcoin, mere representation. Money may be a shared illusion, but it enables everyone who shares the illusion to derive value from one another. Its physical form does not encompass its value. The value of money is the other people.
Twetch Co-Founders weigh in on what’s moving the price upward
Kris Merkel of Exodus sits down with Josh Petty CEO of Twetch and Billy Rose CMO of Twetch to discuss the differences between them, the recent +100% BSV pump, Bitcoin SV figurehead Craig S Wright, the Tulip Trust and how it affects Bitcoin SV.
Josh Petty / @coinyeezy
Billy Rose (u/3) / @nondualrandy
Published by Exodus on 15 Jan 2020
2020: Thoughts On A Decade Of Bitcoin
Posted by Rick "We Are All Satoshi"@falkvinge on 19 Jan 2020
When you look at it like this, it becomes boring.
My existing law firms all hold hard drives and documents for their clients. I have discussed this with multiple lawyers and I don't know a single law firm that doesn't have a document held in case of an event. Some concern holding documents in case of death or incapacity, some hold documents for a period of time.
But it sounds far more mysterious when you say a mysterious entity from out of the shadows. There are no shadows. There are multiple law firms who hold documents under instruction. They have been paid for a task, and they have a task to do. No more, no less.
Not so exciting when you put it that way.
-CSW on Jan 17 2020
Returning to Genesis
Restore the functionality of OP_RETURN
This change restores the function of OP_RETURN to its original design, enabling Script developers to terminate Scripts early and easily, with the possibility of the result of executing the script being valid.
Change the script numeric type from 32 bit numbers to big numbers
This change will dramatically increase the mathematical capabilities of the Bitcoin Script language. 32-bit numbers are very limited in size which makes it very complicated and inefficient to do complex mathematical operations such as signature verification. This change will restore the original design, enhancing the efficiency of complex mathematical operations and enable complex Scripts that provide all kinds of advanced functionality.
Sunset P2SH for new transactions
Pay-to-script-hash (or P2SH) is a mechanism introduced to Bitcoin to enable hiding of output scripts at the time they are created. This is counter to the philosophy of Bitcoin as an honest record of events. Additionally, P2SH use has encouraged wide use of poor privacy practices and divergence from the peer 2 peer workflow practices that are integral to the scaling proposition of Bitcoin. Existing P2SH coins will be unaffected so there is no need to sweep old wallets. This change prevents any new P2SH outputs from being made.
Restore Satoshi style handling of nLockTime & nSequence
These two data fields are integral to the mechanism of payment channels that Satoshi describes as a fundamental mechanism for allowing high speed micropayments on Bitcoin. They have been since repurposed by BTC Core developers for two new op codes. Along with removing those op codes the original usage of nLockTime and nSequence are being restored.
Other Required Change
P2P Relay of transactions with complex scripts
This change will enable the use of complex transactions by all participants of the network. Prior to Genesis, only transactions that were of a standard type, such as payment transactions or plain data transactions, would be distributed across the peer-to-peer network and therefore reach a miner. This meant that if a participant needed to use complex transactions, they would have to find a miner and reach an agreement to confirm the transactions in a block. After Genesis, all transaction types will be relayed across the peer-to-peer network, enabling anyone to use complex transaction types.
Additional Consensus Changes
- Genesis Upgrade block height activation mechanism
- UTXO age dependent rules
- Formal Script Grammar
- scriptSig can only contain OP_PUSHDATA operations
- Sunset OP_CHECKLOCKTIMEVERIFY and OP_CHECKSEQUENCEVERIFY for new transactions
- Add a policy limit on max_script_memory_usage with a default of 100MB
- Add a consensus limit on max_script_memory_usage
- Remove the consensus limit on the number of signature operations per MB of block space
- Remove the consensus limit on the maximum number of signature operations per transaction
- Remove the consensus limit on the number of op codes per script
- Remove the consensus limit on the maximum script element size
- Remove the consensus limit on the maximum number of elements in a script
- Remove the consensus limit on the maximum number of public keys per multisig
- Increase the consensus limit on the maximum transaction size to 1GB.
Changes for the Genesis Upgrade
January 15, 2020
Join us for the Genesis Upgrade Party on Feb 4 2020 and witniss the beginning of history
The Bitcoin Vision by Dr. Craig Wright
In his presentation, nChain Chief Scientist Dr. Craig Wright shared with the members of the Metanet Society of University of Cambridge his motivations and debunked some myths related to Bitcoin.
The presentation was made at the University of Cambridge in UK last October 17, 2019.
Published by Bitcoin Association on 7 Jan 2020
❝Metanet is a replacement for the shitshow that is the Internet today.❞
-CSW, Cambridge Metanet Society, October 2019
I'm eliminating the word 'blockchain' from my vocabulary. If I am talking about the chain of blocks that miners use to agree on what goes onto the ledger, I'll use the separate words block and chain. The real thing to try and explain to people is the ledger and how it works.
Blockchain is not some magical technology that can fix human problems. It's not even a real thing!
The public ledger is a place where everyone must act in the open. Where actions can be traced. An honest place where we are free to work together and build trust and reputation.
Once our actions are in plain view, we will be able to address the human problems. The cheats and the liars, the bribery and corruption. The dark marketeers, traffickers and thieves will come to understand that on the ledger, there is always a trail to follow.
Posted by Brendan Lee on January 10, 2020
Don't worry Greg, we will get to you in due time. It's always interesting how you love to cherry pick and take things out of context. Then this was always your motive.
The reference you like to quote about my wanting to limit the size of the blockchain is of course completely out of context. The creation of overlay networks allows bitcoin to act as a single reference source while also having different quorum systems that act independently. You will note that I did not say I would get increasingly piratical regarding the block size. Rather, I note in December 2010 just before I left the public development of bitcoin fact that users of bitcoin were getting rather tyrannical. I do understand that you failed to complete your education, but to help increase your erudition, this is a reference to others seeking to objectively restrict something that should not be restricted in the way that you're proposing.
Eric Vorhees, Garzik and others like you wanted a system that could not be controlled. Unfortunately for you, you chose a project, bitcoin, that is highly resistant as it scales to your type of shenanigans.
Yes, I do understand that having a system outside of government control helps with your side projects such as selling malware, ransomware and other projects that have are generally tainted feel. However, you will find that bitcoin isn't good for this.
I do wonder if you pointed out to anyone that the entire purpose of having a Merkel tree is scaling. In fact, if you take the basic structure of bitcoin and limited to 1 MB blocks, the entire need for a Merkel tree is obfuscated. Where you have limited numbers of transactions, a simple index would do. But then, you are not seeking to educate people about bitcoin are you...
Unfortunately for you, lots of things have been happening in the background. You never understood a single percent of what bitcoin was about. I don't blame you for this, I don't think you're smart enough to understand why I created bitcoin or even the origins of any of the parts or components. You're a great troll. You're also a useful idiot. In separating out the fools you have allowed me to finally manage to take bitcoin to where it needed to be. It was never EGold or any of the other anarchist systems that you wished to create.
Did you forget that I said the protocol was set in stone? No, I don't think you did. But then, you have a habit of taking things out of context, twisting them, outright lying. The problem you seem to not understand is that you haven't stopped anything. The time you figure it out I will have a patent on everything needed to scale blockchains. Then again, you will bitch and complain and say it's not fair. But a public yet but we have it a target of 1,000 patents (in total) this month and the pipeline will take me to 2,500 papers this year.
It is a real shame, well not really, that you're going to have to watch is all you have tried to corrupt falls apart around you this year. Have a nice life Greg, I wonder what rock you're going to crawl under next time ?
Oh. I have technology. I have patents and more.
You suffer from the misapprehension that your opinion matters. I'm sorry it doesn't. HN does little for the real-world contrary to what many in Silicon Valley culture seem to think.
A large reason for the creation of bitcoin stems from the promise of micropayments. Therefore Google and Facebook collapsed into the shit show that they are, they couldn't solve it. Your belief is not needed nor warranted. I'm not seeking money or investment from you and nor do I really care about you or even know you. We have companies coming to use my technology, and I'm not talking about ICO pumpers or other scammers seeking to replicate the frauds of the 90s. I'm also not talking about the bucket shops that pose as pink sheet scam markets under a new name.
We have companies such as Nike now getting into blockchain. Basically, the idea being to save data. Interestingly, the focused concept in the Nike patent is covered by my 2016 filings placing me two years ahead of them. Which is fine, they now have a choice. They can use BSV freely or they can pay my company royalties.
So why is it you think that I need to convince you?
Why do you think that it matters that I have you believe me or come on board as my disciple?
I hate to tell you that you're a little bit deluded if you believe that. You see, people will build on my platform whether you like me or not. I have a technical solution that works, I have solutions that scale, and mostly I've had the time to patent every aspect of how bitcoin works. You see, while other people have been trying to understand my protocol, I found that the best way of stopping people hijacking it further was to start building what some people call a patent fortress. You can't scale without SPV. Unfortunately, people didn't understand what it was. So much of bitcoin was not understood even though was common.
It is interesting how people think that I invented the concept of blockchain. It was published in the mid-90s. However, it was a set theoretic mathematical construct and not as simple as it was resented in the paper.
And I know, bad Aussie man. Scary bad man doesn't want our form of Internet anonymous money. You seem to think that it matters all that get funding because you run round saying that I'm nasty and mean and I hurt your feelings. I'm sorry to tell you but none of that actually matters. I'm sorry to tell you that bitcoin is not anonymous and cannot be made such. It is a concept known as traceable pseudonymous transactions. If you look you will find a number of papers dating to around 1994 on this concept.
And whether you like the fact that I created bitcoin are not or whether you believe me is irrelevant. You see, when I file a patent it is independently verified and passed and granted without reference to who I may have been and what I've done in the past. I know that's a difficult concept to some of you, but every time I create something it is tested based on the merits of what I've created that time and not the laurels that I wear.
You seem to think that I'm creating another shit coin. No, I'm just freeing up bitcoin do what was meant to do. The way designed it. Not so that you can speculate, so that businesses will be able to use low fee transactions that are fast and cheap. See, in the next five years we will have transactions that process for under 1/10000 of a cent. And yes that is the correct number of zeros. It's not about a political circle jerk that comes from this fallacy of code is law (which was discredited in 2001 by Prof Timothy Wu). It is about the technology. In this is the point, while you guys circle jerk talking about how you're going to change the world with anonymous money that helps drug dealers and terrorists...
We are building something that will actually help the world.
And no, your liking me, your wanting to be aligned with me, your care as to what I'm doing matters to less extent than you could imagine.
Yes, I know you love to run around going “Craig’s not Satoshi, don't listen to him”. However, all of that is irrelevant. The simple fact of the matter is that I've taken the original protocol that I designed and implemented it and it scales and it works. Not the way that people like James A. Donald desired (and yes, he is a child pornography and paedophile and that is part of why he wanted an anonymous coin, something I didn't realise in 2008). Rather, it is a micropayments system that changes the entire nature of the Internet. It allows companies like Google and Facebook, or rather the ones that will replace them to create systems that earn through micropayments and at the same time allow individuals to earn the money to pay for this. It's not the concept that people in the cryptocurrency space think about, but then the people in the cryptocurrency space are rarely those who will take this forward.
Don't worry, you can still play. I do know how to fix lightning; I have patents on it. Likewise, I have patents that would fix Ethereum but then I don't need to, bitcoin doesn't need Ethereum.
It surprises me how little people bother to learn. The entire cryptocurrency space is premised on ideas that have gone before. The only true innovation that I added to bitcoin was an economic system that linked to a traceable pseudonymous series of transactions. Proof of work-based Cryptocurrencies existed 20 years ago. Distributed Cryptocurrencies existed 20 years ago. The entire technical and corporate space 20 years ago was larger than the entire bitcoin space and in fact cryptocurrency space at the peak a couple years ago. But then, few bother to actually do the research. Few and then fewer even bother to understand that the concept of a blockchain, of hashing a block of information into next block was not new. It was published 25 years ago.
Yet none of you seem to have bothered to take the time to read the source documents. I shouldn't be surprised at this sort of attitude, I sought in students all the time. People are becoming lazy, not all of us but many.
It's interesting in a way that people believe that bitcoin acts outside of government and law. In the Whitepaper I stated that bitcoin nodes, miners enforce the rules. I didn't say that they create the rules. I said that the rules were set in stone. The incentive system allows miners to act in a manner that keeps them honest. You see, in law, the definitions of used in the Whitepaper have meaning. In particular, the term attacker has meaning.
Bitcoin is an economic system. Miners always end in data centres. It doesn't matter how you change the proof of work protocol. If an ASIC device was never created, it would still be more efficient for miners to end running many many computers in a data centre. In scale there is efficiency. The problem is that you guys think you can beat me. You don't even realise you've already lost. Then, commenting on information that I know when you don't and some of you will say this informational asymmetry is an unfair advantage. I'm sorry if you're a snowflake and I don't care.
This collectivist, socialist mindset that has infiltrated what people call libertarian thought is rather despicable. You seem to actually believe, surprising as that seems that you have a right and that I have an obligation to give you information. That when I'm not seeking anything from you, what am not asking you to help, where in fact I don't actually care two damns about your existence that I should do something to obtain your gratification or even some respect from you. I'm sorry, I don't care about the respect that some people seem to garnish and gather from social media sites to their pseudonymous identities. It is funny to watch however.
Enjoy. 2020 is going to be an interesting year and some of you are going to find out how interesting very shortly.
Signing with a pseudonymous key is no proof. We all know that you want to use the _Dread Pirate Roberts_ defense - I was only just handed these keys... But that will never be. It does not matter at all what you say. You shall learn just how far gone you are this year and just how many people see you as the fool.
Enjoy failure... It has been your life and it shall remain
The Real Man Behind The "Fake Satoshi"
Dr Craig Wright opens up on his autism, why he’s compelled to correct people and reveals he’s a lot less prickly than he used to be.
The Australian computer scientist has a simple message for those who don't believe he is the inventor of Bitcoin, Satoshi Nakaomoto.
"I am, if you don't like it, stiff."
Wright joins Blockchain Journeys for an interview that attempts to go beyond the usual questions he gets asked: invariably stuff about "why haven't you proven your claim", "private keys" and "what about this fake document then?" etc.
Instead we decided to try and find out what the real man is actually like.
*How does his autism affect the way he interacts with people? (Is that why he can seem so rude?)
*How does he behave around his wife and children? Do they bring out his best?
*Why does he feel the need to 'hunt people down on the street' to correct them?
*Why does he consider gaming billionaire Calvin Ayre his 'mentor'?
*And how does he deal with the negativity and insults from many in the crypto community who see him as a cartoonish super villain?
My Favorite Metanet Applications, Tools and Ways To Earn & Use BitCoin
Posted by Bryan Daugherty on 2020-01-01
The development of apps, tools and various ways to earn bitcoin (BSV) has continued to accelerate. Here is a list of some of my favorite developments:
- MoneyButton – Accept payments over the internet that cost less than one cent and are nearly instant.
- CentBee – Download Centbee. Discover Bitcoin SV.
- Handcash – The Bitcoin wallet you can recommend.
- RelayX – Easiest way to buy and use Bitcoin SV.
- Buy BSV – Buy BSV with a Credit Card or Bank Transfer in 3 safe, easy steps.
- Little Rocket POS – A delightful, fast, and simple point-of-sale for accepting BSV payments.
- KaChing Cards – Contactless Bitcoin Transactions
Social Blockchain Sites:
- Twetch – Get paid for your content.
- Streamanity – A video streaming platform built to help creators monetize their content directly from viewers.
- Commons – Commons is a digital public space to connect with people in real life.
- BitQ&A – BitQ&A is a questions and answers platform built on top of Bitcoin SV and Metanet.
- WeiBlock – Bitcoin based on-chain micro-blogging platform.
- BitSV – The Internet is broken for content creators. BitSV is a new content network that lets anyone earn money from their interests.
- CityOnChain – On-chain information center organized around cities.
- Yours – Yours is a social network where you can earn Bitcoin SV if you create value.
- TrueReviews – The place for high-quality reviews! A review platform that is powered by Bitcoin to incentivize better reviews for any location on Google Map.
- Bitstagram – “Instagram onchain”. The world’s first Bitcoin Native photo app that lets you take a photo on your mobile phone and upload it to the blockchain.
- Wheedl – a Bitcoin-powered social network just for memes! Earn cash when your followers Like or Comment!
- CryptoFights – Competitive eSports skill based strategy game on bitcoin.
- PeerGame – No registration – Instant payout – 100% Fairness.
- BSV Run – This game is based on Bitcoin SV block chain technology — high TPS, low fees, tamper-proof, TX-based random values. Every step of the game is automatically uploaded to the Bitcoin SV chain, and everything can be verified and reviewed.
- PlayBetr – Online Casino and Sport Betting, accept BSV for deposits and withdrawals.
- BlockChain Poker – Play online poker with BSV and receive 100 free satoshis for joining.
- MoneyTrain – Multiplayer competitive 2D snake like game Fighting for money Most skilled players will win the most money 1 Life is $0.03.
Building and Earning BitCoin:
- BitCoinSV Developers – When you’re building a new product or service, it can be helpful to get feedback directly from professionals working in the field.
- MatterCloud – We make it simple to launch Bitcoin Metanet powered applications — whether you need a blockchain API or high performance Bitcoin nodes.
- CODUGH – Codugh makes it simple to get paid when developers use your API, in real-time.
- TonicPow – Earn BSV for sharing things you like. Offer BSV for sharing your product or service.
- CodeOnChain – “github on the metanet”. Upload repositories to metanet
- UPTIMESV – Crowdsourced uptime monitoring and network intelligence.
- Cashport – Cashport is the micro-payments ecosystem that allows your users to earn and spend across multiple services, with zero friction.
- Build On BSV – Lessons on how to build your first app on BSV.
- Legally Chained – Manage or verify your digital identity.
- Tokenized – Tokenized is the easiest and safest way to issue, manage and trade security and utility tokens on the only distributed ledger (Bitcoin SV) that can scale to millions of transactions per second.
- SporeStack – VPS hosting for Bitcoin SV and more.
- QuikNode – The fastest and easiest way to run your own node.
- GearSV – Smart contracts on bitcoin.
- RUN – Intro to jigs that run on Bitcoin.
- BitCoinSV Faucet – Community driven public faucet.
- FiveBucks – Fivebucks is the world’s only truly global freelance marketplace where you can get stuff done for only $5.
Goods and Services Accepting BitCoin:
Block Explorers, Trading and Financial Data:
- BITForex – BSV/USD Available on BitForex Perpetual Contract Trading. BitForex is a global Top 10 cryptocurrency exchange dedicated to providing users with safe, professional, and convenient digital currency trading services.
- BitCoin Blocks Live – Watch live transactions on Bitcoin SV,
- FloatSV – Trade BSV today on the FloatSV exchange.
- WhatsOnChain – Simple, self-hosted explorer for the BSV blockchain.
- Crypto Traders Pro – Learn Technical and Fundamental Market Analysis.
- RateSV – Financial Data with Metanet.
- TrueDex – Use Bitcoin to trade leveraged derivatives of all financial markets including cryptocurrencies, stocks, indices, forex and commodities.
- AudioB – Discover and share original audio created by independent music producers, podcasters, DJs and more.
- Peer Tunes – Peer Tunes are melodies derived from given name. They are placed behind paywall with 2 tx outputs. One for the receiver of the tune, one for the creator. The person who asks for tune can also suggest the price.
Utilities and Tools:
- Baemail – The Superhero Inbox. Before Anything Else Mail protects your time with Paymail to Paymail encrypted messages, delivered to a value ordered inbox.
- CalendarSV – Store your event on blockchain.
- SVChat – A communication and media platform powered by micropayments. Hello world!
- Etched – Archive a web page forever on bitcoin.
- bitpic – Your own avatar on bitcoin, forever.
- BicoMedia – Add any file to the BSV blockchain & display it as a web page.
- BitPaste – Store and share text and files on the Bitcoin blockchain, at the swipe of a button.
- Opassum – The On-Chain Vault Password Manager
- Loggeru – The simplest way to log file changes to the BSV blockchain. Store, retrieve, share or encrypt. Plus, there are no fees beyond miner requirements.
- MedioPay – earn money by adding a one-click WordPress paywall to your content.
- SymRe – URL shortener stored on the Bitcoin (BSV) network and accessible to everyone forever.
- OYO – “google for BSV”. Oyo is a search engine for the Bitcoin SV blockchain.
- WeatherSV – Search your suburb, city or town for nearby channels from over 40,000 live weather stations.
- Agora – Agora is your homepage on the Metanet.
- BSV News – Your daily dose of BitcoinSV news.
- Open Directory – Open Directory is an open-source way for anyone to earn money by organizing links on the Bitcoin blockchain. Find the best content and earn money by submitting great links.
- CoinGeek – News outlet for Bitcoin Satoshi vision.
- BitCoin Association – The Bitcoin Association is the leading global organization for Bitcoin business. It brings together merchants, exchanges, application developers, enterprises, miners and others in the Bitcoin ecosystem to advance the growth of bCommerce (Bitcoin commerce).
Enterprise Level Organizations:
- nChain – nChain is the global leader in advisory, research, and development of blockchain technologies.
- TAAL – The world’s largest, vertically integrated blockchain service provider
- Core Scientific – The premier AI and Blockchain provider, delivering best-in-class infrastructure and software solutions.
My name is Bryan Daugherty, I help businesses & organizations in Maine & New Hampshire lower costs & improve operational efficiency through the use of technology.
1/ Bitcoin BSV solves a really interesting problem: ‘how do you pay for, and get paid for computation?’ By putting digital money inside distributed computing instructions and creating an open market where miners could compete for the fees inside the instructions,
2/ Satoshi created an incentive driven system to create an entirely new form of distributed computing. Bitcoin is a super computer, where miners are incentivised to build stronger, faster cheaper computers to process instructions, not merel pass money between Alice and Bob.
3/ 2014 saw the emergence of ‘smart contracts’ which allow for conditional payments to be made on receipt of confirmation that other work has been done, but smart contracting must operate in a massively parallel environment where competing nodes can race to do the computations.
4/ When constructed properly the kind of computational work that can be done by miners in this manner is virtually unlimited. A paid-for instruction could for example be fetching a piece of data for a user when executing a google search, or even rendering some graphics.
5/ So this leads us into an entirely new economy, an economy that is ‘data-driven’ because it is a truly competitive global financial system which can represent any kind of financial instrument and calculate that instruments’ relationship to the world in close to real time.
6/ It’s competitive because it makes microtransactions possible and affordable, and because the quantity and speed of possible contracts that can be executed is dictated by how much profit miners can make. So the better they are, the faster the ‘bitcoin computer’ is.
7/ The more successful the bitcoin BSV system is, the more it will tend to account for other less secure and less able systems in the fractured and often unaccountable global economy.
8/ This is because at a fundamental level any fiat currency is a contract, a ‘promise to pay’, an IOU, which can be written as a contract in Bitcoin (SV), and it’s profitable to write fiat amounts into smart contracts on chain, which inevitably leads to the bitcoinization of fiat
9/ It doesn’t, however, destroy fiat. Governments can still control their own monetary policy by issuing their own currencies and control their fiscal policy, and banks will be able to make loans to customers in fiat on the blockchain.
10 / What governments gain from issuing fiat on the chain is security, auditability and cost savings. It’s cheaper for them to issue fiat on a distributed network that is secured by the free market and the savings can be passed onto the tax payer.
11/ And the benefits that accrue to mutually cooperating businesses in different countries that have all issued their fiat on-chain would multiply very fast because they would be conducting trade inside a common, fast, cheap, secure network environment.
12 / It does, however, destroy BTC and other networks using SHA256 as it approaches scale. This is because miners well switch back to the network as it grows in value and returns more to hardware investors than BTC can. BSV is therefore an existential threat to BTC.
13/ However BTC is not ‘Bit’ ‘Coin’ because it cannot store data on chain, or do computations on chain, or facilitate a free market for calculations in the block, or create a global microtransaction economy with a 100% legal immutable ledger on chain.
14/ Bitcoin SV also destroys the viability of Ethereum since it’s massively parallel by design so computations do not need to run on every node sequentially, and because it incentivises faster and faster computations it will outrun Ethereum and make it obsolete.
15/ At scale, there’s no use for more than one secure blockchain network protocol because an ‘internet of money’ is a giant piece of global security infrastructure. It only works properly when there’s one architecture securing everyone’s businesses together in the same framework.
16/ And ironically, since we can now do op_bignum cryptographic calculations inside transactions in script in BSV, we can make Ethereum a side-chain by paying for their Etherhash PoW to be performed and the results of the work submitted for audit on the SV chain. (Patented)
17/ The aim of BSV’s openBSV licence and of nChain’s patent portfolio generally is to incentivise developers to develop applications on BitcoinSV freely but penalise then if they want to develop on other chains. This is an deliberate strategy to create a single global protocol.
18/ People may complain about ‘miner centralisation’ in BSV but if 50,000 banks globally each ran mining nodes in competition with one another the Bitcoin BSV network would be thousands of times more decentralised than any competing system is today, most notably BTC.
Published by Richard $Boase@boaserichard on Jan 1st 2020