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Bitcoin Cash [BCH] might fall apart in November 2018, says Bitcoin proponent




Bitcoin Cash [BCH] might fall apart in November 2018, says Bitcoin proponent
Source: Unsplash

Jimmy Song, one of the most popular Bitcoin Core developer spoke about the ongoing clash in the Bitcoin Cash community, during a discussion with Tone Vays on Youtube.

The Bitcoin core developer stated that there is a “very good chance” for everything to fall apart for Bitcoin Cash in the month of November 2018. This is from the viewpoint of the upcoming hard fork, which set to take place on November 15, 2018.

The current dispute between Bitcoin ABC team and Craig Wright aka Faketoshi has resulted in a split of the Bitcoin Cash community. This is mainly due to Wright’s opposition to ABCs Wormhole implementation, in turn proposing the implementation of Bitcoin Satoshi Vision [SV] on the Bitcoin Cash protocol. Craig Wright, with the support of Coingeek, claims that the SV implementation represents the original vision of Satoshi Nakamoto, the creator of Bitcoin. This has led to the decision to be taken care of by the miners, who are currently on Coingeek and Craig Wright’s side.

Jimmy said:

“[…] there’s a lot of people on the Satoshi Vision side that actually have a lot of hashing power. So, I mean their thing has always been, you know, the miners are the ones that determine everything, if the majority of the hashing power is in the Satoshi Vision then the people on the other side of the debate, which I believe Roger is more on with […] I don’t lnow what happens”

This was continued with Song stating that he believes that Roger Ver supports Jihan Wu and is for the Wormhole fork and against Craig Wright. He further revealed the reason he thinks Ver is against Satoshi Vision is that r/btc is making statements against Craig Wright.

This was followed by the two speaking about making a post-mortem episode on the hard fork and staying neutral and Vays adding that he does not know who to “root for”. Song said:

“I mean in a sense we will be kind of like neutral observers because we’re just sort of watching this slow trainwreck happen”

Furthermore, Song related the situation to the statements he made at the Blockchain cruise event. He said that all the Bitcoin Cash proponents are currently “fighting” to be the leader for Bitcoin Cash whereas Vays added that the outcome could be good for Bitcoin from a “fundamental perspective”. Song added

“[…] each of them have enough of a following that they’re going to split up their stuff until their fiefdom is so small that it’s not worth adding”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


BSV STN is mining 1.4-gigabyte blocks; Is this a scaling solution or a journey towards centralization?




Source: Unsplash

Bitcoin SV, the fork of Bitcoin Cash, has set up an STN [Scaling Test Network], specifically intended to test on-chain scaling for large blocks, which also acts as a standard network in the latest update of Bitcoin SV. It was noted that the STN was mining blocks that were more than 1 GB in block size, a development that was celebrated in the BSV camp after a Twitter user, @two2wheel2life, tweeted,

BSV has a total of four such networks defined, i.e., Mainnet, testnet, regtest, and STN. According to the website, STN was implemented to reduce the impact of scalability testing on testnet and to preserve testnet as a network for testing of applications built on top of Bitcoin SV, without requiring testnet users to make significant hardware available.

Block 11891 on the STN was 0.95 GB in size and processed a total of 9530 transactions in the block. Block 11901 was 1 GB in size, and block 11902 was 1.4 GB in size, which could possibly be the biggest block mined on the STN.


Is Bigger Better?

The question of bigger block sizes has sparked quite a few debates, be it Bitcoin, Bitcoin Cash, or Bitcoin SV. It was one of the reasons why Bitcoin Cash forked from Bitcoin and why Bitcoin SV forked from Bitcoin Cash.

However, does massive block size really solve the scaling problem without any drawbacks? The Operations Manager of STN, Brad Kristensen, had some interesting things to say to AMBCrypto about the recent achievements of the STN.

Brad stated,

“We’re very pleased with the results, and I think it’s a strong signal of what is to come from Bitcoin SV on mainnet as we continue to increase adoption. The STN is running the same public release available right now (0.2.0). Anyone can join the STN to test their applications /services.”

According to BSV’s roadmap, the first upgrade for the project will be ‘Quasar,’ which is proposed for July 24, 2019, and will concentrate on scaling by increasing the default block size hard cap.

Centralization or scaling?

Andreas Antonopoulos, a prominent Bitcoin advocate, had a different opinion on the rise in block size for Bitcoin SV. When AMBCrypto reached out to him, he commented,

“Large blocks have a centralizing effect on mining and node operators. It is unlikely that the main BTC chain will increase the blocksize as it has taken a different path for scaling, via layer-2 payment channels (Lightning Network) and on-chain optimizations (Segwit, Schnorr etc.).”

As stated by Antonopoulos at the ‘Bitcoins in Bali’ meetup on June 27, 2017, if the block size is increased in orders of magnitude at a rate that is proportional to the increase in user base, a difficult problem will emerge wherein Bitcoin transitions from a decentralized to a centralized system.

Additionally, Antonopoulos said,

“If my block takes 11 minutes to validate, then i’m off the blockchain, which means fewer people can validate independently, which means the system becomes centralized. With which one of these increases, fewer people can participate in the validation process, fewer people can participate in storing the data, and fewer people can participate in being independent actors. We go from a system that is decentralized to a system that gradually gets more and more centralized.”

The above gives a clear idea of what could happen if the block size increases. However, Craig Wright announced in one of his Medium articles of his plans to increase the block size, giving his opinion on the same,

“The reality is that scaling on-chain is much simpler than anyone likes to admit. There is nothing special to be done in order to achieve this, it is just allowing commercial systems to compete and to remove the false idea that home use and hobby nodes need to be subsidized”

So, how will BSV fare? Will it still be successful after implementing larger blocksize or will it accept the centralization that comes with increased block sizes? Only time will tell.

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