The Mythbuster Series will be an ongoing project where topics of mass confusion are highlighted, broken down and explained in laymans terms. If you have a Bitcoin topic you would like clarified, send me a direct message on twitter or telegram @kurtwuckertjr, and I will add it to my own personal mempool.
Is BSV the real Bitcoin?
The problem with the establishment of real is the need for a fundamental understanding of facts and truths. Industries and governments create standards organizations or regulatory bodies to establish what is real, while churches form governance organizations and hold theological councils. Groups of artistic fandoms form social groups to discuss and maintain the canon of things like books, comics and movies, but in Bitcoin, there is a malaise of conflicting views on the establishment of standards for defining the precepts of Bitcoin. The problem is that if Bitcoin is not defined by foundational principles, then it is completely beholden to an ever-changing social narrativedefined by the The Hegelian Dialectic.
Foundational definitions of Bitcoin start with the Bitcoin whitepaper as the source of truth, but the whitepaper does not specify a number of crucial basicsfor example, the 21 million unit supply cap or the block size limit. The hard coded supply of Bitcoin was first given to the world in the original implementation of the mining software, which had no block size limit at all! The original implementation gave us Satoshis practical guidance on the whitepaper and the nuances of Bitcoins unique economic model. Between the whitepaper and the first implementation, most questions are actually answered, including how to define Bitcoin in the event of two competing chains:
The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If a majority of CPU power is controlled by honest nodes, the honest chain will grow the fastest and outpace any competing chains. Bitcoin: A Peer to Peer Electronic Cash System. Section 4.
However, we are given no guidance on what happens when dishonest nodes stage a coup dtat to control the longest chain while honest nodes scramble to defend the rules of Bitcoin. In August 2017, honest nodes split the UTXO set with replay protection to protect Bitcoin from what I call The Raspberry Revolt, and Bitcoin has been in uncharted and contested waters ever since.
When there are two or more valid versions of Bitcoin that cant directly orphan and reorganize one another, how do we define anything? Do we default to foundational principles? Do we look at who has the most proof of work? Do we follow the longest chain? What if the most proof of work removed the supply cap of Bitcoin?
There are so many variables, that it might make sense not to ask whether BSV is Bitcoin, because of the lack of understanding about governing authority, but rather to take a step back and consider an analogy.
Wheres the beef?
Let us reframe the debate to a theoretical shakeup in the McDonalds fast food corporation, for a less contentious example.
Imagine McDonalds started refusing to build big enough stores to suit their volume. What if they eliminated drive-through windows, and decided to cook everything from scratch using a completely new service model and supply chain? To mitigate the problems created by their inefficient practices, assume they also decided to use third-party delivery drivers (still in beta) and not let anyone in the store who cannot afford to spend a mandated minimum. They do this to avoid wasting time on customers who take up valuable dining space only to use the dollar menu. Then, McDonalds traffic drops, but the company begins to praise low congestion because they are excited not to be stressing existing infrastructure.
Out of the ensuing chaos, a bunch of former store managers, business partners, the former head chef, some longtime customers, and fans of the McDonalds brand decide to return to the original path, keep the successful recipes and follow the time-tested business model that made them successful in the first place. They make a company called McDonalds Classic Vision and advertise that there is still somewhere you can get a real Big Mac for fast and cheap in accordance with the original vision of McDonalds.
McDonalds Inc gets really mad and starts calling McDonalds Classic Vision a scam because they are not the real McDonalds. They begin clamoring that McDonalds Classic Vision is confusing people, and making people think there is something wrong with their new McDonalds which retains the oldest brand name and history of corporate documentation. Tired of the confusion, some customers move to Burger King and Wendys who basically just forked the McDonalds business model and changed a couple of superfluous things to start up competing burger chains.
McDonalds Classic Vision continues to follow the original recipes with simple, scalable business practices even though they are the smaller competitor. While the shakeup caused a lot of issues, and gave other competitors some opportunities to rise up, a significant number of people still just want the original Big Mac for fast and cheap. In the short term, most people trust that all of the changes that McDonalds Inc has made are ultimately for the best in the long run because it is easier to open new franchises as long as infrastructural requirements stay low. But dominance is starting to shift over to McDonalds Classic Vision because people are realizing that a complete reengineering of what made McDonalds great in the first place is irresponsible and unnecessary.
Which one is the real McDonalds? The one that keeps the old logo? Or the one that keeps the old recipes, supply chains and business model?
The fact is that the conversation is complex, and there are lots of variables to consider, but establishing your presuppositions is a crucial starting point. You must decide which points are up for debate, and which points you believe fundamentally define bitcoin, and then act accordingly.
Have it your way
The Genesis protocol upgrade on February 4, 2020 is a monumental step in the history of Bitcoin, and will see BSV returned as close as possible to the original protocol as envisioned by Satoshi Nakamoto. Visit theGenesis Hard Fork pageto learn more.
To receive the latest CoinGeek.com news, special discounts on CoinGeek Conferences and other inside information direct to your inbox, pleasesign upfor our mailing list.
Is BSV the real Bitcoin? - CoinGeek
- Spiritual Reflections on the Bitcoin Halving - CoinDesk - CoinDesk - May 24th, 2020
- Covid-19 Economy Fuels Faith in Crypto: Trust In Bitcoin Over Banks Increased 3X Since 2017 - Bitcoin News - May 24th, 2020
- 8 Reasons Why This Could Be the Time to Take Bitcoin Seriously - Entrepreneur - May 23rd, 2020
- Market Wrap: Traders 'Buy the Dip' as Bitcoin Hovers at $9,000 - CoinDesk - CoinDesk - May 23rd, 2020
- RenBTC Quietly Goes Live in Latest Bid to Bring Bitcoin Into Ethereum - CoinDesk - CoinDesk - May 23rd, 2020
- Bitcoin Could Be More Resilient to Global Electric Failure Than Banks - Cointelegraph - May 23rd, 2020
- The Shadow of Satoshi's Ghost: Why Bitcoin Mythology Matters - CoinDesk - CoinDesk - May 23rd, 2020
- How This Billionaire-Backed Crypto Startup Gets Paid To Not Mine Bitcoin - Forbes - May 23rd, 2020
- As Bitcoin Halving Dust Settles, Network Awakens to Costly New Reality - Cointelegraph - May 23rd, 2020
- 'No need' to invest in bitcoin or gold during the pandemic, says wealth manager - CNBC - May 23rd, 2020
- Goldman Sachs Is Hosting A Client Call About Bitcoin, Gold and Inflation - Forbes - May 23rd, 2020
- This Bitcoin Documentary From Africa Is Streaming on Amazon Prime - CoinDesk - CoinDesk - May 23rd, 2020
- Monster 369MB Block Processed on Bitcoin SV - Cointelegraph - May 23rd, 2020
- Team Behind Bitcoin-Backed Ethereum Token tBTC Explains Shutdown - CoinDesk - CoinDesk - May 23rd, 2020
- Bitcoin Block Generation Speed Falls to 2017 Lows - Cointelegraph - May 23rd, 2020
- You can now bet on Bitcoin or Ethereum with this new priceless token - Decrypt - May 23rd, 2020
- Exposure to -1x the Daily Performance: Bitcoin.com Exchange Adds Inverse Token BTCSHORT | Promoted - Bitcoin News - May 23rd, 2020
- This Metric Shows Bitcoin Is Undervalued Even After 150% Price Rally - CoinDesk - CoinDesk - May 19th, 2020
- The Fed Is Bitcoins Best Friend - Forbes - May 19th, 2020
- Here's when Bitcoin will actually reach 99.99% uptime - Decrypt - May 19th, 2020
- Bug Forces Shutdown of Bitcoin-Backed Ethereum Token tBTC - CoinDesk - CoinDesk - May 19th, 2020
- Citi's Tony McLaughlin on CBDCs, Libra and bitcoin - Finextra - May 19th, 2020
- From Buenos Aires to Beirut - Covid-19 Excuse Restricts Millions of Citizens from Withdrawing Their Own Money | Economics - Bitcoin News - May 19th, 2020
- Bitcoin.com's Mining Video Censored: The Tale of Youtube's Blatant Censorship and Propaganda - Bitcoin News - May 19th, 2020
- Bitcoin Product Demos During the Halving - Bitcoin Magazine - May 19th, 2020
- J.K. Rowling Made the Grave Mistake of Asking the Internet to Explain Bitcoin - InsideHook - May 19th, 2020
- ISIS's $300 million war chest is hidden in Bitcoin, says think tank - Decrypt - May 19th, 2020
- S2F Hopium: Report and Twitter Critics Find Flaws With Bitcoin's Stock-to-Flow Ratio - Bitcoin News - May 18th, 2020
- 45 Older-Generation Bitcoin Miners Are Unprofitable After the Reward Halving - Bitcoin News - May 18th, 2020
- Bitcoin to Paint 2 Bullish Golden Crosses This Week, as it Eyes $10.5K Close - Bitcoinist - May 18th, 2020
- Fund manager: Past 6 weeks have been one of Bitcoins most bullish periods ever - CryptoSlate - May 18th, 2020
- P2P Bitcoin Trade Volumes and Inflation in Latin America Are on the Rise - Bitcoin News - May 16th, 2020
- Market Wrap: Bitcoin Dips as Stock Markets Close Lower on the Week - CoinDesk - CoinDesk - May 16th, 2020
- Bitcoin Bears Say These 5 Metrics Will Stop BTC From Reclaiming $10K - Cointelegraph - May 16th, 2020
- First Mover: Bitcoins Hot Again and Crypto Miners Are Hoarding Or Are They? - CoinDesk - CoinDesk - May 16th, 2020
- How Investors Are Presented With Bitcoin: 'A New Decentralized Monetary Asset, Akin to Gold' - Bitcoin News - May 16th, 2020
- Australian Woman Charged With Unlawfully Exchanging Over $3M in Crypto - CoinDesk - CoinDesk - May 16th, 2020
- Heres how Bitcoin sentiment changed over the halving - Decrypt - May 16th, 2020
- CEO at Real Vision Raoul Pal Bets on Bitcoin Up 100x in Next Five Years - Cointelegraph - May 14th, 2020
- Bitcoin Is Suddenly Back On The Move - Forbes - May 14th, 2020
- Understanding the Growing Trend of Bitcoin Currency Exchange - The Duke Perspective - Duke Today - May 14th, 2020
- Man behind $2 million in Bitcoin hacks arrested in Ireland - Micky News - May 14th, 2020
- Craig Wright Threatened to Crash The Bitcoin Price So What Happened? - Cointelegraph - May 12th, 2020
- Bitcoin Has HalvedWhat Now? - Forbes - May 12th, 2020
- Bitcoin poised to shine as governments print more money: report - Decrypt - May 12th, 2020
- Bitcoin Crashes as Halving Hype Loses Impetus Over the Weekend - Bloomberg - May 12th, 2020
- Bitcoin Mining is a Silly and Confusing Term - Anchorage Press - May 12th, 2020
- The CoinDesk 50: Bitmain, the Behemoth of Bitcoin Mining - CoinDesk - May 12th, 2020
- Bitcoin Is Staging a Comeback Reminiscent of 2017 Bubble Frenzy - Bloomberg - May 12th, 2020
- Craig Wright: Bitcoin truth versus the 'turd that is fake news' - CoinGeek - May 12th, 2020
- Bitcoin investors are bracing for a key technical event here's what you need to know - CNBC - May 11th, 2020
- Traders Say Binance Cut Their Bitcoin Shorts: Here's Why It Happened - Cointelegraph - May 11th, 2020
- Bitcoin: Will 'halving' fuel another monster rally? - The Australian Financial Review - May 11th, 2020
- RPT-UPDATE 1-Coronavirus sows doubt over bitcoin's rally after third 'halving' - Reuters - May 11th, 2020
- Zcash Alliance Aims to Bring Privacy Tech to Bitcoin, Cosmos and Ethereum - CoinDesk - May 11th, 2020
- There's more Bitcoin on Ethereum than in the Lightning Network - Decrypt - May 11th, 2020
- Erik Voorhees: Bitcoin will replace the Feds 'pre-mined' dollar - Decrypt - May 11th, 2020
- Review Cryptopia: Bitcoin, Blockchains and the Future of the Internet - Cointelegraph - May 11th, 2020
- Bitcoin could hit above $100000 by August 2021 - Nairametrics - May 11th, 2020
- Bitcoin price action causes an increase in spread on low-tier exchanges - AMBCrypto - May 11th, 2020
- Cryptocurrency market jumps by over $13 billion driven by bitcoin as major technical event approaches - CNBC - May 9th, 2020
- Bitcoin 101: What is Bitcoin? - CoinDesk - May 9th, 2020
- One of Bitcoin's Earliest Miners Is Dedicating $66M in Crypto to a Fund of Funds - CoinDesk - May 9th, 2020
- Dollar Vigilante Founder Talks Covid-19 and Economic Crisis: 'The Modern Financial System Is at the End of It's Rope' | Interview - Bitcoin News - May 9th, 2020
- Here Are the Options: Bitcoin Derivatives Give BTC Halving Insight - Cointelegraph - May 9th, 2020
- Bitcoin ATM Locations Surge to Over 7700 Worldwide Amid Global Crisis - Bitcoin News - May 9th, 2020
- Decentralized Finance Startup Focused on Bitcoin Cash Raises $1 Million for Expansion - Bitcoin News - May 9th, 2020
- Bitcoin Revenue in Square's Cash App Tops Fiat Revenue for First Time in Q1 - CoinDesk - May 9th, 2020
- Bitcoins Gut Check: The Time of Crisis as the Moment of Truth - Cointelegraph - May 9th, 2020
- Bitcoin in Emerging Markets: The Middle East - Consensus - CoinDesk - May 9th, 2020
- Coinshares Acquires Gabi Trading: New Unit Traded $3 Billion Worth of Crypto in 2019 | News - Bitcoin News - May 9th, 2020
- Analyst Tone Vays Predicts 12-Month Bitcoin (BTC) Trajectory, Says Three Factors Will Drive People Into Crypto - The Daily Hodl - April 27th, 2020
- Bitcoin Hits April High; Crypto Portfolios Get Stimulus Injection - Forbes - April 27th, 2020
- Bitcoin Price Analysis: BTC/USD paces above $7,800, the focus shifts to $9,000 - FXStreet - April 27th, 2020
- Ethereum Price Analysis: ETH is ten times more profitable than Bitcoin in 2020 - FXStreet - April 27th, 2020
- The Coronavirus May Have Actually Helped Bitcoin - Live Bitcoin News - April 27th, 2020
- Bitcoin to the Rescue as Ron Paul Says US Fed Fake Economy Has Burst - Cointelegraph - April 27th, 2020
- Take the Money and Run - Bitcoin Transfers (even within the same state) Provide Basis for Federal Jurisdiction in Money Laundering Conviction - JD... - April 27th, 2020
- Bitcoin returns to form with solid price growth amid the coronavirus pandemic - SiliconANGLE - April 27th, 2020
- HandCash make Bitcoin more accessible 'for the rest of us' - CoinGeek - April 27th, 2020