It is against this backdrop that BTC and BCH advocates, Ethereum spokesmouths and altcoiners of all stripes align to attack the Bitcoin protocol preserved only by the BSV network without ceasing. An industry made up almost entirely of criminals, frauds and scammers have united against BSV citing (of all things) purported fraud and the alleged scam that is BSV’s very existence.
We must ask ourselves why this is?
What is the key differentiator of BSV?
Why have all the thugs and thieves united?
It is my firm belief that among the engaged, the motivation is fear of BSV’s singular ability to absorb the global economy and all of the other “crypto” projects that come with that. For the unengaged, or those who don’t understand the power of Bitcoin, they are swept up in a culture war that they do not understand. It is crucial to understand the powers at play and their implications to Bitcoin and the global economy.
Bitcoin was launched with a white paper on the Cryptography Mailing List in 2008. The pseudonym “Satoshi Nakamoto” declared a solution to the double spending problem. The double spending problem of all previous electronic cash systems was the singular limiting factor to adoption of a functional electronic cash. It was impossible to prove exactly who owned what units of money on their distributed ledgers, so systems couldn’t be trusted, and they would wither and die. Bitcoin solved this problem with a concept called “proof of work” which burned computational power to solve arbitrary puzzles in order to account for the state of the ledger in such a way that costs money, so that there is an economic incentive to keep an honest account for everyone’s holdings. This process is often called “mining” because the honest nodes who maintain the honest state of the ledger are rewarded for their work with Bitcoins every ten minutes—similar to how a gold miner is rewarded with gold in exchange for their work.
Since Bitcoin had no value when it launched, it was extremely easy to mine, and also free to send tons of transactions. In theory, this was a Denial of Service (DoS) Attack vector. A DoS or DDoS attack is when nodes get flooded with more data than they can handle and they crash. On a young Bitcoin network, a crash like this would have been deemed a failure of the network, so a cap of 1mb of data for every ten minutes of transaction time was hard coded into the software—planting the first seed of the Bitcoin civil war. From 2009 until 2017, that 1MB limit on total transactions was the single most contentious technical aspect of bitcoin.
Bitcoin was launched with a white paper on the Cryptography Mailing List in 2008. The pseudonym “Satoshi Nakamoto” declared a solution to the double spending problem.
A DoS or DDoS attack is when nodes get flooded with more data than they can handleand they crash. On a young Bitcoin network, a crash like this would have been deemed a failure of the network, so a cap of 1mb of data for every ten minutes of transaction time was hard coded into the software—planting the first seed of the Bitcoin civil war.
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