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Craig Wright’s misinformed attempt at scaling Bitcoin, BSV frivolously increasing block size to 2GB

In Craig Wright’s latest marketing attempt, Bitcoin SV will increase its block size cap from 128MB to 2GB. The upgrade will make BSV less secure, more centralized, and more costly for infrastructure providers to maintain—adding additional fuel to the already raging dumpster fire of a project. Craig Wright—who has been deemed a fraud by a large portion of the crypto community for claiming to be Bitcoin inventor Satoshi Nakamoto—is again, attempting to mislead investors through his latest Bitcoin SV upgrade. The upgrade would increase the block size cap of Bitcoin SV from 128MB to 2GB, an eight-fold increase, which the project claims will allow BSV to “significantly scale” while providing “robust utility” to users, especially enterprises. Bitcoin SV positions itself as the “original” Bitcoin, taking advantage of Craig Wright’s unsubstantiated claims of being the real identity behind the pseudonym Satoshi Nakamoto. The project advertises that, through ‘upgrades,’ it will return to the “original” vision of the Bitcoin protocol by February 2020. Emphatically, those at Wright’s software development company nChain claim that “BSV is Bitcoin.” These preposterous claims are peddled by Craig Wright’s billionaire-backer, Calvin Ayre, who syndicates them through his media company CoinGeek—a crypto publication used almost entirely for shilling BSV and Ayre’s other corporate ventures. Both Wright and Ayre have been able to profit from the Bitcoin brand name by sowing controversy and confusion around Bitcoin. In reality, the latest block size ‘upgrade’ appears to be a marketing gimmick meant to prey on those just learning about cryptocurrency, non-technical investors, and get-rich-quick speculators. For reasons that will be made clear, carelessly increasing the block size of Bitcoin impairs its usefulness. The scaling debate around Bitcoin Issues around scaling Bitcoin arose almost immediately after its inception. Hal Finney, the first Bitcoin developer after Satoshi himself, wrote this in 2010: “Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the blockchain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.” Bitcoin’s on-chain capacity is bottlenecked by two factors. The speed at which blocks are created and the size of those blocks. The Bitcoin protocol specifies that blocks should be created roughly every 10 minutes and, through upgrades, has a functional size of approximately 2 megabytes. These factors constrain the network to a throughput of roughly 3 to 7 transactions per second. As a consequence of these constraints, on-chain transactions incur fees. The average fee to send a transaction on the network currently is roughly $3 with a standard confirmation time of anywhere between thirty minutes and two hours depending on the desired level of security. This makes Bitcoin, in its unaltered form, impractical for brick-and-mortar and in-person transactions. Experts in the community, including some of the earliest Bitcoin developers like Finney, argue that on-chain Bitcoin transactions are not designed for small day-to-day payments. There are also many who disagree, like Roger Ver, who forked Bitcoin in August 2017 to increase the block size from 2 MB to 32 MB—resulting in Bitcoin Cash. The nuances of the value proposition and application of Bitcoin are outside of the scope of this analysis but will be explored in the August edition of CryptoSlate Research. The different scaling solutions Increasing the block size is one of a handful of workable solutions that could address Bitcoin’s transaction throughput constraints. Deferred settlement: Second-layer solutions like the Lightning network allow users to transact with one another while settling transactions on-chain at a later date. Although there are some tradeoffs and technical limitations to the technology in its current iteration, it has the potential to help Bitcoin scale for small payments that need to be confirmed quickly. Sidechains: By establishing a two-way connection between the crypto assets on a sidechain and the main blockchain (typically Bitcoin) it is possible to augment the capabilities of the main network. One example of a sidechain includes merge mining coins like Namecoin, which allow miners to mine both BTC and NMC simultaneously, functionally providing Namecoin with the security guarantees of Bitcoin’s mining network. Another sidechain is Rootstock, a smart contract platform with a two-way peg to BTC, providing smart contract functionality to Bitcoin users. Although sidechains hold a lot of potential they are still largely experimental and have yet to see major use. On-chain scaling: Finally, there’s on-chain scaling, which increases the block size limit on a network, allowing more transactions to fit in a single block. Simplistically increasing the block size limit is not a workable solution to scaling. Why increasing the block size is problematic for full nodes Continually increasing the block size cap is unworkable because it’s necessary for the Bitcoin ledger to be decentralized and auditable. Auditing the blockchain requires the full, unabridged ledger, which becomes more costly to store and verify as it becomes larger. Hinders full nodes: The primary problem is the cost that’s borne by full nodes, computers set up to verify and ensure that all transactions adhere to the consensus rules of Bitcoin when the block size is increased. An example of a consensus rule is that no transaction output can be double-spent, or that each block may only generate 12.5 new BTC. At a minimum, a full node must download every transaction that has ever taken place, all new transactions, and all block headers. This gets expensive very quickly. “If you make syncing with the current state of the ledger too expensive, only a privileged few can stay up to date, effectively adding a hierarchy to a system which must be flat to function,” wrote blockchain researcher Nic Carter. Industrial servers pay about $0.025 per gigabyte of storage. Using crude calculations, if every Bitcoin block used the full 2MB (30-day average is actually 860 KB), then the annual cost increase for storage for each node: $0.025 per GB * 2/1024 GB * 144 blocks per day * 365 days per year = $2.57 The Bitcoin blockchain is already 226GB, which means the total annual cost of storage to every node operator is $5.65 growing at a maximum rate of $2.57 per year. Now, those same numbers for Bitcoin SV with 2GB blocks. $0.025 per GB * 2 GB * 144 blocks per day * 365 days per year = $2,628 Something to keep in mind is that full nodes are not compensated like miners. Instead, running a full node allows an entity to make transactions more securely and trustless because they do not need to depend on a third party. It also provides access to higher quality raw data about the network. Different exchanges and service providers, as well as those merely looking to support the network, tend to run full nodes. At the moment, there are 9,623 Bitcoin full nodes distributed throughout the globe. In contrast, Bitcoin SV has 460 full nodes, many of which are bankrolled by Craig Wright and his cronies. As the calculations above demonstrate, larger blocks make full nodes prohibitively expensive to operate. Consequently, larger locks mean fewer nodes, more centralization, and a cryptocurrency that relies on more trust. And, design and upgrade decisions around Bitcoin are made to minimize trust. Creates data dump scenarios Increased block sizes also reduce the cost of transactions and provide rooms for services, like VeriBlock, to dump data on a public blockchain. These dumps externalize storage costs to node operators. Just this week Vitalik Buterin proposed doing just that for Ethereum, using Bitcoin Cash as a dumping ground to offload on-chain data. This is already happening on the Bitcoin SV blockchain: one weather app is responsible for 94 percent of the transactions on its blockchain. Large blocks amplify block propagation issues Larger blocks amplify the orphan block rate, increase the probability of reorgs, and makes double-spending coins easier. This is because large blocks take longer to propagate through a network, the same way that a large file takes longer to download and send to a friend. Moreover, it also means nodes on the network will need faster internet speeds to remain in sync. Orphan block: where two miners find a valid block at a similar time which results in one of the two blocks, and its respective transactions, not being included in the main chain. Reorg: When the client discovers a new, longer sequence of blocks, rendering several blocks and—their respective transactions—invalid. Reorgs are one of the main ways to double-spend coins. These issues make transactions less reliable and less secure for blockchains that use large blocks to achieve scaling. Prevents a sustainable fee market from developing For a proof-of-work blockchain to be sustainable it’s necessary that miners are compensated for securing the network with their computing power. Miners are compensated through two channels, block rewards and fees. Block rewards subsidize the cost of all transactions at the expense of holders (by increasing the supply). Meanwhile, if a blockchain network is totally fee-based then using the network might be prohibitively expensive, diminishing the value of the network and its respective coin. This represents a tradeoff between subsidizing transactions or maintaining the scarcity of the underlying cryptocurrency. Bitcoin opted for scarcity, halving the block reward every four years and capping its supply at 21 million. On the other extreme, EOSIO wholly subsidizes transactions through block rewards, diluting the value of EOS tokens over time. For a model which emphasizes scarcity then the network must either transition to, or already be, fee-based. It is critical that a network collects a sufficient amount in fees as it transitions to maintain the security of the network against 51 percent attacks and other kinds of mining attacks. No blockchain has successfully implemented a model that entirely relies on fees. At current prices, Bitcoin miners collectively earn $20 million per day in fees and block rewards. Fees are roughly $630,000 of that or 3.15 percent of daily mining revenues. By 2140, 100 percent of Bitcoin mining revenue will be from fees. By the numbers Bitcoin SV’s push to increase its block size to 2 GB, and later to have it uncapped, are nonsensical for a few reasons. First, Bitcoin SV rarely takes advantage of its current 128 MB block size cap, mainly because few entities are transacting on the BSV blockchain. 90-day average of Bitcoin SV block size by BitInfoCharts On average, Bitcoin SV uses less than 350 KB per block. The large difference between average block size and maximum block size result in a scenario where services will periodically dump data on the blockchain, causing the spikes in usage seen on a block size chart. Both Bitcoin Cash and Bitcoin SV suffer from this issue. Put more simply, if block space is not valuable then it will not be used for valuable applications. A look at transactions relative to fees on the BSV network shows a similar picture. 90-day average of Bitcoin SV transactions by BitInfoCharts The average transaction fee on BSV over the last three months was $0.002. With an average 81,200 transactions per day, that generates a total of $162.4 in fees for miners. If Bitcoin SV wishes to maintain the scarcity in its supply through halvings like Bitcoin, then fees will need to increase substantially. Otherwise, after the next halving Bitcoin SV will experience a downward shock to its network hashrate, making it vulnerable to additional 51 percent attacks. Block size as a marketing gimmick With a better understanding of the block size debate, it becomes obvious that Craig Wright and his henchmen are using it as a deceptive marketing tactic. For example, in a statement from nChain CEO Jimmy Nguyen: “Miners need to be aware that massive scaling is critical for their profitability—especially after the next block reward halving in May 2020… For mining to remain profitable, miners need to earn more in transaction fees from each block to compensate for the lower block reward subsidy. This is only possible on BSV,” said Nguyen. Nguyen’s comment completely misses the real issue. Bitcoin SV does not generate enough in mining fees because few people want to transact on an insecure blockchain with coins which are of dubious value. By increasing the block size it merely suppresses the cost per transaction, keeping the overall network mining revenues relatively the same while increasing centralization and spam-uses. The CEO then goes on to cite the May 21, 2019, test block, where for the first time a 1.42 GB block was mined on the network. Allegedly, this resulted in transaction fees that exceeded the 12.5 BSV block reward subsidy. “This is how Bitcoin’s economic model is meant to work, and this is what Satoshi always envisioned to ensure miners remain profitable,” asserted Nguyen. However, as shown above, Bitcoin SV uses 332KB per block on average—a pitiful 0.253 percent of its 128MB cap. For context, Bitcoin uses 878KB of its 2MB block space, representing 42.9 percent utilization. Steve Shadders, nChain’s CTO, explains the next step in BSV’s devolution. In the future Bitcoin SV will conduct its “Genesis” upgrade, where it will completely remove the block size limit, allowing for blocks of infinite size. Allegedly, this would allow for “infinite scaling of the BSV network. The BSV network will ‘upgrade’ to Quasar and increase the block size from 128 MB to 2 GB on July 24, 2019. The post Craig Wright’s misinformed attempt at scaling Bitcoin, BSV frivolously increasing block size to 2GB appeared first on CryptoSlate.

Crypto-Market Top Weekly Performers: Bitcoin Cash, Bitcoin SV, Litecoin, Tron, Stellar

The past week was one of the longest weeks for the crypto-traders and the community at large. The bears began the week strongly as Bitcoin seemed to break below $9000. The two consecutive days for Libra was no less than a roller coaster ride. On the first day, the price dropped as the senate expressed disregard for Libra. Nevertheless, the second day’s 7-hour meeting with Libra Head and experts in the field turned out positive for traders. Not only the US but China and India too clarified their positions on cryptocurrency which was not entirely prohibitory in nature. Moreover, the altcoins have also started to gain momentum as they broke above critical support levels. The total dominance of Bitcoin also dropped slightly over the week. Litecoin [LTC] Litecoin [LTC] has been one of the best performing cryptocurrencies of 2019. Litecoin Foundation led by Charlie Lee has worked hard at building adoption and brand image of the cryptocurrency. Currently, it is facing resistance near $100. Recently, it signed as the official cryptocurrency for a major sports team. Litecoin follows a similar protocol to Bitcoin and it’s halving date is due next month. This has had a significant effect on the market, however, history hasn’t fared well with FOMO buying during these times. LTC/USD 1-Day Chart on Bitstamp (TradingView) Opening Price: $89.5 Closing Price: $98.5 Weekly Loss: 10.05% Weekly High/Low: $106.05/$76.86 Bitcoin Cash [BCH] Bitcoin Cash [BCH] and Litecoin [LTC] share the same utility at the moment, i.e. a payment mechanism. Moreover, as Bitcoin Cash [BCH] is a fork of Bitcoin it is likely that it is widely distributed as Litecoin as well. Currently, it has a total market capitalization of $5.7 billion and is positioned at 5th. At the beginning of last week, it touched lows near $250 but has managed to bounce back above it. It is currently testing resistance around $320. BCH/USD 1-Day chart on Bitstamp (TradngView) Opening Price: $285 Closing Price: $325 Weekly Loss: 10.5% Weekly High/Low: $251/$344 Bitcoin SV [BSV] Bitcoin SV was one of the most controversial cryptocurrencies of this year. Its lead proponent Craig Wright has been a notable figure in the crypto-community. The Australian programmer and expert’s claim over the identity of Satoshi Nakamoto, the creator of Bitcoin has always created sudden changes in the market of BSV. This week as the bearish momentum seemed to take control it tested support near $100. But, it bounced back above it with, rather handsomely as it broke above $180. The next big resistance is near $200. BSV/USD 1-Day chart on Binance (TradingView) Opening Price: $130 Closing Price: $175.7 Weekly Loss: 34.6% Weekly High/Low: $187.9/$108 Tron [TRX] Tron is one of the most popular cryptocurrencies. The popularity can be mainly attributed to its Creator and lead proponent. Justin Sun. He himself with the Tron Foundation has worked hard towards the adoption of the token platform. As all cryptocurrencies were bearish since the past month, even Tron tested lows around $0.02. However, it came back above $0.02 and is now facing resistance at $0.03. This week Tron Foundation established a partnership with NY Fintect firm. People are also looking forward to Warren Buffet’s lunch with Justin Sun this coming week. TRX/USD 1-Day chart on Binance (TradingView) Opening Price: $0.025 Closing Price: $0.0289 Weekly Loss: 15.6% Weekly High/Low: $0.0316/$0.0199 Stellar [XLM] Stellar has also been striving to reverse the bearish momentum on it. The price rose back on the news of staking at Binance. Moreover, it also began its staking reward on Binance last week. The token is currently looking at the next big resistance near $0.1. XLM/USD 1-Day Chart on Coinbase (TradingView) Opening Price: $0.085 Closing Price: $0.093 The weekly Loss: 9.4% Weekly High/Low: $0.0987/$0.075 *The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $1 billion is 0.3%. Hence, for Analysis purpose, we will only consider cryptocurrencies with a total market capitalization $1 billion or more. For future analysis, we’ll try to maintain ~0.25% as a standard for the calculation. **The data is taken at around 11: 00 Hours UTC on 21st July 2019. The post Crypto-Market Top Weekly Performers: Bitcoin Cash, Bitcoin SV, Litecoin, Tron, Stellar appeared first on Coingape.

Windows XP Desktop Version Successfully Runs on Bitcoin SV (BSV) Blockchain Ledger

Coingeek recently reported that a website showing Windows XP desktop working on blockchain Bitcoin SV has been created by a computer geek. tweeted a link to the website and the post states, A website that looks and works like windows XP.. but runs on Bitcoin (BSV).. — Super Nerd 🐸 $BSVBits (@BecauseBitcoin) […]
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Altcoins get their tails up: Bitcoin SV pumps by 7% over the hour as TRON breaks into top 10

The battle between Altcoins and the mighty Bitcoin may never end. For the moment however, it looks like the minority has a leg up. Coming to the end of what has been a tumultuous week for Bitcoin, the altcoins closed on a high. Despite the market dominance of the king coin holding strong at over […] The post Altcoins get their tails up: Bitcoin SV pumps by 7% over the hour as TRON breaks into top 10 appeared first on AMBCrypto.

DRIVE Markets Launches Bitcoin SV (BSV) Trading

VALLETTA, Malta, July 19, 2019 /PRNewswire/ -- Fresh off the back of announcing the hiring of several key industry figures, DRIVE Markets unveils their latest spot trading addition: Bitcoin SV ($BSV). DRIVE Markets now offers spot trading in BSV/USD, plus deposits and withdrawals in Bitcoin SV (BSV). This will quickly be expanded to include spot trading in: BSV/BTC BSV/ETH BSV/LTC BSV/XRP BSV/BCH The ...Full story available on
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Fan tokens draw new users to crypto with the latest club addition, AS Roma

Blockchain is stepping further into the sports arena, as cryptocurrency company Socios partners with soccer team AS Roma to offer a fan token, according to a statement from the club.  The token will find its way to fans through the Socios app. There, it'll be tradeable against the Socios native token, $CHZ, currently listed on BitMax and KuCoin, as well as Binance DEX - Binance's decentralized exchange. The tokens are accessed on, but housed on a separate permissioned side chain, where each club becomes a Node with Proof Of Authority (POA) from $CHZ. In order to access the club token through a Fan Token Offering, fans must first hold $CHZ. The move could open crypto to a wider user base, since the tokens allow fans to have a voice in their club. The tokens five supporters the right to vote on certain club decisions. They'll be set at a price of two euros, but fans can also earn them by interacting with AS Roma on the Socios app. Fans can also "hunt" tokens for free through the app's augmented-reality geo-location feature Token Hunt. However, AS Roma isn't the only club interacting with fans through crypto. Indeed, clubs from different leagues including Paris Saint-Germain, Juventus and West Ham United have all created fan tokens for supporters. Alexandre Dreyfus, chief executive & founder of, said AS Roma's fan base along with other participating clubs draw hundreds of millions of users.
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What does it take to be part of the next wave of Bitcoin Billionaires? Tim Draper answers

As crypto ecosystem consistently redefines its new peak in terms of adoption, fiat investors and new players are seeking opportunities to be a part of the next wave of Bitcoin Billionaires. One of the early birds, Tim Draper leads this space in terms of making sizable investments and returns in Bitcoin. Having complete faith in Bitcoin’s […] The post What does it take to be part of the next wave of Bitcoin Billionaires? Tim Draper answers appeared first on AMBCrypto.

Bitcoin Law Review - Blockstack's Reg A+, CFTC vs Bitmex, Gov't vs Libra/Crypto by @ToneVays Topic 1: Reg A+ & Blockstack Leads into Topic 1a on Broker-Dealers & Custody Topic 2: Government vs Libra/Crypto Topic 3: Crypto Exchanges Topic 3a - Update on Bitfinex vs NYAG Topic 4: Crypto & Taxes (Time Permitting) Topic 5: Other - Time Permitting Closing Moment of Zen: Honorable Mention: Please Support via Affiliate Codes: Unlimited Trading for $9 a Month at LVL: Deribit to save 10% on Trading: Buy/Sell Bitcoin at Paxful: Trading View: TorGuard VPN 50% off code & link = tone50: Ugly's Lifetime Subscription: Audio Podcast: See Regulation overview in each state here: Tone Vays is available for Corporate Consulting at the rate of 0.3 btc per hour. Please email for additional info.
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