This is the most significant bitcoin chart to look at, because it is signaling the future.
BSV’s transaction fee to total block reward ratio has surpassed that of BTC on July 16 for the first time, and seems to be opening up a runaway gap, standing at 4x over BTC as of August 1. (Source: coin.dance. The chart shows daily ratios, but the ratios computed block to block averages would essentially be the same.)
Why is this important? Because this is where the dynamics of competitive mining economics lies.
At the most basic level, the economics of bitcoin mining is…
Bitcoin should be spent as cash. That is the original intent of Satoshi Nakamoto for bitcoin, and also the continued design and effort by Bitcoin SV (BSV).
In fact bitcoin should be spent much more commonly, frequently and ubiquitously than paper cash.
However, for a practical reason, it should not be spent on the surface, but rather be spent behind the scene, almost invisible to regular users.
Consider the following mode of payment:
It has been expertly argued that Lightning Network (LN) does not work, and has security vulnerabilities and legal compliance issues (see, for example: Matthew Zietzke: Fundamental errors of BTC and Lightning Network; and Why Lightning will never be currency, and why BSV matters, by Craig S. Wright).
LN’s shortcoming and vulnerability are also hard to fix since they arise from fundamental properties of the off-chain payment network, such as:
1. LN payment channels themselves have no persistent ledger nor reliable records for accounting, and therefore unsuitable for businesses or any legitimate and non-casual payments.
2. Payments are executed off-chain but…
Craig Wright won a default judgment against bitcoin.org in a London court over copyright of the original Bitcoin whitepaper. The outcome lends more credence to Wright’s claim to be Satoshi Nakamoto, the inventor of Bitcoin.
Far more interesting, however, is the separate ongoing case to challenge Wright’s claim in the High Court system, led by COPA, a non-profit organization with large corporate members including Coinbase, Square, Kraken and MicroStrategy.
With COPA, Cobra, the anonymous operator of bitcoin.org, can stop crying bully.
COPA’s ostensible objective is to protect the ‘openness’ of Bitcoin. But what really drives this is spite. The COPA…
Solana is one of the very few blockchains that took scalability seriously and produced remarkable results, currently boasting 50,000 TPS at peak load.
Solana is based on a new consensus called “Proof of History” (PoH) which, along with other accompanying designs, enabled parallelization (horizontal scaling). Its apparent success is a concrete proof that horizontally scalable blockchains are superior to blockchains such as Ethereum that cannot be parallelized and thus have to rely on vertical scaling.
However, when compared to Bitcoin SV (BSV), Solana is not only unnecessary but also inferior.
Every metrics posted by Solana is not only achievable but…
Nassim N. Taleb, the author of the influential book “The Black Swan”, wrote a draft article on bitcoin, and sought for feedback on twitter. I formulated some thoughts as a feedback, but they are too lengthy to post on Twitter. So I put them together here and hope somehow he will see it.
Mr. Taleb, great article with very good analyses. Thank you.
First let me point out several minor typographical errors. They only matter for publication. And I’m mentioning these not to help you, but to prove that I actually read the article.
Instead of pinpointing the locations of…
Even before you get into deeper technical inquiries, it is rather evident in their distinct and conspicuous outward manners that Bitcoin Core (BTC) is a value absorbing system, while Bitcoin Satoshi Vision (BSV) a value creating system. Perhaps just a few minutes of experience in the atmosphere of the two recent conferences held by BTC (in Miami) and BSV (in Zürich) would give you a clear idea what the difference is: one is all about laser-eyed HODLing shrieking excitements while the other mostly calm and professional business presentations.
There is a very fundamental reason why Proof-of-Work (PoW) is the only way to prevent corruption:
In this world, work is the only thing that cannot be hacked (faked, pretended, stolen, hijacked, abused, or manipulated), everything else can, including authority, identity, status, history, relationship, agreement, whatever.
The concept of “work” goes deep in physics or the laws of the nature. In physics, work is the energy transferred to or from an object via the application of force along a displacement. “Work” is firstly an actual application of force (rather than a mere showing of force, or even just a promise…
I believe Australian polymath Craig S. Wright is most likely Satoshi Nakamoto, the inventor of Bitcoin.
First, a bit of the background and my qualifications. I have accumulated thousands of working and researching hours in the blockchain field, scholarly and professionally, and therefore not a dabbler on the subject. My cross disciplinary background that combines physics, law, economics, finance and philosophy provides me both knowledge and discipline to look at things from a more fundamental and more complete viewpoint than an average one. I am independent and not beholden to anyone. …
Very interesting interview. But the channel owner blocked me for making a respectful and rather academic comment. I’m not sure if it’s a misunderstanding or bias. In the following, I provide the comment I tried to place on YouTube. You be the judge.
CSW is more of a theologian than a man of faith (or if he is, he isn’t revealing it). …