Hash Wars

Sumanth Neppalli
Nov 25, 2018 · 5 min read

Keyport TV will follow Satoshi’s Vision

What this means for users:

Our payment parter Handcash is moving to the SV ruleset so anyone who is an user can continue to use Keyport without any changes. The Handcash wallet is updating their wallet with the SV ruleset and once that is complete, we will inform our users.

What this means for creators:

We are going to stress again that we are a platform that stands for “free expression of ideas”. We will not censor people for their ideas and we are still hopeful that BCH creators continue to post content on our website. However, creators will be earning ‘BSV’ tokens.

The undergoing hash war in Bitcoin Cash has splintered the community. Or that’s what we are told. The truth is that there is hardly any community. There’s a lot of people who don’t understand Bitcoin and there’s a tiny minority who are focused on making Bitcoin global money.

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Why we support Bitcoin SV

We seek stability, and we do not want an ‘upgrade’ every 6 months

Bitcoin is not dev playground

Money is not a Javascript framework that every 6 months, something new will be released. We are treating Bitcoin like a placeholder for inserting new technology. Today it’s CTOR, tomorrow it will be DTOR, and the day after it will be ETOR.

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Everyone on the ABC side seem to agree on what the roadmap should look like. Today the community is united against their hatred for CSW, but tomorrow, there will be disputes. It is not that the entire BCH community will be united forever. There are many in the ABC side who disagree with some of the proposals and some of them will be controversial soon.

How will victory be decided next time? Will the answer be dependent on who gets the most hash in the first 24 hours and then cheering the ‘winner’.

Will the split happen over again and again. Will the chain fracture every time someone disagrees. If we keep fracturing off before the transaction volume even hits a million dollars, we will never be big enough to create the network effect. Sound money has network effects. Multiple monies have no effect.

Focus on Growth

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That’s how growth in payments looks like. It starts with a tiny amount but slowly starts picking up and starts the logistic growth right off the chart. But, we never let this happen to Bitcoin. As soon as something looks like it is gaining momentum, we split off the network or we cap it because we disagree on some geek stuff. The starting is the hardest part and we always want to redo everything from scratch.

Don’t like it, don’t use it- is a bad argument. If we keep splintering off because we disagree on what money means, our money will always remain an anarchist wet dream. Bitcoin works because it was defined in the whitepaper. If you disagree with it, you disagree with Bitcoin. You are free to disagree but then you need to accept that you don’t support Bitcoin. We have never given Bitcoin a real shot. We are not letting this take off, we always put some arbitrary limits on it such as block size and most importantly data.

We are Satoshi cultists because Satoshi had the answers. Maybe there are better solutions that what Satoshi envisioned for Bitcoin. Maybe, some developers are smarter than Satoshi and can solve something he couldn’t. However, what Satoshi envisioned in Bitcoin was the design.

Bitcoin’s design is complete

Miners compete, that is the design. There are no disagreements over the protocol, there are disagreements over blocks. If you are a miner, you have agreed to Bitcoin’s T&C. You cannot change the Terms however you see fit. Bitcoin set the terms in stone. We should strive to remove all limits from the protocol and give the control of the limits to miners. Anything that a business wants to do can be done using the existing protocol.

The protocol works because miners defend against new changes. We cannot keep a track of all necessary opcodes, rank them by priority and keep batching them in every 6 months. Every time Bitcoin adds a new opcode, we make it more risky for businesses to come use Bitcoin. As a business, we seek stability. We seek to know that the hard work we put in is not going to break because a 2 month old paper can rewrite the rules of something that has been working for 10 years.

Bitcoin SV is Bitcoin

Some on the ABC side would like to believe that everyone in the ecosystem give value to the coin, and exchanges somehow play an important part. This is just a rehash of Core’s argument and isn’t true. SV gives the power of Bitcoin to miners. Exchanges don’t give utility to Bitcoin, miners do. Miners process transactions, ensure that the protocol is functioning and invest so that the coin’s utility goes up. With more utility comes a higher price.

Bitcoin SV is the only chance for Bitcoin. To become global money. So we either have this or we have nothing. This is our little skin in the game for what it’s worth. This is everything we have been working on, it’s our sweat, effort and tears. This doesn’t mean that we know what’s going to happen in the future. This means that we are going to support SV and we are ready to face the consequences if we lose.

Keyport TV

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