Improving Bitcoin through Proof of Work


TLDR:

– The only way to improve upon Bitcoin is through Proof of Work, any work.
CashPay Solutions is running all services on BitcoinSV and we are confident the hashwar will be end with one survivor. If that’s not the case, we will follow the longest emerged chain.
– Introducing [Shark Pool](https://sharkpool.cash). Shark Pool miners will exclusively mine empty blocks on alts and sell the profits for Bitcoin (BCH).

Improving Bitcoin through Proof of Work

It seems like a day can not pass without a researcher, a developer, a business or an individual proposing some kind of change to the way Bitcoin works, supposedly to improve it. That’s what you get when the idea of decentralised is abused and distorted to something people call ‘permissionless’; a magic word with divine capabilities. Examples of this are countless; RBF and SegWit tried and failed by the birth of Bitcoin (BCH) and now we have something called Avalanche, a new consensus family that wants to compete with Nakamoto Consensus.

Being opposed to change is being opposed to growth and that’s not what this is about. This is about empirical evidence and a once in a lifetime opportunity to free humankind from it’s self-imposed financial shackles. It seems forgotten, but for the first time as far as we know, the Byzantine Generals problem has been solved. Not with social means. Not with technical means. Not with cryptographic means. Satoshi Nakamoto solved the greatest problem to achieving a global currency by applying economics.

Economics, economics, economics

The economic incentives are what keep Bitcoin (BCH) safe. The past 10 years, Bitcoin has been through incredible challenges and has shown to be resilient, as described in the white paper. Through Proof of Work, Bitcoin has survived (il)legitimate forks, competition by PoS and even an attempt to break the chain of signatures (SegWit) by ultimately splitting off into Bitcoin (BCH) leaving a crippled BTC behind.

Now, a new challenge has surfaced by the name of Avalanche; a miner-less protocol that claims to also have solved the Byzantine Generals problem. For those interested in the technical details, I refer you to the Avalanche white paper as I am not interested in discussing that point of view. Like with any protocol, the implementation may differ from the design and in the design, the technical aspect is replaceable. This new protocol is being praised by many and a number of developers who work on running blockchains, including Amaury Sechet (deadlnix) of the Bitcoin ABC implementation, have expressed interest in implementing it in the protocol they are currently working on. Bitcoin ABC has taken it a step further by starting with changing the protocol to make it more compatible with their ideal design and moving towards pre-consensus, a precursor of Avalanche. If this sounds odd to you, that’s because it is. Developers working on and paid by Proof of Work miners are working on changing the protocol to not need miners. This arrogant attitude towards the backbone of the network has resulted in a presumable majority of miners being prompted to release a new client (Bitcoin SV) to preserve Bitcoin (BCH) as is and currently, the community has to deal with a public hashwar. Luckily, this is also an opportunity to show people how Bitcoin is meant to work and a successful upgrade November 15th will bring Bitcoin closer to stable censorship resistant money.

Bitcoin works because of its competitive, capitalist and greedy nature. It resembles biological systems in many ways, one of which is the alignment with human greed. Bitcoin gives you more if you put more work in it, by design. This design has proven to work for 10 years. There are 0 known real world double spends against real businesses accepting Bitcoin. That’s tough to beat so it isn’t surprising that a competitor (Avalanche) would rather take over the current network then build one on it’s own merit. We see similar situations countless times in history and it always has to do with people taking from the ‘rich’ and giving to the ‘poor’. It also always ended in taking from everybody and giving to a very small group of people.

Introducing SharkPool

The time has come for Bitcoin miners to be more active in protecting censorship resistant money from potential threats to it’s security model. All alts, including forks and splits are acts of war against Bitcoin and are going to be treated as such.

Shark Pool miner will exclusively mine empty blocks on alts and sell the profits for Bitcoin (BCH).  We are looking for capable generals to hunt alts down at 0% poolfee! Join us at SharkPool.cash

Addendum:

CashPay Solutions is dedicated to a stable Bitcoin protocol that comes closest that is true to the economics as described in the Satoshi Nakamoto white paper. Therefor, all our services are currently running on BitcoinSV and we are confident the hashwar will be end with one survivor. If that’s not the case, we will follow the longest emerged chain.

 

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Improving Bitcoin through Proof of Work

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