Original Bitcoin will live on as Bitcoin SV (BSV)
This article was originally published on CoinGeek on November 23, 2018.
Any time you feel forced to square off to defend yourself or something you value you always need to have an end game plan. For CoinGeek that end game was always making sure there was a version of the original Bitcoin still able to show off its original economic design genius to the world. Bitcoin was born with a mature economic model and platform developers have consistently tinkered it to death…first by forking to Segwit BTC and now ABC has abandoned Bitcoin’s core principles by abandoning Nakamoto concensus and trust in miners’ Proof of Work. This is fine for them to test their thinking, but not by killing Bitcoin before it’s even been tested properly so we stepped in.
It is CoinGeek’s opinion that the two chains are now so far apart and have such divergent plans ahead that there is just no path back to joining them. We also no longer want the name Bitcoin Cash BCH as to us, Bitcoin SV is the original Bitcoin not the original Bitcoin Cash (whatever that even means). We understand that having nChain no longer fighting with them over roadmaps was the single most important issue to the ABC side. nChain tells me they are happy to leave ABC chain alone if they enact replay protection and do a permanent split. This is very convenient as the definition of winning is fundamentally different to each side so there is a win-win solution here.
From where CoinGeek sits right now, us permanently splitting the chains by ABC enacting replay protection will give both sides a WIN. Bitcoin will live on with Bitcoin SV and will finally have a chance to show off the true power of the original economic model. Similarly, ABC can join with the rest of the new chain/coin models to demonstrate what they believe they can do. The models can then all compete in the marketplace and this lets actual users vote with their actions.
I am confident that CoinGeek can enforce civility if the other side wants this in any permanent split. We believe this is in the best interests of all and call on all the exchanges and payment processors and others who have an interest in making this all go away to help us convince everyone to accept this solution so we can all focus on our visions for the future and get rid of this wasteful distraction.
I have instructed my team to start working with everyone to roll out the new Bitcoin SV coin. I hope this can be the end of this episode and look forward to the CoinGeek Week Conference next week being the launch party for the return of the original Bitcoin and all that this will enable. Look forward to seeing everyone there and especially discussing the future of the original Bitcoin.