An open letter to Bitcoin and Bitcoin Cash miners from another miner

For Bitcoin to succeed and gain total market dominance there should only be one Bitcoin. For merchants it is too painful to have to support MasterCard, Visa, PayPal and then add additional cryptocurrencies as well each time a new one comes on the scene. This takes developer time and testing to support a new currency by adding frontend and backend payment processing, invoicing support and potentially additional infrastructure for point of sale merchants. No-one has time or money for that. The ideal scenario is a single Bitcoin cryptocurrency with global market acceptance. Not a new fork every month where everyone has to scramble to try support it. This wastes everyone's time and also splits the market capital among several different forks of Bitcoin. The only winners in this scenario will be alternate cryptocurrencies.

From a mining perspective I just want to mine one coin and have that coin increase in value reliably over time. I do not want to have to split my mining efforts between the most profitable coin every hour and have to maintain two different wallets, keep track of the prices, try exchanging one coin for the other and so on. It's too much drama. Why do we not just keep it simple. We need to investigate the contenders and decide on the best Bitcoin to invest our mining efforts into for safe, long term profitability and which is the best Bitcoin to finally destroy fiat currency.

The Bitcoin contenders

Legacy Bitcoin (BTC)

First let's examine Legacy Bitcoin. This used to be the top cryptocurrency in terms of market acceptance and usability. Then in 2015 things changed for the worse. The network became congested, transactions took hours or days to get a single confirmation and the fees rose to unacceptable levels. Many merchants and services have had to drop support for Bitcoin because the fees make it unprofitable. Legacy Bitcoin has lost a lot of market cap from users looking to alternative cryptocurrencies which actually work properly. The madness has continued to this day with the current custodians of the Bitcoin Core GitHub code repository doing next to nothing to ease the congestion. The simplest option would have been to raise the block size cap from 1 MB that Satoshi Nakamoto originally added as a temporary measure to prevent spam transactions. However the company BlockStream, backed by insurance giant AXA[ref] which now has the majority of developers controlling the Core repository did not want that. They wanted to stifle on-chain capacity so they could force users and transactions into using their patented side chain called Lightning Network[ref]. Not to mention that the Lightning Network will abandon the original Bitcoin vision for a fully decentralised payment system[ref] and move to a system which is more like regular banks which can be controlled, regulated and censored[ref]. This is a disgusting hostile corporate takeover attempt of Bitcoin and the goal is to kill it off as a decentralised currency.

Blockstream and the Bitcoin core developers partnered with Theymos[ref], who administrates the BitcoinTalk forum, moderates the main /r/bitcoin subreddit and a few other sites. Together they enacted a massive censorship scheme to block any user from speaking out against BlockStream, the Core developers or discussing alternatives to BlockStream's chosen scaling solution[ref]. Entire posts to this day continue to be deleted, users are banned, comments are deleted or in some cases hidden from view from everyone else which is unknown to the comment owner. This is all to futher the BlockStream agenda and hijack Bitcoin for their corporate gain, to stifle dissent and present an image of complete community consensus.

BlockStream and the Core developers have done a great deal of damage to Bitcoin especially in eroding Satoshi's original design and utility:

In summary, Legacy Bitcoin is no longer useful as a currency and has been taken over by the banking corporations in an attempt to kill off Bitcoin as we know it.

Bitcoin Cash (BCH)

Now let's talk about a more positive option called Bitcoin Cash[ref]. Bitcoin Cash started as a clean hard fork of Bitcoin on August 1st 2017 at block 478,558. Everyone holding Bitcoin at the time received a 1:1 amount of Bitcoin Cash[ref]. Bitcoin Cash increased the block size limit to 8 MB allowing eight times the transaction throughput of Legacy Bitcoin. This means lower fees again (e.g. 1 Satoshi per byte) as the blocks are no longer arbitrarily constrained. The future roadmap is to scale on chain and there have been successful tests to scale to 1 GB blocks in future which would allow transaction processing similar to current Visa levels. Bitcoin Cash removed the anti-features RBF and SegWit, thus returning Bitcoin to the original design as per Satoshi's whitepaper[ref] and making it actually useful for merchants and micro transactions again.

Where Bitcoin has one development team mostly controlled by a company BlockStream, Bitcoin Cash has 5 independent development teams working to make it the best cryptocurrency[ref]. It will never be taken over by a company again for their personal profits. For a decentralised cryptocurrency we need decentralised development as well to prevent corporate takeover. Bitcoin Cash is gaining in market share every day, currently in the number 3 or 4 spot for overall market cap[ref]. Merchant adoption is also increasing daily and being tracked at the Accept Bitcoin Cash Initiative[ref] website where users can also tweet to their favourite merchants asking them to support Bitcoin Cash if they do not already.

Bitcoin Cash also has an important feature called the Emergency Difficulty Adjustment (EDA) which prevents chain death in the event of a sudden loss of hash power on the network. This has already been triggered multiple times when hashpower has switched between Legacy Bitcoin and Bitcoin Cash repeatedly due to the short-term profitability differences. Legacy Bitcoin and its derivatives have this fatal flaw where if it loses too much hash power, transactions in the mempool will pile up, fees will raise to high levels and eventually everything stops working. Transactions won't get confirmed for days, merchants can't receive payments on time and eventually if this continues for a long perioid, the chain gets frozen in limbo forever[ref]. In the event of a real chain death, all investors, miners and users stand to lose their money. Bitcoin Cash is the only coin without this fatal flaw and the only one worth investing our mining efforts into if we do not wish to lose our money one day.

Bitcoin SegWit2X

Bitcoin SegWit2X does not exist yet, but this hard fork to the Legacy Bitcoin chain is scheduled to occur mid November 2017 at block height 494,784[ref]. This hard fork is due to occur because of the New York Agreement (NYA)[ref] which compromised to accept the cancerous SegWit feature in return for a 2 MB block size cap. Nobody is legally bound to follow through with the NYA, there are no financial penalties if miners decide to change their mind. It makes sense to review whether this agreement still makes sense. Currently it has over 84% mining support[ref] and tentative "let's see what happens" support from exchanges, wallets and merchants. However notably absent from the signing of the agreement was the BlockStream/Core group. Using their control of various forums, the /r/bitcoin subreddit, Twitter and the site they have been pushing a serious "No 2X" propaganda campaign[ref]. This includes disgusting behavious such as slandering, attacking and threatening various exchanges, merchants and users for supporting SegWit2X. They want to try kill this fork of Bitcoin before it begins so everyone stays stuck on their crippled 1 MB chain. Eventually if Lightning Network ever makes it they will suck out the revenue from Bitcoin miners into their own pockets.

The problem with SegWit2X is that it is no longer needed now that there is Bitcoin Cash. SegWit2X enables a very pathetic 2 MB upgrade to the blocksize which is essentially kicking the can (scaling problem) down the road a short distance. It still retains the anti-features RBF which makes it toxic for merchants and SegWit which reduces the security. Development is merely shifted to another single company headed by Jeff Garzik[ref] instead of Core. This does nothing for centralised development and merely fires the toxic BlockStream/Core developers. While firing Core is a good outcome, it does not guarantee that Core will not just upgrade the block size as well to maintain their install base and relevance.

Fortunately there is a sure way to fire the bad actors in control of Bitcoin and teach them a valuable lesson at the same time. This method will consolidate all the market cap back into a single Bitcoin which functions properly for the ecosystem, merchants and users while keeping development decentralised and retain wide industry support.

The action plan to consolidate the market cap back into one Bitcoin

Clearly the most obvious plan is to switch all our mining effort over to mining Bitcoin Cash, the only true Bitcoin as designed by Satoshi. However we must go about this in a coordinated fashion among all the mining pools for maximum effect:

Effects and consequences

Let's examine some of the effects for this plan of action:


With the shackles of the arbitrary 1 MB block size cap, RBF and SegWit cancer removed, also BlockStream/Core toxicity behind us there is nowhere to go but up. Merchants that were previously supporting Legacy Bitcoin will only have to tweak their software to now support the surviving Bitcoin Cash chain which will increase adoption of the new chain dramatically with minimal effort. With the Bitcoin forks now consolidated into one coin it will stop shedding market cap and merchant support to other cryptocurrencies. Bitcoin Cash will be the dominant currency and our mining efforts will be fully rewarded. We should see the market cap and price take over Legacy Bitcoin's within a few weeks.

To enable this plan we need only to coordinate and distribute this plan privately amongst ourselves and to all our mining pool members. We do not need to signal anything in the blocks, buy silly hats or put lame tags in our twitter profiles. The revolution will come with no warning. Investors, whales and users should help spread this plan in their spheres of influence. Make sure people are aware of the risks in holding Legacy Bitcoin. Make sure your family members are not left holding bags of worthless Legacy Bitcoin. With everyone selling off their remaining Legacy Bitcoin holdings, this will put upwards momentum on the price of Bitcoin Cash before the actual hash power flippening. Now is in fact a good time to buy in while the real Bitcoin is well discounted.

Bitcoin is one of the most important inventions for mankind. We must steward it responsibly and not allow a corporate takeover by toxic companies or developers that use censorship and divisive tactics in order to steal our mining profits for themselves. Eternal vigilance is the price of liberty.