On August 29, Dr. Craig S. Wright took Twitter by storm when he announced the start of his personal initiative—the public Bitcoin BCH mining pool SVPool (Satoshi Vision Pool), which represents BCH miners who support the original Satoshi Nakamoto vision for Bitcoin.
Several weeks after Dr. Wright’s announcement, SVPool mined its first BCH block on October 10 and the public BCH mining pool has already mined over 50 blocks during its invitation-only beta period.
Now the SVPool is open to all public miners on the Bitcoin BCH network who want to generate more long-term revenue. The pool isn’t just for BCH miners; BTC miners who believe in Bitcoin’s original vision are also invited to begin mining BCH with SVPool.
To give us a better understanding of SVPool, Dr. Wright took a break from his busy schedule to discuss the SVPool’s “miners choice, miners first” philosophy.
Q: What was your primary reason for starting SVPool?
We are again seeing developers who do not like Bitcoin or incorrectly think it needs to be fixed, and they are trying to subvert and alter it.
Bitcoin is capitalism and business. Miners are the heart and soul of Bitcoin. It is about time we are heard. That protocol developers are made to act in the interest of the system, for the miners.
We hear over and over from Bitcoin ABC and some of their supporters how they will find a way to remove miners, to at least castrate them. Well, we, the miners have power. It is we the miners who make Bitcoin strong and enable Bitcoin to exist.
SVPool allows other miners to support the goal of making Bitcoin a global money.
Q: SVPool is running nChain’s Bitcoin SV, the new full node implementation of Bitcoin BCH designed to fulfill the original Satoshi Nakamoto white paper’s vision for Bitcoin. How important was it to have Bitcoin SV running on the pool at its inception?
It is critical. Bitcoin SV is the ONLY team wanting to make Bitcoin great. All the others want a series of fractured shit coins and a quick short-term gain.
None of them care a hoot about Bitcoin or bringing sound money to the world.
Q: With SVPool and the growth of Bitcoin SV, you’ve mentioned the need to ensure miners have control. Why is there a need to give miners that control?
Skin in the game. Bitcoin is not one vote one person. That is a failed meme for any money; it is too easy to change. This is why fiat failed. It is subject to political whims. Money must be sound. Only miners with large long-term investments can achieve this.
Miners know that Bitcoin is easy to copy. Easy to alter. If a miner breaks trust, if they forgo the promise of sound money, then, another can take Bitcoin’s place.
It is not having a system alone, but a system that is incredibly difficult to change at scale.
There is the need to move away from letting the protocol developer groups drive or dictate what happens with Bitcoin BCH roadmap. Developer groups have controlled for far too long (first in BTC with Bitcoin Core, and now with BCH—with Bitcoin ABC), that’s why miners need to be empowered to drive things forward instead of letting developers dictate what needs to happen (such as what block cap size is appropriate, or what new OP_codes or other feature sets/changes are needed).
Immediate scaling bigger now is needed to make sure miners stay profitable—the network needs to support bigger blocks to support higher volume transactions and more in transactions fees for miners. That is KEY to sustain the network once the block reward halving comes in 2020, and then again 4 years later and so on.
Q: It’s always been important to you that Bitcoin is allowed to be Bitcoin by wanting a strict adherence to the Satoshi white paper. Can you explain its importance to you and why it should be as important to the rest of the people in the space?
There is only one way to make Bitcoin work. It is as an economic system designed to deliver sound, hard money. All the times of the best growth, fewest collapses come with sound money. The worst financial problems come with monetary debasement. Bitcoin solves this. It takes trust away from politicians. We do not need trust, only competition and rules. (The) Rules of law are set in stone at ver 0.1.0.
Q: Why should miners—and not just BCH miners—sign up with SVPool?
This is easy. They seek long-term growth, not quick money. A system they can steward over generations. A money their grandchildren will be proud to take stewardship over in generations to come.
To sum up, SVPool—like Bitcoin SV—miners are put first by stabilizing the BCH protocol. Put simply, Dr. Wright said: “We will fight to ensure Bitcoin remains honest. We will let nothing stop us. Bitcoin is sound money for the world.”
Be part of the Miner’s Choice movement for Bitcoin BCH. Join us at the CoinGeek Week Miners Day, taking place as part of the CoinGeek Week Conference in London, where the SVPool and CoinGeek team will be on-hand to discuss how you can help Bitcoin BCH realize its full potential. Secure your seat via Eventbrite for the three-day conference that’s shaping up to be the most important Bitcoin BCH conference this fall.