Blockchain forks aren’t a bad thing – they’re part of the design of the original Bitcoin. Dr. Craig Wright, Chief Science Officer of nChain, provides a blog post on blockchain forks and how they interact with monetary laws in an effort to dispel some of the mistruths being presented by certain members of the cryptocurrency community, as well as clarification on coin mixers and why they are becoming targets for their illegal activities.
To get started, Wright offers guidance on forks and orphan blocks, explaining that the latter is a “game-theoretic signaling device” that doesn’t have much importance to the end user. Whether the transaction is placed in Miner A’s discovered block or Miner B’s block, the result is the same from the user’s point of view. Wright adds the difference “… merely concerns those seeking to gain fees as they compete to incorporate your transaction in a block they find. The lie propagated about orphans being a problem in Bitcoin is designed to enable parasitic systems that provide money-laundering evasion and facilitate security scams.”
Bitcoin is a transaction-verification system – this is what gives it its value. What’s important is that the transaction completed and registered on the blockchain now will be the same 20, 30 or even 100 years from now. Provided blockchain products are able to keep this premise in mind, they are working within the confines and definition of Bitcoin; when they start to stray and incorporate unnecessary systems, such as Bitcoin Core’s (BTC) Segregated Witness, they lose their attachment to Bitcoin – and, as a result, cryptocurrency – completely.
Wright adds, “When they do so to help facilitate the use of my invention to promote crime and money laundering, then I get really upset.