April 15, 2019

Bitcoin Cash (ABC) Jumps 15% As Capital Flows Out of BSV Following Binance Delisting

The cryptocurrency community is up in arms over recent controversy surrounding Bitcoin SV and its supporters.

The controversy was enough to cause leading cryptocurrency exchange Binance to delist the digital asset from its platform. Following the wake of the delisting, Bitcoin Cash, the blockchain bitcoin SV was forked from, has surged as much as 15% as capital from one cryptocurrency flows into the other.

bitcoin Cash Surges 15% As bitcoin SV is Delisted From Binance

Today, Binance CEO Changpeng Zhao announced via Twitter that his exchange, one of the market leaders according to trading volume, will delist the 12th largest cap cryptocurrency, bitcoin SV effective immediately.

Do the right thing. https://t.co/z7HGsAZnmR

— CZ Binance (@cz_binance) April 15, 2019

The news sent the price of bitcoin SV dropping as much as 7% as investors flee the asset for safer havens. Binance being among the top exchanges in the crypto industry, could cause a domino effect of exchanges delisting the crypto, lending to increased fears in those that hold bitcoin SV.

The resulting selloff has caused the price of bitcoin SV to fall from around $70 to $65. bitcoin SV, was the result of a hard fork of the bitcoin Cash blockchain, which was a fork of the original bitcoin.

While bitcoin SV has dropped following the news, the price of bitcoin Cash has spiked as much as 15%, as capital from bitcoin SV investors cashing out flows back into bitcoin Cash.

bitcoin Cash is currently up over 300% from its 2018-2019 bear market low of $80. The crypto camp led by Roger Ver nearly doubled in value in just one day, following bitcoin’s rally to $5,000 at the start of April.

bitcoin SV, on the other hand, appears to be primed to set new all-time lows, as the current selloff intensity increases dramatically following the negative press and controversy.

Joking aside – any bets that were on $BCHSV are going to flow into $BCH (ABC). It’s already catching serious bids right now.

Binance announcing they will delist will probably lead to other exchanges doing the same.

Like it or not – coins need exchanges to survive.

— Luke Martin (@VentureCoinist) April 15, 2019

As crypto analyst Luke Martin points out, assets need exchanges to survive, so the delisting of bitcoin SV by Binance could theoretically deal a death blow to the crypto asset. Especially if a ripple effect by one of the industry’s leaders causes other exchanges to follow suit and delist the bitcoin Cash fork.

bitcoin SV stands for Satoshi’s Vision. Supporters of the cryptocurrency claim that BSV is the original true vision for bitcoin.

A “war” between the bitcoin Cash camp and bitcoin SV supporters is said to be the black swan event that created such market turmoil, it led to a steep selloff in November 2018 that eventually took the price of bitcoin and the rest of the crypto market to its bottom destination.

Featured image from Shutterstock

Published at Mon, 15 Apr 2019 16:57:32 +0000

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November 9, 2017

NO2X: Next Week’s Hard Fork Has Been “Suspended” Due to a Lack of Consensus

There will almost certainly be no bitcoin hard fork next week: the main organizers behind the SegWit2x project have “suspended” their efforts.

In an email to the SegWit2x mailing list, one of the main organizers behind the project, BitGo CEO Mike Belshe, explained that the proposed hard fork has not been able to gain sufficient consensus to proceed:

“Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together. Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time.”

The New York Agreement was originally forged between a group of bitcoin companies in May of this year. An initiative by Digital Currency Group CEO Barry Silbert, the project — later dubbed “SegWit2x” — was to combine activation of the Segregated Witness soft fork with a hard fork to double bitcoin’s block weight limit. With Segregated Witness activated on the bitcoin network this past summer, arguably helped by the SegWit2x project, the hard fork was scheduled to take place next week.

However, the hard fork part of the New York Agreement was always controversial for a number of reasons. As a result, a growing number of signatories dropped out of the agreement over the past weeks and months, while developers, user communities, public polls, future markets and more all indicated limited support for the effort. And as the hard fork date drew closer, it become increasingly clear that SegWit2x would in fact spawn a new currency rather than constitute an upgrade of the bitcoin protocol.

And this was never the plan, Belshe wrote:

“Continuing on the current path could divide the community and be a setback to bitcoin’s growth. This was never the goal of Segwit2x.”

Belshe’s email was also signed on behalf of Xapo CEO Wences Casares, Bitmain CEO Jihan Wu, Bloq CEO Jeff Garzik, Blockchain CEO Peter Smith and ShapeShift CEO Erik Voorhees. In a separate blog post published just before Belshe’s email, BitPay CEO Stephen Pair also called for cancelation of the hard fork.

While the New York Agreement was signed by even more companies (and some individuals), and anyone can still deploy the hard fork, it is unlikely that anyone will proceed with the hard fork in any meaningful way.

Belshe does, however, note that a hard fork to increase bitcoin’s block weight limit might be needed in the future, writing:

“As fees rise on the blockchain, we believe it will eventually become obvious that on-chain capacity increases are necessary. When that happens, we hope the community will come together and find a solution, possibly with a blocksize increase.”

The post NO2X: Next Week’s Hard Fork Has Been “Suspended” Due to a Lack of Consensus appeared first on Bitcoin Magazine.

April 6, 2017

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August 13, 2018

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