This week’s crypto downturn forced the cryptocurrency market cap past an uncomfortable milestone on Wednesday, with the cryptocurrency market cap dropping below the $200 billion mark a day ahead of the contentious bitcoin Cash hard fork. The crypto market had traded as high as $220 billion on Nov. 7, about the time many bulls were …
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The air is filled with murmurs and rumblings of the upcoming bitcoin Cash (BCH) fork. The public must once again pick a side as the coin seemingly engages in a civil war among its proponents. This whole BCH fork ordeal does not appear to be a good thing for whatever arguments were left for BCH as a whole.
A Very Brief History
bitcoin hard forked in of 2017. Put very simply, the bitcoin development team disagreed internally over how bitcoin should scale. Should bitcoin continue using small blocks, or move to larger block size to accommodate transaction traffic.
Thus, was born – a cryptocurrency based upon larger block size for scaling.
The two camps parted ways. Most notably, Craig Wright (claims to be Satoshi Nakamoto) and Roger Ver broke off toward bitcoin Cash evangelism.
Since August of 2017, many bitcoin Cash followers have expressed their views to the public. Views that lobby BCH as the prime candidate for crypto use and adoption.
Roger Ver is famous for his to further BCH as the go-to crypto payment option.
Up until this point, BCH had some decent arguments. Scaling was a crippling problem for bitcoin back in of last year. The bitcoin network was so congested that it was almost inoperable.
Over the course of the past year, the bitcoin Cash crowd has made a few compelling arguments. Transaction costs and speed are important. Although bitcoin’s and networks show promise in the area of scaling while allowing bitcoin to hold its smaller block size, they’re still solutions which take time to develop. BCH is here and already offers cheap transactions, with the price of becoming more centralized and making running nodes a more complicated affair.
BCH Fork: Circa 2018
However, whatever appeal and arguments bitcoin Cash may have had could be undermined by its current civil war over the right direction to proceed.
On November 15, BCH will hard fork. The outcome? bitcoin ABC and bitcoin SV (Satoshi’s Vision). The question is – what chain will achieve after the fork, leading to a successful alternate currency?
The Battle
( CEO of nChain) is the major proponent for bitcoin SV, and Roger Ver is the main proponent for bitcoin ABC.
bitcoin SV
According to an article on nChain.org, is “a new full node implementation of the original bitcoin protocol now restored in the form of bitcoin Cash (BCH)”. bitcoin SV touts the goal of pursuing the vision of bitcoin creator Satoshi Nakamoto.
bitcoin SV increases the maximum block size to 128mb (up from a current ). Other “upgrades” like are also mentioned
Jimmy Nguyen (nChain Group CEO) states in the article – “[t]he future of bitcoin is big blocks, big business, and big growth. bitcoin SV is an important step toward that big future by advancing the professionalization of bitcoin.”
bitcoin ABC
is the current bitcoin Cash known today. heads up this side of the coin, showing disagreement with the direction Craig Wright wants to take with BCH (morphing into bitcoin SV).
Wright Vs. Ver
Roger Ver recently posted a on YouTube about the ordeal. In the video, Ver claims “maybe I’ve been fooled”, in reference to Wright. bitcoin.com stated they would support the bitcoin ABC, which subsequently led to an email from Wright in response.
The e-mail Ver received on Nov. 3, which was posted in the same confessional video by the bitcoin.com CEO, states:
“If you want a war…
I will do 2 years of no trade. Nothing.
In the war, no coin can trade.
If you want ABC, you want s***coins, welcome to bankruptcy.
It was nice knowing you.
bitcoin will die before ABC s**** on it. I will see BCH trade at 0 for a few years. Will you?
Side with ABC, you hate bitcoin, you are my enemy. You have ******* no idea what that means.
You will.
I AM Satoshi. Have a nice life. You will now discover me when pissed off.
And, no. You Could have had proof. Your choice.
**** you,
Craig”
What’s Going On?
According to Ver’s video, it appears that both sides still desire to “support economic freedom”. However, they seemingly cannot agree on the best way to do so.
That’s been a major problem since the original bitcoin fork (creating BCH) last year. The BCH side disagrees with how bitcoin operates. But if the BCH side can’t even stay together and agree, then why would the public decide to go that direction?
What if this happens again in another year, with bitcoin SV splitting in two, creating even more confusion and adversity?
Wasn’t Ver a proponent of the whole time anyway? That has been a significant part of his pitch throughout the past weeks and months.
Bigger Blocks Likely Mean More Decentralization, Not Less:
— Roger Ver (@rogerkver)
Limiting bitcoin’s block size has limited bitcoin’s utility.
— Roger Ver (@rogerkver)
“Satoshi Shotgun”?
In a today, popular YouTuber Omar Bham explains that the bitcoin SV side controls more than 74% of the BCH hash power, giving them ample resources to help their chain prevail.
Bham even tells of a reported “plan, including something called Satoshi Shotgun, in order to attack a multitude of coins”. This includes using 51% attacks on smaller coins. This includes attacking the bitcoin ABC chain to ensure its death.
Not A Good Look
So much is involved in this narrative. It would take significantly more words to describe the entire situation in detail. But one main thought comes to mind through it all – this situation doesn’t look good for the future of BCH.
All this drama also looks bad for cryptocurrencies as a whole. Crypto is currently lobbying for legitimacy in the eyes of traditional finance.
bitcoin ETFs continue seeing denial, for what would seemingly take crypto to another level of mainstream attention. CNBC in August on one of the rejections – “the SEC expressed concern about fraud and manipulation of bitcoin markets”.
Craig Wright allegedly claiming the intent to attack crypto networks is not a good look for crypto adoption or legitimacy.
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