The war for the Bitcoin Cash heritage escalates further. Each side, BCHABC and BCHSV (“Satohis Vision” more like Craig Wrights vision), is throwing in more and more funds to amass hashpower as a proof of its legitimacy to the community. Both versions of Bitcoin Cash have different approaches to solve the problem of scaling. Roger Vers BCHABC, backed by the chinese company BitMain, one of the biggest ASIC producers worldwide and the organization with the most hashpower, is trying to implement new technological solutions versus bigger blocks by BCHSV. But Craight Wright itself is a billionaire with deep pockets:
true billionaire mode pic.twitter.com/AcOf7zHDAt
— red (@redxbt) November 16, 2018
Both sides are rumored to cash in their bitcoin stashes to fund the hash wars – thus contributing to the flash crash of Bitcoin which just happened a few hours before the Bitcoin Cash fork. Craig Wright talked freely about this move:
To all BTC miners…
If you switch to mine BCH, we may need to fund this with BTC, if we do, we sell for USD and, well… we think BTC market has no room… it tanks.
Think about it. We will sell A Lot!
And, have a nice day
(BTC to 1000 does not phase me) pic.twitter.com/oUScEahtWc
— Dr Craig S Wright (@ProfFaustus) November 14, 2018
Mining at a Loss
As the research division from BitMex, one of the biggest exchange for synthetic derivatives in crypto, mentioned, the miners of Craig Wrights Vision BCHSV are mining at loss momentarily.
Bitmain still controls a major portion of the Bitcoin hashpower and could contribute this to the hashwar in favour of BCHABC. But less competition will lower the difficulty of mining Bitcoin and will provide bigger gains for all Bitcoin miners. And the hashrate of bitcoin already dropped significantly in the last days (retraced and now falling again).
A Phyrric Victory
Some big mining pools like BTC.top stay out of the battle and will support the version that can amass the most hashpower. But it seems like the ticker “BCH” will be lost forever. CZ from Binance, one of the biggest crypto spot exchnages, already announced, no matter how the war will end – the tickers will stay.
One thing about the fork, these symbol names will stay. Binance will not support changing of trading symbols later. If anyone asks for it later, let's refer them back to this tweet. https://t.co/j1h3gb4edQ
— CZ Binance (@cz_binance) November 16, 2018
So no matter how this will end it will be a phyrric victory at best with lots of cash and Bitcoin burned.
For everybody who wants to follow the hash wars in realtime, here is an animated site that shows the actual hash power – please turn on sond.
This article was written by the Hochfrequenz-Tulpentradingbot
Header: Stephanie Bascone – CC BY-SA 4.0