The fourth largest cryptocurrency by market capitalization, Bitcoin Cash (BCH), should pass through the hard fork on Thursday, November 15.
Hard fork is a fork of an existing blockchain into two different versions, thereby creating two separate altcoins. In this case, holders of the original tokens receive a similar number of new tokens after the fork. Bitcoin Cash itself is a fork of the original Bitcoin, separated from the main network in 2017.
As part of the upcoming fork, it is planned to launch two new tokens: Bitcoin Satoshi Vision (SV) and Bitcoin ABC. The upcoming forking of Bitcoin Cash was very controversial. The crypto community was divided by an upcoming update.
The nChain group, which develops the SV token, is headed by Craig Wright, a well-known developer, and a self-proclaimed Satoshi Nakamoto. The group plans to increase the block size to 128 MB, although the basic environment of Bitcoin Cash is incompatible with the new SV protocol since it contradicts the Bitcoincash.org roadmap that the ABC team adheres to.
The main disputes between the supporters of different points of view go to Twitter. Bitmain co-founder Jihan Wu wrote the following: “The whole BCH community are working together to kick Fake Satoshi out. The resistance against cult leader proves the inner strength and sophistication of the BCH ecosystem!”
The whole BCH community are working together to kick Fake Satoshi out. The resisitence against cult leader proves the inner strength and sophistication of the BCH ecosystem!— Jihan Wu (@JihanWu) November 9, 2018
However, the lead developer of OpenBazaar Chris Pacia is inclined to support the ABC fork: "Craig and co-coined the term "hash war" to frame the debate positively in their favor. In reality, there is no hash war. Hash has never and cannot possibly dictate how users value a coin. The war has always been for users. And it's clear Craig is losing that war badly." However, now his statements have become sharper and he even compared Craig Wright with dictators.
You guys wonder how obviously evil people like the Stalins of the world would attract followers? I don't know if we really know the answer, but you're seeing a manifestation of that right now with Craig Wright.— Chris Pacia (@ChrisPacia) November 13, 2018
But Wright himself is not distinguished by the tolerance of statements. In his usual manner, he posted a tweet in which he compared Bitcoin ABC support with a desire to distribute child pornography or create another Silk Road.
If @jihanwu, @Rogerver & ABC devs want to make #Permissionless Kiddie porn sites and Silk Road Version2.0— Dr Craig S Wright (@ProfFaustus) November 8, 2018
They can piss off to #Dash
They are NOT adding this to #BCH
This is the ONLY real use case they have and it is not happening!
Not all parties involved regard Wright’s threats as well-founded. CoinText technical director Vin Armani is convinced that the CoinGeek and nChain hash capacities will be enough to cause significant damage. In his Twitter account, he called for the prevention of a hash war:
The Coming Hash War - A Message To Bitcoiners https://t.co/oqFUPFyx4o— Ⓥin Ⓐrmani (@vinarmani) November 5, 2018
In this case, Calvin Ayre believes that the statistics already confirms that the expected "hash war" will end before it starts.
Hash war over?— Calvin Ayre (@CalvinAyre) November 10, 2018
CoinDance now says Bitcoin SV has backing of at least 45% and at most 60% of the current hash rate. ABC is estimated at 21% minimum, and at most 39% maximum of current hash rate.
His words are confirmed by the statistics. According to data from the CoinDance analytical service, on the eve of Bitcoin Cash (BCH) hard fork scheduled for November 15, the majority of miners support an alternative implementation of Bitcoin SV. In total, the Bitcoin SV version promoted by the “self-proclaimed Satoshi” by Craig Wright is directed to 75% - 82% of hash capacities. In support of the traditional implementation of BCH, only 10% - 20% of the hash rate is currently sent.
The diagram below shows that the CoinGeek, SVPool, BMG Pool, okminer and mempool pools supporting Bitcoin SV have a very significant share in the total Bitcoin Cash hash rate (more than 75% in total).
At the same time, BitPay cryptocurrency processing service announced that it would support Bitcoin ABC. The company prefers the proven implementation of Bitcoin ABC and does not plan to provide access to the coins, which are likely to appear on November 15 of this year as a result of hard forks.
Such large companies as Coinbase, OKEx, and Binance, also recently expressed their support for the implementation of traditional Bitcoin ABC software. At the same time, Poloniex intends to support both Bitcoin Cash chains. This decision was not liked by Craig Wright. He believes that the crypto platform essentially offers speculative short sales prohibited by the U.S. law.
It is worth noting that the price of BCH rose rapidly in anticipation of the fork. This is a frequent occurrence, as speculators hope to benefit from hard forks, possessing cryptocurrency of both networks. However, all the scandals around the fork apparently forced investors to close positions. Therefore, there is a decrease in the price of BCH.
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