Jihan Wu May Sell 1 Million Bitcoin Cash SV

Bitmain’s billionaire co-founder Jihan Wu may sell over 1 million Bitcoin Cash SV (BCHSV), following the successful completion of a scheduled Bitcoin Cash hard fork on Nov. 15.

A contentious hard fork of Bitcoin Cash was triggered by a camp led by Craig Wright, Coingeek, and Calvin Ayre, which mined an invalid block almost immediately after the hard fork was completed by Bitcoin Cash ABC, the original blockchain of BCH.

As of Nov. 19, Bitcoin Cash ABC remains 42.7 percent ahead of BCHSV on proof of work and nine blocks ahead. The majority of BCH blocks are being mined by Bitcoin.com, BTC.TOP, and ViaBTC, without the intervention of Bitmain.

Clean Win For BCH

With major exchanges like Coinbase and Kraken in support of the original BCH roadmap set forth by bitcoincash.org, and the supposed “stress test” threatened by Craig Wright after the hard fork amounting to a non-event, BCH has secured a clean win over BCHSV in the hash power war.

Prior to the fork, Craig Wright threatened to sue developers and miners in support of BCH and at one point claimed he will rearrange the blockchain of BCH to double spend transactions.

On Twitter Wright said:

Ultimately, no developer or miner was sued, the hash war came to an end within 30 minutes in favor of BCH, and the stress test threatened by CSW turned out to be false. The last resort plan of the SV camp, to 51 percent attack the BCH network with overwhelming hashpower, was also stopped by the BCH community through the integration of checkpoints.

On Nov. 16, the BCH developer community integrate a checkpoint in every block mined after the hard fork to prevent blockchain reorganization, as a response to the 51 percent attack threat by SV.

“A decisive opening battle has been won by the defenders of Bitcoin Cash in Craig Wright’s war to hostile takeover the chain,” Yours.org developer Chris Pacia wrote, adding, “A checkpoint is a line added to the code that prevents the software from reorganizing the blockchain below the checkpointed block. In the event that an attacker (such as Craig Wright) were to try to 51% attack and wipe out all blocks and transactions that happened on Bitcoin Cash over the past day, the software will not let him do it.”

But, as BTC.TOP CEO Jiang Zhuoer said, the SV camp was never going to win a hash power battle with Bitcoin Cash, because Bitmain had 20 exahash available throughout the entire period in its possession as back up to defend the BCH chain from being attacked. That is, more than four times larger than the hash power Coingeek and Calvin Ayre posses.

It’s BCH’s Turn

BCH won the battle, but the conflict resulted in a negative outcome for both BCH and BCHSV. Roger Ver, the CEO of Bitcoin.com, recently stated, “no one wins a war. Some just lose less than others.”

BCH surges 13 percent while BCHSV drops 11 percent, chart provided by Binance.com

From this moment on, the faith of both BCHSV and BCH depends on the market. If large holders of BCHSV, who are ironically the supporters of BCH, continue to sell large amounts of BCHSV on the market, then the asset could suffer significantly in the short-term.

Author: Joseph Young
Image Credit

A BCASH Civil War Might Actually Be Good For Bitcoin – Here’s Why

The crypto world has seen lots of online exchanges between two rival Bitcoin Cash camps over the last few weeks. However, the real concern is just how much this battle will impact Bitcoin, now that the planned system upgrades or forks have gone live.

The Battle Of The Forks

On one side, you have Craig Wright with BCH Satoshi Vision, and on the side you have Bitmain’s Jihan Wu and Bitcoin.com’s Roger Ver with BCH ABC. BCHSV is conservative in that it wants to keep the network in its original form only meant for financial transactions. On its side, the BCHABC camp wants to upgrade the system to make a modern platform similar to Ethereum that can be used to develop other solutions.

The BCH “Game of Thrones” has been heating up for months. At the moment, Bitcoin Cash ABC seems to be gaining more support, with influential people like John McAfee and Roger Ver throwing their weights behind it. It has also gained favor with Bitstamp, a fairly large crypto exchange. Binance has announced that it will support both BCHABC and BCHSV on its trading and exchange platform.

BCASH ABC Is Prevailing

Besides gaining traction in terms of support, BCHABC has started out well ahead of its rival. Within hours of the fork going live, BCHABC had mined over 50 blocks more than BCHSV. BCHABC mined the first two blocks while BCHSV took the third, pronouncing the official split of the chain.

One of the main reasons for the apparent success of the BCHABC chain is the support it has drawn from Bitmain and Bitcoin.com. Roger Ver mining pool possesses a hash power that’s double the total power of the BCH network.  That makes a great difference especially as Roger Ver announced that the organization will be redirecting its Bitcoin mining power towards mining BCHABC.

A Bullish Twist For Bitcoin

So, how does this BCASH civil war affect Bitcoin as the original chain? It should be remembered that just last year, 2017, BCH was created through a similar fork process from the original Bitcoin network. In fact, the timing was close to this year’s BCH upgrade. Bitcoin’s fork that created BCH happened on 13th November, 2017. BCH’s fork happened on 15th November, 2018.

Before the fork happened on Bitcoin’s network in 2017, the network was down on hash power. Merely days after the fork, BTC’s hash rate sky-rocketed, sending the crypto’s price “mooning” to hit $10,000 by end of the month. By end of December 2017, Bitcoin was trading at upwards of $19,000. In the lead-up to the BCH fork, Bitcoin had started losing hash power as supporters on both sides of the divide redirected their resources, making the BTC network a little clogged up and ultimately affecting its price. In that sense, it’s fairly safe to opine that the current hash rate war between BCHABC and BCHSV could play out in Bitcoin’s favor since whichever side wins will end up stabilizing the network, boosting the total hash rate, and causing a Bitcoin bull run.

Author: Nick James
Image Credit