Home Alt Coins The Bitcoin Cash Hash War is Over. It Also Ended the BTC/BCH War.

The Bitcoin Cash Hash War is Over. It Also Ended the BTC/BCH War.

16 min read

Coingeek, the voice of Calvin Ayre and the most distinguished supporter of Craig Wright and his Bitcoin SV chain, has apparently thrown in the towel. They have introduced that they’re now not attempting to unify the chains below the Bitcoin SV guidelines or combating for the BCH ticker.. Instead, they’re transferring ahead with the BSV ticker and their declare that their imaginative and prescient is the true type of bitcoin. They have additionally added their very own replay safety, eliminating the risk of unifying the chains.

On all fronts it appears that evidently they misplaced and this is the closest we’re more likely to get to a concession speech. In a press launch titled “Original Bitcoin is Reborn with Bitcoin SV (BSV); BCH Hash War Ends” Ayre was quoted as saying

“After Bitcoin Core became SegWit coin last year, our mission has always been to make sure the original Bitcoin survives and succeeds. With its series of radical and unilateral code changes in just the last week, ABC’s BCH has departed so far from the original Bitcoin that it is now an alt-coin developer experiment and we no longer have any interest in it or its tarnished brand. Bitcoin SV fought to preserve the Satoshi Vision, and is the original Bitcoin. We will now focus entirely on building upon an already vibrant Bitcoin SV ecosystem. Although ABC may keep the damaged BCH ticker symbol, BSV is winning over BCH’s native application ecosystem in droves. We look forward to out-competing BCH (and BTC) in the marketplace, rather than in further chain battles.”

While Ayre places on a courageous face (and would achieve this once more in his personal op-ed additionally posted on CoinGeek) this is an enormous departure from what he was promising earlier than the fork occurred. In a September 10th submit titled “CoinGeek commits to never allow Bitmain’s Bitcoin Hash War to Split BCH Chain” that was additionally credited to Ayre, he laid out a set of objectives completely different than “out competing in the marketplace”

“Additionally, we will fight any attempts by anyone else to cause a chain split. CoinGeek and friends believe in the Satoshi Vision for the evolution of Bitcoin and that means all disputes should be settled by Nakamoto consensus and Miner hash elections. Nakamoto consensus dictates that at all times the longest chain (with the most Proof of Work) shall prevail and this will be respected at all times by CoinGeek Media and Mining.”

Despite this proclamation, CoinGeek’s mining pool didn’t change to the longest chain with the most proof of labor when that chain ended up being the BCH (ABC) chain. They declare that additional work was resulting from rented hash quite than trustworthy hash. That could or might not be true however there is nothing in the Satoshi white paper about the place the hashing energy comes from.

They can complain about ways all they need, however the reality is Roger Ver and Jihan Wu kicked their ass so convincingly, its laborious to think about anybody shopping for into Ayre’s spin of the scenario.

Wu and Ver had greater than sufficient hashing energy in reserve to destroy Wright’s try and dictate  Bitcoin Cash growth. They additionally turned Wright’s lengthy hyped “Satoshi’s Shotgun” again on itself, in the end slowing the SV chain whereas not affecting the ABC chain in any respect.

Personally, I don’t have a canine in the Bitcoin Cash race, I’m not a fan of the ABC or the SV selection. But seeing a blowhard like “Faketoshi” Wright and his financier Ayre fall on their face after making loud and definitive proclamation, has been hilarious to myself and far of the Bitcoin group. Surely, the man who invented bitcoin would have seen Ver’s ways coming?

But the man who claims to be Satoshi and didn’t show it, undoubtedly didn’t see this coming. In quick, they tried underhanded ways, threats and pumping their chest. And when all that failed they nonetheless thought they’d win by means of pure hash energy, however they failed once more. Now, they’re attempting to alter the objective posts to proclaim that they really gained all alongside. But not even the web has that wanting a reminiscence. Even 5 days after the hash battle began, Wright promised to by no means cease the combat.

During the hash battle, Bitcoin SV had a couple of minutes of being forward of the ABC chain and when that occurred, Wright said that it was a sign that he was successful.

But then they misplaced that lead and by no means acquired it again. Keep in thoughts, earlier than the battle began, Wright claimed there can be no break up in any respect.

Whoops. Not solely was there a break up, Craig acquired the a lot smaller half.

After nearly each alternate of notice gave ABC the BCH tracker and the solely providers that got here to SV’s facet had been the ones preordained to, the writing was on the wall. Wright and Ayre took it so far as they may, however even narcissists should admit defeat ultimately. Or on this case, declare they had been by no means attempting to win anyway.

The battle was not with out its victims. On November 14th, earlier than the break up, Bitcoin Cash had a complete marketcap of $7,558,954,693. Today Bitcoin Cash (ABC) has a marketcap of $3,054,315,128 whereas Bitcoin SV has a marketcap of $1,923,453,582. Combined that makes their whole marketcap of $4,977,768,710. Meaning that between the worth misplaced resulting from the fork and the basic downtrend of crypto, Bitcoin Cash and Bitcoin SV collectively misplaced $2,581,185,983 in worth, or about 34% of its whole pre-fork worth. That’s quite a lot of bag holders shedding quite a lot of Christmas cash. [Numbers were grabbed on 11/26/18]

The one silver lining for SV holders is that it noticed a major achieve yesterday. That is sensible as a result of Wright and Ayre lastly referred to as off their doomed battle. The quick concern of an on-going, costly hash battle with a extra common opponent ended. It had no the place to go however up, particularly with the elevated stability that comes with providers and exchanges selecting a unified ticker and saying their plans for BSV.

Put one other means, at press time the worth of Bitcoin Cash and Bitcoin SV is $175.31 and $97.20 respectively. Combined that offers them a worth of $272.51. Before the fork the worth of Bitcoin Cash was $432.97. That means even if you happen to efficiently break up your ABC and SV cash, you continue to misplaced $160.46 or roughly 37% [Numbers were grabbed on 11/27/18].

I mentioned some time again that this break up might kill Bitcoin Cash. I didn’t imply (and indicated this in the article) that it might disappear fully. Paycoin is nonetheless traded on just a few markets in spite of everything. But I meant it might have killed not solely any likelihood Bitcoin Cash had of over taking Bitcoin, but in addition knock it off its perch as the hottest different to Bitcoin that isn’t Ethereum.

I’m undecided if that can occur or not. ABC so dominantly beat BSV in the hash wars that, whereas greater than $2.5 billion in misplaced worth (and extra if you happen to depend the worth that went to BSV) is huge, they managed to maintain BCH above LTC in marketcap, for now.

But they’re now not claiming to be the true Bitcoin. I imply they’re, even BSV supporters are, however nobody is taking them severely anymore. CNBC, who used to like to name on Roger Ver for commentary on the BTC/BCH break up, wasn’t calling this the “Bitcoin Hash Wars.” They barely talked about it in any respect.

Because no outdoors observer thinks {that a} $Three billion marketcap coin, or a $2 Billion marketcap coin is superior to a $65 billion marketcap coin. At least a $7 billion marketcap coin with momentum had an opportunity. That likelihood is now gone. The proof is in the pudding, as they are saying. Individuals can suppose that Bitcoin Cash or Bitcoin SV extra carefully adheres to the white paper than Bitcoin. That’s not an opinion I maintain, however it is an opinion somebody can have. But that doesn’t make it bitcoin. Satoshi by no means launched a “1.0” model of bitcoin as a result of he, and everybody else, knew it wasn’t accomplished. Work nonetheless wanted to be achieved.

You can disagree with what the core builders have been doing to Bitcoin if you need, however you possibly can’t argue if they’ve been doing it to Bitcoin. That debate has completed. Craig Wright killed it. Maybe we should always thank him.

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