Unless you’ve been hiding under a rock recently, you’ll know that Bitcoin Cash recently underwent a highly contentious hardfork. The two different sides disagreed bitterly about their visions for the ‘true’ bitcoin, and pushed in different directions.
The episode became extremely acrimonious, with Craig Wright (Bitcoin Cash Satoshi Vision, BCHSV) threatening to kill Jihan Wu and Roger Ver’s blockchain, BCHABC. He vowed a hashrate war, and warned the wider bitcoin mining community that if they supported ABC, he would sell huge amounts of BTC to crank up his mining effort. The fork and market movements associated with it appear to have triggered a crash in the wider crypto markets, providing the catalyst for an event that many analysts have argued was always coming. More on that tomorrow when we have our regular Tuesday market report.
You can see Wright’s warnings, taunts and boasts on his Twitter feed. Amongst other things, he threatens that if an all-out hashrate war occurs, he will end up selling enough BTC to bring the price down to 2014 levels. There is, of course, no proof he has this much BTC, and so far the threats have proven empty – just like when he promised to sign a message with Satoshi’s keys and then ranted and raved after he didn’t deliver. In fact, the Twitter account @satoshi has been active, promising doom for BTC, at least until it was suspended – and not before the community roundly panned its content and noted stylistic similarities to Craig’s writing…
So, where are we up to?
https://cash.coin.dance/ shows the height of each blockchain, and this situation is actually getting pretty interesting. At the start, ABC pulled ahead by up to 45 blocks and it looked like SV was falling badly behind. But Wright’s chain recovered ground over the weekend and is now 2 blocks ahead. This is actually getting pretty interesting. It’s a long-term competition, though, so don’t expect a final result overnight. One or other chain will pull conclusively and sustainably ahead, and the other will lose hashrate and market share.
When the outcome is clearer, that may play into greater clarity and confidence for the wider crypto markets too.
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