After many days and millions of dollars spent and wasted, the bitcoin cash hash war or ego war is finally coming to an end. The bloody battle between the two competing visions for bitcoin cash over the block size increase from 32 MB to 128 MB was not only a large cost to the miners but also brought the whole cryptocurrency economy down to its knees. In the end eventually, Calvin Ayre of CoinGeek took to the internet claiming that they no longer wanted the ‘bitcoin cash’ name and thus will be moving forward with an independent blockchain called Bitcoin Satoshi Vision.
Key market players such as Coinbase and ledger wallet have put their weight behind bitcoin cash and not bitcoin satoshi vision. But many exchanges are listing bitcoin cash sv and as time goes on services will increase for bitcoin satoshi vision assuming the stormy characters that are backing Bitcoin Cash SV can actually keep the ship in one peice and moving in one direction.
Craig Wright the person behind Bitcoin Cash SV is commonly known as ‘Faketoshi’ by cryptocurrency community for lying about being the real Satoshi Nakamoto is being criticized by a large crypto community for going against nearly all of the principles of bitcoin and is believed to be an immensely destructive and divisive character.
Bitcoin SV Price
After the subsequent end of the hash wars, Bitcoin Satoshi Vision showed a bullish momentum with the price rising from $36 to a high of $116. The coin is currently trading around $103 with the major support at $90 and the resistance at $110.
End Result of the battle
The end result has been nothing but billions of dollars of value wiped off the face of the markets, a swell in extreme pessimism in cryptocurrency and a crisis of confidence in the cryptocurrency industry overall and in proof of work networks. Neither side of the hash wars but actually the whole cryptocurrency community lost the battle as a serious amount of damage has been done to the crypto community by this incredibly divisive fork.
What are your thoughts on the hash wars ending and the new bitcoin satoshi vision? Tell us in the comments section below.