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Bitcoin Cash Upgrade: Based on Consensus is foul, Cry Purists

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Bitcoin Cash is up for an upgrade come November 15. However, the developers are seeking industry-wide consensus before committing to the upgrade.

Bitcoin Cash is up for an upgrade come November 15. However, the developers are seeking industry-wide consensus before committing to the upgrade leaving themselves open to criticism from purists that the ‘consensual’ upgrade is ‘foul’ indicating differences of opinion among the community members of bitcoin cash.

There are two things under contention – the BitcoinABC client changes (which are plenty in number) and the second being the ‘canonical ordering’ aspect of Bitcoin Cash project.

 

Exchanges support bitcoinCash policies

Apparently, Bitcoin Cash viewpoint found resonance in crypto exchange – Coinbase which has reported that ‘it will support’ the move by the project to publish a roadmap.

The important changes are with respect to DSV which is a technical protocol improvement which allows cross-chain atomic contracts via the OP_CHECKDATASIGVERIFY.

The point of conflict is the above protocol along with the canonical ordering. When ABC published these plans to be included in the hard fork scheduled for November, the issues erupted. There are some among the group which believes that the canonical ordering may well allow safer o-confirmed transactions. Additionally, Wright has seen or taken the issue forwards by commenting that, “Any DSV spend will eventually be blacklisted on SV. You support DSV; then, you will have the unspendable coin.”

The issues have thus reached a point of no return with the likes of Wright being to ridicule every ABC roadmap. These developments, therefore, indicate that a chain-split is in the offing.

 

Services on Bitcoin.com

The services on Bitcoin.com such as Cash Games, Faucet as well as mining pool will change with the network upgrade. These will begin to issue BCH, where the origination will be from the output and will use the protocol – OP_CHECKDATASIG.

Roger Ver who is on Bitcoin.com but is also a BCH miner says that DataSig is also the same and the client BitcoinSV is on the blacklist. BitcoinSV is not absorbed into DSV and so cannot be blacklisted.

It is expected that both the clients are not completely incompatible as of November 15th. With the first block, it can, therefore, be seen that mining with other clients will also result in a chain-split. Hence, there are two networks. The Bitcoin ABC network, as well as other clients compatible in this context, will look at Bitcoin Unlimited as well as BitcoinSV network. Hence the two coins, where both our clients are mined and the latter will also be listed on the CoinEx exchange.

The fundamental concept here is that miners will not intervene in terms of each other coins such that miners will also not make the rules when choosing them. Hence the rules are to be made in terms of the protocol clients. Additionally, miners are compliant with the rules of the client, according to ABC statements. Hence, if the different client runs with different rules such as SV, ABC will not have a concern.

Bitcoin Cash

Why Bitcoin Cash SV is the real winner of the Hash War

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Bitcoin Cash SV community did not really get wrecked during the hash wars but rather they ended a winning as they were successful

Bitcoin hardfork was successful and BCH split into two cryptocurrencies Bitcoin Cash ABC and Bitcoin Cash SV. Both the coins were listed on binance, the top cryptocurrency exchange and the owners of the original bitcoin cash were awarded both BCHABC and BCHSV.

Craig Wright also known as ‘Faketoshi’ by many crypto enthusiasts as he claims to be Satoshi Nakamoto, the founder of the original bitcoin is the man behind Bitcoin Cash SV.

 

Why Bitcoin Cash SV is the real winner:

Many people believe that the Bitcoin Cash SV was wrecked during the hash wars but what people are not realizing is that the Bitcoin SV community received the publicity of being one of the top 10 cryptocurrencies by market capitalization for free and at the same time automatically getting listed on the major exchanges such as binance.
Roger Ver, the founder of bitcoin cash may have believed that the fork is never going to happen but the bitcoin cash SV community was successful in completing the hardfork and splitting the original chain into two parts: BCHABC and BCHSV.

The cost of mining during the hash war may have been more than $300,000 per day but that is far too less if you wish to bring your coin to the top 10 cryptocurrencies according to market capitalization, getting listed on all major exchanges and at the same time having the coin priced at three digits. All these things combined would have cost billions of dollars rather than just a few millions that the team BCHSV is spending. So maybe the team behind Bitcoin Cash SV were successful in achieving what they actually wanted to.

 

So summarizing the hash wars, we believe the Bitcoin Cash SV community did not really get wrecked during the hash wars but rather they ended a winning as they were successful in creating a coin which is perhaps under the control and listed on all major exchanges with massive liquidity.

 

The following article is the viewpoint of the writer and does not intend to publicize or suppress any company or cryptocurrency. Readers are advised to do their own research and analysis before investing or trading in any cryptocurrency or digital assets.

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#Bitcoin

Bitcoin Cash BCH Hash Wars: Who is winning?

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The Bitcoin Cash hash war is still on with close to 300 blocks mined on the BCHABC side using the new ruleset, which has also given the BCH network the most accumulated proof of work. Cryptocompare has given the BCH ticker to BCHABC chain followed by Bittrex also appointing the ABC chain with the BCH ticker. The ABC chain has gained more support and also mined more blocks since the split of the BCH chain into BCHABC and BCHSV. The SV chain has performed less work till now.

 

Faketoshi “Satoshi’s Shotgun”

Craig Wright had earlier threatened that he will destroy the BCH ABC chain by mining empty blocks using his huge hash power, which is being called “Satoshi’s Shotgun”. BCH ABC has apparently survived the Shotgun. Peter Rizun from Bitcoin Unlimited said:

“The difference in network effect stark: BSV has few users, no OSX or Windows clients, no block explorer, perhaps one mobile wallet, and a shotgun that doesn’t shoot so straight,”

According to cash.coin.dance, BCH ABC is currently 51.9% ahead on proof of work and is 15 blocks ahead, meaning miners will to secure the BCH ABC side and that exchanges ca resume deposits and get everything back to normal. Many supports believe that the ABC side has already won the battle.
Bittrex has listed the ABC chain as BCH and the SV chain as BSV.

While many BCH supports are claiming that the war is over and the ABC side is close to winning it, SV supporters still believe that the hash war will continue for weeks and Craig Wright continues to claim that he will destroy the ABC chain by mining empty blocks.

What do you think about the hash war? Comment below

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#Bitcoin Cash Price Analysis

Bitcoin Cash Price Analysis: BCH post fork downfall

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Bitcoin cash price exchanged beneath the key $400 support. BCH/USD could amend higher, however, dealers are probably going to show up close $420 or $450. 

MACD – Set in the bullish zone.

Relative Strength Index – Cose to the 40 level.

Significant Support Level – $360

Significant Resistance Level – $405

 

Key Points

  • Bitcoin cash price expanded misfortunes and exchanged beneath the $400 level against the US Dollar.
  • There are two key bearish pattern lines set up with resistance at $420 and $450 on the hourly diagram of the BCH/USD pair (information feed from Kraken).
  • The pair stays at a danger of more misfortunes underneath the $360 level in the close term.

Bitcoin cash price exchanged beneath the key $400 support against the US Dollar. BCH/USD could amend higher, however, dealers are probably going to show up close $420 or $450.

 

Bitcoin Cash Price Analysis

Recently, we examined that bitcoin cash price could broaden misfortunes beneath $400 against the US Dollar. The BCH/USD pair remedied a couple of focuses as of late, yet it neglected to break the $450 resistance. Afterwards, there was a sharp drawback move and the price declined underneath the $420 and $400 supports. A new low was shaped at $360 and the price is currently exchanging admirably beneath the 100 hourly basic moving normal.

Right now, the price is solidifying misfortunes around the $380 level. It appears as though the 23.6% Lie retracement dimension of the last slide from the $451 high to $360 low is going about as a resistance. In addition, there are two key bearish pattern lines set up with resistance at $420 and $450 on the hourly outline of the BCH/USD pair. The principal bearish pattern line concurs with the half Lie retracement dimension of the last slide from the $451 high to $360 low. Consequently, the $400-405 zone could forestall gains in the close term.

 

BCH USD 1 day chart

BCH USD 1 day chart

 

Taking a gander at the diagram, Bitcoin cash price could rectify a couple of focuses above $390. Notwithstanding, purchasers are probably going to battle close $400, $405, $420 lastly $450. On the drawback, the following focus for sellers could be $350.

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