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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 SV

Bitcoin SV Miners facing huge losses since Hard Fork: Bitmex

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Bitcoin SV miners have been facing massive amounts of losses that amount to more than $2.2 million in order to keep the network secure since the hard fork.

Since the hard fork of Bitcoin Cash which split the chain into two: Bitcoin SV and Bitcoin Cash ABC back in November last year, the Bitcoin SV miners have been facing massive amounts of losses that amount to more than $2.2 million in order to keep the network secure. The major contributor of the Bitcoin SV mining operations is conducted by Calvin Ayre.

 

Bitcoin Cash Hard Fork:

Bitcoin Cash went through a hard fork last year with the two teams fighting over the technical direction of the blockchain. The two teams led by Roger Ver, one of the earliest known bitcoin investors and Craig Wright, commonly known as Faketoshi for claiming himself to be Satoshi Nakamoto fought each other for disagreement on the size of the blocks of BCH or Bitcoin Cash. Craig Wright had the aim of increasing the size limit of the blocks and thus forked Bitcoin Cash in order to create a new blockchain called Bitcoin SV.

 

Bitcoin SV Miners Facing Huge Losses:

As Bitcoin SV works on a proof-of-work consensus, the miners need to keep mining the blocks in order to support the chain against more than 50% attack, even if they keep facing losses. If the miners had stopped mining the Bitcoin SV chain, the value would have suffered badly. Also both the founder of Bitcoin SV, Craig Wright and the largest miner, Calvin Ayre are believed to own a very large sum of Bitcoin SV which helped them in continuing the mining operations and securing the network.

 

According to recent research by Bitmex which was published on the 12th of April, miners have been facing huge losses that amount to over $2.2 million. The following amount is estimated for just the electricity cost this is used to mine Bitcoin SV. If we take into account other mining expenses such as the overhead cost, employee cost as well as the depreciation of assets, the total amount shall be even more than $2.2 million.

 

Bitcoin Cash ABC Miners making profits:

On the other hand, miners of the 2nd chain i.e. Bitcoin Cash ABC have been making a good amount of profits since the hard fork which equals to almost $42.4 million.

 

Calvin Ayre: The largest Bitcoin SV miner

A report from CoinDance, a cryptocurrency statics provider shows that CoinGeek, a company owned by Calvin Ayre controls more than 28% of the total mining operations of Bitcoin SV. However, it is still uncertain why other 72% of the miners are still mining Bitcoin Satoshi Vision at a loss rather than mining Bitcoin Cash ABC or Bitcoin. The report also shows that mining Bitcoin SV is not at all profitable and does not make any sense.

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#Bitcoin SV

Anthony Pompliano: Every exchange should delist Bitcoin SV on 1st May

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Anthony Pompliano, the co-founder of Morgan Creek Digital is asking all major crypto exchanges to delist Bitcoin SV from their platform on the 1st of May.

Anthony Pompliano, the co-founder of Morgan Creek Digital is asking all major crypto exchanges to delist Bitcoin SV from their platform on the 1st of May as a denial of the claim of Craig Wright (Faketoshi) and Calvin Ayre for saying that bitcoin SV is the real bitcoin.

 

Delist Bitcoin SV: Anthony Pompliano:

Anthony Pompliano recently posted a tweet stating that all cryptocurrency exchanges should remove Bitcoin SV from their platform on the 1st of May in a harmony for Bitcoin.


Due to the ongoing battle between Craig Wright & Calvin Ayre against Hodlonaut who is being threatened by them. Pompliano stated that sometimes hard things have to be done as it is the right thing.

 

Changpeng Zhao against Craig Wright:

The CEO of binance, Changpeng Zhao has also shown his concerns against Craig Wright saying that he is not afraid of fighting legal battle against Craig Wright and his company.

He stated that he has a number of expensive lawyers by his side and also warned against delisting Bitcoin SV from his exchange if Craig Wright and Calvin Ayre did not stop threatening others, also stating that Craig Wright is surely not the real Satoshi Nakamoto.

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#Bitcoin Cash

A new logo for Bitcoin Cash? BCH supporters show anger.

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Poloniex cryptocurrency exchange which is funded by the Goldman Sachs recently posted a tweet with their own designed logo for BCH and BSV.

Poloniex cryptocurrency exchange which is funded by the Goldman Sachs recently posted a tweet with their own designed logo for BCH and BSV stating that Bitcoin Cash and Bitcoin SV are available for trading on the exchange.


A lot of bitcoin cash supporters are showing their anger on different social media platforms such as Twitter and Reddit over the changed logo.

Poloniex Exchange:

Poloniex exchange was quite famous in the early days of cryptocurrency when it was the only method of buying Ethereum. However, after the rise of other large cryptocurrency exchanges such as Binance and Kraken, the volumes on Poloniex started to fall down. Later, the exchange was acquired by Circle in 2018 when they mentioned that they are now backed by large venture capital firms including Goldman Sachs.

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