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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.

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$1.25 million offer by Roger Ver to Opennode for accepting BCH rejected

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According to the latest tweet by Opennode, Roger Ver had offered them $1.24 million to switch their service to BCH but they have rejected the offer.

According to the latest tweet by a software engineer working with Opennode, a company which claims to be the world’s first multi-layered bitcoin payment processor for businesses, Roger Ver had offered the company $1.24 million to switch their service to bitcoin cash but the company has openly rejected the offer calling bitcoin cash ‘inferior money’.


Roger Ver is the founder of Bitcoin Cash and one of the earliest investor of bitcoin who is criticized by many cryptocurrency enthusiasts for misleading investors by glofifying bitcoin cash as the real bitcoin. Roger Ver also owns the bitcoin.com domain name.

 

Opennode

Tim Draper, a well-known venture capital investor had recently invested 1,25 million into OpenNode which is a blockchain development company building bitcoin platforms on the lightning network. Roger Ver had recently posted a video criticizing the lightning network and offered to match Tim Draper’s investment into Opennode if the company switches to BCH rather than bitcoin.

Opennode had tweeted on their official Twitter page today thanking Roger Ver for his offer and openly rejecting it. According to Opennode, an open financial system is only possible with bitcoin:

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Bitmain fires entire team: Bitcoin crashes to $3720 in 1 hour

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Bitcoin crashed to $3720 from over $4000 in just an hour after the news of Bitmain, the cryptocurrency mining giant firing all their employees came out.

After a good week for bitcoin and other cryptocurrencies which traders were calling a ‘Santa Rally’ has gone in vein with Bitcoin crashing to $3720 from over $4000 in just an hour after the news of Bitmain, the cryptocurrency mining giant firing all their employees came out. Right on the Christmas eve, the cryptocurrency market has crashed down with bitcoin falling down over 10% and bitcoin cash over 25% in just an hour of time. EOS is back over Bitcoin Cash again (according to market capitalization). Now all top cryptocurrencies are in the red zone.

BTCUSD 24 hour chart

BTCUSD 24 hour chart

 

Bitmain Firing:

The rumor which flashed in the crypto space about Bitmain firing its Bitcoin Cash development team has contributed to the bear market trend. Samson Mow tweeted recently about Bitmain laying off their entire Copernicus Team with just a week of notice:

Miners going broke

Due to the recent market crash, Bitcoin miners all around the world have been facing massive amounts of losses as some of these are not even being able to cover up their expenses in the bearish trend and as such had to completely shut down their operations. Bitmain which is one of the largest ASIC manufacturing companies based in China had to fire all its employees who worked on the development of Bitcoin Cash.
A youtube video by Digital Gold shows how terrified the miners are due to the current market situation:

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#Bitcoin Cash Price Analysis

Bitcoin Cash falling to 0? Is BCH worthless?

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Today, Bitcoin Cash price fell below Ethereum and this is for the very first time that BCH has fallen below ETH since its inception.

Bitcoin Cash has been falling sharply since the hard fork happened last month which led to the generation of Bitcoin Satoshi Vision. Today, Bitcoin Cash price fell below Ethereum and this is for the very first time that BCH has fallen below ETH since its inception.


Bitcoin Cash is currently trading around $79 while ETH trades around $84 according to CoinGecko (at the time of writing).
Along with the price, the total market capitalization of Bitcoin Cash has also fallen bringing down BCH on the 7th position in cryptocurrencies according to CoinMarketCap.

 

Is it the end for BCH?

Bitcoin Cash team has been continuously trying to attack the real bitcoin from the day of its inception. The team has been trying to bring Bitcoin Cash to mainstream adoption but it doesn’t seem that they have been successful in that. Unlike Bitcoin which truly has a good amount of adoption rate by merchants throughout the world, Bitcoin Cash does not have much of an adoption. Besides that, the daily transactions of BCH are nearly 1/10th of Bitcoin.

Bitcoin Cash Price Analysis

Technical Indicators:

Support Level: $75

Resistance Level: $84

BCHUSD 2 day chart

BCHUSD 2 day chart

In the 2 day chart, Bitcoin Cash was trading at around $96 yesterday and crashed down to around $78 today where it is currently being traded. The main support level of BCH lies around $75 and the resistance level is around $83. BCH is currently trying to recover back from the recent crash but the selling pressure however is quite high which may push the price downwards and Bitcoin Cash could even fall below $70 in short term. However, market analysts are predicting that the price of BCH is likely to fall below $50 before the end of the year.

The following article is not a financial advice. Readers are advised to do their own research and analysis before making any investment decisions in the cryptocurrency market. 

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