Bitcoin Cash Hard Fork War : What is happening
Bitcoin Cash was a fork from the Bitcoin Core chain in July 2017. the idea started when some members of the community opposed to upgrades in Bitcoin’s block size and a feature called SegWit. Notable Bitcoin figurehead Roger Ver claimed that the refusal to upgrade benefited investors over those who wanted to use the cryptocurrency as cash, as the inventor Satoshi Nakamoto’s first envisioned.
One consensus in the community is that every 6 months, the blockchain will hard fork to push for development and upgrades. About a year after the fork, Bitcoin Cash has embroiled itself with it's own dispute as the community is again split on decisions on issues such as Block size and addition of codes that enables programmers to build new features into the blockchain. This debate descended into virulence and soon enough, proponents began publicly attack each other on social media. Driving the community further into turmoil.
The community is largely split between 2 factions, Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi's Vision). One ABC's side you get Roger Ver himself and Jihan Wu and on the other, self-claimed Satoshi Craig Wright. Both sides wants to push for their own upgrades and refuse the other. As opined by one Bitcoin Cash developer in a forum post.
It is ironic that these changesets are mutually compatible, yet both groups reject the other’s changes.
War on words became war on hash-rates as the hard fork draws near when Craig outright threatens a 51% attack on ABC's chain.
Even after the fork has occurred, it's unsure at first what is the result. It seems apparently that both chains split and survived into their own separate chains. It's not clear how cryptocurrency exchange react to the split and not knowing what's the policy of the exchanges you're using may result in you losing your coins. CoinGecko were the quickest to provide the most comprehensive list of which exchanges listing BCHABC and BCHSV.
https://twitter.com/coingecko/status/1063636733638541312
At the time of writing, about 18 exchanges has listed BCHABC but a few exchanges are showing BCHABC as BCH proper. However BCHSV are all listed as BCHSV, it is apparent that some exchanges have acknowledged that BCHABC is the main BCH chain.
However, Coingecko have noted that the reactions of exchanges towards this split can be a litmus test to the quality (and political stance) of the exchanges.
https://twitter.com/coingecko/status/1063637138904936456
Posted from my blog with SteemPress : https://kristiankho.com/blockchain/bitcoin-cash-hard-fork-war-what-is-happening/
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Good analysis!
Basically, pure greed. And it's helping bring down the Crypto Market . Roger Ver and Craig Wright are basically motivated by greed, as simple as that!
You got that right.. But at the same time, they are exercising the freedom and decentralization brought by the open source nature of Bitcoin.
No one should stop them from forking their own coin. But whether people actually want to use their coins is a whole other matter.