Bitcoin Cash Hard Fork on November 15 can be termed
Bitcoin Cash Hard Fork on November 15 can be termed as the biggest event of the year, not for the Fork itself, but the ‘war’ over the claims of mainstream currency after the fork. The Hard Fork which resulted in the formation of BCH ABC and BCH SV gained the attention of everyone leading upto the event and weeks after that.
The primary reason for such a hoopla around the fork can be attributed to the war of words between the two communities, BCH ABC and BCH SV. The man behind the BCH SV, Craig Wright, declared a ‘hash war.’ He went even a step further to claim a 51% attack on miners of the competing BCH ABC blockchain.
The threats from ‘faketoshi’ turned out to be a hoax as BCH ABC brought in extra hash power to counter any such claims of 51% attack. After the Fork, Craig Wright has warned that BCH SV would bring in enough hash power to wipe BCH ABC of the circuit if the miner community decide to leave the BCH ABC.
However, both the newly formed chains did attract more hash power than the required amount, making the miners sore loser amounting to millions of dollars. Miners paid the price for something as futile as the ‘Hash Power Race.’
The ‘Hash-War’ Ends Officially
The official end to the Hash War came in the form of a Press Release by CoinGeek announcing a permanent split, making both the currency BCH SV and BCH ABC official. The CoinGeek Press release is being considered a final say in the matter as it is owned by the gambling tycoon Calvin Ayre, a prominent BCH SV miner himself. Ayre has also mentioned that he would drop the Bitcoin Cash from BCH SV and call it BSV (Bitcoin Satoshi Version) instead.
The recent developments would mean that both the newly formed currencies would hold their position and compete in the market like any other crypto. The technical officer behind BCH SV has promised replay protection to help people avoid confusing one coin for another.
After the announcement became public, the Hash War has died down officially, but BCH ABC had the upper hand if we look at the overall Hash power for both.
Claims of BCH SV as the original Bitcoin
Another dilemma that is not ready to die down soon comes from Ayre himself, who claims BCH SV as the “original Bitcoin.” The news comes in light of awakening of Satoshi Legend after the P2P profile of Satoshi Nakamoto came to life.
The old age profile on the P2P network which was supposedly hacked in 2010, sprung to life on Friday. It befriended “Wagner Tamanaha” and posted a cryptic message ‘nour,’ which means ‘“light” in Arabic.
Interestingly enough, just after the developments came into public domain, Craig Wright tweeted ” Some seek a world of shadows… We seek a universe of light, ” and another one in Arabic ” Light is chasing the darkness .” Wright did not provide any explanation to his tweets. However, this was not the first attempt by the man to establish a connection with the legend signifying he is the anonymous man behind the Bitcoin.
https://twitter.com/ProfFaustus/status/1068429958714937344
Craig Wright has earlier came out claiming to be the original Satoshi, but the differences in the technical aspects of the two earned him the name of “faketoshi.”
The Name-Game
Every aspect of the November 15 Hard Fork has some twist and turns if one confusion seems to get over another one sprung up. Now that it is evident, both the coins would be standalone and independently trade on the market, the confusion over the names is making people scratch their heads.
BCH ABC which was based on the main framework of bitcoin cash has decided to drop ABC and now would be known only as BCH. On the contrary, BCH SV has agreed to drop the BCH part as its founders believe that it is the real and original bitcoin. So, the name would be Bitcoin Sv or BSV.
Final Thoughts
Looking at the unnecessary drama created by two parties, the ultimate loser in the game is the miner community. They had nothing to do with the egoistic clashes of the newly formed currency and their Hash War, yet they paid the price which would amount to millions of dollars.
Looking at the performance of the two coins among the bearish trend throughout November, BCH ABC is a clear winner. However, that does not take anything away from the Craig Wright side, as it defied everyone to become mainstream and also trading at around $100.