The code for the hard fork of Bitcoin's money was activated yesterday as announced and, according to CoinDance, the last "common block" among the bitcoin money miners, at the time of writing, was # 556,897, extracted from Bitcoin.com – which is supporting Bitcoin ABC.
However, at this point, we can not define which one will become the dominant software of the BCH network. Will it be only one or two distinct chains that will continue to coexist in the long run?
As we have already written, there are two dominant proposals for the implementation of the BCH network in the form of Bitcoin ABC and Bitcoin SV (Satoshi & # 39; s Vision).
Bitcoin ABC stands for "Adjustable Blocksize Cap", and its supporters argue that the basic structure of BCH is "sound" and "does not need any radical change". The proposed changes include the "removal of software bottlenecks" and the enabling of the node operators to change the block size limit.
The other implementation, Bitcoin "Satoshi & # 39; s Vision" or Bitcoin SV, rejects these changes to restore instead the code withdrawn from the original bitcoin protocol and increases the block size from 32 MB to 128 MB.
In the background, there is also a third faction called Bitcoin Unlimited, led by Andrew Clifford. They are proposing, as expected, a compromise between Bitcoin ABC and Bitcoin SV. Bitcoin Unlimited was marginalized while Ver and Wright fought on social media, but there are people who believe they could be the real winners after all.
During this event, the threats of chain sabotage by the greedy Bitcoin supporter SV Craig Wright have suggested the potential use of hash power to extract a Bitcoin SV chain and in this way , create empty blocks on an opposite ABC Bitcoin chain, which could fatally damage operations on the opposing network.
Bitcoin ABC supporters have not seen it as a possibility, but the Bitcoin SV mining pools have consolidated much of the hash power on the network, showing that they could follow it if needed.
Mining pool Mempool has extracted the first block of Bitcoin SV, with the subsequent blocks of SVPool and Coingeek. Pool mining Bitcoin.com, BTC.com and Antpool have controlled the ABC action to date.
Yesterday, the Bitcoin.com mining pool released an announcement to users saying that all the hash power that is about to extract the bitcoin blockcoin will be temporarily deployed to extract the bitcoin ABC blocks.
Although this announcement has been received negative feedback from those who claimed that the organization did not have the legal right to redirect the mining support in this way, the data on the site indicate that starting from 17:30 UTC the mining pool has constantly re-allocated the hash power to support the blockchain Bitcoin ABC. 133 blocks were drawn according to the new consensus rules and at the time of writing, Bitcoin ABC was 49 blocks ahead.
According to the Coinmarketcap numbers, the estimated comparative value of both bitcoin cash cryptocurrencies is currently around $ 83 for Bitcoin SV and $ 284 for Bitcoin ABC.
The gleamy universe Post-Fork
BCH owners can expect to see some crazy fluctuations. Wright has already threatened to start a 51% attack on the Bitcoin ABC blockchain if his SV earns most of the hash rate on the network. While ABC expects to get hash power from Bitmain's bitcoin wells, the overall ugliness of the situation could bring BCH to new lows and could even threaten the bitcoin's original value for a while.
Numbers can always change, but there is a chance that supporters can move from one chain to another, and there are other resources that are included to strengthen the chains. Many platforms are watching this difficult game, leaving the dark community of the future of Bitcoin Cash until a resolution occurs.
According to the basic architecture of Bitcoin Cash, if Bitcoin SV manages to say 51% hash power, it can launch attacks on the minority chain. And Wright's intention shows that he is likely to do it.
Peter Rizun, chief scientist at Bitcoin Unlimited states that the next hash war is the most important test for the security assumption of the Bitcoin network, called "honest majority".
The Bitcoin whitepaper states that the hypothesis of the honest majority depends on the fact that the 51% nodes must behave in a non-damaging way to guarantee security.
"The safety of the blockchain comes from economic incentives, not mathematics." We cross our fingers and hope that a group of attacking nodes will choose to play by the rules. "Maybe they will not." The next hash battle is putting the test to the test. hypothesis of Satoshi. "
Does CoinGeek plan an attack against ABC?
The self-proclaimed "benevolent dictator" of Bitcoin ABC, Amaury Séchet, said he believed, due to publicly available metrics, that the mining pool of BCH CoinGeek is currently preparing an attack against the ABC chain. He mentioned the fact that they do not seem to be using almost their normal value of 2 mining power exahash in the immediate consequence of the fork.
Participating in the chat said:
"If you think you have a better plan, and I think that with BCH we have a better BTC plan, then you can compete on the open market, or we're right, and we end up winning, or we're wrong and BTC ends up winning, and it's okay and well and this is the market competition.
What we are seeing right now, however, or rather, what we are not seeing right now, is the hashrate of CoinGeek and BMG. Right? It's completely gone. It is not winning, digging anywhere we can see. What he tells me is, you know, they did not throw like 2 exahash in this, right? So they are preparing some kind of attack.
And right now we are not in a situation where people compete in an open market. We are in a situation where we have an opponent who, you know, is planning an attack. And so we must consider them an attacker at this point. "
He added however that if they are going to launch an attack on BCHABC, they will have to be treated as such.
The threat, according to the main developer, comes from the hash that exists and can easily attack the Bitcoin ABC network. "The hashrate that is missing now that we do not see anywhere," he specified.
The question of where the CoinGeek hash is finished is good. Potentially, it is the normal BTC data mining because it is no longer necessary to extract Bitcoin SV, or it is extracting Bitcoin ABC, which has seen a considerable increase in hashrate, but it is also possible that it is preparing for a nefarious purpose as described by Séchet.
Bitcoin Cash Hard Fork has caused "Crypto Civil War"
Brian Kelly, founder and CEO of the BKCM cryptocurrency investment company, said the market is experiencing a "civil war crypt" as the announced "fork" in Bitcoin Cash has not gained peer support. of the community.
The disagreement is behind the collapse of the digital currencies market, with Bitcoin losing the $ 6,000 handle on Wednesday.
"Things exploded on Wednesday as Bitcoin dropped below $ 6,000 and is gradually approaching the $ 5,000 mark." The upcoming Bitcoin Cash software update, born of a Bitcoin fork by developers who want to increase the size limit of the Bitcoin block is to blame.
When you perform a software update, generally everyone agrees. But in this particular case, everyone is not on agreement. So, we made a "civil war crypt" […] People started selling. That triggered interruption. Everyone worried. And that's what happened today – the whole market runs out. "
Meltem Demirors, CEO of the cryptocurrency research firm CoinShares, claims that some investment funds have "taken some money off the table" after a number of accumulated events.
"I think all the other assets that are not Bitcoins are in the middle of a liquidity crisis.What we are seeing in general is that asset prices are down 75% or more, in some cases by 95%. we are at a point where the projects are running out of money, they will need to start firing their employees, they will need to cut costs, you will see consolidation and some of these resources will inevitably be marked to zero. "
Did you like the prison so much?
Apart from the ongoing war between BCHABC and BCHSV, even their supporters are on fire Twitter.
While waiting for the trial to complete, Jihan Wu, the BCHABC supporter, is retweeting all the comments from his supporters.
Craig Wright's comments on Roger Ver & # 39; s who used the power of Bitcoin.com to extract BCHABC during hardfork completely covered his style.
Wright warned Ver that such actions would bring him back to prison after he mentioned that Japan is a member of Interpol. "Did you like the prison a lot?" He tweeted.
His statement was captured and he received an "interesting comment" that referred to him as "Bad Satoshi", saying, "Someone can give him a lollipop so he can stop this whim."
The pitchfork is not finished yet, lets us wait and see. Or, as the self-proclaimed Satoshi Craig Wright proclaimed sad: "Hash's competitions are a marathon, not a sprint".