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Six days have passed since the bitcoin liquidation and neither side seems ready to quit.
In addition, cryptocurrency exchanges that have frozen bitcoin liquidity holdings in view of theady fork fork activity on Thursday are beginning to warm up the idea that bitcoin money can forever remain two cryptocurrencies.
On Tuesday, Coinbase, one of the largest cryptocurrent exchanges in the United States, said it was "now ready to resume limited negotiations in [bitcoin cash], "Designating the Bitcoin" Adjustable Blocksize Cap "or the Bitcoin ABC chain with the bitcoin cash ticker (BCH).
In addition, Coinbase added that its intention was to "support withdrawal services for the [Bitcoin Cash “Satoshi Vision” or Bitcoin SV] chain "but the development work for this would probably require" at least a couple of weeks ".
Other exchanges like Poloniex and Bitfinex have already started to support active trading for both networks, simply by completely eliminating the original BCH symbol and differentiating the two cryptocurrencies like BCHABC or BAB and BCHSV or BSV.
In addition, the Coin Dance data indicate that the Bitcoin ABC chain is driving Bitcoin SV both in terms of the number of blocks and of job tests.
Despite the clear disadvantage in terms of market price and the number of blocks extracted, supporters of Bitcoin SV claim that the plans to eventually overcome the blockchain of Bitcoin ABC are unshakable.
Craig Wright, one of the main supporters of Bitcoin SV and chief scientist of nChain – who developed the Bitcoin SV roadmap – told CoinDesk that "We are still competing, it will take some time. he survives and one dies and it will not be us who dies. "
Explaining that the Bitcoin SV chain would eventually prove to be the winner by "bankrupt" the other side, Wright argued that the current computational energy or "hash power" that supported the Bitcoin ABC network was unsustainable. Expecting that any slowdown of the hash power would have allowed Bitcoin SV to get past the ABC chain and close it completely, Wright referred to his tactics as "persistence hunting".
However, on the side of Bitcoin ABC, advocates like Roger Ver, CEO of the bitcoin.com mining pool claim that the current hash power that goes to my blocks on Bitcoin ABC can function sustainably for months.
In a weekly news report on bitcoin money on the official Bitcoin.com Youtube channel, Ver said:
"It's none of your business where the hash rate comes from and it's not for one day, it's for as long as we want, we can go on for just a decade if we have to bring it to the world."
Hunting for persistence
As such, the competition between Bitcoin ABC and Bitcoin SV is far from over, given the persistent feeling that a hostile takeover of both chains is well within the realm of possibilities.
Wright argues that in the long run, his network will accumulate enough hash power to launch a 51% attack – which simply means holding most of the computing power on the ABC Bitcoin network to create invalid transactions and blocks.
This was a constant threat posed even before the activation of Hard Fork on Thursday.
Although most speculated that such an attack would be imminent after the Bitcoin ABC chain took the lead in creating the longest bitcoin liquidity chain, Wright explained to CoinDesk that his method of combat – which he called "persistence hunting" – it was never "quick" explosions "of activity.
"We follow, we follow, we keep them in line, basically we make them spend money until they run out," said Wright.
But speaking of the possibility of a 51% attack, bitcoin developer and bitcoin supporter ABC, Chris Pacia, pointed out in a post published Saturday that some measures had already been put in place to prevent massive reorganisations in validated blocks on the ABC chain .
Called checkpoints, the unique additional software of the Bitcoin ABC network ensures that no replacement proposal or "reorg" blocks before a certain "checkpoint" can be approved on the blockchain – it does not matter if the proposal is made by the longest running chain.
Although criticized as opposed to the fundamental principles of achieving consensus on the blockchain, Pacia says that checkpoint technology has been widely used since 2010 by the bitcoin pseudonym creator, Satoshi Nakamoto, to safeguard the blockchain from 51% of the attacks.
Three-pronged approach
It is important to note that the checkpoint implemented on Bitcoin ABC does not prevent possible reorg of blocks created after the activation of a rigid fork.
Only blocks before the checkpoint are safe from malicious attacks by a competitor blockchain, meaning that, as Pacia suggests in his article, they are useful to prevent a 51% attack by Bitcoin SV miners "by pulling a hidden chain" since before the bitcoin cash division.
With the new blocks created every day on Bitcoin ABC, the likelihood of a 51% attack at the time of sabotaging one of these blocks through the hash power of Bitcoin SV is not out of the question.
However, the developer and miner Bitcoin ABC Jonathan Toomin told CoinDesk that there are a number of options.
First, the Bitcoin ABC chain can continue to extract the bitcoin blockchain as suggested by Ver. Bitcoin ABC can also restore the hash power to bitcoin and redirect only if necessary to the network when it is threatened by an imminent Bitcoin SV attack. Finally, on the question of block reorg, Toomin suggests:
"There are also some technical solutions to protect from reorg attacks even without hash rate, such as writing code that simply prevents reorgs that are more than six blocks of depth." If we do either of these, we can achieve revenue parity with BTC while continuing to keep [Bitcoin ABC] safe from attacks. "
When asked if an alternative counter-strike on the Bitcoin SV network could be made by the Bitcoin ABC miners, Toomin said that while ABC could attack SV with a superiority of hash power …. we choose not to.
"The ABC side believes that anyone who wants to implement a currency with their own set of rules is welcome and can create and innovate freely without asking anyone for permission … [Bitcoin ABC] he did not use [hash power] destroy BSV because it would be a violation of our beliefs. We prefer not to launch preventive attacks, "said Toomin.
Losses on both sides
However, the reality is that both the Bitcoin SV miners and the Bitcoin ABC miners are making a loss-making mine.
According to Coin Dance data, bitcoin cash miners would earn 75% more profit by extracting the bitcoin blockcoin compared to the Bitcoin SV or Bitcoin ABC chain.
This is particularly pertinent to data mining pools like Ver & # 39; s bitcoin.com, which deliberately redirected the hash power from bitcoin mining (BTC) to my bitcoin cash (BCH).
But unlike before the split, the price of bitcoin money is far from what it once was.
According to the TradingView trading data site, the price of the bitcoin in cash a day before the activation of fork hard hit a maximum of $ 504.04. Since its creation, Bitcoin ABC has just fired at a price of $ 300.
Furthermore, although Bitcoin SV peaked at $ 170.97 shortly after launch, the cryptocurrency has since declined steadily over the last six days, settling at around $ 60.00.
As a result, several supporters of the wider cryptocurrency claim that there are currently strong losses on both sides.
Saying that "everyone lost" and that the damage had been done to the leaders' reputation on both the ABC Bitcoin and the SV side, Ryan X Charles – CEO of the MoneyButton online payment platform – told CoinDesk that the events were "not still finished ".
Accepting this sentiment, Taariq Lewis – CEO of the promise protocols of the digital payments network – also stated that while the division "damaged the perceived value of cryptocurrency" in the markets, its prediction was that both Bitcoin ABC and SV would continue to " to survive".
"Both will survive. [Dogecoin] survives and Bitcoin Gold survives. We have precedents that as long as a cryptocurrency has a community, it will not die, "Lewis said.
As such, the question remains: Will ABCs continue to keep the command as the dominant bitcoin network or to undergo network attacks promised by Bitcoin SV miners who may or may not have the resources to support these operations in the long run? ?
At the end of the day, the expected outcome of the cash dispute with bitcoins, as pointed out by bitcoin.com CEO Roger Ver, does not seem to be a "win" for either party.
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