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- The Hash wars that followed the hard bit of Bitcoin Cash continue, with both sides aiming to fight for domination as long as possible.
- Exchanges like Poloniex and Bittrex have already started to negotiate BSV despite the ongoing hash war, with further expectations to follow.
- The Crypto community continues to speculate on the potential reasons behind this development, with many arguing that the main objective is the manipulation of BTC prices.
Four days have passed since the Bitcoin Cash update led to a difficult fork, and the hash war between the newly founded BSC and BSV continues. As many already know, Bitcoin Cash's blockchain has split in two because of the disagreement between the two main fields of the BCH community – Bitcoin ABC and nChain.
As a result, the two blockchains are now struggling for domination, with the version of Bitcoin Cash ABC that is currently winning the hash war with 61% of the total hash power on its side. Currently the Cashcoque Satoshi Vision (BSV) of Bitcoin has only 39%. Initially not wanting to participate in the hash war, Bitcoin ABC's supporter and Bitmain co-founder, Jihan Wu, eventually entered anyway.
He declared that the war will transfer the power of the hash from the Bitcoin extraction to the extraction of Bitcoin Cash, which is why the price of Bitcoin will decrease significantly. This was already witnessed during the previous week, with Bitcoin losing more than $ 1,000 in value and falling to $ 5,300. As for the chief researcher of nhain who initiated the "BSV rebellion", Craig Wright, he made numerous aggressive moves and statements, even claiming to be Satoshi Nakamoto, the original creator of Bitcoin.
The exchanges are starting the BSV business
While the two opposite parties continue to work against each other, several cryptocurrency exchanges have announced that BSV trading is already available. The most important are already Bittrex and Poloniex.
In a recent statement published a few hours ago, Bittrex noted that the deposits and withdrawals of BSV are open. However, deposits are temporarily limited to 20 and cross-chain BCH / BSV deposits will not be credited.
Note: deposits and withdrawals of Bitcoin SV (BSV) are now open. The confirmations were temporarily set at 20 for deposits. Cross-chain deposits on the BCH / BSV chain will NOT be credited. Please pay attention when sending BCH / BSV as there is no playback protection https://t.co/EIcqG4pu6N
– Bittrex (@BittrexExchange) November 19, 2018
It is believed that it is only a matter of time before other exchanges unite and do the same with BSV, despite the fact that the hash war is still ongoing.
Price manipulation in Bitcoins
As the situation continues to unfold, the crypto community is speculating on the real reason behind these events. Aiming to find some explanation for current chaotic events, many came to various conclusions. Many of these revolve around the possibility of manipulating Bitcoin prices.
Numerous Reddit messages state that the Bitcoin Cash situation was artificially provoked, so that Bitcoin would suffer greater damage. The alleged reasons behind this are the fact that Bakkt is about to arrive and a chance to approve Bitcoin ETFs. Even if only one of these events were to happen, the Bitcoin ecosystem will see a huge increase in money.
In this scenario, Bitcoin will probably skyrocket just as it did last year and many people, including entire wealthy families around the world, will want to take advantage of it. As a result, they paid Wright to push the market in a couple of unstable and chaotic days, while they get all the BTCs they can, or so the theory goes.
If it is true, Bitcoin price manipulation is the only reason behind the market crash. Although there is no evidence to confirm this, much of the cryptic community seems to be in agreement with the theory. At the very least, it makes sense to them. Whether it's true or not, however, it remains to be seen.
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