Does ABC's final game plan help China foil Bitcoin?


Much has been said about the recent hash war of Bitcoin Cash (BCH), and its conclusion – with the ABC camp declaring premature victory thanks to an artificial burst of rented hash – has raised even more questions like, why ABC and his supporters have wasted millions of dollars of their money and tens of millions of other people's money in the fight? What's in them for them?

Far from creating a state of anarchy, it seems that the ABC faction may have worked for the Chinese government after all.

In early December, a lawsuit filed by the US blockchain company United American Corp. (UAC) accused Bitmain, its co-founder Jihan Wu, along with its "team of conspirators" composed of the CEO of Roger Ver, developers ABC Amaury Sechet, Shammah Chancellor and Jason B. Cox, as well as Kraken and his CEO, Jesse Powell, work "with the knowledge and support of the Chinese government to organize a premeditated hostile acquisition" of the network BCH.

The Chinese government is known for its uncompromising approach to activities related to cryptocurrency, the ban on the trade in cryptocurrencies and the first offers of coins (ICO) last year. But the country's central bank, the People's Bank of China (PBOC), is also planning its own digital currency, the central bank's digital currency (CBDC), as part of the government's offer to have greater control over the financial system of the country.

The CBDC project was designed by the former PBOC governor Zhou Xiaochuan, which has achieved its goal of protecting the country from "designed and controlled by others" such as Bitcoin.

To date, the Chinese central bank has registered 78 patents in digital currency, Bloomberg reported. PBOC is also in fifth place in the world regarding the patents related to the blockchain, with 44 starting from August, according to China IPRdaily. One of the most recent patents, presented in June, is for a digital portfolio that will allow users and businesses to exchange their yuan with the digital currency, which can be used for payments. Users can also monitor their transactions using the portfolio, which will be built in coordination with a centralized digital currency emission registration agency. In short, the PBOC will be able to track all transactions as well.

In comparison, nChain made an effort to patent new ideas and technologies in an effort to protect technology rather than stifle development. With the patents of nChain, the technology can be used by people developing on the SV chain, but not by evil actors like the Chinese government.

Game plan of the end of ABC

So, how do you fit the ABC faction in all this?

Please note that in the network update of November 15th, a sudden wave of hashes magically arrived to support ABC. All this thanks to the pool, which has upgraded its BCH for only 24 hours moving the hash of customers from the BTC chain. The ABC also received more support from the hash "for rent" from the controlled BTC mining pools or friends of Bitmain. In return, Bitmain must pay to subsidize the difference of the lowest income miners they receive on the BCH chain when the total hash rate increases, compared to mining on the most profitable BTC network, which CEO Jiang Zhuoer has estimated can cost over 100 million yuan ($ 14 million) a day.

The rented hash that supports ABC is temporary, which means that the effort was a lost proposition for Bitmain and the rest of the group. Now, even the ABC camp is accused of being supported by the Chinese government, all in an attempt to centralize the Bitcoin Cash network with the result that Chinese entities have now dominated this important segment of the cryptocurrency market with checkpoints and instances of proprietary software . other means of controlling the system ", according to the UAC case.

The war of the hash could be over, but it is clear that the struggle to bring the truth to light has just begun. It is also clear that the attacks on the original Bitcoin, first with Bitcoin Core (BTC) and more recently with ABC, have cost the ecosystem a lot of time – in the development and in the push for adoption.

But with everyone joining Bitcoin SV, the only cryptocurrency that is the only currency that can scale on a large scale and involve fast transactions at low costs, it's just a matter of time before we reach the bottom line. original Satoshi Vision for Bitcoin: that of a "peer-to-peer electronic payment system".

We invite everyone, from exchanges to payment processors, miners, merchants, app developers and others, to collaborate with us and make the global money of Bitcoin SV today.

Note: Tokens on the Bitcoin Core (segwit) chain are called BTC coins. Bitcoin Satoshi Vision (BSV) is today the only implementation of Bitcoin following the original whitepaper of Satoshi Nakamoto for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original Bitcoin vision as fast and frictionless electronic money.
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