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The Cryptocurrency Exchange in San Francisco Kraken has started to support the "BSV" currency, an encrypted token of controversial controversial controversy of Bitcoin Cash last Thursday.
Bitcoin Cash is itself a "fork" or a junction / copy code of Bitcoin created by the first Bitcoin champ Roger Ver and allies, who believed that "Bitcoin Core" was bringing Bitcoin in a direction that its inventor would not agreement.
At the time, Ver and the allies Jihan Wu (founder of the world's largest cryptocurrency conglomerate, Bitmain) and Craig Wright (nicknamed "Faketoshi" for claiming to be the elusive Bitcoin inventor, Satoshi Nakamoto) believed the best way to resize Bitcoin and accommodate multiple users, including retail, was to increase the size of data blocks processed by miners on the network.
"Bitcoin Core", for its part, argued that the increase in the size of the blocks would favor large miners able to accommodate more data in their nodes. They argued that this would have further exacerbated the little man who was digging or hosting a node in the ledger and contributing to the centralization of the network, making it so vulnerable to attacks by the government or other nefarious actors.
"Bitcoin Core" also claimed that large blocks are a temporary measure to resize Bitcoins that would not last, and they started working on "off-the-shelf" scaling solutions that would have processed more "secondary" transactions before arrange the sum of them on the main Bitcoin blockchain.
Fast forward 15 months later and the Bitcoin Cash group has fractured again. The greedy cryptocurrencies gathered around YouTube last week to watch the various live streams documenting the resulting breakdown of the "BCash" code.
When an established blockchain is "forked" or divided into two or more chains, the trading of resulting tokens or coins is generally suspended until both networks stabilize.
Trading during the first days of a fork can cause coins to be "replayed" or stolen and spent in the new chain by a bad actor.
The prices of a coin with an approaching fork often increase shortly before because the original currency holders usually receive the same number of coins on the new chain because both chains share the same root.
Many scrambled traders, therefore, often buy coins just before a fork so that they can double their property after the fork. Many can also buy coins so they can collect, unload and sabotage the new coin once it is launched.
Kraken announced in a post-November 18 blog that he started "supporting" the new version of Bitcoin Cash, BSV, with reservations.
First of all, the exchange warns in bold:
"Bitcoin SV does not meet Kraken's usual listing requirements, it should be seen as a high risk investment, there are many red flags that traders should be aware of."
Red flags include the fact that the currency is not (yet) supported by any portfolio that protects against replays.
Moreover, although it is possible to track the progress of both currencies on https://cash.coin.dance/, "no major block explorer" is monitoring the currency, which means that the health of the network can not be verified in a way definitive.
To resist the fork, during which several participants threatened to attack each other, each network could subsidize its miners to keep them loyal. Other miners could operate at a loss, which could compromise loyalty and possibly "incentivize" them to move on to more profitable coins.
At this point, that bitcoin currency Cash ABC (BCH on Kraken), which could be called "Bitcoin Cash Core".
A cryptographic network with fewer miners can be attacked by miners on a larger network, be slowed down, have damaged disks or have stolen or "double-spent" coins.
The fact that no known portfolio has an integrated reproduction protection for BSV means that relatively little liquidity can be available to people who want to exchange money, which means that the people who hold it could lose big price moves.
Kraken also notes that, as part of the opposing fork, "some large holders indicated that they would dump everything as soon as possible."
In addition, despite supporting the BSV product and preparing to allow operations, Kraken admits that he did "… only a very minimal code review".
When the exchange determines that it is "safe", it will allow trading between BSV and Euro, USD and Bitcoin.
The Poloniex exchange announced on Twitter on November 15 that is already allowing BSV operations.
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