BCH Hash War Begins: Bitcoin ABC Leaps 45 Blocks Ahead
The Bitcoin Cash (BCH) hard fork causes a new round ‘crypto civil war’ within the community. The disagreement behind the hard fork has been considered as the main perpetrator of the recent crypto market crash which causes investors and holders to panic a lot.
Finally, the controversial chain split has been activated today at block number 556766. Since then, the fourth-largest cryptocurrency’s network has been divided mainly into two competing versions: the Bitcoin ABC and Bitcoin SV. However, the BCH hash war has just begun.
According to data provided by cryptocurrency statistics website Coin.Dance, the Bitcoin ABC side is leading ahead with more hash power, more activity, more company support as well as higher price.
Despite the Bitcoin SV Camp boasted their ability to launch the 51% attack, according to newsbtc, sources close to the founder of Bitmain, there are still 90,000 mining units reportedly mining the BTC chain that could also be switched to Bitcoin ABC.
Meanwhile, the well-known crypto analyst Joseph Young also tweeted that the Bitcoin SV side does not have enough hashing power and nodes for a 51% attacks on BCH. As thus, Craig Steven Wright’s talk of 51% attack for months seems to be little more than idle threats.
However, the Bitcoin SV camp would never capitulate easily. Wright, the Faketoshi, has threatened BTC miners that if they switch to mine BCH, they would sell their BTC for USD to fund the BCH war and that would lead to a crash in Bitcoin market.
To all BTC miners…
If you switch to mine BCH, we may need to fund this with BTC, if we do, we sell for USD and, well… we think BTC market has no room… it tanks.
Think about it. We will sell A Lot!
And, have a nice day
(BTC to 1000 does not phase me) pic.twitter.com/oUScEahtWc
— Dr Craig S Wright (@ProfFaustus) November 14, 2018
Regarding this, Jiang Zhuoer, founder of the world’s third-largest mining pool BTC.Top, argues that Bitcoin SV’s concept of making no changes and return to Satoshi’s original design would drive Bitcoin Cash to die in silence.
Jiang pointed out that BCH has much fewer users than BTC, so the consequence of “making no change” is to perish from the crypto world. He further demonstrated that,
“the reason why users use a certain cryptocurrency is mainly due to it can address users needs, not because it may satisfy the psychological needs of the conservatives.”