BCH Hard Fork battle turns personal as Wright’s Group anticipates a win
Craig Wright, a person who calls himself Satoshi Nakamoto has assured himself a win over a fight that had two of the major versions of Bitcoin Cash (BCH) battling it out. BCH by itself was a part of the bigger Bitcoin cryptocurrency.
After the Bitcoin Hard Fork that is bound to happen today, Wright and his group will take control over BCH, the fourth largest cryptocurrency in the world. Around 70 percent miners say that they support Wright’s Bitcoin SV when compared to its competitor, according to statistics from Coin Dance.
Throughout the pre-hard fork times, both Wright and his rival group’s head Roger Ver has been calling each other names. Ver is better known as “Bitcoin Jesus” for having brought Bitcoin Cash into existence.
“This seems to be a personality conflict as much as a technology issue. Since the most contentious (from a philosophical perspective) part of the community amputated itself into Bitcoin Cash, it should not be a surprise that they are capable of further self-mutilation,” said Lex Sokolin, Global Director of Fintech Strategy, Autonomous Research, London.
Various participants have taken different sides. Coinbase, a San Francisco-based exchange choose Ver’s Bitcoin ABC version over Wright’s version. The largest cryptocurrency exchange in the world Binance said it will support both the versions. BitPay, a Bitcoin Merchant service said it will support Bitcoin ABC.
“The chain will split in two, but the economy will support ABC and reject SV,” said Jonathan Bier, Head of Research, Bitmex.
He also mentioned that since major exchanges do not list Bitcoin SV, it could lead to pressure in its price.
“SV will have a low price and miners will leave it in a few weeks. That is my prediction,” added Bier
Calvin Ayre, head of CoinGeek and an ally of Wright plans on asking exchanges to list his coin as true Bitcoin Cash.
“If they do go their own way we are going to lobby all exchanges, since they are forking away from Bitcoin technology, that they should not be able to keep the Bitcoin name and create market confusion,” said Ayre in an email.
In the meantime, Wright seemed to have threatened Bitmain.
“So Calvin purchased a LOT of machines from Bitmain. Now Bitmain wants to attack one of their largest customers…Sounds like a winning strategy — for the competition…” said Wright in a tweet on November 13.
On the other hand, Ver said he was mistaken in Wright, and hoped for the split to end up like Y2K.
“I think it’s probably unlikely that there will a long-term fork,” said Ver.
Image via Google
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