Bitcoin Cash SV woes continue: critics slam BCH SV for reorganizing blocks
The Bitcoin Cash hard fork, which took place after months of dispute, has left the crypto world reeling in the wake of a market crash brought about by the event. The crypto community has been closely watching the resulting two chains – Bitcoin Cash ABC (Adjustable Blocksize Cap) and Bitcoin Cash SV (Satoshi’s Vision). So far, Bitcoin Cash SV [BCH SV] has not fared too well in comparison.
The two chains were developed due to differences within the community regarding the implementation of the BCH network. Bitcoin ABC proponents believed the BCH network required minimal changes such as enabling node operators to change the block size limit.
However, the Bitcoin SV side proposed overwriting the network scripts of Bitcoin ABC, thereby increasing the BCH block size from 32 MB to 128 MB.
Since its creation, the Bitcoin Cash SV camp has been widely criticized, with critics claiming that most exchanges will only support the ABC chain.
Most recently, it was noticed that the BCH SV blockchain had undergone a block reorganization. According to the research arm of trading platform BitMEX, the reorganization was observed at block 557301. The researchers refrained from concluding that the blockchain was under an attack. Later, it stated that the incident was likely caused by bad network connectivity and blocks which were too large.
There have been claims that CoinGeek reorganized its own blocks, though these allegations have not been verified. But it did not stop critics from sharing their views on such claims.
Emin Gün Sirer, a professor at Cornell University, said that such a self-reorganization should not be possible in a decentralized system and concluded that BCH SV is a centralized coin.
BCH SV is not performing too well in the market either. According to CryptoCompare, at the time of writing, BCH SV slid nearly 6 percent against the U.S. dollar to trade at $53.33. The coin’s value has more than halved in the last seven days. On the other hand, Bitcoin Cash ABC [BCH ABC] was up 6.5 percent, valuing it at $229.13.
Kraken: Bitcoin Cash SV is “extremely high risk”
Compounding to its woes, the SV chain was recently dealt a blow after crypto exchange Kraken warned its users that BCH SV did not meet all the listing requirements of the platform. “It should be seen as an extremely high risk investment,” Kraken stated on its blog.
Though most platforms support trading for both BCH ABC and BCH SV chains, a major difference in the prices of both coins can be seen on different platforms.
However, the SV team – nChain’s Craig Wright, CoinGeek and entrepreneur Calvin Ayre – seem undeterred by the criticism making rounds in the community.
Most recently, Bitcoin SV announced that a 64MB block had been mined, the world’s largest block on a public blockchain. The block was mined by CoinGeek Mining during a stress test of the BCH network.
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