CoinEx proposes the release of a BSV token; Wright calls it a fraud 22204 BCH
News
Rakesh Ranjan Parashar
Sep 2, 2018 at 3:00 AM

The Bitcoin Cash [BCH] chain split saga continues to worsen with each passing day with new developments taking place. Faketoshi, more commonly known as Craig Wright, the Chief Scientist at nChain has threatened to shut down CoinEx exchange.

With things taking a drastic turn and the implementations provided by both development teams clash, it could result in a chain split--another fork into two currencies may be imminent.

All the sides involved in this debate have already made their positions clear, with exchange CoinEx posting a statement saying it would create a “Bitcoin SV” (BSV) token in the event of a hard fork. However, nChain chief scientist Dr. Craig Wright was quick to retort and has criticized the statement, calling it “fraud”.

CoinEx criticizes Bitcoin SV

CoinEx released a statement saying that Bitcoin SV, the implementation proposed by Craig Wright does not have the replay protection mechanism added to it and that would bring chaos to the entire Bitcoin Cash network.

Keeping this in mind, CoinEx exchange published an announcement stating that Bitcoin SV was an “altered version of Bitcoin Cash protocols” and would cause a fork of the existing protocol.

CoinEx went on to say:

“After the fork, we will release a BSV/BCH trading pair in CoinEx so you can buy or sell BSV. CoinEx will not support BSV deposit and withdrawal until its chain is stabilized and all supporting services e.g. wallet are available.”

They urged users to be ready for the imminent forking and deposit their BCH into the exchange wallets in.

CoinEx noted:

“To avoid unnecessary asset loss, CoinEx recommends all users to deposit their BCH assets to CoinEx before the potential forking. We will provide 100% protection for your assets and please be assured that you will receive the forked asset of BSV as promised.”

Is forking going to happen?

While the fork seems imminent, it is not a certainty. BCH is due for an upgrade in November, as developers Bitcoin ABC plan to introduce several changes which has been vehemently opposed by BCH developers, nChain and Calvin Ayres’ BCH media and mining operation CoinGeek.

In one of our earlier reports, Wright spoke about the potential split and said:

“We’re not going to allow any split…If someone tries to do that to ABC, we have more hashpower, we will dedicate it to their hashpower. There is no split. You split, we bankrupt you. This is how Bitcoin works. You don’t like it, stiff.”

The community seems to be divided on this issue and it seems to be a repetition of last year when the SegWit/non-SegWit debate split Bitcoin (BTC).

See Also: Cobra devises a plan to thwart possible Bitcoin Cash civil war

Bitmain CEO’s “modus operandi” is to fork and split the Bitcoin Cash chain: Craig Wright

Image via Shutterstock

Join our Telegram group