Business & Finance

BCH Fork Will Make Individual Coin Even More Concentrated With Wealth Says Jimmy Song

A crypto analyst Jimmy Song, a proud member of the crypto community, explains that the recent fork possibilities, that can potentially divide bitcoin cash, can actually do the remaining BCH the courtesy of increasing the wealth, more than the amount BCH held before the fork. This can be grasped by the fact that the people who had in their minds that a the coin should bear certain characteristics are now divided and rightly so. The coins do divide too leaving the lesser stock with more wealth concentrated within each of those. BlockPublisher took to the task to dig the situation up a bit in order to get some impacting remarks from Mr. Song himself.

The good the BCH fork can do is to increase the worth of a single coin left after the fork. There is a defined rule that wealth distribution is generally proportional to the number of people who value it.

The BCH hard fork has been scheduled for the 15th of November, that means tomorrow as of this writing. This will result in the BCH divided into three sections. The first one being the Bitcoin ABC will stick to the current standards and norms of BCH. The second one termed as Bitcoin SV, SV being a short-hand for Satoshi’s Vision, which will encompass what Satoshi Nakamoto, the genius behind the crypto frenzy held dear for an ideal digital currency led by none other than Cr. Craig S. Wright. Though this action of his has attracted some unwanted critic attention for him with analysts like Joseph Young referring to him as a Satoshi bootleg. The third fork outcome, Bitcoin Unlimited sets to bring the power back to the usual miners which they explain has been ripped off from them with the current versions of digital assets.

The fork was in the making since the beginning as there have been people who support the traditional bitcoin values while some were likely to evolve with the trends and times. Jimmy Song picks out a single up for the branching cryptos that though there will be a lot of difference in the cryptos now that they are free to follow their own paths or roadmaps, the wealth of the single coin would increase exponentially as there will be more people who value what the coin stands for.

The discourse can close to culmination with the fact that now that the coins are free from following a joint path, there can be much development coming their way but the chances of a great chaos striking also turn sky high. Song explains the matter quite decently.

The game theory scenarios with the BCH split are fascinating. SV could attack ABC and cause a major reorg, but what’s the payoff? Would ABC clients then invalidate blocks and hope Bitmain has enough hash power? I wish I had the time to write a proper article.

Mohammad Shazil

A Riverside, CA born Electrical Engineer who bears the passion to write over every happening around. A crypto zealot. Shazil is the sub-editor of BlockPublisher news. Contact the editor at editor.news@blockpublisher.com

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