By the end of 2018, somewhere in mid-November, Bitcoin witnessed an ugly fight. The most successful hard fork of Bitcoin, the Bitcoin Cash, yet again went through ANOTHER hard fork and split into two.
The trouble had started when the self-proclaimed Satoshi Nakamoto, Craig Wright began opposing the update. He started his own campaign by arguing that what the new update was trying to achieve didn’t align with Satoshi’s vision. First, the dude had the audacity to claim he’s Satoshi and when that trick didn’t work, he is acting like his spokesperson.
I mean, will the real Satoshi stand up already?!
Craig started calling his part of the split, BTC SV which stood for Bitcoin Cash Satoshi Vision.
His part of the campaign was supported by major miners CoinGeek – led by an online gambling billionaire Calvin Ayre. The main reason he was doing so was that they wanted to get rid of the feature that BCH had initiated in conjunction with Bitman that allowed Bitmain to destroy units of BCH as part of a new token creation framework.
Game, Set, Match!
The BCH ABC camp was supported by the Roger Ver – owned Bitcoin.com as well as Bitmain, several other mining pools, and multiple businesses. Whereas on the other hand, BCH SV was backed by CoinGeek, SVPool, and BMG Pool.
As we all know BCH ABC was the first one to mine a block and BCH SV was able to mine one block 22 minutes later. By 21st November, SV camp had aced a terrible defeat and racked up a 2.2 million loss.
Even if we look at it now the clear winner appears to be Bitcoin Cash ABC, which is at $227.31 whereas Bitcoin SV values $90.37. However, Bitcoin SV has risen up by 4 percent whereas Bitcoin Cash has fallen down by 20 percent. Despite this, Bitcoin Cash ABC is operating at a higher value.
For Craig Wright, the war would continue until one side died. Meanwhile, Ayre characterized the split as a win for each side. He believes that the SV camp has upheld the original protocol and thus doesn’t need the BCH name anyway.
Both sides have, however, declared victory but it was an ugly sight for investors.
The sad news is that bitcoin is at a low that was not witnessed since August 2017, the total market cap is down by $100 billion And on the same hand, two chains are locked in a money-losing fight.
What for? Absolutely nothing…