20181115-BCH Hash War

The Bitcoin Cash Hash War

(source: How the Bitcoin Cash (BCH) Hash War Is Affecting Bitcoin (BTC))

 

One explanation of the current turmoil in the crypto-verse, is the ongoing Hash Wars between the Bitcoin Cash (BCH) community as they prepare for the upcoming BCH hard-fork. Both sides of the ‘battle’ – Bitcoin Cash ABC and Bitcoin Cash SV – have vowed to take down the other using all means possible.
Jihan Wu’s stance:
A few days ago, Bitmain CEO Jihan Wu was reported to have mobilized 90,000 mining machines to gain an upper hand in the hard-fork that is scheduled for today. Jihan is quoted as stating the following with regards to the ongoing BCH crisis:

“I have no intention to start a has war with [Craig Wright], because if I do (by relocating hash power from BTC mining to BCH mining), BTC price will dump below yearly support; it may even breech $5,000. But since [Craig Wright] is relentless, I am all in to fight till death!”

Craig Wright’s Response :

 

Craig Wright seemed unfazed by the attempts of both Jihan Wu and Roger Ver. Mr. Wright took to Twitter to explain that for a winner to emerge, there has to be continuous mining of Bitcoin Cash. One day will not win the battle. His tweet can be found below.

Craig Wright also stated that the fall of BTC does not phase him. He made this statement as he warned BTC miners from switching to Bitcoin Cash. His tweet had this to say:

“To all BTC miners…
If you switch to mine BCH, we may need to fund this with BTC, if we do, we sell for USD and, well… we think BTC market has no room… it tanks.
Think about it. We will sell A Lot! Consider that…. And, have a nice day (BTC to 1000 does not phase me)”

A Bit of History:

(source: The So Called Bitcoin-Bitcoin Cash Is Doomed To Fork In November 2018)

  What’s Going On In The BCH Crew?

Bitcoin Cash, since its formation, has decided to hard fork every 6 months for planned protocol upgrades but only if the consensus is there.
This time, however, there is no consensus.
Bitcoin ABC Side [Bitmain]
It all started when Bitcoin ABC, the most used Bitcoin Cash client, and its lead developer Amaury Séchet (@deadalnix), proposed a change in the upcoming November fork.
The changes go like this:
The specific features included in the November 15th upgrade, and provided by Bitcoin ABC 0.18.0, are:
  • A new opcode called OP_CHECKDATASIG that improves the BCH scripting language to permit the validation of messages from outside the blockchain. This will enable users such as the use of oracles and cross-chain atomic contracts.
  • The introduction of canonical transaction ordering. This is a technical building block that lays the foundation for massive scaling improvements in the future.
  • Several minor technical fixes and improvements.
These changes are part of ABC’s plan to make BCH the most scalable, usable and extensible blockchain. It further opens the doors for non-cash transactions on the Bitcoin Cash blockchain.
ABC guys also want to keep the block size as 32 MB as of now, but the nChain people don’t agree on it.

ABC is also joined by Bitmain who happens to control significant BCH mining power and have rejected the idea of Bitcoin SV.


nChain Side [CoinGeek]

But the idea of ABC invited opposition from Dr. Craig S Wright and his company nChain.
They are against the idea of using Bitcoin Cash blockchain for non-cash transactions and also don’t support canonical transactions because of two reasons – one, it is not required currently, and two, it hasn’t had enough testing so far.

nChain has its support from one of the biggest BCH miners, i.e., CoinGeek who wants BCH to be restored to original BTC design when it was forked and also doesn’t supports canonical transactions. It also wants the current block size to be raised to 128 MB.


  
  • Bitcoin ABC & Bitmain Side with 22.3 % hash power
  • CoinGeek & nChain Side with 25.4% hash power
The rest mining pools are with 52% hash power, and no one knows which side they will support. Thus, they have the potential to tilt the needle toward either team.
It’s interesting what Vitalik said about the BCH war:


“The BCH community should NOT compromise with Craig Wright to "avoid a split" and should embrace it as an opportunity to conclusively ostracize and reject him. Bitcoin Craig (BCC) can go take the ticker symbol from the now-defunct cryptocurrency to which it is a fitting successor.”

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