Bitcoin ABC or Bitcoin SV?
This article was written by Greg Wyche. This does not represent the opinion of Jared Schlar.
Bitcoin prices fell significantly on 11/14, as a response to the impending fork by bitcoin cash, according to Brian Kelly [1], CEO and Founder of cryto-investment corporation BKCM LLC. [2] Ars Technica reported a 24 hour decline of over 12% Wednesday. [4]
Meanwhile, Roger Ver of Bitcoin ABC alleges that November 3rd, Roger Ver sent him a vitriolic e-mail, expressing his willingness to freeze trading of Bitcoin Cash for 2 years, that he hates Ver and that he would prefer Bitcoin "die" rather than become dominated by Bitcoin ABC. He states that he regards the conflict between SV and ABC as a war and that Ver is his enemy. [3]
One wonders if a large 687,000 transaction spike on Aug 1st, described by the BCH stress test team through twitter as proof of BCH's scalability [11] will make an impression that lends confidence to those users who believe that Bitcoin Cash is already capable of scaling and by extension, major modifications are not required, the latter being a core axiom of the Bitcoin ABC faction, in contrast to the SV team that desires to increase block sizes to 128mb, [6] or whether mining of numerous 32mb blocks by BMG, which supports SV, on Nov 10th, one block containing over half the average daily number of BTC transactions [12] will have a greater impact. CalvinAyre.com reports that 32mb is a record for a public blockchain. The test was conducted as part of the BCH Professional Stress Test and in it, SV mining pools mined larger blocks that ABC pools. Daniel Connolly, lead developer for SV, remarked that there was a belief up to that point that 22mb was the maximum possible block size [13] As of November 13, Coin Telegraph reported that ABC retains 49% of miners, SV 6%, and Bitcoin Unlimited 37%. SV [6] Around 11:20pm EST, ABC controlled 46.38% of nodes, Bitprim 10.39%, SV 7.65% and Unlimited 33.85%.
One also wonders the extent to which these strong personalities will alienate BCH users. Roger Ver was recently involved in a testy debate with BTC proponent Jimmy Song during a chartered cruise for cryptocurrency enthusiasts. [5]
As of Nov 8, Bitmain, an exchange that supports ABC has been attempting to recruit the vast majority of farms in Xinjiang, an area of China, and therefore gain access to 90,000 miners. [7]
As of late Nov 14th EST, the frontrunner in terms of BCH nodes appears to be ABC, at 47.9%, Unlimited at 31.8% and SV at 7.9% and Bitprim at 10.7% [9].
One author at Coin Telegraph surmises that the hash rate will serve as the final arbiter on which prong of the fork won. [8] Around 11pm EST on Nov 14th, the hash rate stats for ABC was 14-26% and the hashrate for SV was 69-75%. [10]
Bitcoin prices fell significantly on 11/14, as a response to the impending fork by bitcoin cash, according to Brian Kelly [1], CEO and Founder of cryto-investment corporation BKCM LLC. [2] Ars Technica reported a 24 hour decline of over 12% Wednesday. [4]
Meanwhile, Roger Ver of Bitcoin ABC alleges that November 3rd, Roger Ver sent him a vitriolic e-mail, expressing his willingness to freeze trading of Bitcoin Cash for 2 years, that he hates Ver and that he would prefer Bitcoin "die" rather than become dominated by Bitcoin ABC. He states that he regards the conflict between SV and ABC as a war and that Ver is his enemy. [3]
One wonders if a large 687,000 transaction spike on Aug 1st, described by the BCH stress test team through twitter as proof of BCH's scalability [11] will make an impression that lends confidence to those users who believe that Bitcoin Cash is already capable of scaling and by extension, major modifications are not required, the latter being a core axiom of the Bitcoin ABC faction, in contrast to the SV team that desires to increase block sizes to 128mb, [6] or whether mining of numerous 32mb blocks by BMG, which supports SV, on Nov 10th, one block containing over half the average daily number of BTC transactions [12] will have a greater impact. CalvinAyre.com reports that 32mb is a record for a public blockchain. The test was conducted as part of the BCH Professional Stress Test and in it, SV mining pools mined larger blocks that ABC pools. Daniel Connolly, lead developer for SV, remarked that there was a belief up to that point that 22mb was the maximum possible block size [13] As of November 13, Coin Telegraph reported that ABC retains 49% of miners, SV 6%, and Bitcoin Unlimited 37%. SV [6] Around 11:20pm EST, ABC controlled 46.38% of nodes, Bitprim 10.39%, SV 7.65% and Unlimited 33.85%.
One also wonders the extent to which these strong personalities will alienate BCH users. Roger Ver was recently involved in a testy debate with BTC proponent Jimmy Song during a chartered cruise for cryptocurrency enthusiasts. [5]
As of Nov 8, Bitmain, an exchange that supports ABC has been attempting to recruit the vast majority of farms in Xinjiang, an area of China, and therefore gain access to 90,000 miners. [7]
As of late Nov 14th EST, the frontrunner in terms of BCH nodes appears to be ABC, at 47.9%, Unlimited at 31.8% and SV at 7.9% and Bitprim at 10.7% [9].
One author at Coin Telegraph surmises that the hash rate will serve as the final arbiter on which prong of the fork won. [8] Around 11pm EST on Nov 14th, the hash rate stats for ABC was 14-26% and the hashrate for SV was 69-75%. [10]
Resources:
1. https://www.cnbc.com/2018/11/14/bkcm-brian-kelly-crypto-civil-war-slams-bitcoin-but-not-for-long.html
2. https://www.cnbc.com/brian-kelly/
3. https://arstechnica.com/tech-policy/2018/11/bitcoin-plunges-12-percent-reaching-lowest-value-in-a-year/
4. https://mashable.com/article/blockchain-cruise-bitcoin-fight/#wwSM99ddSZql
1. https://www.cnbc.com/2018/11/14/bkcm-brian-kelly-crypto-civil-war-slams-bitcoin-but-not-for-long.html
2. https://www.cnbc.com/brian-kelly/
3. https://arstechnica.com/tech-policy/2018/11/bitcoin-plunges-12-percent-reaching-lowest-value-in-a-year/
4. https://mashable.com/article/blockchain-cruise-bitcoin-fight/#wwSM99ddSZql
5. https://cointelegraph.com/news/opposing-bitcoin-abc-and-bitcoin-sv-factions-debates-grow-heated-as-the-bitcoin-cash-hard-fork-draws-closer
6. https://cointelegraph.com/news/mining-giant-bitmain-hurries-to-deploy-90-000-s9-antminers-ahead-of-bitcoin-cash-hard-fork
7. https://cashnodes.io/
8. https://cash.coin.dance/blocks#minerhashrate
9. https://news.bitcoin.com/the-bitcoin-cash-network-processed-687000-transactions-on-august-1st/
10. https://news.bitcoin.com/bitcoin-cash-miners-break-records-processing-multiple-32-mb-blocks/
10. https://news.bitcoin.com/bitcoin-cash-miners-break-records-processing-multiple-32-mb-blocks/
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