On Thursday night, Bitcoin Cash launched a “hard fork” that split the network of the fourth largest cryptocurrency into at least two competing versions, Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV).
The Bitcoin Cash network was updated shortly after 7 pm French time. Channels BCHABC and BCHSV appeared at block 556767.
At the time of writing this article, 12 blocks had been mined under the ABC rules by the Bitcoin.com and BTC.com pools, while the SV chain had 8 new blocks.
Following this hard fork, BCHABC – whose updated client activated the features of Bitcoin Cash’s “official” roadmap – seemed to have taken a significant lead. Nearly 3/4 of the nodes used ABC software, while only 8% opted for SV software.
On the price side, BCHABC also held the rope. His futures contract was trading Thursday night at $ 316, up 25% over the last 24 hours:
At the same time, the price of BCHSV was only $ 79, and the asset had depreciated by 54% over the same period:
Note also that a large part of the platforms that support the BCH have previously indicated that they intend, eventually, to reference the BCHABC under the term “Bitcoin Cash”, using the symbol BCH.
However, BCHSV camp – supported by Craig Wright and billionaire Calvin Ayre – seemed to control a majority of hash power (about 75%) in the hours leading up to the fork. Some of its members have indicated that they could use this lever to lead an attack against BCHABC. They could undermine empty blocks in order to complicate transaction processing by the network, and lead its users to join the BCHSV group.
Bitcoin.com, owned by Roger Ver – who supports Bitcoin ABC – attempted to replicate shortly before the fork, deciding to move much of the hash power from his mining pool to the BCHABC channel.
— Roger Ver (@rogerkver) November 15, 2018
What will be the outcome of this duel? It is probably still too early to say. But beyond the prices, which show that the market seems to have chosen a favorite, we can quote the prognosis proposed yesterday by Jonathan Bier, research director of the BitMEX platform:
“The chain will be split in two, and the economic agents will support ABC and reject SV. SV will be much less valued, and the miners will abandon it in a few weeks. Here is my prediction.