On November 15, 2018, Bitcoin cash had scheduled a network upgrade. Bitcoin Cash has gone through possibly the most contentious hard fork that the community has ever seen and we’re experiencing a little piece of history right now, and sides have been draw. Many people attribute this looming hard fork of Bitcoin cash as the reason that the cryptocurrency market get lost over $30B in a single day on November 14, 2018. The reason that Bitcoin and Altcoins are seen all time low this year 2018, and the reason why the next couple of days Bitcoin might have farther down to go. And check this out, we haven’t seen Bitcoin at around $5,400, Monero at $82, Cardan at 5 cents. For all of us that continue to buy in when Bitcoin was at $6,000, or maybe $8,000, or even got Bitcoin maybe even got in at $12,000 or $20,000.
This can be a little jarring, and while we saw in credible support over the last three months with bitcoin at around $6,200, these next fews days, could be something that really could shake things up in a positive or negative way. Let’s see what’s going on with Bitcoin cash. There’s just too much information, that what used to be just a standard technical network upgrade it really isn’t about the technical stuff right now it’s really more political, more social, because by the end of the day we’ll either have “Bitcoin Cash SV” or Bitcoin Cash ABC”, two things that are technically different but practically the same but the infighting that’s taking place is Jarring a lot of people.
For example, Craig Wright, who is in the Bitcoin Cash SV camp, he sent a Tweet on November 14, 2018 that are address to all Bitcoin Miners saying; “To all Bitcoin Miners… If you switched to mine BCH, we may need to fund this with BTC, if we do, we sell for USD. BTC to $1000 does not phase me”. What he’s talking about is which Bitcoin Cash hard fork will win? Well, it’s the one who has more miners because the miners control the hashing power and that is really the debate right now, where will they go? And if you want to keep up to date you can go to https://cash.coin.dance. Going back to Craig Wright, he is not afraid to tank Bitcoin, which will tank the crypto-market to get his way.
And on the other side, there’s “Bitcoin ABC”, which is headed by Roger Ver. And as from what Roger Ver says; “I have no intention to start a war with [Craig Wright], because if I do (by relocating has power from BTC mining to BCH mining), BTC price will dump below yearly support; it may even breach $5,000. But since [Craig Wright] is relentless, I am all in to fight till death!” So they are not opposed to stealing some hash power from Bitcoin which will slow the network down potentially devalue the crypto market and it going down as of right now.
And if you are wondering where everybody lands in each side of the line? Here is the link “theblockcrypto.com” where you will be able to view the chart where you will be able to see the difference between “Bitcoin Cash SV” and “Bitcoin Cash ABC” and initially, when this was talk about last October 2018, the majority of the people landed in the Bitcoin Cash ABC side like “Kraken”, “Antpool” and “Trezor”. Few peole on Bitcoin Cah SV side are “Nchain” and “Mempool”, but the majority of people are neutral, they’ll support either one like “Bitstamp, “Bitre, “Poloniex”, and what we have been seeing in the last few days is a lot of people that was originally on the Bitcoin Cash ABC side, after watching the seriousness of the allegations between each of the parties a lot more people are going neutral because they are not sure what’s going to happen.
What should you do as an average person to watch the Bitcoin Cash Fork as it happens? Essentially it’s all about the nodes as quoted “Finally the progression of the hard fork once implemented can be gauged by watching the numerical estimates of node distribution”. This is significant! basically It’s all about which the miners choose, which nodes goes to which fork? Here is direct quote from the chief scientist Peter Rizun at Bitcoin Unlimited, which they offered a compromise, a solution where if both parties compromise they get each a little bit of theirs. From this quote, “I see this fork more as a social or political battle playing out but it’s disguised as a technical debate”.
To give you a very realistic warning, as much as we saw this incredible support around Bitcoin at $6,200, $6,600 we’re going to be honest with you, because we might have further down to go. This next few days will be very very telling on what happens, who knows if they are really stealing hash power from bitcoin because that will affect the price but I think in our own perspective it’s more about what other people see. Other people on the outside see this instability, see this dare I say its centralization with bitcoin in the crypto market and they’re pulling out their assets, any instability with some of these big large cap coin shows instability in the market in general so our warning to all of holders out there is be prepared, we might be going down a lot sooner before we go up.