CSW's "hash wars" impact on BTC price?

[clrpod]

It's so fun to watch this Hash war!

Keep on burning your cash and make me laugh!!!

( source )

This is quite brilliant, it's intriguing the level of commitment both sides are putting in to this, at least from a financial point of view. You've got to think one will crack eventually, one thing Craig Wright was right about is that it's not good for bitcoin because eventually both sides will have to either sell bitcoin to fund this or move miners over.

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[BitHodler]

And how can we even assure Ver and Wright aren't manipulating everything behind the scenes?

Roger is all about his Bcash being the form of money that Bitcoin (according to him) isn't, and of course his precious merchant adoption. This drama doesn't yield anything other than losers, and for that reason pretty legit.

Craig Wright is a psychopath, someone who doesn't want to see anyone operating above him, because he is satoshi at the end of the day. He owns Bitcoin. He can't accept that Bitmain is the main reason Bcash has its current value.

If BCHSV ends up being supported by both nChain and CoinGeek, they will eventually start fighting as well, and from there it's just a matter of time before CoinGeek either goes back to ABC, or forks off to become a seperate coin.

[Wind_FURY]

Roger Ver and the Bitcoin Cash community said that, nodes do not matter, and the miners decide. Well the miners have decided. Bitcoin SV will be the real Bitcoin Cash! Hahahaha.

What now? Will they say that non-mining nodes matter, and that users should decide? Or that Bitcoin SV is an attack?

No. ABC redirected 4Ehash from BTC mining to Bitcoin Cash ABC mining in order to show mining strength.

Then I believe that it only illustrates that Bitcoin Cash ABC is so centralized that there are actors that have enough hash power to 51% attack it trivially.

Thereby demonstrating the fact that non-mining, fully-validating clients (often mistakenly called 'full nodes') are irrelevant against the non-sybillable mining power.

Hahaha no. Everyone can now clearly see what "would have been" if the users did not fight back against the miners last year.

[jbreher]

Roger Ver and the Bitcoin Cash community said that, nodes do not matter, and the miners decide. Well the miners have decided. Bitcoin SV will be the real Bitcoin Cash! Hahahaha.

What now? Will they say that non-mining nodes matter, and that users should decide? Or that Bitcoin SV is an attack?

No. ABC redirected 4Ehash from BTC mining to Bitcoin Cash ABC mining in order to show mining strength.

Then I believe that it only illustrates that Bitcoin Cash ABC is so centralized that there are actors that have enough hash power to 51% attack it trivially.

Thereby demonstrating the fact that non-mining, fully-validating clients (often mistakenly called 'full nodes') are irrelevant against the non-sybillable mining power.

Hahaha no. Everyone can now clearly see what "would have been" if the users did not fight back against the miners last year.

ABC already had a 4:1 advantage in so-called 'node' count. If so-called 'node' count actually mattered, they would not be willing to lose $450,000 per day on redirecting mining power from BTC to Bitcoin Cash ABC.

[voztata]

Will this be a non event or speculators will try to get some BTC out of it from noobs that fall into it?

bitcoin speculators have never shown any interest in mining and hashrate so far. they didn't even care about the bitcoin cash itself and the hashrate that it stole from bitcoin. so I don't see why they should care about fork of fork of bitcoin and what that does!

it is funny that I all I can think of is all these empty blocks
so far we have 32 MB block space for BCH that is 99% empty and now when it forks to a new coin we will have 2 set of empty blocks that nobody uses at all... it is like an abandoned house of horror....

Well, it is now a good time for Roger to get a feel of what it is going to be like for his own useless forked coin that was never necessary in the first place. Everything was so glaring that increase in block size is never the solution and how long was he planning to keep increasing the block size anyway? Until it practically becomes centralized?
Just like someone rightly said, this is him getting a taste of his own medicine, just that in this case, it is a useless coin that no one cares about and I really will not see it impacting much on bitcoin itself anyway.

[Wind_FURY]

Roger Ver and the Bitcoin Cash community said that, nodes do not matter, and the miners decide. Well the miners have decided. Bitcoin SV will be the real Bitcoin Cash! Hahahaha.

What now? Will they say that non-mining nodes matter, and that users should decide? Or that Bitcoin SV is an attack?

No. ABC redirected 4Ehash from BTC mining to Bitcoin Cash ABC mining in order to show mining strength.

Then I believe that it only illustrates that Bitcoin Cash ABC is so centralized that there are actors that have enough hash power to 51% attack it trivially.

Thereby demonstrating the fact that non-mining, fully-validating clients (often mistakenly called 'full nodes') are irrelevant against the non-sybillable mining power.

Hahaha no. Everyone can now clearly see what "would have been" if the users did not fight back against the miners last year.

ABC already had a 4:1 advantage in so-called 'node' count. If so-called 'node' count actually mattered, they would not be willing to lose $450,000 per day on redirecting mining power from BTC to Bitcoin Cash ABC.

It showed that users mattered in Bitcoin during the proposed 2X hard fork by signers of NYA which had the biggest mechants and, I believe, by the people who controlled more than 50% of the hashing power. Bitcoin Cash does not have that philosophy.

But "losing $450,000 per day" is a dick measuring contest between two centralized parties for something that no one wants.

[Ewinsane]

I still can't believe two sides of this war trying to win by no matter what the outcome would be. They are fine with losing millions of dollars on this war, they are fine with destroying life savings of many people, they are fine with almost any result except them losing.

Craig is really a crazy person and he should be really outed by the community, people giving him all the credit he has so far and letting him really do whatever he wants and still interviewing him and letting him speak on conferences and all that is really idiotic. This person is really a mental patient and he should be locked and reevaluated by a professional but here instead dude is a bitcoin billionaire with means to wage war against others and destroy the market we have been trying so hard to keep afloat.

[cellard]

I still can't believe two sides of this war trying to win by no matter what the outcome would be. They are fine with losing millions of dollars on this war, they are fine with destroying life savings of many people, they are fine with almost any result except them losing.

Craig is really a crazy person and he should be really outed by the community, people giving him all the credit he has so far and letting him really do whatever he wants and still interviewing him and letting him speak on conferences and all that is really idiotic. This person is really a mental patient and he should be locked and reevaluated by a professional but here instead dude is a bitcoin billionaire with means to wage war against others and destroy the market we have been trying so hard to keep afloat.

Craig Wright said on a recent interview that he is ready to dump money into his shitcoin at a loss until 2026 or so.

And as far as Craig Wright being a billionaire, I really doubt it, he is the conman to play the role of the leader and Calvin Ayre is the the actual billionaire... if we are to believe that as well. A lot of trolls these days call themselves billionaire, like that Richard Heart guy, but they've got a couple million at best.

[1Referee]

And as far as Craig Wright being a billionaire, I really doubt it, he is the conman to play the role of the leader and Calvin Ayre is the the actual billionaire... if we are to believe that as well. A lot of trolls these days call themselves billionaire, like that Richard Heart guy, but they've got a couple million at best.

Craig recently said he moved $100 million worth of paper Gold internationally for under 25GBP in fees to point out that Gold transfers aren't expensive, which is crazy if you think about it. How delusional is this dude? Wealthy individuals are out to NOT make it seem like they are filthy rich, while those with a big mouth who don't have much are busy making themselves look like a billionaire. Tells you enough.

You know what rappers and social media stars do? Start up so called fake beefs to boost their popularity, which if you think about it, might be the case here as well.

[leopard2]

And as far as Craig Wright being a billionaire, I really doubt it, he is the conman to play the role of the leader and Calvin Ayre is the the actual billionaire... if we are to believe that as well. A lot of trolls these days call themselves billionaire, like that Richard Heart guy, but they've got a couple million at best.

Craig recently said he moved $100 million worth of paper Gold internationally for under 25GBP in fees to point out that Gold transfers aren't expensive,

He did? Why is he in crypto then? Why did he (LOLOLOL!!!!) invent Bitcoin? Why does he care so much about BCH if transacting outside of crypto is sooo super perfect? Just stick with your paper gold or VISA cards Mr. Craig  

That's certainly bullshit, too, you can hardly do an international wire for 25GBP

Just ask Iran, when Germany refused to let them withdraw $300mm Euros. Or ask Venezuela when they tried to get their gold from the UK recently. That is the power of blockchain, not transferring some virtual gold tokens inside a closed loop system.

[Wind_FURY]

And as far as Craig Wright being a billionaire, I really doubt it, he is the conman to play the role of the leader and Calvin Ayre is the the actual billionaire... if we are to believe that as well. A lot of trolls these days call themselves billionaire, like that Richard Heart guy, but they've got a couple million at best.

Craig recently said he moved $100 million worth of paper Gold internationally for under 25GBP in fees to point out that Gold transfers aren't expensive, which is crazy if you think about it. How delusional is this dude? Wealthy individuals are out to NOT make it seem like they are filthy rich, while those with a big mouth who don't have much are busy making themselves look like a billionaire. Tells you enough.

You know what rappers and social media stars do? Start up so called fake beefs to boost their popularity, which if you think about it, might be the case here as well.

Did he? Then he does not "get" Bitcoin. Private key ownership has proven to be one of the most inviolable property rights in history. Bitcoin is not just "a method" for sending and receiving value over the wire.

[Pursuer]

And as far as Craig Wright being a billionaire, I really doubt it, he is the conman to play the role of the leader and Calvin Ayre is the the actual billionaire... if we are to believe that as well. A lot of trolls these days call themselves billionaire, like that Richard Heart guy, but they've got a couple million at best.

Craig recently said he moved $100 million worth of paper Gold internationally for under 25GBP in fees to point out that Gold transfers aren't expensive, which is crazy if you think about it. How delusional is this dude? Wealthy individuals are out to NOT make it seem like they are filthy rich, while those with a big mouth who don't have much are busy making themselves look like a billionaire. Tells you enough.

You know what rappers and social media stars do? Start up so called fake beefs to boost their popularity, which if you think about it, might be the case here as well.

it seems like he is trying so hard to convince the world that he has enough money/power to crash the bitcoin price while pump the shitcoin he created (BSV) and the worst part of all of this is that the market is (for some weird reason) answering positively to his attempts of crashing bitcoin price!!!

[OgNasty]

While the hash war is probably responsible for around $15 million in sold Bitcoin over the last week, that shouldn’t be enough to effect the market so dramatically. I think we’re just seeing the end of the bubble coming back to reality. This needed to happen and once the remaining speculators are flushed out of the market, we can begin the ride back up to new highs.

[arinalwa]

Craig Wright is back with his Bitcoin SV fork, and is showing strenght thus far with the amount of hashrate that is going to support the Bitcoin SV fork.

Apparently Roger Ver and Jihan Wu aren't supporting it, hence why the "hash wars" terms. With Jihan's empire against Craig Wright's 70% current hashrate it's going to be interesting.

The reason I ask about BTC price is because if Jihan wants to ensure CSW doesn't win, he may be forced to allocate BTC hashrate into this developing clusterfuck in BCash.

Will this be a non event or speculators will try to get some BTC out of it from noobs that fall into it?

Who really cares about the effect that is going to be having on bitcoin price, because one thing I believe is that most people really do not even get to find bitcoincash to be a thing in the first place, except some flimsy excuse for a forked coin and like Wind_Fury said, bitcoincash is basically just a parody of itself and now miners have decided. One thing I see is that one way or the other, the breeze is gradually blowing the fowl's buttocks to the public no matter how it tries to get it covered. Shit coin that is just trying to manage to live on the glory of a bitcoin fork is all I see bitcoin cash as.

[figmentofmyass]

While the hash war is probably responsible for around $15 million in sold Bitcoin over the last week, that shouldn’t be enough to effect the market so dramatically. I think we’re just seeing the end of the bubble coming back to reality. This needed to happen and once the remaining speculators are flushed out of the market, we can begin the ride back up to new highs.

that's my take as well. the bcash drama and associated supply may have catalyzed the selloff, but it just triggered a move that was waiting to happen. i was in denial about it for a while, but BTC needs a good old fashioned capitulation to flush out the weak hands. just like old times.

$3000 looks juicy---i believe masterluc is eyeing that area too.

[guoyu78]

At what point do you guys think the miners side of bitcoin.com the team that involves jihan wu and roger ver would say "this is enough we are not making any profit" and stop selling and let the other guy try to win them over hash by spending money.

The miners have advantage that they are capable of using their own hash powers to mine the coins in order to lead the war however Craig has money that he uses to get hash powers as well.

So on one side we see miners who already have hash but on the other side we see a man who is BUYING hash, either Craig will start to not spend as much money as he is right now or the miners will have to stop mining coins that is not making them any money (even losing them money). This is not a war between craig vs bitcoin.com, this is a war between capital money vs investment, which one will go out first.

[leopard2]

While the hash war is probably responsible for around $15 million in sold Bitcoin over the last week, that shouldn’t be enough to effect the market so dramatically. I think we’re just seeing the end of the bubble coming back to reality. This needed to happen and once the remaining speculators are flushed out of the market, we can begin the ride back up to new highs.

Under normal conditions I would agree with you, but with all the negative sentiment out there, plus paper thin orderbooks, and prices close to support levels, it is very well possible.

You don't know how much BTC Craig and Calvin sold. A couple of thousands on different exchanges or OTC desks, using different names or child companies? Then stop loss selling kicks in? I have no doubt that is possible.

[FrozenChaos]

With ABC's checkpointing, what's the point anymore? They are now two independent chains. If there was shadow mining going on it, the point is moot.

[STT]

If mining is already there with costs of 6 million a day collectively then 15m being flushed by Craig and his backers is not a considerable amount but with news and I believe this holiday season has some effect in consensus selling, it caused doubts to then slip past support it seems.  Attempting to brute force the market into doing anything will be like pushing on string so is unlikely to work out as intended long term.  

I think we’re just seeing the end of the bubble coming back to reality.

I think crypto reacts badly to leverage and we've had a little too much of that, unwinding those expectations of immediate returns and then getting sellers at any cost because they must repay the money that isnt theres is unfortunately not going to look pretty on any chart

Craig recently said he moved $100 million worth of paper Gold internationally for under 25GBP in fees to point out that Gold transfers aren't expensive

If he intended to show off then just show the entire slip.  The fees could be zero and it could still be costly if they are charging on the spread or storage fees or lending out his gold perhaps.   Also that value is held centrally perhaps even as a fractional reserve, is it ETF or ETN debt note.  Maybe he will be switching to XRP then

[Scompe_BTC]

How is this even a hash war when both BAB and BSV will end up continuing on anyway?  I mean we've seen it all.  This is no different to the forks of the past...

And how can we even assure Ver and Wright aren't manipulating everything behind the scenes?

Well I think rather war between some parties for bitcoin and price etc., we must think about the solution. How to promote bitcoin in market and how to grab more investors here, this must be our mission.