[2018-11-17]What We Know About Bitcoin Cash’s Two Rival Blockchains

[Reddawn1]

At 18:02 UTC, the bitcoin cash blockchain officially split in two.

With one iteration of the bitcoin cash protocol called Bitcoin “Satoshi’s Vision,” or Bitcoin SV, directly opposing the upgrades introduced through the project’s long-dominant Bitcoin ABC implementation, the blockchain forked into two distinct networks, with two separate cryptocurrencies.

And while a so-called “hash war” had been greatly anticipated, for now – at least – the two chains are steadily mining blocks on their respective networks. At press time, threats of cross-chain sabotage hinted at by Bitcoin SV proponents have yet to materialize, nor has any retaliation from the ABC camp.

Initially, the Bitcoin ABC network was the only bitcoin cash platform to successfully create new blocks and validate transactions after the system upgrade (or hard fork) went live. Two blocks in, however, the Bitcoin SV network saw its first block mined at 18:29 UTC.

Mining pool Mempool mined the first block of Bitcoin SV, with SVPool and Coingeek mining subsequent blocks. Mining pools Bitcoin.com, BTC.com and Antpool have controlled the ABC action to date.

As of press time, Bitcoin ABC is 10 blocks ahead of Bitcoin SV, according to data compiled by Coin Dance.

How it’s all playing out
Thus far, most blocks mined on the Bitcoin ABC network have featured over 1,000 transactions, though starting at 20:48 UTC a significant drop in both block size and transaction count was recorded on blockchain explorer site Blockchair.

A few hours before hard fork activation, mining pools purporting to support the Bitcoin SV roadmap controlled a supermajority of the bitcoin cash network. However, according to bitcoin cash monitoring site CoinDance, Bitcoin ABC is now leading in terms of total hash power support.

One such example that received high attention over the course of today’s events was mining pool Bitcoin.com, which released an announcement to users saying all hash power going into mining the bitcoin blockchain would be temporarily deployed to mine Bitcoin ABC blocks.

Though this announcement received negative feedback from those who claimed the organization had no legal right to redirect mining support in this way, data on the site indicates that starting at 17:30 UTC the mining pool has steadily been reallocating hash power in support of the Bitcoin ABC blockchain.

In fact, as of press time, bitcoin.com purports that a total of 4218.89 Ph/s of hash power is being used to mine blocks on the Bitcoin ABC network; just one day prior that figure sat at roughly 240.00 Ph/s.

Remaining questions
As might be expected, the existence of two bitcoin cash chains leaves many questions, primarily regarding what will transpire in the days that come – and whether one chain ultimately gives way to another.

There was also an event Thursday that left lingering questions: as shown by blockchain explorer BlockDozer, a major spike in activity occurred within minutes of the chain split.


https://www.coindesk.com/wp-content/uploads/2018/11/bchspam2.gif

Who caused this spike in transaction activity – and for what purpose – remains unknown at this time, though the potential for another spam attack in efforts to overload either network is an ongoing possibility.

What’s more, wild fluctuations in bitcoin cash price were also seen throughout the day across different cryptocurrency exchanges.

Depending on ongoing hash power support and implementation of either software upgrade from users, prices could continue to see swings – but given the uniqueness of the scenario, it’s difficult to say at this time.

According to numbers on crypto exchange Poloniex, the comparative value estimated of both bitcoin cash cryptocurrencies is currently about $94 for Bitcoin SV and $285 for Bitcoin ABC.

coindesk.com

[Tyr808]

[quote author=Reddawn1 As might be expected, the existence of two bitcoin cash chains leaves many questions, primarily regarding what will transpire in the days that come – and whether one chain ultimately gives way to another.
[/quote]

To me it looks like SV hasn't been fully acknowledged as BCH since some exchanges aren't listing it and others like most notably Bittrex have dubbed ABC as BCH.

[Herbert2020]

To me it looks like SV hasn't been fully acknowledged as BCH since some exchanges aren't listing it and others like most notably Bittrex have dubbed ABC as BCH.

that is always true about all the altcoins. people never take them seriously even if they use the name "bitcoin" in their altcoin names. and as for exchanges we all know that they only do what is best for them and always aim for making the most profit. not listing forks like this can mean a lot of money for them as they take the forked coins. additionally it is always about volume with exchanges. they will add coins with high liquidity to make the most profit not any coin with low volume.
in this case there is risk of money loss because of the war that is going on between the forks.

[AlexandrInt]

Not only are they practically ineffective, they also influenced the situation on the market, further reducing capitalization. I believe that all forks should be destroyed so as not to interfere with the selection and give the main development to the parent coins.

[slaman29]

Not only are they practically ineffective, they also influenced the situation on the market, further reducing capitalization. I believe that all forks should be destroyed so as not to interfere with the selection and give the main development to the parent coins.

I felt this was such an idiotic thing to happen. If people were truly influenced by a forkcoin forking further off, then people really are idiots. Bitcoin forked like 100 times last year and guess what? Price just kept going up. Bitcoin Cash forks and every coin falls more than 10%? It's so crazy ridiculous if all of this is linked. Or have all the people who entered the market since last year really so uninformed about Bitcoin and all the alts?

[WalkerIVIV]

To me it looks like SV hasn't been fully acknowledged as BCH since some exchanges aren't listing it and others like most notably Bittrex have dubbed ABC as BCH.

ABC is the real BCH. look at this article.
Faketoshi is a greedy bastard
https://medium.com/@bennd77/you-pompous-ass-db3340d0e959

It looks funny to see the top comment on that article.

Just tell you about what's the purpose the word of "allow" in that article? that faketoshi was thinking about how to take everything with him through fool others.

[pptIox]

So, is it because fork caused the collapse of BCH, will BCH die?

[markieeeloy]

[quote author=Reddawn1 As might be expected, the existence of two bitcoin cash chains leaves many questions, primarily regarding what will transpire in the days that come – and whether one chain ultimately gives way to another.

To me it looks like SV hasn't been fully acknowledged as BCH since some exchanges aren't listing it and others like most notably Bittrex have dubbed ABC as BCH.
[/quote]

I think ABC has win the crown over the SV. But why is that the price of bitcoin cash right now is slowly dropping out. Is it because the hard fork was over? Is bitcoin cash right now is useless already?

[Airelves09]

BCH hard forks have been verified to disturb the encryption market. That led to the collapse of the already fragile market. The resentment between two selfish individuals has killed the market. The encryption market has become their private game. Who will save the encryption market?