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After an epic rally that has surpassed many of the most famous bubbles in history, crypto-currencies have stuck in a nearly $ 700 billion rout that shows little sign of slowing down. Photo: iStock
Portland: Last week, two factions tried to seize the network and name Bitcoin Cash, the fourth largest cryptocurrency in the world. The fight created uncertainty in the market and brought down its price by almost 50%, contributing to the Bitcoin plunge.
Now the dust is falling, with Bitcoin SV to lose. Calvin Ayre, a billionaire of the group, said Friday in an article published on the Web that SV followers "no longer want the name Bitcoin Cash" but will continue to support their own version of the network.
The other faction, called ABC and pushed by investors such as Roger Ver, nicknamed "Bitcoin Jesus" for its previous cryptographic advocacy, and the Chinese giant Bitmain – will be in charge of Bitcoin Cash. ABC won a race known as the Nakamoto Consensus, in which the computers supporting the Bitcoin Cash network voted in favor of ABC or SV, offering various technical improvements to the network.
"It's very practical because the definition of winning is fundamentally different on each side, so there's a win-win solution here," Ayre said in his message. Bitmain did not immediately return a request for comment.
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The two rooms
All Bitcoin Cash investors who held the coin at the time of the November 15 split should have both new Bitcoin Cash and SV coins. In the past, these divisions have often led to an appreciation of both.
Nevertheless, some computer networks, such as Ayre's CoinGeek, will no longer support the main Bitcoin Cash, as they did in the past, but support SV technology. And CoinGeek does not see ABC's victory as a defeat for SV.
"We have a clearly defined path and it is now ready for implementation," Ayre said in an email. "Our definition of gain is that of existing SV, which was not what ABC wanted, and we are already developing the ecosystem."
Even with the resolution of the problem, Bitcoin Cash is down more than 5% in the last 24 hours, against the backdrop of the crypto market.
Read also: How Bitcoin Crash Compares to the Biggest Bubbles in History
The industry spokesperson, Bitcoin, has lost more than 30% of its value since Nov. 14 – a circumstance that many have blamed for the conflict between Bitcoin Cash. According to analysts, some companies have abandoned Bitcoin for the benefit of one of two rival Bitcoin Cash groups, ABC or SV, following the consensus of Nakamoto. Worried about the repercussions of the standoff, some investors have abandoned both plays.
Read also: Bitcoin, Ether, Ripple and other cryptos lose nearly $ 700 billion since January
This story was published from a news agency thread without text modification. Only the title has been changed.
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