Bitcoin Cash News: A group headed by Satoshi Nakamoto aka Craig Wright, the self-proclaimed inventor of Bitcoin (BTC) is all set to take control over Bitcoin Cash following a software update, while a group led by Roger Ver, aka “Bitcoin Jesus” is all set to contest their control.
The hard fork of the foremost cryptocurrency has been under crucial observation as its impending upgrade is causing more friction than excitement. Wright’s group contests over how to best expand the world’s fourth-largest cryptocurrency and has been trying to convince the network users to adopt their vision. According to crypto data tracker Coin Dance, About 70% of the miners have shown incline towards version backed by Wright’s allies.
The fight soon left the sane zone as both sides resorted to name calling and decided not to comprise even a bit. The fight will surely not benefit the token as the division will merely create two weaker versions of Bitcoin Cash, threatening the long-term viability of both. The rival group is headed by Chinese mining giant Bitmain Technologies Ltd. and investor Roger Ver.
Observing closely this conflict the global director of fintech strategy at Autonomous Research in London, Lex Sokolin stated
“This seems to be a personality conflict as much as a technology issue. Since the most contentious (from a philosophical perspective) part of the community amputated itself into Bitcoin Cash, it should not be a surprise that they are capable of further self-mutilation.”
Stuck smack in middle, the market participants are being forced to take sides. While, Coinbase Inc., the San Francisco-based exchange and Merchant service BitPay offer support to Ver’s Bitcoin ABC version, Binance, the Malta-based exchange backed off for a while and stated that it will support and handle any coins that emerge.
The head of research at BitMex, Jonathan Bier, stated in a message he sent to the Bloomberg.
“The chain will split in two, but the economy will support ABC and reject SV (Satoshi’s Vision).” he added ” SV will have a low price and miners will leave it in a few weeks, that is my prediction.”
Billionaire Calvin Ayre, the founder of Ayre group, who controls rival mining giant CoinGeek is also an ally of Wright. He stated the following in an email to the publishing:
“If they do go their own way we are going to lobby all exchanges, since they are forking away from Bitcoin technology, that they should not be able to keep the Bitcoin name and create market confusion.”
Under the circumstances, Wright sort of threaten Bitmain, which is planning to go public that they will lose business. He said in a tweet dated Nov.13:
“So Calvin purchased a LOT of machines from Bitmain (Most of the revenue for the IPO). Now Bitmain wants to attack one of their largest customers…Sounds like a winning strategy — for the competition…”
Just days before Ver said in a Nov. 8 YouTube video that he was mistaken in Wright, and said he hoped the split will end up being like Y2K — much ado about nothing.
“I think it’s probably unlikely that there will a long-term fork.”