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The casualties of the Bitcoin Cash wars

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Bitcoin Cash

Bitcoin Cash came to life as a fork from the original Bitcoin cryptocurrency last year (August 1st, 2017). The point of the fork was to increase Bitcoin’s size limit. The Bitcoin Cash community has remained somewhat contentious since it was formed so, it’s no surprise that disagreements came about.

This November 15th, Bitcoin Cash experienced yet another fork. This came as a result of a rivalry between two factions in the community (if you can call it a community). Roger Ver and Jihan Wu lead a fraction of users that wanted to maintain the block size at 32MB.

On the other corner were Calvin Ayre and Craig Wright (who’s proclaimed himself to be none other than Satoshi Nakamoto). This second camp wanted to increase the block size to 128 MB. Each party called itself “Bitcoin ABC” and “Bitcoin SV”, respectively.

Incidentally, this doesn’t help Wright’s case of be Satoshi Nakamoto, as he assures. If you really are the man behind Bitcoin, then why did you fork it twice? Didn’t you trust your work the first time? Anyway…

So the split went on. It’s been known in the cryptosphere as “Bitcoin Cash hard fork,” and it’s created a mess.

The fork created a hashing war. Both camps started competing among themselves (and with Bitcoin, the real one) to attract miners. They also wanted to be able to change the software in the way it suited them, get better developers and affect the coin’s price.

It’s been a destructive war. In a year that was already bad for the crypto market, things really went down the day before the fork happened (and many neutral observers are convinced that the fork itself was the cause). The market dropped seriously on November 15th.

Then it dropped again, even more seriously on the following weekend. The Bitcoin Cash war didn’t damage just the Bitcoin Cash project and currency (more on that later) but it may have damaged the crypto markets as a whole and for a long time.

But as bad as it’s been for every cryptocurrency, it’s been worse for Bitcoin Cash. Before the hard fork, it was trading at about 600 USD. As we write this, Bitcoin Cash ABC is at $214, and dropping; Bitcoin SV is at $131 (and that’s after rising quite well in the last 24 hours).

So the fork has taken away a lot of the token’s value. As things stand, both of Bitcoin Cash’s bastard children are spending a lot more money in mining than they can get from selling tokens. So, in many ways, the main casualty from the Bitcoin Cash hash wars have been the two new versions of Bitcoin Cash.

Bitcoin SV stands for “Bitcoin Satoshi’s Vision,” and it’s lead by Craig Wright. At this point we could ask ourselves, was Satoshi’s vision to render a useful coin valueless, useless and use an ego fight to wreak havoc in the crypto markets all over the world? We can’t answer that question. But Craig Wright should be able to answer because, after all, he thinks he is Satoshi.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image Courtesy of Pixabay.

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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Currency Market

GDA Group Announces Global Fund Management

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The GDA Group, an established North American financial institution fostering the adoption of digital assets and other disruptive technologies, has launched its latest venture, Global Fund Management. The venture will provide simple and secure digital asset exposure for institutional and accredited investors.    

Our mission is to create long-term value for our investors through the identification of strategies that can generate alpha through the new digital asset class, while ensuring to also limit possible downside on any strategy. We invest across alternative asset classes through actively managed hedge funds, trading algorithms, and private equity vehicles,” said GDA Group COO Zachary Friedman. He added that “Global Fund Management looks to outperform the market and take to market the best performing fund vehicles for every niche of the digital asset ecosystem.”

In addition to providing a path for institutional and accredited investors into the digital assets realm, Global Fund Management is providing exclusive insights on a number of fast growing blockchain industry segments such as Decentralized Finance (DeFi), non-fungible tokens (NFTs), and applications in the energy sector.  

Last month, GDA Group organized a quarterly, virtually-held Family Office Summit.  At one of the largest gatherings of private wealth this year, the GDA Group and dozens of other global blockchain…

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