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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.

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Chainwire Launches Blockchain-Focused Automated Press Release Distribution Service

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TEL AVIV, Israel, 13th October, 2020, // ChainWire //

MarketAcross, a world leader in blockchain public relations and marketing services, is pleased to announce the launch of Chainwire, an automated press release distribution service which provides guaranteed coverage and in-depth reports. Chainwire will be a one-stop-shop for the distribution of press releases in the cryptocurrency and blockchain sector. The launch marks the first time that advertisers can reach leading publications in the crypto media with the click of a button. 

While most industries have some kind of PR newswire service, the cryptocurrency sector has become a victim of its own rapid pace of growth over recent years. Since the ICO boom of 2017, there has been a proliferation of blockchain and crypto-focused projects, exchanges, investment firms, and marketing agencies, along with niche news and informational content sites. 

However, the infrastructure to connect this complex ecosystem has been slow to come up to speed, meaning that existing newswire services don’t reach their target audience. It’s estimated that one in five people own cryptocurrencies, so there is currently a significant missed opportunity to reach a massive global readership. 

As a newswire service dedicated to the crypto and blockchain space, Chainwire aims to address this gap. Press releases are distributed to leading publications, offering guaranteed coverage to reach audiences worldwide. The system is integrated with publishers and blogs, enabling accurate reporting via a user-friendly dashboard. It also…

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Currency Market

GDA Group Launches Initiative to Introduce Disruptive Technologies to Family Offices

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TORONTO, CANADA OCTOBER 7, 2020 The GDA Group, a financial institution focused on disruptive technology, is launching a new Global Family Office Wealth Network to connect families and institutional investors with exponential thinkers powering the future of industry using disruptive technologies. The GDA group is the parent corporation of GDA Capital and Secure Digital Markets — a capital markets firm focused on merchant banking for digital assets and a trading platform, which has completed over 2 billion dollars in over the counter (OTC) digital assets transactions respectively.

The first initiative held by the Global Family Office Wealth Network is the Global Family Office Summit, a quarterly event happening on October 20th that is bringing together innovative asset managers, more traditional family offices and private equity firms, global regulators and unicorn disruptors to discuss technology that is changing the world. This first Global Family Office Summit is accessible by zoom and is also the first gathering of private wealth that is taking place in the metaverse at the Crypto Convention Centre in Decentraland.

Jean-Luc Gustave, the GDA Group’s VP in Asia, commented on the news with:  

“After a strong summer that saw a significant increase in institutional participation in disruptive technology ventures, many…

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Currency Market

Dash Adds Secure Digital Markets (SDM) to Its Liquidity Providers Partners

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One of the top crypto platforms Dash Network has announced a new liquidity partner – Secure Digital Markets (SDM),  SDM is a globally focused digital asset trading platform for institutions, regulated by FINTRAC in Canada.  The announcement, which was fist posted by Dash, says SDM has completed over $2 billion in Over-the-Counter (OTC) digital asset trading and will cater to institutional holders of Dash. 

With the new partnership, SDM will help institutional investors to buy, sell, and trade Dash through the Secure DigitMarkets OTC desk. “Dash holders will access deep liquidity, competitive prices and industry-best customer service. The integration makes it easier and more affordable for Dash stakeholders to buy and sell Dash against fiat and other cryptocurrency trading pairs,” the news announcement explained.  

The engagement will increase the number of on and off-ramps; Dash is known for its lightning fast transaction speeds and security features, such as ChainLocks. SDM offering liquidity across a wide range of cryptocurrencies, stablecoins, and fiat currency trading pairs to a global user base is the kind of variety that we are looking for. Their OTC platform is plugged into the best liquidity providers in the industry and is able to supply clients with the tightest prices on large trades. SDM is active in more than 20 different countries and supports multiple currencies –  such as USD, EUR, JPY, MXN, CAD, BRL, and GBP –…

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