Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forks => Bitcoin Forum => Bitcoin SV => Topic started by: Pegasus on November 10, 2018, 11:21:27 AM
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Bitpay Inc. the famous cryptocurrency payment processing company recently announced that it has no plans to implement support for Bitcoin SV, the Bitcoin Cash fork implementation promoted by Craig Wright.
Bitpay Wallet is highly prevalent among merchants around the world for its support of the controversial Payment Protocol, an implementation developed by Gavin Andresen and Mike Hearn to reduce the margin of error in payments at the cost of sacrificing a little privacy.
In an email sent to people wallet users, the team mentioned that their adherence to the “Bitcoin ABC Camp” is, for now, the only option they have considered:
“BitPay has not made any plans to migrate from the Bitcoin ABC implementation of Bitcoin Cash to a different implementation. BitPay will closely monitor network conditions and the chains resulting from a chain split. We will send you another notification when we determine that payment risks have passed.”
What Will BitPay Do In Case Of a Chain Split?
There is also high speculation about the future of Bitcoin Cash after the fork. Incompatibilities between Bitcoin ABC and Bitcoin SV have led many to speculate about the possibility of a chain split. Faced with this situation, BitPay announced that unlike the position advertised when BCH split from BTC, in the future, the only implementation supported will be the ABC protocol:
“In the event of a chain split resulting from the hard fork, the BitPay wallet will only support the Bitcoin Cash chain on which we resume to process payments for BitPay merchants. We do not currently have plans to make new tokens from the split available in the BitPay wallet“
Craig Wright has denied this possibility, mentioning that he is willing to wage a hash war against Jihan Wu for the existence of a single Bitcoin Cash token:
https://twitter.com/ProfFaustus/status/1060821579586854912
The team advises users to refrain from making transactions during the fork. The reason behind this is to avoid possible cases of double spending in which tokens generated in addresses from both strings are used simultaneously.
This warning has been shared by all actors within the community, both Bitcoin ABC and Bitcoin SV camp.
The same email was later sent to Copay Wallet users, an opensource implementation of BitPay’s proprietary wallet.
Full announcement available here:
(https://ethereumworldnews.com/wp-content/uploads/2018/11/bitpay-ann.png)
Source (https://ethereumworldnews.com/bitpay-will-not-support-bitcoin-sv-after-the-bch-fork/)
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Neither will Kracken Exchange, which is one of the few exchanges not accepting the fork. They will be following the ABC "forked" chain.
Sounds like a money grab to me, so they can sell all their customers BCHSV for BCH or BTC.
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So the exchange ends up with the currency from any bch deposited.
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Neither will Kracken Exchange, which is one of the few exchanges not accepting the fork. They will be following the ABC "forked" chain.
Sounds like a money grab to me, so they can sell all their customers BCHSV for BCH or BTC.
So after the fork we can only use ABC for trading and SV is just a garbage coin??
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So the exchange ends up with the currency from any bch deposited.
They'll end up with the BCHSV, you'll still get your BCHABC. At least for now that's their plans, but this could easily change.
Neither will Kracken Exchange, which is one of the few exchanges not accepting the fork. They will be following the ABC "forked" chain.
Sounds like a money grab to me, so they can sell all their customers BCHSV for BCH or BTC.
So after the fork we can only use ABC for trading and SV is just a garbage coin??
Not necessarily, SV currently has way more BCH hashpower at the moment (https://www.cryptoglobe.com/latest/2018/11/fork-wars-bitcoin-cash-sv-surges-as-craig-wright-reveals-50-of-hashpower-support-it/), so has the potential to become the dominant fork/chain. Why the minority of these exchanges/services are making these calls to only support ABC is beyond me. Most exchanges are sensibly remaining neutral and supporting the fork (https://www.altcoinstalks.com/index.php?topic=70881.0).
Not to mention the futures market of BCHABC and BCHSV is rapidly shifting, with ABC now around 0.75 BCH and SV around 0.25 BCH, a quarter isn't quite garbage imo. Notice how BCHABC Price (https://www.tradingview.com/symbols/BCHABCUSDC/) + BCHSV Price (https://www.tradingview.com/symbols/BCHSVUSDC/) = BCH Price, so we can assume this pre-fork trading it somewhat relevant. Especially if BCH (ABC post-fork) will lose 25% of it's value for SV to gain it, that's when you wish you still had some garbage to sell/hodl to not lose money ;)
We'll have to see what happens, BTC and BCH both walked away with gains post-fork, the same could happen here even though I think it's unlikely. There's still a few days to go, Bitmain still have 9,000 S9 antminers to release (which, for anyone interested) equals 1,260 P/Hs. With the peak network hashrate around 4,800 P/Hs, this would effectively boost the network hash rate by 25%, reclaiming 20% of the hashrate, which I think would be enough personally. As long as SV doesn't gain over 70% of the hash rate (it's currently at 60% (https://cash.coin.dance/blocks/today) after going over 50% two days ago (https://www.altcoinstalks.com/index.php?topic=71549.0))).
There is also the talk of SharkPool attacking BCHABC (https://www.ccn.com/war-bitcoin-cash-startup-launches-mining-pool-to-attack-altcoins-bch-forks/) chain post-fork from the SV side, lack of replay protection, as well as the fact miners shift quickly between different chains depending on profitability. So as others have said, it will take a few hours/days for things to become clear. Pre-fork hash rate distribution is relevant to how the fork goes down, but not which fork will become the longest chain with most hashrate (and therefore the future BCH).
Hope that makes sense and helps explains things with the links for more info. This fork fascinates me, very different from the BTC/BCH fork that's for sure.
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I heard that,very well split Bitcoin Cash into 2 separate blockchains and cryptocurrencies, which will then be supported by the different BCH community camps.
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The team advises users to refrain from making transactions during the fork. The reason behind this is to avoid possible cases of double spending in which tokens generated in addresses from both strings are used simultaneously.