Two weeks after the first chain-split of a chain-split, which many blame for the recent crypto crash, BSV’s main miner, Coingeek, has announce that there will be no attack of the BCH chain and that they don’t want the BCH ticker. Calvin Ayre, Coingeek’s owner, said:
“We will now focus entirely on building upon an already vibrant Bitcoin SV ecosystem. Although ABC may keep the damaged BCH ticker symbol, BSV is winning over BCH’s native application ecosystem in droves. We look forward to out-competing BCH (and BTC) in the marketplace, rather than in further chain battles.”
In an article that would make Pravda very proud, the one dev BSV has, Steve Shadders, said:
“One aspect of stability is replay protection. Since ABC has not made this stability a priority, Bitcoin SV will do so in order to restore confidence to users and businesses on both chains.
This change will require the Bitcoin SV team to work with the Bitcoin ecosystem, and the timeline will be announced when there is adequate ecosystem readiness.”
The ecosystem has never been more ready, but whether the BSV devs are ready and able to code the replay protection, is a different questions. BSV miners accidentally engaged in selfish mining after the chain-split after all, according to Emin Gün Sirer.
A 30MB block, moreover, took 20 minutes on BSV, while it would have taken seconds on BCH due to data compression methods, like bloXroute, with more similar methods planned now after CTOR was implemented.
While two blocks were orphaned on BSV, BCH kept running smoothly without any problems before, during and after the chain-split, but miners were producing blocks at a very high opportunity cost.
Just how much was spent to mine the two chain-split coins at a cost between November 15th and November 26th isn’ very clear, but both BCH and BSV have now return to profitability.
The “war” thus was won, but who really won it and who lost is a complex question with no straight answer.
At the protocol level, there was no “war” to begin with. It was more a “war” of words. There was no attempt to 51% attack, nor were there any threats of doing so after the chain-split.
As was predicted, BSV miners just went off to their own network, BCH miners went off to their own network, and that’s where they stayed.
The hashwar was more about who has the longest chain and who has more Proof of Work within their own network. Something which doesn’t really matter at a technical level for a coin that has a community, but perception wise perhaps it did matter.
So BCH was the winner as far as that aspect is concerned, but it came at a great price, perhaps surprisingly. Surprisingly because you’d think the market would have valued BCH getting rid of an alleged fraudster, instead BCH has been punished severely.
That means there were no winners. Everyone lost and pretty badly. Yet BSV did have a win of sorts, at least for now, as they’re currently a top ten coin.
BSV overtook Tether earlier today, but it stands at just 17% of BCH’s pre-split $600 price. That is somewhat in line with previous splits. What isn’t, is BCH’s current price which stands at just 28% of pre-split BCH. Previous splits had the major coin at about 80%.
What is also not in line with previous splits is BSV staying for some time now at more than 50% of BCH’s price. You’d expect the minority coin to be at 10% or 20% of BCH to reflect the community split whereby the vast majority support BCH while only a small minority care about BSV.
Yet the current price is telling a different story. That may change of course, but BSV’s gaining of top ten is a victory of sorts for them.
That’s if it was in different circumstances. Currently they’re not celebrating because all BSV holders, especially Calvin Ayre, have BCH and BCH continues to fall by more than any other coin.
Seeing that, Ayre might break up with Wright and go back to mining BCH or BTC – if he had any sense – but with BSV now saying they’re going their own way, perhaps they should just be ignore with everyone going back to digital gold, digital cash and digital gas or the world computer.