Published: Sat, November 10, 2018
Economy | By

Bitcoin price (BTC/USD) breaks above $6,500 on Wednesday morning

Bitcoin price (BTC/USD) breaks above $6,500 on Wednesday morning

They rejected the agreed consensus (aka BIP-91 or SegWit2x) and have chose to fork the original Bitcoin blockchain and create this new version called "Bitcoin Cash".

Poloniex also said that they would evaluate each hard fork individually and decide whether to support the fork or to offer pre-fork trading.

While Poloniex's new trading pairs allow investors early access to their "crypto dividend", these pre-fork markets are useful for more than just allowing traders and investors to double down on their bets about the outcome of the fork. "It is possible that one of these chains will not be economically or technically viable after the fork, and its value will drop to zero".

It is with this pending event that the team at Poloniex and Circle, have announced that the trading platform will be offering customers the option to trade two tokens aligned to each of the communities with a different version of the software upgrade. It includes the Bitcoin SV and ABC roadmap and a list of weighted companies declaring which implementation they are using.

A long standing dispute within the Bitcoin Cash community has failed to reach a compromise, setting the fourth most valuable cryptocurrency up for a contested hard fork, which is due to take place on the 15th of this month. With almost 100 forks of Bitcoin alone, there is significant data to support that forking is not an effective means of competing with Bitcoin. That said, BCHABC is again leading the charge with twice twice trading volume of BCHSV.

The opposing force is none other than Craig Wright, a cryptographer who claims to be Satoshi Nakamoto without any proof, and Calvin Ayre, the founder of a cryptocurrency news site called CoinGeek, to lead the other Bitcoin Cash implementation Bitcoin SV. Nothing. If you want ABC, you want shitcoins, welcome to bankruptcy. You have no fucking idea what that means. You Will. I AM Satoshi.

The Bitcoin Cash network hashrate on November 9, 2018, by mining pool according to the monitoring website Coin Dance.

Last year, Bitcoin Cash forked off of Bitcoin in order to increase block size to 8 MB and facilitate two million transactions per day.

Pre-fork trading has been live for roughly 12-hours and is only available to those willing to convert their BCH to either of the forks, so trading volumes are still small. If businesses keep siding on the Bitcoin ABC client, analysts believe that the network disruption may not be significant enough. One Bitcoin Cash coin can now be purchased for $574.49 or 0.08944466 BTC on cryptocurrency exchanges including ZB.COM, OKCoin International, and Liquid.

Accordingly, BU users can choose to follow ABC, SV, or neither.

Wright argues that these kinds of things are "a part of the protocol" and thus fine to do (and to his point, there are not rules preventing this).

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