Bitcoin cryptocurrency News

Bitcoin Cash War: Fork Happening Right Now, Entire Crypto Market In Turmoil

The cryptocurrency market experienced its worst crash in a long time yesterday, with Bitcoin declining  USD 1,000 and shattering the long-standing USD 5,800 support level. The crypto market cap has dropped USD 20-30 billion to USD 180 billion. This is due to repercussions from a massive fight occurring in the Bitcoin Cash community. Bitcoin Cash is about to split into 2 versions: Bitcoin ABC, which is the normal version of Bitcoin Cash, and Bitcoin Satoshi Version (SV), which is led by infamous crypto developer Craig Wright, who has at times claimed to be Satoshi Nakamoto (this is a story for another day, Craig Wright is almost certainly not Satoshi).

As of this writing the Bitcoin Cash fork is only 18 minutes away according to fork.btc.com. At this time Bitcoin Cash is USD 420 and dropping.

Once the fork happens the war really starts between Craig Wright’s crew and the rest of the Bitcoin Cash community. Apparently Bitcoin ABC has far more community backing, but Craig Wright has far more money and mining power. Some of his Tweets have been suggesting that he will personally fork and ruin Bitcoin ABC, and then mop up that situation with lawyers. This is tantamount to fraud and terrorism.

Beyond this, Craigh Wright suggests that him and other Bitcoin Cash SV miners are dumping Bitcoin to fund their efforts. More likely, crypto traders and investors are spooked by the situation and are dumping coins.

Now the countdown clock for the fork approaches zero, by the time you read this it will probably already have happened. 15 November 2018 is a day that will be infamous in crypto history, the day Craig Wright tried to stage a Coup d’etat and become the king of Bitcoin.

Personally, I do not think that he will succeed, and this will likely be a huge mess that ends in the death of the entire concept of Bitcoin Cash. At the least, Bitcoin will remain the dominant cryptocurrency, not any form of Bitcoin Cash. One thing that Craig Wright does not understand is Bitcoin has no king and never will. It’s thoroughly decentralized.

 

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