Bitcoin Cash [BCH] trading suspended post hard fork; BCHABC ahead of BCHSV
The Bitcoin Cash [BCH] hard fork triggered the recent market collapse, which saw over $26 billion shaved off the collective market cap and many coins plummeting to a year-low. The hard fork was part of the BCH network update that was scheduled for November 15. The week leading up to the event saw the community divided, leading to a rivalry between the two chains that would emerge from the hard fork – Bitcoin ABC and Bitcoin SV.
Bitcoin Cash’s update has resulted in its trading being suspended from several exchanges across the world. BCH withdrawals and trading have been halted since Thursday.
BCH TRADING SUSPENSION DUE TO HARD FORK: OKEx will suspend BCH/USDT, BCH/BTC, BCH/ETH, and BCH/OKB trading, as well as BCH depositing and withdrawal. From 07:00 Nov 15, 2018 CET (UTC +1). #OKExAnnouncementhttps://t.co/j7zEr86zTf
— OKEx (@OKEx) November 15, 2018
We’ve finished converting all BCH balances to BCHABC and BCHSV. The BCH market is now disabled. BCHABC/BTC, BCHSV/BTC, BCHABC/USDC, and BCHSV/USDC markets are open. Deposits and withdrawals of BCHABC and BCHSV are still paused, and will remain paused until the networks stabilize.
— Poloniex Exchange (@Poloniex) November 15, 2018
According to Coin Dance, Bitcoin ABC and Bitcoin Unlimited are ahead of Bitcoin SV in terms of hash rate and the number of nodes. 41 blocks have been mined, and Bitcoin ABC is 12 blocks ahead of its rival.
Bitcoin ABC proponents contended that its infrastructure is “sound”, and there is no need for a “radical change”. The minimal changes that were proposed for the new chain included enabling node operators to change the block size limit and “removing software bottlenecks.”
“Radical change” is exactly what the Bitcoin SV chain wants to bring about. It intends to overwrite the network scripts of Bitcoin ABC, thereby increasing the BCH block size from 32 MB to 128 MB.
The split into the two factions of Bitcoin Cash arose due to the difference in the implementation of the BCH network. Roger Ver of Bitcoin.com and Bitmain’s Jihan Wu have backed Bitcoin ABC, while nChain’s Craig Wright is behind the Bitcoin SV chain.
Bitcoin SV (Satoshi’s Vision) and Bitcoin ABC (Adjustable Blocksize Cap) have been in a bitter rivalry, with Wright threatening Ver and BCH miners. Moreover, Wright asserted that he is the real Satoshi in an email to Ver. Jihan Wu slammed Wright for this claim, calling him “fake Satoshi”.
Wright and Wu have engaged in a series of verbal battles, with Wu accusing Wright of being a spy from Blockstream. This feud within the divided BCH community will not only have negative consequences for the future of BCH, but also for the broader crypto community.