Jimmy Nguyen, the CEO of nChain, recently spoke about the truth and consequences of Bitcoin Cash [BCH] hash war between the miners voting between Bitcoin Cash SV and Bitcoin Cash ABC. He began the talk by stating that the hash burst which took place in the network from Bitcoin Cash ABC’s side was rented or subsidized from the BTC network.
This, according to him, was done ‘in order to artificially boost the support for Bitcoin Cash ABC far higher than it had ever been in the days and weeks leading up to the hard fork’.
Jimmy further explained why nChain did not bring more hash to support Bitcoin Cash SV. Though the team had access to thousands of petahash worth of support for Bitcoin Cash SV, they decided not to go with it to avoid the consequences it would have in the future for the Bitcoin Cash community.
According to him, it is hypocrisy to move hash for a day or two from the rival network that most of the community do not like, and use that to claim victory. Jimmy said:
“The whole reason that such hash was available on the BTC network to move onto BCH is because the people who should have fought Bitcoin Core did not, and splintered off to create the Bitcoin Cash network, and allowed BTC to continue on. That’s perfectly fine. But now they’re borrowing hash, renting it, subsidizing it from the very network they so vehemently oppose many of them to try and claim a victory on the BCH network.”
It is important to think about the governing model when there are disagreements. When the Nakamoto Consensus was written in the Bitcoin whitepaper, there was supposed to be only one Bitcoin network. Bitcoin Network has its magic in its economic incentives. Currently, the Nakamoto Consensus is being tested for the first time, he added.
“Satoshi Nakamoto could not have envisioned, at the time the white paper was written, that there was going to be some splintered-off network using the same hash algorithm. And with the idea of one CPU equals one vote, or miner hash power equals the vote, it was designed.”
He also said:
“I’m sure most logical people can agree with it to recognize that the people who have an ongoing continuous invested interest in the network are the ones that should vote on a rule set.”
The ABC supporters have been very quick to declare that they are the winners in this hash was by moving BTC hash by Bitmain and other sources. However, nChain’s Craig Wright and Coingeek’s Calvin Ayre is taking an alternate path to achieve genuine and legitimate sustained hash that supports the network, said Jimmy Nguyen.
“And that is why, if you notice, over the days leading up to the hard fork., the CoinGeek, SVPool, and BMG pools started gradually increasing the hash they were devoting to the network.”
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