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CoinGeek declares War: says will never allow Bitmain’s hash war to split BCH chain

Priya

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CoinGeek declares War: says will never allow Bitmain's hash war to split BCH chain
Source: Unsplash

The on-going war between nChain and Bitcoin ABC developers sees a new turn with Coingeek announcing that they will not let Bitmain’s hash war split the Bitcoin Cash [BCH] chain, on their official blog.

Since the beginning, Coingeek has supported nChain’s Bitcoin Satoshi Vision [SV] update. The Bitcoin SV version will not support any changes once the version is implemented on Bitcoin Cash. Also, Bitmain has teamed up with the Bitcoin ABC team, the hardfork which is going to launch in the month of November 2018.

CoinGeek said:

“Let’s just get this right out of the way. CoinGeek.com has no intention of ever causing a chain split of the one remaining true version of Bitcoin [BCH]. Additionally, we will fight any attempts by anyone else to cause a chain split.”

They continued by stating, CoinGeek believes in Bitcoin Satoshi Vision [SV] and that all the disputes over the split should be resolved by the Nakamoto consensus and Miner hash elections. They said that they will respect the terms of the Nakamoto Consensus states that the longest chain which has the most proof of stake [PoS] will “prevail”.

They further added:

“CoinGeek is also not the one attempting to recklessly introduce contentious, untested and unnecessary protocol changes to Bitcoin [BCH]”

CoinGeek continued to say that there are two options for the elections and why people should not support “Bitmain’s death march”. According to them, the elections which will be conducted is not related to the technical developments of the platform but it is a difference in “opinion” regarding the future of Bitcoin Cash and its existence. They said that along with CoinGeek, most of the mining community and the application development community are supporting the Satoshi Vision instead of the chain split.

The main aim is to restore the original Bitcoin as visioned by Satoshi Nakamoto and lock down the protocol so that unnecessary changes cannot be implemented or tested on the chain. However, there will be updates on the protocol which are going to be rare and will be implemented only when the testing is completed and is supported by clear consensus.



According to CoinGeek, Bitmain is trying to embed “risky untested code” in the protocol which to they find unnecessary for everyone expect Bitmain. CoinGeek said:

“They [Bitmain and Bitcoin ABC] want to use this to enable their off-chain token solution [Wormhole] that will cannibalize and eventually replace Bitcoin with their Wormhole Cash [WCH] token network. Because they have apparently pre-minted billions of WCH token themselves already.”

Moreover, the hardfork will implement Proof of Stake [PoS] instead of Proof of Work [PoW] which would have a huge toll on the existing Bitcoin Cash mining industry. CoinGeek refers this as the second version of Ethereum with its problem of scaling and security.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Analysis

Bitcoin Cash [BCH] vs Bitcoin SV [BSV] Price Analysis: BCH bullish as BSV struggles to keep pace

Yash Rajan

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Bitcoin Cash [BCH] vs Bitcoin SV [BSV] Price Analysis: BCH signals bullish as BSV struggles to pick up pace
Source: Pixabay

Bitcoin Cash was trending after the multisig transaction was carried out . The Free Ross Ulbricht campaign has also spurred the growth of Bitcoin Cash. According to CoinMarketCap, BCH stood fourth on the list of top cryptocurrencies, with a market cap of $7.12 billion and a 24-hour trading volume of $3.25 billion. BCH rose by 2.16% over 24 hours, at press time.

Bitcoin SV stood sixteenth, with a price of $62.43 and market cap of $1.11 billion. At press time, it had a 24-hour trading volume of $167.29 million. BSV saw a dip of 2.29% during the 24-hour cycle.

1-Day BCH Analysis

The resistance line stood at $418.4, and the three support lines were at $279.0, $157.1 and $112.3. The first uptrend started at $171.5 and ended at $319.9, while the second one extended from $259.3 to $387.

Source: TradingView

Source: TradingView

Bollinger Bands showed an increased rate of volatility in the market and the moving average line was below the candles, depicting bullish trend.

Awesome Oscillator displayed a bullish buying opportunity as the short-term momentum in the market was greater than the long-term momentum.

Chaikin Money Flow suggested that money was flowing into the market.

1-Day BSV Analysis

Resistance lines stood at $97.36 and $87.24 and the support line stood at $55.06. The first downtrend saw a change in price from $96.16 to $78.84 and the second downtrend started at $88.85 and ended at $72.09.

Source: TradingView

Source: TradingView

Bollinger Bands indicated growing market volatility

Awesome Oscillator presented that the short-term momentum was greater than long-term momentum, indicating a bullish buying opportunity.

Chaikin Money Flow indicator was just below the zero-line. This indicated that money flowing out of the market was marginally more than money moving into it



Conclusion

While BCH continued its bullish resurgence, BSV struggled to keep up pace with the general bullishness of the collective market.





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