The BCH fork war is over, but the game has just begun

Bianews reported that at around 1:55 am on November 16th, Beijing time, the much-anticipated BCH fork in the cryptocurrency circle was officially completed, and the battle for computing power between the two major camps of Wu Jihan and Craig Steven Wright also kicked off.

According to cash.coin.dance data, during the BCH hard fork, the first three blocks all belonged to the Craig Wright camp. The fourth and fifth blocks were from the Jihan Wu camp. After six blocks, the protocol upgrade began and the fork was completed.

The sixth block was mined by SVPool, with a block size of 2597.76kB and a block height of 556766. The ABC and BSV chains have since parted ways.

Wu Jihan tweeted, “Celebrate, there will be no more troublemakers in the BCH community after the new block . ”

Craig Wright immediately tweeted that “the game has begun”.

The BCH fork has been completed, but as Craig Wright said, the real battle has just begun, and the fork is actually just the prelude to the war.

Origin of the War

On August 8 this year, Bitcoin ABC, the main BCH development team supported by Bitmain, announced that it would upgrade BCH on November 15, hoping to develop BCH towards the direction of infrastructure public chain and open up more application scenarios.

However, the nChain development team controlled by CSW disagreed with this modification and launched the Bitcoin Satoshi Vision plan, hoping that BCH would strictly adhere to Satoshi Nakamoto's ideas and focus on the transfer transaction itself.

Originally, the two parties could have gone their separate ways and developed independently after the fork without interfering with each other. But Craig Wright refused and threatened to "destroy Bitmain with money" and insisted that the entire BCH follow his path.

Fundamentally speaking, the future direction of BCH involves huge interests of both parties. Bitmain, owned by Wu Jihan, holds nearly 1 million BCH. The development of BCH is related to the future of Bitmain. Taking the BTC ABC path is undoubtedly to seize the future in their own hands.

Similarly, according to the BCH Chinese area, Craig Wright holds a large number of Bitcoin's original code patents. The ABC road will make changes to Bitcoin's native underlying protocol, which will damage Craig Wright's benefits from patents.

Due to the conflict of interests, this fork battle is particularly fierce. Craig Wright is even going to increase the "handling fee" to win the support of miners. He will use all his wealth to defeat the "mining tyrant" Wu Jihan and Bitmain, and vow to regain the dominance of BCH.

Multiple parties

The fork war has been brewing for a long time and involves the interests of many bigwigs. The positions of the wavering bigwigs in the cryptocurrency circle have gradually become clear. There are many supporters on both sides, and many people remain neutral and wait for an opportunity to act. This war has swept the entire cryptocurrency circle from the beginning, and no one can stay out of it.

Supporters of Wu Jihan

1. Roger Ver (Bitcoin Jesus)

The Bitcoin.com mining pool he manages has clearly announced that it will mine based on BU 1.5.0.0 and Bitcoin ABC 18.2. Roger Ver was blocked by Craig Wright on social media.

2. Vitalik Buterin

Vitalik Buterin recently tweeted that the best time to fight the "devil" was one year ago, and the second time was today. Under this tweet, ViaBTC attached a reply from the official Twitter account of ViaBTC to a Twitter user. Twitter user "Jason Elliott" hopes that ViaBTC will support SV.

3. John McAfee

He clearly expressed his support for Wu Jihan on Twitter and wrote an email to Wu Jihan saying that he would stand up for him at any time.

4.Joseph Young

Forbes analyst Joseph Young called CSW a villain who sparked a hash war and wasted a lot of resources.

Craig Wright Supporters

1. Calvin Ayre

Calvin Ayre has clearly expressed his support for Bitcoin SV, that is, he supports Craig Wright, and has cheered for Bitcoin SV on Twitter, encouraging miners to make the right choice.

2. Cobra

Cobra, the holder of Bitcoin.org, the official Bitcoin forum, tweeted in support of BCH SV. He said that no matter how much computing power Bitcoin ABC steals from Roger and Wu Jihan's mining pool, it will lose the "computing power war". Miners supporting SV only mine BCH.

Eat melons and watch the show without any worries

1. Jiang Zhuoer

Jiang Zhuoer, CEO of Litecoin Mining Pool, expressed his support for hashrate voting (hashrate war) in a Weibo post. He believed that BCH should acquire users as its highest goal, evolve rapidly, and eliminate differences in evolution and prevent unnecessary forks through hashrate voting (hashrate war). He also said that he would support the winner to end the chaos.

2. Chen Weixing

Chen Weixing, who has not been active for a long time, said on Weibo that the two sides are in the same group.

3. Charlie Lee

Litecoin founder Charlie Lee tweeted that the hard fork of ABC vs SV is the best test of Nakamoto Consensus in the real world. However, it is not perfect because if BCH dies, miners can go back to mining BTC.

4. Pay the bulk

Dianfu Datou said that BSV wants to take the route of large blocks and simple functions, which is relatively passive. The plan is a little untenable in terms of rationality; but this is really not important, because at the moment it is not about which plan is more reasonable, but the manifestation of the huge differences in the community on the choice of route.

5. Changpeng Zhao

Binance's Zhao Changpeng tweeted continuously, commenting on the BCH fork: "Please end this stupid fork quickly, I really don't like forks. I prefer chopsticks, they can coexist in parallel and appreciate each other better."

Exchanges

Bitstamp, Coinbase and Coinex, three cryptocurrency exchanges, have stated that they will use the Bitcoin ABC price as the official Bitcoin Cash (BCH) price.

Coinex exchange said it will list Bitcoin SV (BSV), Coinbase has not yet mentioned whether it will list BSV, and Binance and Poloniex will list both BSV and Bitcoin ABC.

The road ahead is unknown?

The fork is officially completed, but where will the battle of computing power go? According to the analysis of Jiang Zhuoer, CEO of Litecoin Mining Pool, if Craig Wright really wants to bring down Wu Jihan and Bitmain, he must continue to gather computing power to carry out "frontal or guerrilla warfare."

The so-called direct battle means "starting from the fork point, the attacker and the defender continue to mine blocks on their own chains until one side abandons its entire chain."

The so-called guerrilla warfare means that "the attackers attack in a dispersed and sporadic manner, so the attack cost is low but the duration is long. Each attack chain will inevitably be covered back by the defender after briefly covering the original chain, which can only affect the stability of the chain but cannot kill a chain."

The final result is shown in the following figure:

Image source: Jiang Zhuoer Weibo

In short, as long as both sides do not give up, this battle of computing power will be protracted until the computing power and capital investment reach the end.

According to Forbes analyst Joseph Young, BCH ABC is already ahead, with stronger computing power, more active, and higher prices, which are already four times the price of BCH SV. This time BCH has already won, and does not even need Wu Jihan and Chinese miners, or even enough to launch a 51% attack on BCH. According to reports, BSV's nodes have crashed. This time Craig Wright lost, and the BCH community won.

According to media reports, Professor Liu Changyong, a PhD in Economics from Peking University, said that Bitcoin ABC is currently in an advantageous position, and the computing power transferred from bitcoin.com is equivalent to the total computing power of the entire BCH network yesterday. In terms of computing power, Bitcoin ABC has an absolute advantage.

Xu Mingxing posted on WeChat Moments that the focus of the BCH "computing power war" is to see whether ABC and BSV can produce blocks stably, and whether there is a large-scale block retracement on the two chains, which indicates whether the two chains are successful.

Has Wright really lost? Perhaps the game is still going on.