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Bitcoin Cash Community is Working to Kick CSW Out: Billionaire Jihan Wu


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Jihan Wu, the billionaire co-founder of Bitmain, a cryptocurrency conglomerate valued at $15 billion, has said that the Bitcoin Cash community is working together to kick Craig Steven Wright out of the community.

“The whole BCH community are working together to kick Fake Satoshi out. The resistance against cult leader proves the inner strength and sophistication of the BCH ecosystem.”

The statement of Wu comes after CSW threatened Roger Ver and Bitcoin Cash miners, controversially claiming that he is Satoshi Nakamoto, the creator of Bitcoin.

“I will ensure that ANY miner passing DSV can be held liable (under the law of the UK, China and US, they can be) The end will be a drop in value for those using DSV And, I will help ensure those who lose claim against this act. The developers in ABC will be able to be held personally liable. Oh… I do have a Masters in Law on just this area,” CSW said.

Conflict Between Bitcoin Cash and CSW

CSW, CoinGeek, and Calvin Ayre, a billionaire casino mogul, have created a camp to force a blockchain split on November 15, the day when the Bitcoin Cash network updates its protocol.

The group led by CSW has created a Bitcoin Cash implementation called Bitcoin SV and plans to activate the competing proposal on November 15 as the Bitcoin Cash protocol forks.

Major cryptocurrency exchanges including Coinbase, which publicly expressed support for the roadmap set forth by ABC and bitcoincash.org, told investors that the hard fork will cause instability on the network and will stop operating Bitcoin Cash wallets for a short period of time.

bitmain
Bitmain CEO Jihan Wu | Source: YouTube/CoinGeek

“We will monitor the Bitcoin Cash network during the upgrade. Coinbase cannot predict the duration of this upgrade process. When the upgrade is complete, we will evaluate the network and take appropriate next steps, including re-enabling sends and receives.”

In an email sent to Roger Ver, CSW threatened to intentionally hold the network hostage, stating, “if you want a war, I will do 2 years of no trade. Nothing. In the war, no coin can trade.”

In response, Ver stated that CSW seems to lack technical knowledge to back up his identity,” as CCN reported.

“Some things Craig says, I think are really spot on, but other things, he has no clue what he’s talking about. It seems strange to have Craig refuse to engage in any sort of technical debate there, and my suspicion at this point is that he can’t. And I’ve seen a bunch of things happen that make me skeptical — very, very, deeply skeptical.”

Current State of Bitcoin Cash

Subsequent to the November 15 hard fork, the majority of investors, developers, and miners remain confident that the current version of Bitcoin Cash and the roadmap set forth by ABC will remain as BCH.

“There is not a single exchange that will reward BSV with the BCH ticker symbol for successfully 51% attacking BCH. That’s not how it works. Ticker symbols aren’t given out like spoils of a war. BSV will forever be BSV regardless of what they do to BCH,” Chris Pacia, a backend developer for Open Bazaar, stated.

However, it remains uncertain whether the outcome of the fork will positively benefit any side. On Poloniex, the combined value of Bitcoin Cash and SV remains lower than the current price of BCH.

Featured Image from nChain/YouTube

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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