Crypto Exchange OKEx Relists Bitcoin ABC Under Original Bitcoin Cash (BCH) Ticker

Another major cryptocurrency exchange has announced that they deem recent the recently created Bitcoin ABC to be the true Bitcoin Cash. Hong Kong-based OKEx will relist the digital currency under the original Bitcoin Cash ticker, BCH.
The announcement is the latest example of a large trading venue deciding similarly. Previously, both Winklevoss twins-founded Gemini and Coinbase have expressed support for the Bitcoin ABC chain over the “Satoshi’s Vision” side of the fork.
Bitcoin ABC Receives Psychologically Important BCH Ticker at OKEx
According to a report in RTT News, the digital currency exchange OKEx has decided to change the ticker listed for Bitcoin ABC to the original Bitcoin Cash one, BCH. Previously, the major trading venue had the recently created crypto coin listed as BCHABC.
Meanwhile, the opposing side of the November 15 hard fork, known as Bitcoin Satoshi’s Vision, has also been relisted. Before today’s announcement, the exchange referred to this newly created coin as BCHSV. It will now use the simpler ticket, BSV.
In addition to the relistings, OKEx will be suspending spot trading for either side of the original Bitcoin Cash chain. In a statement reported by RTT News, the company said that the remaining balances of the original BCH would be settled, prior to the removal of the asset from accounts. Spot trading for both the new BCH and BSV is expected to resume two hours after it initially goes offline.
Another Important Battle Lost For Bitcoin SV
As the newly crowned largest exchange on the planet by trading volume, OKEx has great influence over the public perception of different digital currencies. NewsBTC reported earlier today that the Hong Kong-based trading venue is one of only four that has managed to retain more than 100,000 active users.
Additionally, OKEx was one of the most active exchanges for Bitcoin Cash trading. This makes the exchange’s policy towards both sides of the fork all the more important. With such a major cryptocurrency (and Bitcoin Cash) market siding with the opposition, the news of the Bitcoin Cash relistings must be yet another bitter pill to swallow for the controversial Bitcoin SV camp.
To make matters worse, OKEx is just the latest of the major exchanges to announce a similar listing for the Bitcoin ABC side of the November Bitcoin Cash hard fork. In October, just prior to the chain split, US crypto trading giants Coinbase announced that they would be supporting the Bitcoin ABC chain. The reasons cited for this decision: higher hash rate and a longer blockchain.
Similarly, Winklevoss twin-owned Gemini announced earlier this week that it would only be supporting the Bitcoin ABC blockchain. They too will be listing the digital asset under the ticker BCH.
Related Reading: Bitcoin Dominance Grows to Three Month High as Altcoins Falter
Featured Image from Shutterstock.
 
 
 
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From $4,350 to $117: Is Bitcoin Cash (BCH) Entering Death Spiral?

The Bitcoin Cash price continues to record new yearly lows, currently trading within its fifth consecutive session in the red.
The BCH/USD rate has dropped below $120 in the latest sell-off, noting more than 97% depreciation since its all-time high.
Since November 7, when the pair was trading at $638, it has tanked more than 81% in value. In comparison to other cryptocurrencies that also established their yearly lows recently, the price plunge in the Bitcoin Cash market is more severe.
Source: CoinMarketCap.com
Collateral Damage
The reason why investors are finding it difficult to hold onto their Bitcoin Cash is lack of confidence in the Roger Ver-led team.
Following months of discussions over the future of the Bitcoin Cash project, the community decided to split the blockchain to upgrade its core protocol.
There was also a section led by nChain founder Dr. Craig Wright and online gambling billionaire Calvin Ayre that revolted against Ver’s Bitcoin Cash upgrade plans. They decided not to support the hard fork and announced that they would launch their separate Bitcoin Cash chain.
On November 15, the Bitcoin Cash blockchain forked to give birth to two competing chains: Ver’s Bitcoin ABC and Dr. Wright’s Bitcoin SV. The split didn’t go peacefully, however.
Both of the groups waged a so-called hash war against each other to claim the original BCH ticker. In a hard fork, a community votes with hash power. The chain which receives the maximum hash power from the mining community becomes the longest chain among the two resulting chains.
In their efforts to prove dominance, both Ver and Dr. Wright arranged surplus electricity to mine on their respective chains. In the initial stages, both of the sides were dealing with half a million worth of losses in power consumption. By November 21, Bitcoin SV, in particular, had raked in losses of $2.2 million.
The entire episode damaged the rest of the crypto market, especially Bitcoin whose hashing power was unilaterally allocated to the Bitcoin ABC blockchain.
While ABC emerged as a winner over the competing SV chain, even a combined Bitcoin Cash-ABC cap couldn’t recover from the damages their markets had faced. Investors who left Bitcoin Cash are showing no interest in coming back to it, while Bitcoin’s dominance in the crypto market is going up at the same time.
Related Reading: Barry Silbert: Bitcoin Cash Fork Is a Distraction, Confusing for New Investors
What’s Next for Bitcoin Cash?
The Bitcoin Cash market is now moving into a bottomless abyss – a kind of death spiral – with no signs of investment confidence improving.
To say it will be dead would be too much, for Ver and his team would not see their billion dollar project turn to ashes. The market would need an aggressive bull whale to buy in at new dips to revive good confidence. Ver, in one of his press statements, looked bullish despite the negative turnover.
“As a self-proclaimed fundamentals investor, I believe that the long-term the future is brighter than ever for cryptocurrencies,” he told Bloomberg. “There is more awareness, more adoption, and more stuff happening all over the world.”
If only promises could comfort!
Featured image from Shutterstock.
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Bitcoin Cash War Begins: Hash Power of BCH Increasing Rapidly

Bitcoin Cash’s controversial chain split scheduled for today has been activated at block number 556,766.
Around three hours after the split, it appears that one of the main instigators of the fork is struggling to keep pace with the mighty combined hash rate of Bitcoin.com and Bitmain.
Where’s All That Hash Power Then Craig?
According to data provided by cryptocurrency statistics website Coin.Dance, at the time of writing, Bitcoin.com, supporting the Bitcoin ABC side of the hard fork, had mined seven of the eight Bitcoin ABC blocks produced so far with BTC.com adding the last.
Meanwhile, SV Pool, has only mined four of the five Bitcoin SV blocks created so far. Mempool picked up the remaining block reward.
Despite big boasts of their ability to 51% attack Bitcoin ABC from the SV camp, notably originating from the lips of their head honcho, Dr Craig Wright, the Bitcoin SV chain has thus far failed to establish itself as the longest chain. Not only that, but just two hours after the split, Bitcoin SV looks redundant to deliver on the kind of threats Wright and company have been making recently.
Wright had gone so far as to state that he would command around 70% of the total Bitcoin Cash rate thanks to his connections to CoinGeek mining firm founder Calvin Ayre. However, judging by the current statistics, pools supportive of Wright’s ambitions would struggle to get anywhere near the necessary hash rate to compromise the security or operation of the Bitcoin ABC chain.
Wright has spent much of the run up to today’s hard fork posturing on Twitter about the terrible vengeance he will wreak on first the Bitcoin ABC side of the Bitcoin Cash fork and following this, to Bitcoin (BTC) itself.
The man whose claims to be Bitcoin’s creator have been largely debunked also appeared on technical analysis specialist Tone Vays’s YouTube channel to boast about the seemingly endless hash power he commands. Additionally, he sent a rather abusive email to Roger Ver demanding the early Bitcoin proponent support Wright or face some largely implied consequences.
However, earlier today, Roger Ver, one of Bitcoin Cash’s biggest proponents and recent victim of Wright’s efforts to assert his control over BCH, tweeted that the Bitcoin.com pool now boasted more hash rate than that of the entire Bitcoin Cash network just hours previously:

The https://t.co/6EeRmpfaH7 pool now has more hash rate on it than the entire BCH network had earlier today. Bitcoin is cash for the world! #BitcoinCash #bitcoincashfork pic.twitter.com/n2MqQ5mlfK
— Roger Ver (@rogerkver) November 15, 2018

Others also provided their take on the situation and how the posturing of Craig Wright now seemed more likely to be hot air than anything else…

Possible Bitcoin Cash hash war scenario
Bitcoin dot com added 4 exahash. If Bitmain and Jihan's camp redirects more hash power to BCH (estimated to be 20 EH), it's game over for faketoshi.
All depends on Calvin Ayre, but it's becoming more likely that faketoshi will lose out.
— Joseph Young (@iamjosephyoung) November 15, 2018

… before summarising the current hard fork situation and its likely winners and losers:

Bitcoin Cash (ABC) ahead, more hash power, more activity, higher price. 4x higher price (margin).
Seems like a win for BCH. Jihan Wu and Chinese miners not even needed. Certainly not enough for a 51% attack on BCH. BSV nodes reportedly crashing.
Faketoshi lost, community won pic.twitter.com/5LzuKMX3lf
— Joseph Young (@iamjosephyoung) November 15, 2018

For further explanation, this is more hashpower than $BCH had in the last 24hrs. I.e. if Coingeek / nChain / SV Pool / etc. don't have a lot more miners, then ABC is immune to attack
— Alistair Milne (@alistairmilne) November 15, 2018

According to sources close to the founder of Chinese mining hardware manufacturer Bitmain, there are still 90,000 mining units reportedly mining the BTC chain that could also be switched to Bitcoin ABC should a significant threat of 51% attack from Wright arise.
Evidently, Wright would need many times as much hash rate than he currently appears to yield. For now, his talk of 51% attacks and “2014 prices” for months seem to be little more than idle threats.
It appears that today’s hard fork might blow over as quickly as Roger Ver stated it might. The early investor and advocate of digital currencies had previously compared the situation to that of the Y2K bug thought to destroy computer systems around the world at the turn of the millennium.
However, nothing of the sort occurred and the event was quickly forgotten. If the current situation remains, this too could be the fate of today’s split between Bitcoin ABC and Bitcoin SV.
Related Reading: BCH Fight: Bitcoin Cash Bashing Heats Up, Rivals Duke It Out Ahead of Hard Fork
Featured image from Shutterstock.
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Breaking: Bitcoin Cash [BCH]’s ABC implementation takes the lead in the hard fork; ‘BAB’ and ‘BSV’ appear as new ticker symbols

The November 15 Bitcoin Cash [BCH] hard fork took off to a start with the Jihan Wu and Roger Ver led ABC implementation of the cryptocurrency gaining the first two blocks as per the new consensus rules. At press time, the ABC team was still in the lead by one block after the SV Pool mined their first block.
The split has also resulted in Bitcoin Cash charts being unavailable on Tradingview with the ‘BCH’ ticker symbol going missing. The new charts after the split are holding as BSV and BAB on Tradingview. Bitfinex, a popular cryptocurrency exchange, also announced that the new ticker symbol will be decided once the hard fork is complete.
The hard fork has been making news for the past couple of days with the fourth-largest cryptocurrency seeing massive conflicts within the network. At the time of writing, the ABC implementation of Bitcoin Cash was leading compared to the Bitcoin Satoshi Vision led by nChain’s Craig Wright.
Craig Wright was also in the news recently when he talked about Bitcoin’s connection to the infamous Silk Road. He had stated:
“Adoption didn’t happen because of Silk Road. If you looked at other centralized coins that happened in the 90s and things like this within the first three years, you actually had banks starting to use them; Deutsche Bank was using DigiCash, others were using it. So Silk Road actually killed adoption in Bitcoin. Right now, we would be in a world with probably 500 million people using Bitcoin at least on a daily basis if it wasn’t for Silk Road.”
Ver, on the ABC side had stated:
“Even when the big blockers wound up having basically the majority of the hash rate – they had more than 50% at one point – they were still scared to set a flag date… Like, okay here’s the date we’re gonna mine the bigger block. And because they were all scared to actually take action we wound up where we are.”
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Source: AMB Crypto

Bitcoin Cash [BCH] hard fork on Coinbase further detailed out; November 15 event stirs community

The upcoming Bitcoin Cash [BCH] hard fork has created quite a sensation in the cryptocurrency community, with several major players announcing their perspective on the event. On November 13, Coinbase, the largest cryptocurrency exchange in terms of users, released a set of guidelines that BCH holders will need to follow during the fork.
The exchange, which had earlier released a circular that talked about the pause on sends and receives of Bitcoin Cash on the platform, revealed a new addendum. Coinbase said:
“Due to recent developments, we have now determined that it will be necessary to also pause all buys, sells, and trading of BCH starting at 8:00AM PST on Thursday on Coinbase.com, in the iOS and Android apps, and on Coinbase Pro and Prime. Accordingly, during the time of the pause, you will not be able to sell or remove your BCH from Coinbase.”
The company has also informed users that if they need to access their respective BCH during the fork, they will have to remove it from the exchange before the process begins. Coinbase has also laid out a detailed instruction list for users that will enable them to handle the cryptocurrency during the hard fork.
Coinbase has stated that after the BCH transactions are paused, a snapshot will be taken of the existing BCH balances. The exchange will then monitor the fork for network consensus to ensure that the fork happens successfully. The circular further said:
“If another viable chain exists, customers will have the ability to withdraw funds at a future date. We anticipate this will take at least a few weeks, but may take longer.”
The Bitcoin Cash hard fork was also in the news recently when Bitinex announced pre-fork trading on their platform. The exchange had stated:
“While we want to make such forks available to our customers, our limited and temporary support for them is not and should not be construed as support for any particular project.
 
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Source: AMB Crypto

BCH Fight: Bitcoin Cash Bashing Heats Up, Rivals Duke it Out Ahead of Hard Fork

The cryptocurrency industry is still in its infancy, or so we keep being told. That infancy, or childishness, is often revealed on the crypto-sphere’s primary tool for communication, Twitter. No greater example has been seen than the recent battles between rival camps over the upcoming Bitcoin Cash hard fork.
Three Camps, One Vision
The Bitcoin Cash hard fork, set for November 15, is part on an ongoing network upgrade published in its roadmap. It is a high possibility that the two or even three versions of the fork will be updated from BCH in different ways. The three current proposals are Bitcoin ABC, Bitcoin SV (Satoshi’s Vision), and Bitcoin Unlimited.
The first version is Bitcoin ABC which is essentially Bitcoin Cash in its current state with no major changes aside from a few network updates. This was founded by Bitcoin’s own ‘antichrist’, Roger Ver, last year when it split from the original chain in order to increase block size for faster transactions at lower cost. It currently has the majority of the mining power.
Bitcoin SV is an opposing liberal branch led by the man often referred to as ‘Faketoshi’, Craig Wright. Its vision is to overwrite existing code and increase block size even further, from 32Mb up to 128Mb in order to scale the network even further. It does not have the community support of the other two.
In the third corner is Bitcoin Unlimited which is a compromise between the two above headed by lead developer, Andrew Stone. The upgrade gives more voting power back to the miners to select the changes they want in the network. This would be achieved by switching to the Bitcoin Unlimited client and submitting a Bitcoin Improvement Proposal for proposed changes.
BCH Fight
The social media outbursts and claims from some of these ‘crypto pioneers’ leading up to this technological division have been a source of entertainment in themselves so here are a few …

And, no you ABSOLUTE cuck
Bitcoin IS not even close to a soy boy commitee
It is all use hard assed buggers bending you over to show you the light.
It is capitalism. Enjoy pic.twitter.com/oLsr2I407v
— Dr Craig S Wright (@ProfFaustus) November 13, 2018

The #BitcoinCash Civil War camps, $BCHSV $BCHABC summarized in a few quotes by @ProfFaustus who advocates Bitcoin Satoshi Vision and @rogerkver on the side of Bitcoin ABC. Billions at stake for both sides… Who is right at the end? $BCH #November15th #HardFork pic.twitter.com/s0KyKd94Si
— Global Chain (@global_chain) November 14, 2018

BTC supporters are too incompetent to even keep the blocks full like they want. #FAIL https://t.co/7BkqaVqLZS
— Roger Ver (@rogerkver) November 1, 2018

The whole BCH community are working together to kick Fake Satoshi out. The resisitence against cult leader proves the inner strength and sophistication of the BCH ecosystem!
— Jihan Wu (@JihanWu) November 9, 2018

Will be interesting af to see how the $BCH hash rate reacts when #Bitmain turns on 70,000 asics to signal for $BCHABC.
Does the crazy CSW have a hidden move for $BCHSV to outpower @JihanWu and @rogerkver?
This #Decentralised hash war is gona be so exciting for the bystanders
— Crypto Galacticos (@CryptoGalactico) November 13, 2018

If @jihanwu, @Rogerver & ABC devs want to make #Permissionless Kiddie porn sites and Silk Road Version2.0
They can piss off to #Dash
They are NOT adding this to #BCH
This is the ONLY real use case they have and it is not happening!
— Dr Craig S Wright (@ProfFaustus) November 8, 2018

Bitcoin maximalists on the other hand are reveling in it all, harking back to their own battles when BTC split back in November 2017 to create the BCH fork;

Oh well.. Karma's a $BCH. ¯_(ツ)_/¯
— WhalePanda (@WhalePanda) November 13, 2018

 
Regardless of ideology or fork preference, the petty squabbling is detracting from the real enemy, at least according to the original Satoshi; the centralized banking system. Essentially everyone wants the same thing, to improve the system, but they can’t seem to get over their egos to come to a human derived consensus yet. And so the tweet wars continue, at least until tomorrow when it looks like the miners will decide. Current stats on miner, node and hashrate divisions between all versions can be found on Coin.dance.
 
Image from Shutterstock
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BitMEX Publishes Analytics Website to Monitor BTC and BCH Hard Forks

The Bitcoin Mercantile Exchange, or BitMEX for short, has launched a website to monitor activity on both the original Bitcoin chain and the Bitcoin Cash hard fork.
The leadership of the cryptocurrency and derivatives trading platform believes the service called ForkMonitor.info will be useful in determining levels of support for different implementations of code, as well as spotting potentially dangerous consensus bugs.
BitMEX Node Monitoring Service Will Initially Focus on Bitcoin Cash
According to a blog post from BitMEX, the ForkMonitor.info service will take data from both the Bitcoin and Bitcoin Cash blockchains. However, owing to the proximity of the upcoming Bitcoin Cash hard fork, it will begin by monitoring more BCH nodes than BTC ones. At present, the site runs eight Bitcoin Cash nodes and just five using the original chain’s code.
The BitMEX blog post states that there could be as many as three different versions of BCH following the split. Each would be backed by more than a trivial amount of hash rate too.
First, there is the Bitcoin ABC implementation. The authors believe this will be the most popular and that most actual users of BCH will follow this chain. A second implementation is being promoted by Craig “Fake Satoshi” Wright. This one is being referred to as Bitcoin SV (Satoshi’s Vision) and features yet another block size increase.
Whilst thought to be less popular than the Bitcoin ABC fork, Bitcoin SV and Wright have the support of some large mining industry names. These include Calvin Ayre’s Coingeek and BMG Pool. Based on these backers, the blog post summarises:
“Therefore we believe it is likely that despite the lack of community support for Bitcoin SV’s hardfork, the chain could have considerable hashrate, even if it’s only for a limited period.”
Finally, there could be a third implementation that simply follows the original consensus rules as they are today.
The creation of the ForkMonitor.info website seems to be largely driven by the current confusion amongst Bitcoin Cash supporters about how events will unfold come November 15. The post states:
“While it appears that the economic majority will support Bitcoin ABC’s hardfork, there is significant uncertainty over how each client will behave and which chains they will follow. Therefore, BitMEX Research has sponsored this new website which has launched before the hardfork is due to occur. This will hopefully provide useful information to some stakeholders, as the events get underway next week.”
After the November hard fork is completed, focus will shift more towards the original Bitcoin chain. BitMEX are hoping to run additional versions of Bitcoin Core, along with independent implementations such as Bcoin and BTCD. The team behind ForkMonitor.info believe that this could be useful in spotting consensus bugs such as that which was identified in September this year, thus strengthening Bitcoin further.
Featured image from Shutterstock.
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Ethereum’s Next Hard Fork Constantinople gets Delayed as Developers Find Bugs in the Code

Ethereum’s next hard fork, dubbed Constantinople which was on track for November release has been delayed for early 2019. The same was confirmed by developers in a meeting as they found several bugs that were released on a test network.
Constantinople plans delay other proposed changes as well
The Constantinople hard fork, upon successful implementation, was expected to increase the network’s efficiency and was a system-wide update of the Ethereum network. Made up of five updates, this update was to help in shifting the network away from a Proof-of-Work consensus model, lay the groundwork for ETH’s scaling solution, and bolster and support its smart contract infrastructure.
With bugs in the code, now developers are aiming for some time in late January or February, developers on the call Friday agreed that moving ahead with the hard fork next month would be unwise.
Speaking to this during the live-streamed meeting, developer Afri Schoedon remarked:
“I keep getting the feeling that we’re trying to rush this and I would second that we should breathe and see what happens.”
A few days back, a key tweet from Infura, which is an Ethereum blockchain infrastructure firm, revealed a bit of the detail of the bug. According to the tweet a supposed “consensus issue” in the trailing of Constantinople, has rendered a testnet useless. The report also stated that the trial unexpectedly resulted in a “consensus issue on ropsten.” The information was revealed by Afri Schoedon, lead Ethereum developer, through a series of tweets. Schoedon has also pointed out that there would be “no Constantinople in 2018,” as the team would be busy investigating the reason for the problem.

Due to a consensus issue with the Constantinople fork, Ropsten is currently not usable. The Ethereum dev community is investigating. Until further notice please utilize one of the other Ethereum testnets
— Infura (@infura_io) October 13, 2018

Afri Schoedon tweet on the same

no constantinople in 2018, we have to investigate
— 𝙰𝚏𝚛𝚒 𝚂𝚌𝚑𝚘𝚎𝚍𝚘𝚗 (@5chdn) October 13, 2018

between geth and parity, we have a three-way fork now.
— 𝙰𝚏𝚛𝚒 𝚂𝚌𝚑𝚘𝚎𝚍𝚘𝚗 (@5chdn) October 13, 2018

consensus issue on ropsten
— 𝙰𝚏𝚛𝚒 𝚂𝚌𝚑𝚘𝚎𝚍𝚘𝚗 (@5chdn) October 13, 2018

Arfi finally announces a delay

consensus: earliest constantinople hardfork date end of january 2019
— 𝙰𝚏𝚛𝚒 𝚂𝚌𝚑𝚘𝚎𝚍𝚘𝚗 (@5chdn) October 19, 2018

The delay could have implications for other proposed changes as well. Martin Holste Swende, security lead at the Ethereum Foundation, said there could be time then to add code for another proposal, dubbed “ProgPow,” into Constantinople.
ProgPow is aimed at shoring up Ethereum’s resistance to the specialized mining hardware, which many think could price out smaller mining operations that use GPUs to mine – and could trigger some centralizing effects.
According to Swende, as he quotes,
“I’m going to go out on a limb here and say that if we do decide that Constantinople isn’t until January or February, then I would probably try to push for including ProgPoW into Constantinople,”
Hudson Jameson, the communications officer for the Ethereum Foundation, said Friday that developers already had a lot to do to prepare the network for the main net – or live blockchain – release of Constantinople. Highlighting one of these items, he said:
“We need to coordinate more with miners on when we switch over hash power and that also includes mainnet.”
Nothing seems to be falling in place for Ethereum. Constantinople which was to change fortune for Ethereum now stands delayed. Hope this delay doesn’t cost Ethereum its second position on the list of cryptocurrencies by marketcap.
How much impact will this Constantinople update delay hurt Ethereum? Do let us know your views on the same.
The post Ethereum’s Next Hard Fork Constantinople gets Delayed as Developers Find Bugs in the Code appeared first on Coingape.
Source: CoinGape