It is just over a month since the Bitcoin Cash hard fork that created the Bitcoin Cash SV and Bitcoin Cash ABC implementations and there is a already a very obvious front runner in terms of support. Posting some of biggest gains on an uncharacteristically green day was ABC at just over 33%.
Meanwhile, the SV project led by the increasingly megalomanic Craig Wright managed just 13.5%. Thanks to some large gains elsewhere in the market, BCH SV now risks slipping into the relative obscurity of a position outside of crypto’s top ten performers by market capitalisation.
Will Bitcoin Cash SV Be Killed By Its Biggest Proponent?
The Bitcoin Cash community was famously split last month. Ironically enough, the hard fork was, amongst other things, centred around a disagreement about the block size going forward. Taking the “radically bigger blocks” position were those that have since formed a community (if you can call it that) around Bitcoin Cash Satoshi’s Vision. Meanwhile, those in favour of a more measured roadmap have gathered under the Bitcoin Cash ABC banner.
Things got pretty ugly at the time of the hard fork and several threats about 51% attacks were made via the controversial Craig Wright’s Twitter account. The man who has formerly claimed to be Satoshi Nakamoto himself even fired shots towards Bitcoin Cash’s most vocal proponent, Roger Ver, in a blunt and abusive email.
Following the split on November 14, Bitcoin Cash ABC has been gradually proving itself as the more popular project. This has been confirmed by three of the most important groups comprising any crypto network: exchanges, miners, and now the users.
Firstly, even before the split, exchanges such as Coinbase had stated that they would be supporting the Bitcoin Cash ABC side of the chain. More recently others have followed suit, declaring the project worthy of the original BCH ticker.
Furthermore, miners have shown where their allegiances lie in the only way they can – by mining. Data from Coin.Dance shows that the ABC fork has around 1.5x as much hashing power as the Satoshi’s Vision side.
Finally, the market itself has made its feelings on the whole debacle clear. In a day that saw mostly green candles across the board, ABC today enjoyed almost twice the gains of its rival. Now, sitting in the number nine spot on Coinmarketcap, things could be about to go from bad to worse for Wright’s project as it teeters on the edge of relative obscurity.
It is not clear exactly what is causing the market to turn towards the ABC side of the fork. However, the recent news that most of the biggest names in the exchange industry consider it to be the true implementation of Bitcoin Cash will certainly be discouraging some from supporting SV.
Equally damaging to the project, however, is Wright’s dictatorial approach to the community itself. There is absolutely nothing about Bitcoin Cash SV that feels decentralised. From a perusal of his Twitter feed, it very much seems like it’s Wright’s way or the highway. Not exactly what you would expect from a supposedly leaderless network..