In this article, we recap the main highlights of the events of day 1 (15 November 2018) of what has been called the "Bitcoin Cash Civil War", a fight between two powerful camps, Bitcoin ABC and Bitcoin SV, for the title of "The Real Bitcoin Cash."
Block Mining Status
- The mining pools supporting ABC are Antpool, Bitcoin.com, BTC.com, and Viabtc, and those supporting SV are BMG Pool, SV Pool, Mempool, and Coingeek.
- Around 05:55 pm on November 15th, SVPool mined the 6th block since 16:40 UTC, which resulted in the activation of the hard fork code. This (block 556766) was the last common block before the chain split. Bitmain co-founder Jihan Wu, who supports the ABC camp, tweeted: "There will be no more negative gamma after this block in BCH community. Congratulations!"
- Around 06:00 pm, mining pool Bitcoin.com mined the first post-fork block on Bitcoin ABC.
- Around 06:22 pm, mining pool Mempool mined the first block on Bitcoin SV.
- The 51% attack on Bitcoin ABC that Dr. Wright had talked about did not materialize.
- At press time (09:15 am on November 16th), according to data from Coin Dance, Bitcoin ABC is 44 blocks ahead, and has an estimated 67% of the hash rate.
BAB and BSV have been successfully credited to Bitfinex users and BCH positions have been claimed. The BCH symbol will not be assigned until the fork is complete.— Bitfinex (@bitfinex) November 15, 2018
We’ve finished converting all BCH balances to BCHABC and BCHSV. The BCH market is now disabled. BCHABC/BTC, BCHSV/BTC, BCHABC/USDC, and BCHSV/USDC markets are open. Deposits and withdrawals of BCHABC and BCHSV are still paused, and will remain paused until the networks stabilize.— Poloniex Exchange (@Poloniex) November 15, 2018
One thing about the fork, these symbol names will stay. Binance will not support changing of trading symbols later. If anyone asks for it later, let's refer them back to this tweet. https://t.co/j1h3gb4edQ— CZ Binance (@cz_binance) November 16, 2018
This was Binance's announcement:
Binance has completed the distribution of both Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV) to all eligible users. BCHABC and BCHSV balances were each distributed to users in a ratio of 1 BCC = 1 BCHABC and 1 BCC = 1 BCHSV, based on the snapshot of all Bitcoin Cash (BCC) balances taken at 2018/11/15 4:40:00 PM (UTC). Binance will open trading for new BCHABC/BTC, BCHABC/USDT, BCHSV/BTC and BCHSV/USDT trading pairs at 2018/11/16 8:00 AM (UTC). All prior BCC balances have been removed from user accounts and all BCC trading pairs have been delisted from the exchange. Deposits and withdrawals of BCHABC and BCHSV will open after we deem the blockchains and wallets to be usable and stable.
Comments From the Bitcoin ABC Camp
Comments From the Bitcoin SV Camp
as I said before...bursts of transient hash is market manipulation and is cheating and can not work. It is embarrassing to watch Roger Ver and https://t.co/ycwTZ1zR0H go down this path.— Calvin Ayre (@CalvinAyre) November 16, 2018
Interesting Comments From Third Parties
Tone Vays, crypto trader/analyst:
Sounds like @ProfFaustus of @nChainGlobal & @CalvinAyre of @RealCoinGeek r Shadow Mining #BitcoinABC to re-org the chain once @BitcoinCom returns hashrate they stole from #Bitcoin cloud mining for $BAB. If #BitcoinSV do it right, they might even get to double spend that 1.1M $BCH https://t.co/PpJ0MbacIe— Tone Vays [@Bitcoin] (@ToneVays) November 16, 2018
Jimmy Song, Bitcoin advocate/developer:
Observations:— Jimmy Song (송재준) (@jimmysong) November 16, 2018
1. Both ABC and SV are mining at a loss
2. ABC ~3x more expensive to mine, SV ~5x more expensive than BTC
3. ABC: ~4 PH over equilibrium
4. SV: ~3 PH over equilibrium
Unless both ABC and SV go up a lot vs BTC, both ABC/SV miners will bleed money
Warren Togami, VP Solutions at Blockstream:
BCH's absurd little civil war has an unexpected benefit. Any hashrate they deploy to fight their fellow morons effectively hands free money to the BTC miners. pic.twitter.com/BSK38fiLSQ— Warren Togami (@wtogami) November 14, 2018
Matt Odell, Bitcoin entrepreneur:
lol looks like bchabc implemented a secret centralized checkpoint to prevent csw from attacking their chain 😳🤦♂️😂— Matt Odell (@matt_odell) November 16, 2018
Not only does this not solve anything, since they will have to constantly add checkpoints or the chain will be vulnerable, but a centralized chain is worthless. pic.twitter.com/zmiIpaNMt1