Bitcoin Cash SV no longer wants the Bitcoin Cash name shares Calvin Ayre in a blog on CoinGeek declaring “Bitcoin SV is the original Bitcoin.” The Bitcoin Cash hard fork chaos has already resulted in the loss of about 66 percent of its value and millions in mining.
Bitcoin Cash Price takes a Severe Hit
November has been a rough month for the crypto market with prices crashing down. However, for Bitcoin Cash (BCH) it has been far worse. The November 15 hard fork proved to be rather fatal for Bitcoin Cash as it crashed over 66 percent.
Starting the month at about $424, it reached $635 a week. However, as bears entered the market it started sliding down further triggered by its upcoming hard fork. Since this high BCH has lost 66 percent of its value and this week alone about 50 percent has been scraped off of its price. At the time of writing, Bitcoin Cash has been trading at $207 while in the green by 3.49 percent.
BCH price chart, Source: Coinmarketcap
Developments after BCH Split
A war has been going on between Bitcoin Cash ABC and Bitcoin Cash Satoshi Vision (SV). Both the parties have already lost millions in mining as we reported yesterday.
Now, in its latest blog on CoinGeek titled, “Original Bitcoin will live on as Bitcoin SV (BSV)” by Calvin Ayre shares,
“It is CoinGeek’s opinion that the two chains are now so far apart and have such divergent plans ahead that there is just no path back to joining them. We also no longer want the name Bitcoin Cash BCH as to us, Bitcoin SV is the original Bitcoin not the original Bitcoin Cash (whatever that even means).”
Ayre further shares that ABC chain will be left alone by nChain if they do a permanent split and enact replay protection further stating,
“Bitcoin will live on with Bitcoin SV and will finally have a chance to show off the true power of the original economic model. Similarly, ABC can join with the rest of the new chain/coin models to demonstrate what they believe they can do. The models can then all compete in the marketplace and this lets actual users vote with their actions.”
Calvin Ayre concluded his blog with declaration that it is in the best interest of all and now should move forward to focus on their individual visions and “ get rid of this wasteful distraction.”
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I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.