Leaps Archives -
All eyes were on the Bitcoin Cash network today as the blockchain split into two after the last common block was found on the chain at height 556766. So far both chains have been chugging along, but at the time of writing, the ABC side is well over 50 blocks ahead of the SV chain.
A Historic Day for Bitcoin Cash
Over the last 12 hours, cryptocurrency enthusiasts from all around the world watched the highly anticipated Bitcoin Cash (BCH) network fork on Thursday, Nov. 15, with great excitement. Like many fans expected, the BCH chain split into two and miners from both camps are mining each chain at the moment. The split was cemented when SV miners processed block 556767 at 1:22 p.m. EST on an entirely different chain than the one mined by Bitcoin.com at 1:00 p.m. EST.
There’s been a lot of discussion between both sides of the fork debate, and live streams were broadcast from both camps throughout the day. As we mentioned in our previous report, Jihan Wu was quiet earlier this week but today he congratulated Bitcoin.com for mining the first block with the ABC ruleset changes. The Bitmain CEO also tweeted to his followers the following statement:
There will be no more negative gamma after this block in BCH community. Congratulations.
Craig Wright, who is usually a bit more vocal on Twitter, did not tweet his usual amount of statements during the fork. However, at block height 556781, when the SV chain briefly took the lead, Wright wrote, “In all this, no user transactions are lost — And SV is ahead.” Wright appeared on podcast channel Hashwar.live on Keyport.tv with the BCH Boys, Daniel Krawisz, and Ari from Cashpay Solutions. Another web destination where many people discussed the fork was the Coinspice live stream channel. This particular stream saw members of the community such as Bitcoin.com’s Roger Ver, Ethereum’s Vitalik Buterin who briefly visited, Andreas Brekken of Shitcoin.com, and many more special guests.
HASH WAR UPDATE
116 blocks have been mined under the new consensus rules.
Bitcoin ABC is currently 51 blocks ahead.
— Michael Matthews (@mikerelentless) November 16, 2018
For Now, the ABC Side Has Gathered More Blocks, Work, and Hashrate
During the course of the day, there were multiple large blocks mined on both chains. On the ABC chain, Bitcoin.com and BTC.com in particular processed some blocks between 4-8MB in size. On the SV chain, Coingeek and other pools mined a few large blocks as well during the first few hours. Initially, BTC.com and Bitcoin.com pools found most of the ABC blocks, but later on Bitmain’s Antpool started mining on the ABC chain. Chinese ming pool Viabtc then followed Antpool and started chipping away at the ABC side. Similarly, Coingeek and SV Pool mined the first SV chain blocks. BMG Pool did not jump in until much later, mining only a couple of blocks in total.
At the time of publication, the ABC side of the chain has more than a 50-block lead over the SV side and a lot more hashrate, according to Coin Dance statistics. Moreover, the SV side of the chain became a bit sluggish around block height 556812 through 556814.
According to Coin Dance cash statistics, the summary of hourly BCH hashrates by each network shows the SV chain’s processing power started to taper off around 10:00 p.m. EST. At 12:45 a.m. EST on Nov. 16, the ABC chain shows a hashrate of around 8.9 exahash while the hashrate for the Bitcoin SV chain is only 3.5 exahash at press time. The Forkmonitor.info tool created by Bitmex also shows the ABC chain is well ahead of the SV chain by accumulated proof-of-work.
Of course, there will be more discussion going forward concerning this fork over the next few days and even longer. BCH community members will have to wait and see how infrastructure providers plan to deal with the split. Alongside this, observers will be closely monitoring both chains for future developments and keeping a close eye on the crypto-market action.
What do you think of the action that took place on the Bitcoin Cash chain on Nov. 15? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, Pixabay, Coin Dance, and Twitter.
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The post Hash Wars: ABC Chain Leaps More Than 50 Blocks Ahead appeared first on Bitcoin News.
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It’s been an interesting 12 hours for BTC, with the cryptocurrency finally breaking through resistance levels. Most of the drama took place within the space of just a few minutes, when BTC gained $ 400 without blinking. It is no coincidence, however, that the event took place just as the popular cryptocurrency exchange Bitmex went offline. The experience has left traders crying foul and caused wild conspiracy theories to circulate.
BTC Breaks Through Resistance While Bitmex Smolders
Shortly before 9pm EST on 21st August, bitcoin broke out of the resistance range it has been trapped in for weeks, climbing to $ 6,800. Traders had despaired of BTC escaping the $ 6,100-$ 6,600 range it had been bouncing around in without the aid of a major exogenous event such as ETF news. In the end it was something that ought to have been a minor event that triggered the breakout.
Bitmex, which had been scheduled to go offline for maintenance at 9pm EST for 30 minutes, reopened on time in cancel-only mode. It immediately became clear that something wasn’t right, prompting the exchange to tweet “Some users are reporting difficulty in logging in”. Trading remained cancelled until 10pm, with Bitmex attributing the extended downtime to a DDoS attack. Some traders weren’t buying it though.
Beyond Godlike Kills Across the Board
While Bitmex struggled to get back online, traders trapped in shorts could only watch, helpless, as their positions were liquidated. Bitmex Rekt, an unofficial account that records margin calls on the platform, went into overdrive, tweeting out “beyond godlike” kills as position after position was wiped out.
In the aftermath of ‘the rekoning’, conspiracy theories were in plentiful supply, with some even accusing Bitmex of deliberately keeping its platform offline in order to profit. There is no evidence to support such an allegation, but that hasn’t stopped speculation from mounting that this was an inside job. To critics, it’s further evidence of bitcoin manipulation and another example of why margin trading is dangerous. If one platform gets to call the shots (or rather the shorts), and stands to profit from disrupting its own service, it has no incentive to act ethically, critics claim.
A less controversial explanation is that Bitmex was genuinely the target of a DDoS attack by an unknown third party seeking to manipulate the market. If that was the case, they were certainly successful, and are likely to have profited handsomely off the attack.
After the Breakout, What Next?
Regardless of how it happened, the $ 6,600 resistance level, which had been fiercely defended for weeks, has been breached. It is possible that this could now become the new support level for BTC. With news of the bitcoin ETF imminent, however, all attempts at TA could soon be rendered meaningless, as whatever the outcome of the ETF decision, the market is sure to move violently. Ironically, incidents such as that which occurred on Bitmex could be the catalyst for the SEC denying an ETF on the grounds that bitcoin is too prone to manipulation. With the number of BTC shorts nearing at a record high, there is also the possibility of a short squeeze occurring as traders are forced to buy more BTC to cover their positions. The last time this occurred, on April 12, bitcoin leapt by almost $ 1,000 in a day.
Whatever the outcome, the coming days promise to be extremely interesting for traders as they try to factor in a myriad of variables, while praying that Bitmex remains operational. The exchange traded $ 3.3 billion of BTC in the last 24 hours, most of it on leverage of up to 100x. Over-centralization is a recurring theme in cryptocurrency, and Bitmex, lead by the charismatic and unabashed Arthur Hayes, is merely the latest manifestation of the dangers that occur when a single entity has the power to call the shots.
Do you think Bitmex was the victim of a DDoS attack and do you think market manipulation is rife? Let us know in the comments section below.
Images courtesy of Shutterstock, and Twitter.
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The post Theories Abound After BTC Leaps While Bitmex is Down appeared first on Bitcoin News.
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