It's happening
On the 15th of november 2018, at least two split.
Replay protection?
You might have noticed the recent Bitcoin Cash {BCH} pump. Part of the preparations for the upcoming hardfork. Apparantly I have some BCH left too at Bitminter, because of some Bitcoin mining that left me some BTC. Must have been there since BCH forked off from the one and only real Bitcoin blockchain. Had sold my free BCH already right after the splittening.
After the fork of november 15th 2018 there will be at least three versions of Bitcoin Cash. Maybe even four, when the current version will also move on. That one will get replay protection too. At least one developer stated this would be done to secure people their holdings. While the version that started the confusion will match any replay protection that the ABC version will add. Confusing? Yes, it kind of could be.
Firestarter: Satoshi's Vision
In the Bitcoin whitepaper there is something about using CPU's to mine. Okay, it is a wee bit outdated, still to some declared sacred. As to be followed by the character. Okay Bitcoin Cash miners, good luck mining with a CPU...!? That kind of fanatism I do laugh at. Just like maximalists calling everything that is not Bitcoin a shitcoin. Also I do not care for the use of the word altcoin, as that is condescending towards other Cryptos, like Steem for instance.
In line with that the Satoshi's Vision {SV} fork of BCH was constructed. It is strange to watch some cheer for this version, because it is about centralization, with getting banks and governments in. Sure it is still peer-to-peer, yet it needs some huge powerfull infrastructure to make it happen. Which can not be delivered by the infrastructure of home users. Not according to the company behind the SV version. It is almost like cursing at the whitepaper. Or at least it is ironic, don't you think?
Bad for business
Even though the company, that controls the SV version developement, threatened to match any replay protection, done by Bitcoin Cash ABC, it is very unlikely. But to be sure businesses that supported BCH so far will pause its usage. Shapeshift will stop their BCH service 4 hours before the expected forkening. And if things are clear it will resume the Bitcoin Cash support 48 hours after the fork. Thanks to the SV version threatning to attack BCH ABC by matching their replay protection.
This looks a lot like a hostile take-over attempt by the company that created their SV version. It seems like big business trying to get central control over Bitcoin Cash {BCH}. And as you may know I prefer the real Bitcoin, BTC, yet in this case I have to cheer for any version but the SV one. Lots of people their assets are being put at risk by the so called Satoshi's Vision version of Bitcoin Cash. Businesses are going to get hurt. At least two days not being able to use BCH?
And after that?
Hard to predict. It depends on mining power, user and business support. There already has been a split before, resulting in a Bitcoin Cash hardfork known as Bitcoin Core {BTCC}. That one does one minute big blocks and added replay protection. That is the way to go, as I see it. But it seems the company pushing the SV version has a different idea about it. There is not going to be a BCH hardfork if all would just switch over to the SV version. Yeah right...
There could actually be three versions, or four counting BTCC. There will be BCH SV {BSV}, a company constructed and centrally controlled fork that wants banks and governments in. A kind of Marxisto Capitalist take-over attempt, refusing to implement replay protection. Then there is the BCH Cobra {BCC} version, changes nothing, only adds replay protection, making it harder for SV to take-over Bitcoin Cash. And there is the one and only real Bitcoin Cash ABC {BCH} that will have some changes and has replay protection. While the earlier split BTCC {Bitcoin Cash Core} will move on like before.
Confused?
My guess is that Bitcoin Cash ABC {BCH} will come out on top. Or it will be the main BCH Crypto. But the company SV will may still try to match its replay protection, even though I would consider this as a stupid move. Will BCH ABC break and kneel to the SV hostile take-over attempt? No, forget it, BCH has its roots in the Libertarian/ Anarcho Capitalist/ Voluntarist movement, just like Bitcoin and many other Cryptos.
And mister Wright, the man behind the company, that wants to enforce the SV version, often has made clear he is a capitalist who deals with banks and governments. To mistake him for being a Libertarian is wrong. As he has told his believers many times in public he dislikes anarcho capitalists and those alike. That is why I do find it very weird that some liberty minded still support his SV version.
Using alternatives
And I do respect the man for speaking out honestly about what his plans are. It should make everybody their choice what BCH version to support much more easy. And while BCH will be down for usage for a couple of days, the previous hardfork BTCC could be used. Or maybe Litecoin {LTC}, that is working fine and is cheap.
But in the POW {Proof Of Work} part of the Crypto realm there is only one really fast and ultra cheap alternative to BCH. Yep, it is Dogecoin {DOGE}, already moving forward for years. Recently succesfully bridged with the Ethereum blockchain and still being developed. Seems that Dogecoin might be the one POW type of Crypto that can take over from BCH. As it already does more transactions in a day. (Not counting stress tests, of course, much nonsense.)
May the Cryptos be with us!
Hard to deny there is a hardforkening coming.
Screenshots taken from the @oaldamster emailbox.
Update
A video statement by Roger Ver, on the Bitcoin dot com youtube channel, about the upcoming BCH fork of november 15th 2018. In which he shows/reads a extremely rude email by Craig Wright. Or actually declaring war, in his usual 'nice and friendly' CW manner... (Makes me wonder what is going on in that man his mind.)
Anyway Roger Ver is explaining the situation and is thinking outloud what the scenario could be. To split or not to split. And something made me wonder. No replay protection...!? And yes, I'd say let there be two or three, or even four. Seems the SV version might get a 10% support, at the most.
No, still not going to get for BCH for myself. But the SV version is really bad news. So yeah, let Craig Wright fork off with his version. (He still hasnt proved shit about his claim of being Satoshi, and who cares anyway...) Sharing the video of Roger Ver here with you, because I believe he is genuine about what he believes in.
Roger Ver his thoughts
on the upcoming BCH fork
Source: Bitcoin dot com Youtube channel.