The Bitcoin Cash fork has passed, and now it is a hash rate contest to see which fork of the coin will achieve consensus as the top coin.
This sort of “strength test” is really quite stupid, and people should not be supporting coins that engage in such deviant behavior. To say one coin is better than another simply because of the amount of computing power put into it is no different than buying votes at election time.
So who really cares about Bitcoin Cash anyway?
A few weeks ago I got an email from some “former devs” of Bitcoin Cash, promoting a token called “Bitcoin Stash” — which appears to have been a scam, which in many ways, is similar to the Bitcoin Cash coin in itself. For anyone who was around when Bitcoin Cash forked from Bitcoin, it was all the hype, and all the rage, and now to see Bitcoin Cash undergo a fork, is just a smack to the face to those people who have been trying to support both the coin and the development. So anyway, here is the email from Bitcoin Stash, which may be an additional version to the ABC and SV versions already in existence….
The Bitcoin Stash team is comprised of a group of former Bitcoin Cash developers and community members that have become dismayed at the current outlook of BCH. We are sure that you are aware, but a multitude of factors show that there is disaster on the horizon for Bitcoin Cash. Bitcoin ABC is proposing a contentious hard fork for no reason, Craig “Faketoshi” Wright is moving ahead to fork his own coin (Bitcoin SV) out of self interest, and Bitmain has revealed an extremely large BCH holding which they intend to rid themselves of in their now controversial IPO.
As we see it, a price and hashrate collapse of the chain is inevitable. We have decided that we must take action now, to rid ourselves forever from the bad actors that plague this chain. We are planning to hard fork from Bitcoin Cash on November 15th. With the hard fork, we will not be increasing the maximum block size or following the tokenization/ICO platform roadmap of Bitcoin ABC. However, Bitcoin Stash will be implementing replay protection and continue using the SHA-256 mining algorithm. Additionally, Bitcoin Stash will incorporate merged mining with Bitcoin and Bitcoin Cash.
With merged mining, Bitcoin Stash will solve the security issues that currently hamper Bitcoin Cash. As a minority chain, Bitcoin Cash is struggling to obtain substantial hash rate, and this has only been made worse following its recent decline in price. As of 9/25/18, the hash rate of Bitcoin Cash only totals about 6% of that of Bitcoin. The Bitcoin Cash hash rate has been continuously declining ever since a peak of roughly 15% of Bitcoin’s back in May of 2018, and we do not see this situation improving. Merged mining will lead to Bitcoin Stash obtaining a much needed higher hash rate since the chain will consist of Bitcoin, Bitcoin Cash, and Bitcoin Stash miners.
As a result, there will be three benefits that will be immediately realized. First, Bitcoin Stash will be less susceptible to a 51% attack which has recently plagued other chains such as Bitcoin Gold and Verge. Second, a single entity such as Jihan Wu’s Bitmain or Craig Wright’s CoinGeek will have a difficult time forcing any consensus breaking changes as they now must muster a much higher hash rate to do so. And thirdly, merged mining will also increase security on Bitcoin since miners will see greater profitability and will no longer have to choose between mining one chain and missing out on the other. Because of this, Bitcoin Stash will not only be a more secure and decentralized version of Bitcoin Cash, but it will also benefit the current miners of Bitcoin and Bitcoin Cash.
After the fork, Bitcoin Cash holders will be able to obtain an equivalent amount of our coins if they hold the private keys to their wallet. If they do not, we will release a list of exchanges supporting Bitcoin Stash as the hard fork approaches. We will also have more exciting announcements to make regarding the technical features of Bitcoin Stash, so please follow our Twitter (@BitcoinStash), Instagram (@BitcoinStash), Medium (@BitcoinStash), and continue checking our website www.BStash.org.
So who is the winner? Or, are they all just losers, since they should never have forked from the original Bitcoin Blockchain in the first place?
At this point, they are all winners in their own way, and will continue to justify themselves through whatever means necessary, which usually includes a lot of marketing money, and alot of computing power.
For the average investor, it may be wise to move out of BCH holdings until the dust has settled, or continue to follow the battle, and then choose one side or the other.
Since there are clearly so many cryptocurrencies functioning without any drama, the choice for the savvy investors is clearly set to more functional and less risky chains.