Jihan Wu’s Tweet Regarding Bitcoin SV  Might Trigger Another Bear Effect

By Prashant Jha

After the successful Hard Fork of Bitcoin Cash into Bitcoin Cash ABC (BCH-ABC) & Bitcoin SV (BCH-SV) on November 15, Jihan Wu, the Bitmain Billionaire co-founder’s tweet is puzzling everyone. The tweet made on 17 November, hints that the billionaire is already looking forward to selling his BCH-SV.

The Bitcoin Cash Hard-Fork was slightly marred into controversy since there was another contender to the Fork than the usual just one. The other party led by Craig Wright,  who was the force behind BCH-SV, started invalid mining soon after the Hard-Fork of BCH. The lousy word-of-mouth between the two led to Major cryptocurrencies under Beat Attack just before the Hard-fork.

Craig Wright went on a meltdown just before the supposed Hard-Fork and threatened developers and miners of BCH with double spend transactions by rearranging the blockchain of BCH.

The race between the two contenders was won by original blockchain based crypto, BCH-ABC. Last we checked, it was leading its rival by a whopping 42.7% regarding Proof Of Work and nine blocks when it comes to mining. Not only that, when it comes to Hash Power, the BCH-ABC wins the race. The developers of BCH created a checkpoint after every block mined in the aftermath of Hard-Fork. Concise was the response to the threat by Craig Wright. One of the spokespeople said.

“A decisive opening battle has been won by the defenders of Bitcoin Cash in Craig Wright’s war to hostile takeover the chain,” Yours.org developer Chris Pacia wrote, adding, “A checkpoint is a line added to the code that prevents the software from reorganizing the blockchain below the checkpointed block. In the event that an attacker (such as Craig Wright) were to try to 51% attack and wipe out all blocks and transactions that happened on Bitcoin Cash over the past day, the software will not let him do it.”

Final Thoughts:

The tweet by Jihan Wu might just be a slight burn to Craig Wright giving him a taste of his own medicine. Whether Wu decides to sell his BCH-SV stash, only time will tell. But, people like Craig Wright must understand that cryptocurrencies do not command a significant amount of confidence from the traders, and bad-word-of mouth within might slump the industry to new lows.

BCH might have won the battle here, but the conflict between the two parties only led to losses for both. As Roger Ver the CEO of Bitcoin.com stated,

“no one wins a war. Some just lose less than others.”

BCH-SV must concentrate on gaining the trust of its investors, who ironically supports the original Blockchain and roadmap of BCH. If this unnecessary cockiness of Mr Wright rubs the investors the wrong way, and they start selling the BCH-SV in a large amount as hinted by Jihan Wu, then it will lose its market cap in a very short period.

Prashant Jha

As a content writer Prashant believes in presenting complex topics in simple laymen terms. He is a tech enthusiast and an avid reader.

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