Mar 6, 2019 07:00 UTC
Mar 6, 2019 at 12:24 UTC
What Happened To The Bitcoin SV Network After The Hard-fork?
The infamous hard-fork of the Bitcoin Cash network was the talk of the crypto town last year. The hard-fork was quite different from any other that has taken place since there were two parties claiming to be the original forked chain. One being the Roger Ver led Bitcoin ABC side, while the other being the Bitcoin SV led by Craig Wright.
Bitcoin ABC wanted to make certain changes into the pre-existing network for better scalability, while Bitcoin SV came up with a complete new blockchain claiming it to be the original Satoshi version. The fork was marred into controversy right from the beginning as both sides threatened each other of dire consequences and went on to start a hash war, to mine the blocks quickly after the fork.
The controversy even continued after the fork commenced, where the majority of the community including major exchanges sided by the Bitcoin ABC, while there were few who decided to side with Bitcoin SV.
Initially, most of the early battles were won by the Roger Ver side, be it hashing input or the number of blocks mined or the market value of the coins. However, Craig Wright was undeterred by these developments and always maintained that Bitcoin SV will win the war.
However, a lawsuit against the Roger Ver side for manipulating the fork changed the battle on its head and Bitcoin ABC’s market value slumped to half when the lawsuit came into public domain. The bear market along with it ensured that Bitcoin ABC was looking at some of the worst days in its early existence.
At the same time, Bitcoin SV rose phenomenally and was the only significant coin on the market showing upward movement. Craig Wright’s predictions were coming true and the community was speculating a manipulation, which was never proven. You can also read my conspiracy theory of the events that followed the hard-fork.
You May Also Read: How Is Data Stored in Blockchain?
Bitcoin SV Network Has Not Seen any Significant Development
Once the hue and cry around the fork died( which took quite some time) and the longest bearish trend took some volatility out of the crypto market, things started to slide down for the Bitcoin ABC network.
Craig Wright who is a habitual liar and a serial fabricator promised a ton of development work on the network to make it scalable and even claimed that his network would process a thousand times more transactions in 2 years. However, looking at the current state, the task looks almost impossible, given there hasn’t been an iota of new development since the fork commenced.
On the contrary Bitcoin ABC which is now officially known as BCH now has grown in leap and bounds. right from making the network scalable and provide faster transactions at minimal transaction fee, BCH network has ventured into creating a Blockchain ecosystem of its own, just like TRON and Ethereum.
Even if we look at the market capitalization and the current market value of each token, BCH is trading at $132.39 while the BSV coin is trading at $67.06. Looking at the current state, it’s hard to believe anything which Wright said leading up to the fork and after it commenced.
You May Also Read: The Bitcoin Cash vs Bitcoin SV Conspiracy Theory
Craig Wright’s Identity Crisis Continues
Craig Wright was a well-recognized face in the crypto space, but not necessarily for good reasons. His futile attempts of claiming to be the original inventor of Bitcoin has been debunked several times thus earning him the name “Faketoshi.” When the BSV network failed to capitalize on the false claims and number of irregularities, Wright began his “I am Satoshi, whether you believe it or not, even when you have proof against me for lying and fabricating facts’
Recently he said that he is ready to testify under oath to prove he is the real inventor of Bitcoin. It’s not like the world does no that he is nowhere closely related to the real inventor Satoshi Nakamoto, but his continuous efforts to bask on someone else’s glory is making him one of the most disliked members of the crypto community.
Craig Wright is not a con artist in a traditional sense, he has a dearth of knowledge about the blockchain space and had quite an illustrious IT career before jumping to the Blockchain space. He was involved in helping the Australian government to form a robust security system and has his own Blockchain focused company before the Satoshi fever caught on.
You May Also Read: Blockchain Uses and Opportunities
The crypto community was expecting big things from the BSV network as the Wright made tall promises, but certain habits are hard to change overnight, thus instead of focusing on making his BSV network formidable and better than his counterpart, Wright only focused on being cocky and fabricating claims.
However, the final outcome of the BSV network might have not surprised many who have followed Craig Wright from the days of his Satoshi claims. The methodology used for proving himself as Satoshi was so noob, that anyone who understands even a bit of crypto world would have seen right through his lie.
Craig can still turn it around if he wishes to as his BSV public chain is live and among the top 20 tokens, so it’s never too late to come around and change the sentiment of the community.
Here Are Few Articles For You To Read Next: