Recently we did an article on the upcoming BCH fork, which is due to happen on 15th November. Since the event has a lot of uncertainty revolving around it, we decided to contact the head of Bitcoin Cash – Roger Ver, to ask him a few questions.
We asked Roger about the third proposal by Bitcoin Unlimited, called BUIP908, which anticipates combining both – BitcoinABC (BABC) and BitcoinSV (BSV) proposals. We wanted to know why that is a third option, and whether Bitcoin Cash with Roger Ver would approve the outcome of that scenario. To which Roger replied very shortly, that Bitcoin.com is a very big fan of Bitcoin Unlimited (BU). “We have been running their software long before Bitcoin Cash was created,” he said replying to our e-mail.
This answer kind of leads to thinking that Bitcoin Cash along with Roger would approve the outcome of the third proposal by BU. However, this thought complicates the whole situation even more. That makes us think that Roger doesn’t want to work with Craig S. Wright anymore. He would much rather shake hands with BU than BSV. We wouldn’t either after receiving such an e-mail.
Next, we wanted to know what were the significant changes the BCH users are going to witness if Bitcoin ABC proposal goes through. To which Roger Ver (also, very shortly) answered that it’s the new ability to make smart contracts using Oracles. An oracle is a data feed – provided by third-party service – designed for use in smart contracts on the blockchain. This “seems like a major new use case thanks to opcode DSV,” explained Roger Ver.
So of course, we had to ask the classic question – what would be the worst case scenario for this hard fork? Roger replied very purely to this question, saying that:
“The entire thing breaking and everything going to zero is always the worst case scenario.”
That seems to be a very general answer as you could apply that to any cryptocurrency in the game. However, this is very concerning as many talks revolve around the lack of miner support for either BitcoinSV and BitcoinUnlimited.
The fact is that currently if we’re judging by the statistics of CoinDance, Bitcoin SV holds 57,1% of the Bitcoin Cash hash rate. Which is surprisingly down by 18,6% since yesterday November 12, referring to a tweet by @WhalePanda. That is a tremendous decline in just a day! Makes you think how much more can it drop before the hard fork? That means that miners are moving from BSV supported mining pools and switching to different ones. For example, yesterday in WhalePanda’s tweet Coingeek had 32.64% of hash rate, but today it only has 23,7%. That is a very significant amount of miners fleeing their mining pool. Also, the percentage of “other mining pools” have increased by almost five percent. Yesterday it was 2,78%, and today it has risen to 7%. Could this mean that miners are coming to a consensus on which chain they are willing to mine?
This BCH fork has generated much attention as it is exciting to see how it is going to escalate with so many possible outcomes.
For more information Roger Ver referred to his recent video, he did on Youtube, reading the Craig S. Wright e-mail and talking about the upcoming fork.
Thanks to Roger Ver for finding time for our questions, even though this didn’t clarify something we already knew, but led to more speculation on the possible outcome.
Photo taken from Wikimedia Commons