Bitcoin SV’s Nightmare Could Be Coming True

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Bitcoin SV, which last month split from bitcoin cash after a so-called hash war as two developer camps fought for control of the bitcoin fork , is in danger of falling out of the top ten biggest cryptocurrencies by market capitalization as rivals including tron, cardano, IOTA, and monero make gains. Bitcoin cash, which many…

Bitcoin SV, which last month split from bitcoin cash after a so-called hash war as two developer camps fought for control of the bitcoin fork , is in danger of falling out of the top ten biggest cryptocurrencies by market capitalization as rivals including tron, cardano, IOTA, and monero make gains. Bitcoin cash, which many exchanges have begun using to refer to the bitcoin cash ABC implementation, and bitcoin SV, which failed to win control of the bitcoin cash name, have both plummetted since late November, falling harder than the rest of the embattled cryptocurrency market.
ARTICLE CONTINUES AFTER ADVERTISEMENT Bitcoin SV has failed to rally as strongly most other major coins this week, with the original bitcoin, ripple (XRP), and ethereum, climbing .
Bitcoin SV split from bitcoin cash last month, sparking a crypto-wide sell-off that shook the market. Getty
Bitcoin cash has lost a whopping 45% of its value since late November, while bitcoin SV has dropped 35%. This is compared to bitcoin’s 15% fall over the same period, according to price data from CoinMarketCap, a cryptocurrency data site.
However, the bitcoin cash price has risen sharply in the last 24 hours, adding some 25%, according to CoinDesk data.

Trouble for bitcoin cash, which split from bitcoin in August last year, began in November when two teams of developers and miners failed to agree on a direction to talk bitcoin cash, with the row centered around the same thing that split bitcoin cash from bitcoin in the first place—block size.

After the split, and with both of the two sides refusing to back down, fears grew that a hash war, in which they would battle for superior computing power, would mean both networks would weaken.
These fears triggered a cryptocurrency market-wide sell-off, which led to many investors bailing out of their positions as year-long worries over slow retail adoption, a mounting regulatory threat, and elusive institutional investment, created a perfect storm.
The bitcoin bear market , which has been mauling the sector all year, became a so-called crypto winter, with many major digital tokens losing billions of dollars in value almost overnight and wiping out many smaller coins.
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The bitcoin cash price has climbed some 20% over the last 24 hours, compared to bitcoin SV’s 6% gain.

CoinDesk
Bitcoin cash soared to over $4,000 per coin in last year’s epic cryptocurrency bull run but has now fallen a staggering 97% from those highs.
In recent weeks bitcoin SV has come under pressure after reports a researcher was able to spend the same coins twice in what’s known as a “0-conf transaction” double spend.
“I’ve done many double-spending on the Bitcoin SV network,” cryptocurrency research known as Reizu wrote in a blog post on Honest Cash , a BCH-based social network created after the November hard fork.
Bitcoin SV users have also been warned the network is too centralized, with four bitcoin SV network nodes controlling 75% of its hash rate, leaving it vulnerable to attack and weaker than more decentralized crypto networks, according to Reizu.

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Bitcoin SV is now in 9th place on CoinMarketCap’s ranking of the world’s largest cryptocurrencies. CoinMarketCap
As bitcoin SV struggles for survival, Craig Wright, the chief scientist at blockchain research company nChain and one of bitcoin SV’s most outspoken proponents, has argued bitcoin SV’s ultimate value will be determined by its use as a medium of exchange.
“It is time to stop thinking on the casino [exchange] price of Bitcoin. The value comes with use. That is, as an on-chain ledger. Scale. 128 next, then 512mb Business buy space, they do not care about exchange prices, as what matters is use cost. Miners are paid, value results,” Wright, who has previously claimed to be Satoshi Nakmoto, the mysterious creator of bitcoin and blockchain, said earlier this week via Twitter.

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