BCH Race is Over, Now the Battle Begins...

[wry]

Over the weekend there were some developments with the Bitcon Cash hard fork that started back on the 15th.  (And is widely credited with helping with the price meltdown in BTC, though it may just be an unhappy correlation.) 

In case you were wondering, Stake's last statement was this: 

The big news is that the "race" is over and Bitcoin Cash ABC won and will be known as... drumroll.... Bitcoin Cash.  Mining pool Coin Geek was instrumental in conceding the obvious that the community was not going to follow Craig "Satoshi" Wright.  While I have not seen a formal announcement I expect that will mirror Stake policy and our BCH balances will simply carry over as BCH (ABC).  

Now that the race is over the SV team has announced they will simply market their fork as Bitcoin SV.  This is a big deal because now proper replay protection can be implemented for both chains and holders of forked BCH should be able to use both coins without any problems.  It was this lack of replay protection that essentially forced the networks of both coins to grind to a halt and, I think, massively undermined the view of crypto currencies by many people.

Anyway, I am looking forward to being able to claim my SV coins (from my wallet) and hope the price rally of BCH continues.

A good summary is here:  https://www.yahoo.com/news/bitcoin-cash-price-rallies-toward-143102697.html

 

[williamshennie9]

Thanks for this update Wryy (and for featuring my post)

I was considering moving my BCH to a separate wallet with a private key, so that I could claim from the fork, but I decided against it due to only having a few dollars worth of it, and due to my lack of knowledge about private keys, and how to go about claiming coins on a new chain after a fork.

I'm glad that the fork is complete and that BCH (ABC) will (probably) be the dominant chain, which our balances on Stake will remain as

[lupandina]

I was surprised, when saw, that Luckygames.io added both new coins after fork, and players who had bch there before, got same amount of both. It's clear, that casino is keeping coins in wallet. Means, they profited after fork. And shared that with these, who is actually owners of it. 

[wry]

54 minutes ago, lupandina said:

I was surprised, when saw, that Luckygames.io added both new coins after fork, and players who had bch there before, got same amount of both. It's clear, that casino is keeping coins in wallet. Means, they profited after fork. And shared that with these, who is actually owners of it. 

While I hate to give a shout out to a competitor, I thought Luckygames handled it exceptionally well.  I was amazed how they actually split the BCH balances so quickly into ABC and SV. 

Given how well SV is doing I would expect most sites will offer some method for recovering them.  I'm not 100% sure that SV has implemented replay protection yet and until they do it would be irresponsible for coins to be distributed.  (I wonder if Luckygames took some risks it didn't know about.)

@williamshennie9 I've found a great wallet for forks is Coinomi.  They handle a huge number of alt coins and they always have directions on how to claim your coins after a fork.  I discovered them with the first BCH fork and have not regretted it.  However, they have not yet updated their wallet (see above) and so I can't get my SV from the coins I have there yet. 

[williamshennie9]

8 hours ago, wry said:

@williamshennie9 I've found a great wallet for forks is Coinomi.  They handle a huge number of alt coins and they always have directions on how to claim your coins after a fork.  I discovered them with the first BCH fork and have not regretted it.  However, they have not yet updated their wallet (see above) and so I can't get my SV from the coins I have there yet. 

From my research, Coinomi also came to number one on the recommended wallets to use, because of how well they handle forks, not just for the major cryptos, but as you said, also for the alt coins. Thanks again Wry  I wonder what Stake plans to do with all of their Bitcoin SV....

[Kate]

Well Coinbase hasn't updated anything it is Still Disabled for me . Hopefully they re enable them again. I used to use coinomi but stopped since it was mostly an app wallet so i moved to coinbase. Good to see that my ex wallet has been doing something unexpected  

[Xantys]

This BCH split breaks the myth of decentralization of cryptos. In fact we see the exact opposite. In a decentralized network such a civil war would be impossible. And the sad thing is we may see more civil wars in other currencies. 

[wry]

12 hours ago, Kate said:

Well Coinbase hasn't updated anything it is Still Disabled for me . Hopefully they re enable them again. I used to use coinomi but stopped since it was mostly an app wallet so i moved to coinbase. Good to see that my ex wallet has been doing something unexpected  

Given how mainstream Coinbase is, I'm not surprised that they have still frozen the BCH balances.  They have to be careful. 

Coinomi just re-enabled BCH yesterday (Nov. 26) and released the instructions for how to split your coins in Coinomi today.  The twist, SV has NOT added replay protection yet, so you have to use a transaction to split your coins.  Coinomi will help you out, but takes a fee of 1%, and there is still a large number of steps you have to take to do so, so far more complicated than the BCH fork last year.  I hope they both add replay protection soon.

@Xantys I'm not sure I follow your point.  I think this is exactly the kind of thing that decentralization makes possible, it's just groups versus groups rather than a central authourity versus groups.