Bitcoin Cash is set to hard fork, and people are losing their heads

Let the gnashing of teeth begin.

Nothing says the future of finance like a good old-fashioned meltdown, and the upcoming bitcoin cash hard fork has that in spades. This is thanks, in no small part, to a man named Craig Wright. 

Wright, derisively known as “Faketoshi” for his dubious claim that he is in fact Bitcoin creator Satoshi Nakamoto, has gone on a strange rant in support of his version of Bitcoin Cash’s (BCH) future known as Bitcoin SV (Satoshi’s Vision). 

Deep into a rambling, multi-day tweet bender, Wright has taken it upon himself to spew invective at anyone he believes threatens his plans for Bitcoin SV — especially those defending the Roger Ver-backed rival project Bitcoin ABC

But before we get too deep in the crypto weeds, some background is in order. 

Those of you whose brains have yet to be rendered functionally useless by cryptocurrency-related inanity may remember that last year Bitcoin itself experienced a so-called hard fork. The split was the result of a disagreement regarding the best way to scale a digital currency on its way to becoming bogged down by increased transactions and associated high fees, and gave birth to Bitcoin Cash (BCH) in the process. 

Bitcoin Cash is now poised to undergo its own Athena moment, scheduled for Nov. 15, with a totally new coin leaping forth from its progenitor’s head. More accurately, the fork will likely result in the creation of two separate coins — each updated from BCH in different ways — as the fight essentially boils down to what specific changes will be made to Bitcoin Cash (not whether to make changes at all). 

With us so far? Oh, and just to make everything more confusing, there are a total of three different proposals for how to best move forward. 

But while the end goal is to improve BCH, no one can quite agree on just what exactly that means. That’s left prominent members of the Bitcoin Cash community all vying for attention with their competing technical solutions. 

And there’s a lot a stake. Bitcoin cash is the fourth largest cryptocurrency by market cap, and whichever proposal gets the most support will likely take a majority of mining power with it. Without that power, the left behind coin could potentially wither — dragging its dollar value down with it.

So with both money and prestige on the line, Wright has decided to fully freak out. 

“And, no you ABSOLUTE cuck,” he tweeted on Nov. 13 in response to a defense of Bitcoin ABC. “Bitcoin IS not even close to a soy boy commitee. It is all use hard assed buggers bending you over to show you the light.  It is capitalism. Enjoy”

Reassuring, right? That tweet was just one of many off-the-rails outbursts from the self-proclaimed Bitcoin creator, and definitely displayed the level of maturity you’d hope to find in someone attempting to steer a cryptocurrency to a brighter future. 

And then there’s the supposed email he sent to Roger Ver. Ver, for those blissfully unaware, was an early promoter of and investor in bitcoin, who later became a full on bitcoin cash evangelist. He now supports Bitcoin ABC. In a Nov. 8 YouTube video, Ver shared what he said was an email to him from Wright.

Image: screenshot / youtube

In the supposed email, Wright once again pushes the questionable claim that he is Satoshi, and threatens Ver with “war.” 

Ver, at least, appears willing to admit that maybe — just maybe — he screwed up by aligning himself with Wright in the past. 

“It’s never easy to admit that you’ve been fooled,” he says in the YouTube video. “Maybe I’ve been fooled.” 

The video, embedded below, continues with Ver making a tortured analogy about Bitcoin ABC’s attempt to exist separately from Bitcoin SV.

“If you wife wants a divorce, you don’t lock her in the closet and say ‘no.'”

So, with just a few days to go until the planned hard fork, the Bitcoin Cash community is faced with an embarrassing meltdown and threats of “war.” 

And while whether Bitcoin ABC or Bitcoin SV will ultimately reign supreme is presently anyone’s guess, one thing is for sure: Dogecoin is starting to look a lot more reasonable.

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Watching two bitcoin ‘celebs’ arguing poolside will scare you off crypto forever

Making pool parties seem lame since 2009.
Image: screenshot/coinsbank

The cruise ship wasn’t big enough for the both of them. 

On September 10, somewhere in the Mediterranean, two well-known rivals in the cryptocurrency space stood awkwardly poolside. A crowd, sporting a mix of cryptocurrency-themed t-shirts and bikinis, lounged nearby on the ship’s upper deck. One man, sweatpants sloshing in the water, steadied a tripod. The Bitcoin versus Bitcoin Cash debate was about to begin. 

It only took 37 seconds to spiral out of control. 

The CoinsBank Blockchain Cruise, chartered to take cryptocurrency die-hards from Barcelona, to Monaco, to Ibiza, and then back, was in its fourth day, and a highly billed event had managed to drag a few likely hung over attendees out from their below-deck cabins. Jimmy Song, a venture partner at Blockchain Capital LLC, was to argue the relative merits of Bitcoin (BTC). Early Bitcoin adoptee and Bitcoin Cash evangelist, Rover Ver, was to speak on behalf of Bitcoin Cash (BCH). 

Bitcoin Cash was born following a 2017 Bitcoin hard fork, and despite BTC’s and BCH’s shared history, the two cryptocurrencies and their respective boosters have become the blockchain’s very own Montagues and Capulets — each disparaging the other at every conceivable opportunity, with both sides lobbing accusations of fraud and deception. 

It was perhaps to be expected that the debate wouldn’t go smoothly, but just how quickly it went off the rails surprised even those in attendance. 

Song, cowboy hat atop his head and microphone in hand, attempted to introduce the format of the event — a “Lincoln-Douglas style debate” — but was soon interrupted by Ver. 

Couldn’t even get started.

Image: screenshot/coinsbank

Shouts of “no Roger” emanated from the crowd, as Ver told the audience to “calm down.”

It quickly spun out from there, with Song repeatedly telling Ver to “sit down” as Ver angled for the microphone. 

“Do you want to debate me or not,” Song demanded. “OK then sit down,” he repeated as he stood behind the podium. 

Bickering over whether or not Ver would get a one-minute introduction before the official start of the debate continued on, with Song addressing the crowd and Ver shouting at the top of his lungs. 

They heatedly yelled over each other as the crowd jeered. 

Three minutes had passed, and things were not going well. And then someone handed Ver a mic.

You better believe Song wasn’t having that, and so he stormed offstage saying he was “refusing to do the debate.”

Finally with the stage all to himself, Ver attempted to speak but was immediately shouted down by an angry, shirtless man yelling from the pool. And that’s all just the first five minutes. The video is over 40 minutes long. 

In the end, despite all the bullshit, one clear consensus did manage to emerge: If these people are the future of finance, then we should all pray for a return to the past. 

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Good guy Bitcoin developer helps fix ‘critical’ bug in Bitcoin Cash

Cool move.
Image: Gettyimages

Proponents of Bitcoin and its competing cryptocurrency Bitcoin Cash, which was created as a “fork” of Bitcoin’s code and history, aren’t exactly in love with each other. Social media channels are full of squabbles over which coin is better and which one is more deserving of the “Bitcoin” name. 

But one Bitcoin Core developer — meaning, a person who develops code for Bitcoin — rose above the petty quarrels and did a big favor for Bitcoin Cash. 

In April, Cory Fields discovered what he describes as a “critical vulnerability” in Bitcoin Cash, and alerted Bitcoin Cash developers which implemented a fix before a malicious actor could exploit it. 

After Fields had noticed a suspicious change in Bitcoin Cash’s code, it took him “less than 10 minutes” to find the bug, which was serious enough to cause a chain split, which (if unintentional) can cause huge damage to a cryptocurrency. 

But it wasn’t just a simple matter of finding the bug and reporting it. “This was a bug in publicly-available, open-source software; any number of people could have already discovered it. There was nothing to stop anyone else from making the same discovery and taking advantage of it before a fix could be fully deployed,” he wrote in a Medium post published Friday. 

“Suppose that I privately disclosed the bug using my name — only for someone else to find it independently and exploit it anonymously the next day,” he wrote. “…billions of dollars could have been lost as a result of this exploit. People have been killed for much less. So not only was anonymity important, I considered it a necessity for my safety.”

Fields decided to report the bug anonymously, and luckily, he was able to reach Bitcoin Cash’s dev team before anyone else had noticed the bug (or, at least, had time to exploit it). 

Bitcoin ABC (the name of Bitcoin Cash’s software implementation) has posted an incident report after the bug was fixed in May, and promised it would take “several actions in order to prevent such an event from occuring again,” as well as set up a formal bug bounty system. 

Fields’ move was lauded by several notable cryptocurrency figures, including Civic CEO Vinny Lingham who tweeted that “Responsible and ethical behavior by everyone in the community, regardless of ideological beliefs, should be applauded.” Vitalik Buterin, the co-founder of Ethereum, retweeted Lingham’s tweet. 

Once the second most valuable cryptocurrency, Bitcoin Cash has dropped to fourth place by market cap according to CoinMarketCap, and is roughly eleven times smaller than Bitcoin. And while there’s still a lot of friction between fans of Bitcoin and Bitcoin Cash, Fields’ example shows that it’s still possible to help each other out to the ultimate benefit of all.

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50 Cent used to sell albums for Bitcoin and now he’s rich

Bitcoin millionaire Curtis Jackson aka 50 Cent.
Image: Dave Kotinsky/Getty Images

If you’re looking for 50 Cent you can probably find him in the club, celebrating his new Bitcoin fortune worth over $7 million.

Yeah. Apparently years ago while you were all snoozing on the future cryptocurrency fad, rapper 50 Cent “took a chance” on Bitcoin and started accepting the digital coin as payment for his music.

He essentially forgot all about it, until the recent Bitcoin boom reminded him, and has since realized the move seriously paid off.

The rapper’s unexpected riches were first reported by TMZ on Tuesday, who noted 50 Cent first started accepting Bitcoin as payment after releasing his 2014 album, “Animal Ambition.” 

Back then the currency was valued at around $662 per Bitcoin, so people could buy an album for a teeny tiny fraction of a bitcoin.

“Animal Ambition” reportedly earned around 700 Bitcoin in sales according to TMZ’s sources, which already uh translates to more than $400,000 in 2014 dollars.

In 2018 Bitcoin’s been booming, and the current value of the rapper’s forgotten digital currency is around $7.7 million based on today’s Bitcoin price. Casual. 

50 Cent addressed the news on Instagram, sharing a screenshot from the TMZ article with the caption, “Not Bad for a kid from South Side, I’m so proud of me. LOL #denofthieves”

While Bitcoin’s had a good run the past few months, it’s been crashing recently so 50 might want to make some moves.

Perhaps these valuable life experiences will lead to a future Bitcoin rap album: “Get Rich on Bitcoin, or Die Tryin.”

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Learn how to buy and sell Bitcoin in this online class for beginners

Image: pixabay

Just to let you understand, if you purchase something included here, Mashable may make an affiliate commission.

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When Bitcoin debuted in 2009, its early adopters purchased up big quantities of the digital currency for cents. Ever since, Bitcoins worth has actually increased drastically , turning numerous of those preliminary financiers into millionaires. The economics surrounding Bitcoin and other kinds of digital currency like Ethereum, Ripple, Litecoin, and most just recently, Bitcoin Cash , all called cryptocurrency, can be complex and unforeseeable.

One substantial advantage to utilizing cryptocurrency is that it cannot be taken or fake. When digital currencies are exchanged, they’re transformed into illegible code that not just makes them safe and secure however likewise makes the sender and receiver appear confidential. Unlike regular currency, digital currencies are not federal government managed. No high bank costs, no variations based upon federal government guidelines, and no corrupt bank shenanigans. Sounds quite great?

Unfortunately, with decentralization comes instability, and cryptocurrencies are understood for being unforeseeable and extremely unstable. Like the majority of high-risk financial investments, this leaves chance for reaching outrageous levels of wealth (significance you can lastly blow your nose in hundred dollar expenses).

For the typical individual to accomplish success in cryptocurrency markets, she or he will have to get knowing. Thats where the Beginners Guide to Cryptocurrency Investing can be found in. It will offer you all the understanding youll have to make wise options and turn your physical money into a large digital stash.

Over the course of 27 lectures and 2.5 hours of material, this program will teach you techniques for buying altcoins, ways to optimize your return, and ways to transform those coins back into genuine cash. Youll find out about the different cryptocurrencies offered and which is ideal for you and you’ll dive into the digital currency neighborhood, collecting important research study and insights along the method. Youll be able to approximate the real worth of the whole market and choose where and when to make your relocation.

Now is the time to make your digital fortune. Get the Beginners Guide to Cryptocurrency Investing for $15 , an extraordinary decrease from the routine $180 cost.

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Bitcoin’s current price swings indicate even bigger volatility in the future

Image: Christopher Mineses/Mashable

If you’ve been following the rate of Bitcoin, you’re accustomed to volatility. Considering that the start of 2017, the rate has actually quadrupled, however a couple of sharp drops implied that financiers might’ve quickly lost cash.

But the current cost drop– from an all-time high of around $4,500 to $3,500, and after that back to $4,200 once again– is various.

This volatility comes soon after the intro of Bitcoin’s just recently created bro, Bitcoin Cash. This other cryptocoin was developed on August 1 by a group that wasn’t delighted with the instructions Bitcoin was heading.

It’s presently the 3rd biggest cryptocurrency, with a market cap of more than $11 billion, and its rate has actually just recently tripled– from around $300 to $900– prior to falling back to around $660. This cost increase of Bitcoin Cash has accompanied the cost drop of Bitcoin, so exactly what’s occurring?

All you have to understand remains in this chart, which reveal the wild swing of how successful it is to mine Bitcoin and Bitcoin Cash.

At one point it ended up being a lot more rewarding to mine Bitcoin Cash than Bitcoin.


Both Bitcoin (BTC) and Bitcoin Cash (BCH) procedures use something called trouble modification, that makes sure that miners (individuals who utilize their computing power to produce brand-new bitcoins and power the Bitcoin network while doing so) constantly my own an optimum variety of bitcoins in a particular quantity of time. When there’s excessive mining power, trouble increases to make sure brand-new bitcoins do not flood the marketplace too quickly.

But when the mining power is doing not have, trouble decreases, and it decreased greatly for Bitcoin Cash. All of a sudden, a computer system that might mine one BCH (Bitcoin Cash) daily might mine numerous times as numerous, making a lot more earnings. And because Bitcoin and Bitcoin Cash are extremely comparable, it’s simple for miners to leap ship– and a great deal of them did.

The chart above demonstrate how rewarding it is for miners to mine BTC rather than BCH. On August 18, it ended up being more rewarding to mine BCH, and considering that miners almost constantly follow success, they merely changed to mining BCH rather of BTC. On August 22, it ended up being more successful to mine BTC once again, so miners are returning (see chart listed below).

The mining power is going back to Bitcoin.


There was likewise a negative effects to this: As mining power (likewise called hash power or hashrate) went away from BTC to BCH, Bitcoin deals ended up being slower and more pricey; now that it’s returning, the reverse is taking place.

All of this is the most likely reason the rate of Bitcoin is presently recuperating while the cost of Bitcoin Cash is falling (though undoubtedly not extremely quick). This brief turnaround reveals how delicate Bitcoin truly is.

The politics of Bitcoin is untidy and ready to get messier

That little chart above will end up being extremely important once again in November, when Bitcoin will when again fork (split into 2) to embrace a proposition triggered SegWit2x .

This proposition was turned down by Bitcoin’s core advancement group, as well as though most of Bitcoin exchanges and miners have actually vowed to update, it may trigger a great deal of problem for Bitcoin. Preferably (a minimum of for SegWit2x supporters) after the fork, practically everybody must change to the brand-new variation of Bitcoin, leaving the old one to pass away. There’s constantly a possibility that some group will choose to update the tradition chain in a various method and push that variation as the “real” Bitcoin. If such a strategy acquires traction, miners will have 3 various “Bitcoins” to select from, which might trigger turmoil.

All of these forks are mainly focusing on one concern: The block size in Bitcoin’s blockchain. One block would be one page in the note pad if you believe of a blockchain as a huge note pad with records of all deals on the Bitcoin network. Presently, at 1MB, that obstruct is too little, and Bitcoin can just process a low variety of deals each day. Bitcoin Cash, SegWit, SegWit2x– all these are various propositions to resolve this issue.

Why exists a lot squabbling over exactly what appears to be an easy upgrade of the Bitcoin’s software application? It’s not that basic. Bitcoin has actually ended up being a big network, as well as the smallest modification in code can have baseless repercussions. Second, a great deal of individuals have a great deal of cash in Bitcoin, and they’re wanting to safeguard their interests. Third, Bitcoin Core– a group of designers that have actually directed Bitcoin’s advancement given that its creator, Satoshi Nakamoto, had actually vanished in 2010– has actually been incredibly unwilling to accept third-party propositions. As an outcome, they’re losing their impact over the network, and given that miners can pick which proposition to support, if the bulk begins to mine, state, Bitcoin Cash, the initial Bitcoin may end up being deserted.

On one hand, this is democracy at work. It’s excellent, in a manner, that Bitcoin can not be quickly changed; if it could, then it would not really be decentralized. Simply like in political democracy, the masses might be controlled to vote the incorrect method. Go to any Bitcoin-related online forum and you’ll see an enormous quantity of deceptiveness, half-truths, and great old muddying of the water, making it extremely hard to make a notified choice of any kind.

With Bitcoin’s rate and cryptocurrency buzz being near their all-time highs, things do not precisely look frightening for the future of crypto. Scratch a little bit underneath the surface area, and you’ll see that the power battle within Bitcoin, potentially the most significant in its history, is about to reach a climax quickly.

The author of this text want to thank Luka Zubovi for his corrections and ideas.

Disclosure: The author of this text owns, or has actually just recently owned, a variety of cryptocurrencies, consisting of BTC and ETH.

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