Bitcoin Cash Hits November Lows; Creator Gets Banned From Slack

Bitcoin Cash is in the midst of turmoil both on and off the blockchain this morning, as last night’s price crash to a ten month low coincided with BCH creator Amaury Séchet’s expulsion from the community Slack group.

BCH Price Reverts to November 2017 Levels

Yestersay afternoon’s BCH coin price of $712.34 gave way 15% over the course of the night, with the bulk of the losses following Bitcoin’s lead in a sudden plunge at around 20:45 UTC.

The initial plunge to $653 appeared to be the worst of it, but overnight the losses continued and eventually hit the $607.40 mark – a price not seen since November 7th, 2017.

Since hitting the ten month low the price rebounded up to $623, but has since fallen back to $617 where it now hovers.

BCH’s daily volumes of $429 million are eclipsed by the total sum of ‘transaction mining’ trades which CMC refuses to count in their coin statistics. Between BitForex and CoinEx alone there have been nearly $700 million worth of BCH trades, with USDT being the most popular.

Amaury Séchet Banned From Slack

Amaury Séchet, the creator of Bitcoin Cash, and one who led the way towards the eventual hardfork from the Bitcoin blockchain, appears to now be the at the center of another controversy which threatens to split the community once more.

Reddit’s r/btc sub lit up last night when forum moderator, and prominent Bitcoin supporter, Roger Ver, posted details of the split accompanied by screenshots from the Bitcoin Cash Slack group.

The disagreement apparently concerns differences of opinion over the topic of pre-consensus – a proposal by Amaury that seeks to speed up transaction times and solve scalability problems. Part of the proposal includes allowing trusted authorities on the network to agree upon their own block sizes/times – effectively meaning that transactions could be processed almost immediately without having to wait for the ten minute block to fill up.

Séchet described the perceived benefits in a recent blog post, saying:

“If done well, this provides significantly stronger 0-conf guarantee that we currently have, while also allowing to reach greater scale by moving work out of the critical path (if a node know what the next block is going to look like, a lot of the validation work can be done ahead of time).”

Those opposed to the idea bring up decentralization concerns, with suggestions that shortening the block time will ultimately favour the elite miners, and will ultimately be a step too far from the ideals set forth in the original Nakamoto whitepaper.

When pressed on Amaury’s sudden vanishing from the Slack group, one member said:

“This Slack never had the intention of having unrestricted speech. That’s why it was forked from the BTC Slack.”

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.