Bitcoin Cash Resumes Defensive Posture as Calvin Ayre Backs Permanent Split
Bitcoin cash declined on Thursday, as the whirlwind surrounding last week’s contentious hard fork continued to influence market sentiment after the bitcoin ABC chain retained the BCH ticker symbol, setting the stage for a permanent split in the network. That notion was recently supported by Calvin Ayre, one of the leading protagonists of the competing bitcoin SV chain, who believes bitcoin cash no longer exists.
The BCH price fell back toward $220 on Thursday after hitting a 24-hour high of $239.00, according to CoinMaketCap. The fourth-largest cryptocurrency by market cap briefly fell below $200 this week for the first time in its short history.
At the time of writing, BCH/USD was valued at $221, where it was down 5.8% compared with Wednesday. Daily trade volumes plummeted to around $63 million from a high of around $100 million 24 hours earlier. At current price levels, bitcoin cash has a total market capitalization of $3.9 billion.
In terms of the bitcoin cash hard fork, a majority of exchanges have recognized bitcoin ABC as the primary implementation of the upgrade. As such, CoinMarketCap’s data feed has merged the BCH and BCHABC listings. Earlier this week, Coinbase confirmed that the bitcoin ABC chain will retain the BCH ticker symbol.
Calvin Ayre: Peaceful Resolution Possible
CoinGeek founder and casino mogul Calvin Ayre has apparently conceded that bitcoin ABC won the hash war following last week’s hard fork, but did so only by cheating. Had the bitcoin.com mining pool not diverted all its hash power to BCH, the bitcoin SV side of the chain split would have come out on top. As Hacked previously reported, Roger Ver’s mining pool announced it was putting its bitcoin mining efforts on hold to divert all its power to mining BCH.
That said, Ayre and the SV camp strongly believe their protocol is superior and more in line with the original version of bitcoin spelled out in Satoshi Nakamoto’s 2008 whitepaper. On that basis, they have no intent on abandoning their chain.
Speaking to the permanent nature of the chain split, Ayre said a peaceful resolution can be reached if both sides abandon their pursuit of the BCH label. This view contends that bitcoin cash no longer exists and that two separate chains – ABC and SV – have already replaced it.
“We will accept that all exchanges list ABC’s coin as BAB (Bitcoin ABC) and Bitcoin SV’s coin as BSV (Bitcoin SV),” Ayre said in a blog post earlier this week. “Note, we are on record as saying the Wormhole token protocol used on ABC’s chain is technically no longer Bitcoin, so ABC’s coin would be Bitcoin in name only.”
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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