Despite Bitcoin Cash ABC looking like it will win the BCash civil war with notable support from John McAfee and Bitstamp, the ugliness of the sideshow could actually have a bullish impact on Bitcoin (BTC) price.
PLEDGE OF ALLEGIANCE
Yesterday, John McAfee came across as if he had just binge-watched several ‘Game of Thrones’ box-sets as he pledged his allegiance to Jihan Wu and Roger Ver’s vision for Bitcoin Cash (BCash).
His Tweet proclaimed, “I will not let my ego destroy me by making me think I could challenge the only real power in this space.” Still, that was just the hors-d’oeuvre. Attached to the Tweet was a screenshot of an email from McAfee to Wu. It contained the following;
I see you are going to war. I am the oldest warrior still standing on the battlefield… if I can serve you, you have my sword and my loyalty.
The main protagonist in this war would be Craig Wright pushing ‘Satoshi’s Vision’ of Bitcoin with his Bitcoin Cash SV fork. Needless to say, Wright did took this latest development in stride.
Dubbing McAfee ‘McFee’ (a reference to paid ICO endorsements), he accused him of being a conman and a scammer.
BITCOIN CASH ABC IS WINNING
Luckily for Bitcoin Cash ABC, one of the oldest exchanges in the industry, has also openly announced its support for Bitcoin Cash ABC. On the company’s web page it states that;
We will only support Bitcoin ABC during the fork… Initially, we will not support any alternative chains, but will monitor the situation…
Now, Bitcoin Cash ABC appears to be winning and is over 50 blocks ahead at press time, according to data from Coin.dance.
In addition, other versions like Bitcoin Unlimited and Craig Wright’s Bitcoin SV appear to not be mining blocks at this time. This also implies that three new coins could emerge if these other chains survive.
Meanwhile, Binance announced that it will not only support trading of these potential new tokens but will also retain the tickers of BCHABC and BCASV.
#Binance Has Distributed Bitcoin Cash ABC (BCHABC), Bitcoin Cash SV (BCHSV) and Will Open Tradinghttps://t.co/Ex5YmLkspH pic.twitter.com/UAv1VYVzVd
— Binance (@binance) November 16, 2018
HISTORY RHYMES
So what does this Bitcoin Cash squabble have to do with Bitcoin? Well, touting itself as the ‘real’ Bitcoin, the Bitcoin Cash (or BCash) that prides itself on cheap, reliable and quick transactions has been anything but.