July 25, 2017 by Evan Faggart Leave a Comment
Wasn’t the bitcoin scaling war over, like, a week ago? Yes, but it’s back again, and the bitcoin price has taken a tumble as a result.
Also read: Etherparty Wants Everyone Making Smart ContractsBitcoin Cash: New Drama, Same Hard Fork
The prospect of a hard fork returned fairly quickly after miners showed overwhelming support for SegWitX early last week. On July 17, bitcoin mining pool and exchange ViaBTC announced that it will designate a “Bitcoin Cash” (BCC) token for trading and mining if a User Activated Hard Fork (UAHF) happens on August 1.
When this news first hit, the community talked about it, but the markets didn’t reflect much — if any — fear over a Bitcoin Cash hard fork. But it seems that has changed.
On the 23rd, the price of the theoretical BCC token reached nearly $500 USD in China, showing that people indeed had a real interest in the coin.
Then, on the 24th, hardware wallet provider Ledger announced that it will release a tool to help its users split their coins in the event of a hard fork on August 1 — giving them holdings in both Bitcoin and BCC.
Following this announcement, the community began taking the renewed possibility of a fork more seriously, with some in the big block camp actively calling for a fork regardless of SegWit2X’s success.
However, the markets didn’t really react to this development until this morning, when Roger Ver — Bitcoin entrepreneur and the face of the big block faction — stated his intention to dump bitcoin and support BCC exclusively if the block size increase portion of SegWit2X does not go through.
Ver’s website, Bitcoin.com, relayed this message via a public service announcement:“In the unlikely event that the 2MB block size increase portion of SegWit2X fails to activate, Bitcoin.com will imm...