The Bitcoin Cash halving event arrives in about 160 days which is a slightly shorter term than Bitcoin’s date and Dan Held from Kraken expects this halving to destroy the BCH network. In the Bitcoin Cash news below we read to find out more.
While the Bitcoin Cash halving is usually seen as a favorable period for the price, in this case, the prediction is that the halving will only bring a disaster. So far, the BCH network has no historical record of going through halving so the price action may not even occur. Dan Held, the Director of Business Development at Kraken, commented on the halving using the ‘bcash’ moniker.
As it can be seen from the earlier halving schedule, the Bitcoin Cash network has seen some periods of ‘strip-mining’ where the Bitcoin miners switched to the network and took the rewards with greater ease. A similar thing can happen after this halving in case the usual miners for Bitcoin Cash give up on the network. The low block rewards and the mining will be easier to grab for the owners of the SHA-256 ASIC miners and can even compensate for the lowered BTC rewards.
Litecoin is also one of the coins that learned the lesson. The coin was hyped slightly before the event and even achieved a significant rally to $140. Around a month before the event however, the price started dropping and dropped to $50. What is even more interesting, the miners fled the network and the hashrate of the cryptocurrency dropped to 200 TH/s. investing in the machines with the lowered block reward was not attractive to the miners to the network is now much less secure than before the halving.
In the case of Litecoin, there are not too many L3 owners that are willing to take over the network. With Bitcoin Cash, it is possible that a fraction of the Bitcoin mining power could switch to Bitcoin Cash and perform a 51 percent attack. With 2.6 quintillion hashes per second and with Bitmain being the major supporter, the BCH network is attackable. If the halving disperses the miners, the danger will be even bigger.
Bitcoin Cash Is Facing ‘Slow Death’ After Its $30M Hack: Analyst
“It’s only had 3 confirmations, if any miners/the community can help somehow, I’ve got the private keys. Help help help.. Big reward obviously.”Dovey Wan was quick to comment on the news. The analyst said that Bitcoin Cash is facing a period of slow death and that the impact would go far beyond Jones himself. In a series of tweets, Wan reproduced the Reddit post and criticized Jones for keeping such a large amount of cryptocurrency in a wallet accessible simply from his smartphone. She described this attack as "really brutal." Wan also added that Bitcoin Cash is facing a bad period after this hack and talked about the threats around the cryptocurrency, saying:
“RIP BCH .. only a double-spent can help this poor guy now. No matter what, this 60000 $BCH hack, the dispute among BCH camp between Ver and Jihan, all these will mark a slow death of it.”As we reported in our Bitcoin Cash news before, BCH has seen various contentious events throughout its lifespan, including a hard fork in 2018 which resulted in the creation of another altcoin named Bitcoin SV (BSV). It is now unclear which other problems Wan was referencing when she mentioned two of the leading figures - the Bitmain executive Jihan Wu and the Bitcoin.com founder Roger Ver. Meanwhile, the price of Bitcoin Cash (BCH) now is at $371 with a 2% decline on the day.
Roger Ver’s Platform Withdraws From 12.5% Miner Fee Proposal
“As it stands now, Bitcoin.com will not go through with supporting any plan unless there is more agreement in the ecosystem such that the risk of a chain split is negligible.’’The decision came as a response to the heavy criticism the platform was getting. The Bitcoin Cash supporters said that there are less coercive ways to raise development funds and the users of bitcoin also used the proposals to call out the centralization of Bitcoin Cash. Roger Ver’s Platform stated:
“We think it is clear that the existing proposal does not have enough support, and we will be working to come up with a plan that is profitable for all the relevant parties and which preserves the fundamental economics of Bitcoin Cash.”Roger Ver didn’t comment on the matter yet. The proposal was initially pushed by the cartel of miners that represent 54 percent of the network’s identified hash rate or 34 percent of the total hashrate. The CEO of BTC.top Jian Zhuoer announced the proposal a few days ago and said that his mining pool alone controls 25 percent of the identified hashrate. Some of the other members of the cartel include the CEO of Bitmain, Jihan Wu, and Haipo Yang of ViaBTC.com. Roger Ver’s platform was a part of the plan but not anymore. Bitcoin.com represented less than 2 percent of the known hashrate which means that the cartel still controls 32 percent of the network. Zhuoer stated:
“Funding of infrastructure may often go overlooked or be underprioritized.’’Based on the prices, the proposal will reach up to $41,000 in the funding per day or about $7.5 million over six months period. Most of the funds will go to the Bitcoin ABC or the primary open-source implementation of the Bitcoin cash protocol. Bitcoin ABC stated:
“Although many previous attempts at stable infrastructure funding have been tried with mixed results, we are optimistic this plan could be a great success.’’
Bitcoin Cash Dev Tax May Still Roll Out Despite Roger Ver’s Support
“The dev tax is wounded, but not dead,” developer Peter Rizun, who is against the proposal, told Bloomberg in the latest Bitcoin Cash news.He also pointed out that a lot of key miners support the proposal and could still implement it on May 15. Meanwhile, Bitcoin.com is led by Roger Ver, stressed that "this is a great opportunity for developers to clarify what they need funding for, and provide the specific budgets and timelines they have for their work.” As the pool operator said, any new proposal will need to have as many people of economic weight on board as possible. These include businesses, exchanges, miners as well as Bitcoin Cash implementations. The Bitcoin Cash dev tax is now a viral topic in the cryptonews. The CEO of one of the largest mining pools on BCH, BTC.TOP recently offered to direct 12.5% of the mining rewards to support the BCH infrastructure over a period of six months. His post included a threat to orphan the noncomplying BCH blocks (the ones would no longer be included in the BCH blockchain). Besides BTC.TOP, the proposal was also signed by other large mining pools including Antpool, ViaBTC, BTC.com as well as Bitcoin.com, until the latter revoked their support. After that, we could see that the response from most of the miners was negative, including a lot of dramatic calls for massive exodus from the coin. The main issue, according to the comments, was based on the centralization. Taxes like these would quickly create a wholly centralized infrastructure for the coin and leave miners voting out in the cold. Data now shows that the average number of developers working on BCH-related products (the Bitcoin Cash dev tax is one of them) declined by 32% in the first half of 2019. Meanwhile, Bitcoin Cash (BCH) is now stable with a 3.34% increase on the day and a new price of $381. The charts have seen mixed movements in the past month but the cryptocurrency made most of everything over the past week, just like many altcoins out there.
Bitcoin Cash Just Broke $360 And $400 Is Imminent Now
- Hourly MACD – The MACD for BCH/USD is now gaining a strong pace in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level, with a bullish angle.
- Key Support Levels – $350 and $330.
- Key Resistance Levels – $365 and $400.
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