Bitcoin Cash War Begins
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 15 November 2018
⏱️ 6 minutes
🧾️ Download transcript
Summary
- Bitcoin cash's contentious hard fork happened today around 1 pm eastern time.
- Notable consumer bitcoin mining pioneer Baliji Srinivasan is backing a startup seeking to take another stab at popularizing in-home crypto mining.
- Police in Tokyo have arrested eight men alleged to have run a cryptocurrency pyramid scheme that collected 7.8 billion yen (almost $69 million) from thousands of victims across the country.
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Transcript
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| 0:00.0 | The Bitcoin Cash Fork War has begun. |
| 0:05.1 | Good evening. I'm Mark Hoxstein, and this is late confirmation from CoinDesk, bringing you the top stories from Wednesday, November 15th. |
| 0:16.4 | Also on today's show, Coinbase CTO Balaji Srinivasin says now's the time for home crypto mining, |
| 0:25.1 | and police in Japan have arrested eight people over an alleged crypto pyramid scheme. |
| 0:31.3 | But really, the past couple days, and especially today, is all about Bitcoin cash. |
| 0:37.1 | Stay tuned for more. |
| 0:41.3 | The contentious Bitcoin Cash hard fork happened today, around 1 p.m. Eastern Time. |
| 0:48.7 | Well, at least the Bitcoin ABC system-wide upgrade happened. The upgrade, which is the cryptocurrency's third since forking off from Bitcoin last year, |
| 1:00.0 | has caused quite a stir in the community. |
| 1:03.0 | Bitcoin ABC is backed by Roger Veer and Mining Giant Bitmain. |
| 1:08.0 | The project began feuding with Craig Wright, the infamous PhD, who claims to be |
| 1:13.3 | Bitcoin's pseudonymous creator Satoshi Nakamoto. Wright put his company, N-Chain, |
| 1:19.5 | to work creating a competing Bitcoin Cash software implementation called Bitcoin SV. The SV stands for |
| 1:27.2 | Satoshi's vision. Wright's software is incompatible with Bitcoin |
| 1:32.2 | ABC, and as such, it could cause the network to split into two competing chains. A couple days ago, |
| 1:40.6 | Wright took to Twitter to proclaim that he was waging war on Bitcoin ABC, even going so far as |
| 1:47.0 | to detail several attacks his supporters could use to crush the competition. |
| 1:53.0 | Since the split, Bitcoin ABC has mined more blocks than Bitcoin SV. But many questions still remain. Will one of the two competing versions of the software, |
| 2:04.5 | Bitcoin ABC or Bitcoin SV, emerge as the dominant chain? Will one network use its mining power |
| 2:11.7 | to attack the other? Or will they coexist peacefully, if not quite amicably, just as Bitcoin Cash has done with the |
| 2:19.9 | original Bitcoin since seceding in 2017? |
| 2:24.2 | And how will the outcome of all this affect the prices of the coins? |
... |
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