On This Day in Crypto History: 10/16/2017, BCH Sides with Craig Wright’s ‘Bitcoin SV’
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On This Day in Crypto History: 10/16/2017, BCH Sides with Craig Wright’s ‘Bitcoin SV’
Every day in the cryptocurrency industry is a new adventure. Bitcoin Cash (BCH) is one of those currencies which every once in a while makes the news headlines. Today, we look back at the events surrounding 16 October 2017, when BCH took sides with Craig Wright’s Bitcoin SV proposal.
The Bitcoin Cash Hard Fork and Craig Wright
In the world of cryptocurrency, there is no shortage of drama by any means. Although most people enthusiastically embrace blockchain technology for its potential benefits and decentralized nature, there are those who want to put their stamp on this ecosystem. One such individual is Craig Wright, who has been making headlines for all the wrong reasons over these past few years.
Although Wright claims he is Satoshi Nakamoto, he has never provided any proof to support these claims. His attempts to take control over the Bitcoin Cash hard fork have also met with little success so far. Even so, a few exchanges will support his proposal regardless of how things turn out eventually.
One thing that needs to be noted is how some exchanges do not support all possible Bitcoin Cash hard fork scenarios. In fact, some platforms
On This Day in Crypto History: 10/16/2017, BCH Sides with Craig Wright’s ‘Bitcoin SV’
By: Justin Sengstack, October 16th, 2018
On this day one year ago, Bitcoin experienced a hard fork that resulted in the creation of Bitcoin Cash (BCH). The fork was initiated by a group of developers who believed a larger block size limit should be implemented to allow more transactions to be processed on the network.
The group included Craig Wright, one of the individuals (or perhaps a pseudonym) behind the Satoshi Nakamoto name. The group ultimately split from the main Bitcoin blockchain and created their chain with an 8MB block size limit. This decision would later lead to another split from Bitcoin Cash.
In August of this year, the Bitcoin Cash network experienced yet another hard fork. This time it was not just an upgrade or increase in the block size limit. It was a disagreement among members of the community and developers over what path they would take to improve and evolve the protocol. There were two camps, those who wanted to stick with Bitcoin ABC and those who wanted to move forward with Wright’s vision for Bitcoin SV.
Ultimately, after much discussion and debate online, both camps decided to
On This Day in Crypto History: 10/16/2017, BCH Sides with Craig Wright’s ‘Bitcoin SV’
A Look Back at the Oct 16th Hard Fork
Just two days after the historic SegWit2x hard fork was called off, another contentious split threatened Bitcoin Cash. On October 16th, 2017, a group of Bitcoin Cash miners and users initiated an alternative hard fork known as “Bitcoin Clashic” that put them at odds with the Bitcoin ABC development team. The Bitcoin Clashic group tried to use Replay Protection and Excessive Block Size (EB) to set up their own version of Bitcoin Cash. In response, the mainnet forked again on November 13th to create yet another version of Bitcoin Cash known as Bitcoin SV (Satoshi Vision).
On this day in crypto history, Bitcoin Cash (BCH) sided with Craig Wright’s ‘Bitcoin SV’ as they split from Bitcoin Cash on November 15, 2018.
On this day, the world of cryptocurrency was turned upside down when Bitcoin Cash announced that it has agreed to change its name to the “Bitcoin Satoshi Vision”. This decision was made after the community was split over a disagreement on how to proceed with scalability and development. The two factions could not come to an agreement so they decided to part ways and create their own version of Bitcoin Cash.
The decision by Bitcoin Cash proved controversial as Wright had claimed that he was the creator of Bitcoin, however many in the community did not believe him and supported Roger Ver who is the current CEO of Bitcoin.com. Wright sued Ver and a number of big names in the crypto space to enforce his claims.
After the split, Bitcoin Cash which retained its BCH ticker symbol forked into two versions, BCH ABC and BCH SV. The ABC version stands for ‘Adjustable Blocksize Cap’ which means that it would continue with the original vision of increasing blocksize if needed in future upgrades.
The SV stands for ‘Satoshi Vision’
The history of Bitcoin is full of examples of this, and it’s also a useful exercise for investors. Some people are better than others at predicting the future. But sometimes even the best get it wrong.
But what about when they get it right?
On This Day in Crypto History is a regular column from Micky, looking back at major events in the cryptocurrency world on this day in history.
We’ve all heard stories about how the geniuses of Silicon Valley have failed to understand the power of the internet, or how record executives have missed out on new musical talent that went on to become legendary.
In the middle of 2017, a mysterious figure named Craig Wright promised to prove he was Satoshi Nakamoto, the Bitcoin creator and owner of over a million coins. The story was picked up by all major media outlets at the time and came as a surprise to many. Wright had previously promised to present evidence to support his claims multiple times without following through. This time, however, he presented some proof in the form of signatures from Bitcoin addresses that were shown to contain substantial amounts of BTC.
The signatures were from private keys belonging to three addresses: 1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF, 1LavdJdCLs2sKwGLnNhLRfWcPSX3xzRHc1 and 13vHWR3iLsHeYwT42RnuKYNBoVPrKKZgRv. These addresses contained 69,369 BTC before they were emptied after the publication of Wright’s blog post ‘Bitcoin Creator Satoshi Nakamoto is Dead’ on August 18th, 2017.
These are some of the earliest addresses in existence and their existence has been known for years. But their contents were not publicly