âDo not come crying when you are bankrupt.â
Lobbed at those bitcoin cash enthusiasts supporting Bitcoin ABC, the main implementation of the blockchain software, Craig Wright seems to have no intention to compromise as the cryptocurrency gears up for its next system-wide upgrade, or hard fork.
The controversial figure who claims (without much evidence) that he is bitcoinâs pseudonymous creator Satoshi Nakamoto has long been one of the leading figures of bitcoin cash, the fourth largest cryptocurrency by market cap, which famously broke off of bitcoin in the heat of the scaling debate last year.
But while he was initially embraced by the bitcoin cash community, heâs now in the middle of a battle over its future.
While bitcoin cash has undergone several hard forks over its one-year lifespan, the forthcoming one â set for November 15 â doesnât have consensus from all the community.
The arguments started over which set of upgrades should be included in the code change. And less than a week from the activation date, the debate looks like itâs going to split bitcoin cash into two different cryptocurrencies â one running Bitcoin ABC and the other running software created by Wrightâs company nChain called Bitcoin Satoshiâs Vision (or Bitcoin SV). Though there arenât many data points so far, an experimental predictive trading market indicates that Bitcoin ABC has more user support.
And although Wright isnât quite endorsing an attack fully, on Twitter he seemed to provide a rationale for miners to use their power to âkill offâ the blockchain running Bitcoin ABC. According to Wright, by deploying hashpower, Bitcoin SV miners can effectively mine empty blocks on the competing bitcoin cash blockchain, stopping transactions from going through.
Wright argues that these kinds of things are âa part of the protocolâ and thus fine to do (and to his point, there are not rules preventing this).
And sure enough, one new mining project called SharkPool tweeted that it will âexclusivelyâ mine empty blocks, pointing to Wrightâs tweetstorm as reasoning.
Still, Peter R. Rizun, the chief scientist for Bitcoin Unlimited, the second most popular software implementation of bitcoin cash, contends these threats are likely âa bluffâ meant to scare Bitcoin ABC supporters.
Yet others, including Chris Pacia, a developer for ecommerce platform Open Bazaar and also on bitcoin cash, believe this to be the malicious attack of a man âhell-bent on getting his way.â
Pacia told CoinDesk:
âI donât mind splitting Craig Wright off, but heâs threatened to destroy the other chain with a 51% [attack]. Thatâs really uncool.â
If youâve been in bitcoinland for long, this could all sound pretty familiar.
It was a little more than a year ago that bitcoin was seeped in debate about how to scale the network, and the community was battling over a seemingly very small feature of the online money: the size of its block size parameter.
Not everyone agreed on the way forward, so the debate into threats of a split. Bitcoin miners, much like Wright, even threatened to attack the other chain after the split.
Thus was forged bitcoin cash, a cryptocurrency which scrapped the upgrade Segregated Witness (SegWit) for a much larger block size parameter.
And while the bitcoin cash community largely agreed on the cryptoâs way forward for this first year, this harmonious face began to crack as the community grew. Soon enough, the community found itself immersed in its own block size debate.
The Bitcoin ABC software upgrade features a couple of key technical changes, including a so-called opcode to make it easier to execute âatomic swaps,â a technology for trustlessly trading one cryptocurrency for another. But it does not increase the block size any further â currently bitcoin cash has 32 MB block sizes.
But Wrightâs Bitcoin SV wants to see an increase in the block size parameter from 32 MB to 128 MB.
Itâs technical â and some would claim unnecessary at this point â but over the past several months, bitcoin cash supporters have begun choosing sides.
The largest bitcoin cash mining pool, CoinGeek, for instance, publicly announced that they were in support of Bitcoin SV (and bigger blocks) in August. On the flip side, information site and mining pool Bitcoin.com (run by perhaps bitcoin cashâs most vocal supporters, including Roger Ver) recently announced support for Bitcoin ABC.
As a result of the ongoing controversy, many bitcoin cash-supporting businesses and exchanges â including Binance, Coinbase and Polintriza, as well as, instant payments application Money Button â have largely frozen operations for the time being.
Speaking to the nature of the upcoming hard fork or forks, CEO of Money Button Ryan X. Charles said that eventually âusers running implementations of the bitcoin cash software will have no choice but to upgrade to either one of the two competing.â
So while the debate seems pretty technical, according to Bitcoin Unlimitedâs Rizun, the arguments boil down to a fight over power.
âI donât want to participate in something to give more influence to nChain and Craig Wright,â Rizun said, adding:
âItâs not a technical debate, itâs about control.â
Meanwhile, Bitcoin SV supporters argue similarly about the other side.
âBitmain and Bitcoin.com working hard to ruin bitcoin,â Calvin Ayre, the CEO of CoinGeek, tweeted.
He sees the changes BitcoinABC is hoping to make are dangerous, going as far as to argue in a blog post that one feature being put forth, DSV, which would give the cryptocurrency Augur-like mechanisms, could âenable the network to be halted.â
Either way, though, Rizun argues that this level of heated debate shows that bitcoin cash will no longer be able to make the type of upgrades at the speed they used to.
âI think whatâs happening is bitcoin cash has outgrown the need to have these regular hard forks,â Rizun told CoinDesk. âBecause we set this plan in motion, we have this issue now for the first time where regulated hard forks are causing controversy.â
Yet, this controversy is affecting the businesses that moved over to bitcoin cash during its split from bitcoin in an effort to pioneer the cheaper, faster payment network they believed was the original intent of Satoshi Nakamoto.
Caught in the crossfire of the debate, Money Buttonâs Charles is just waiting for the controversy to cool â hopefully with only one coin emerging.
âThe theory of money button is one money, not many. The product is worse in every way if we have to worry about managing different coins at the same time,â Charles said, concluding:
âI will happily embrace either side so long as thereâs a clear winner.â
Bitcoin.com logo via Consensus archivesÂ