Craig Wright, the Australian programmer at the head of the imminent creation of a new cryptocurrency, has threatened to crash the price of Bitcoin.
He added a clip of a building demolition for good effect.
To all BTC miners…
If you switch to mine BCH, we may need to fund this with BTC, if we do, we sell for USD and, well… we think BTC market has no room… it tanks.
Think about it. We will sell A Lot!
Consider that….
And, have a nice day
(BTC to 1000 does not phase me)
— Dr Craig S Wright (@ProfFaustus)
The cryptocurrency market did in fact crash yesterday, bringing Bitcoin to its . Bitcoin Cash suffered almost as much though.
Soap opera
Wright is leading the birth of ‘Bitcoin Satoshi Vision’, a catchily-named spin-off of Bitcoin Cash which he claims will fulfil Satoshi Nakamoto’s….vision. Wright began this affair because he does not agree with the specifications of an upcoming upgrade being applied to Bitcoin Cash by its main development team (ABC).
Finance Magnates has covered the between Bitcoin Cash and Bitcoin Satoshi Vision in the past; what is relevant here is the animosity between the two sides. Bitcoin Cash is itself a spin-off of Bitcoin, and public proponents of the former have been known to display animosity towards the latter, claiming that Bitcoin Cash is the true Bitcoin because it more closely follows the original white paper.
In this sense, . Different parties have declared for Bitcoin SV or Bitcoin Cash. The two biggest cryptocurrency exchanges in the world ( and ) have taken opposing sides; others are .
Roger Ver, CEO of a Bitcoin Cash-advocacy website , recently decided to go with Bitcoin ABC. In response, Wright sent him this email:
One thing that can be said about Wright without a doubt is that he takes these things rather personally.
Oh. And and selling… they will also have to sell BTC to pay rented hash.
If this is a long war… expect 2014 prices in BTC… think what that does…
Have a nice day
— Dr Craig S Wright (@ProfFaustus)
In the following video, Ver seems shocked and upset by the Australian’s swearing.
Funnily enough, Ver has to the odd meltdown in the past when confronted with someone who disagrees with his vision of Satoshi’s vision.
Who will prevail?
Time will tell. According to Coin Dance, Bitcoin SV is attracting a big majority of hash power at the moment:
The BCH community should NOT compromise with Craig Wright to “avoid a split” and should embrace it as an opportunity to conclusively ostracize and reject him. Bitcoin Craig (BCC) can go take the ticker symbol from the now-defunct cryptocurrency to which it is a fitting successor.
— Vitalik Non-giver of Ether (@VitalikButerin)
Either way, market commentators seem agreed that the market crash will prove short-lived. Nigel Green, CEO of deVere, told Forbes: “The sudden drop in the value of bitcoin will have caught many investors off guard–even though history teaches us that this is likely to be temporary, with prices rebounding again fairly quickly,”
Said Greenspan: “One thing to look out for is a potential switch by some Bitcoin miners who might look to support one of the new Bitcoin Cash projects. Even if this happens, Bitcoin will most likely still have more than enough hash power to maintain the security of the network. Amid this saga, the hard fork may also drive a number of investors away from Bitcoin Cash altogether, into the arms of its parent asset, Bitcoin. We can only hope for a swift resolution to the drama.”
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