The Bitcoin Cash Hash War is officially over. While many had called the end of hostilities once Bitcoin ABC had established themselves with both the longest chain and the highest overall hash power. However, Bitcoin SV has recovered in a spectacular fashion. Sending its value from $38 to $133 in just three days. This represents an increase of almost 300%.
Bitcoin SV’s competitor, one might go as far as to call them an enemy based on the intensity and ferocity with which the hash Wars have been fought. Bitcoin ABC, the term which has come to refer to the ‘real’ Bitcoin cash for many exchanges, has experienced a modest 5% growth over the course of the same period of time, moving from $198 – $208. It should, however, be noted that ABC had experienced some wild price rises, including a spike of 12% in the space of just an hour.
Surprising Inverse Correlation
What came as a surprise was the inverse correlation of BTC/USD to BCHSV/BTC. As you can see from the chart below, whenever the price of Bitcoin SV increases, the price of BTC goes down and vice versa.
The cause of this phenomenon is not so easily explained. Despite that, mapping these two charts together reveals some potentially great short-term trading opportunities.
Who Won The Hash War
To recap, 64% of the total BCH network hasrate was under the control of BCH. By contrast, Bitcoin SV’s shares stood as low as 36%. Over the course of a single hour, the difference between the two competing networks would routinely drop to a mere 20%.
On the other hand, as recently as November 20th, things were very different, with Bitcoin ABC commanding 73% support of the minders, while SV could manage just 27%.
1TB Transactions in 3 Years
One of the leading voices amongst the Bitcoin SV team (Craig Wright), has recently published his grand vision for the future of Bitcoin SV. Wright has a whole host of ambitious goals for the project, not least of all the desire to handle 1TB of transactions within 3 years.
To this end, the current bock size of 64MB is expected to increase to 512MB over the course of 6 months, and a whopping 2 GB after a year. According to Wright, the incentive to miners to dedicate their computing power to the network will be considerably greater than it is now and could well be the deciding factors in who the ultimate hash king is.
Bitcoiner since $59 – BittBurger, gives us his take on the current status of the South Korean ICON project. This post is primarily about a solid uptick in community involvement, decentralized marketing, and the token side of things. For the last year and a half we had a pretty uninvolved community, while the company continued to work under the hood to build something huge.
A lot is happening right now. I feel like nobody knows about it.
A lot is happening right now. I feel like nobody knows about it. It just started. Most of it. So your patience will be appreciated. But I’ve never seen so much proactivity in this project on the token-side of things before.
AMBASSADOR PROGRAM: Over the last handful of weeks, the Ambassador program has begun. This program incentivizes the creation of content to promote ICON across social media and the internet. Several Ambassadors have already put out multiple articles that are getting ranked across Google and Medium, bringing attention to the project.
ICONSENSUS P-REPS: The number of ICONSENSUS P-REP candidates has surpassed 40 (there will only be 22 voted in) and ICON is beginning a strong marketing push to attract more teams this month, with the goal of reaching 100. Check out the candidate interviews here.
PODCASTS: Speaking of Podcasts, several investors have begun reaching out to their contacts at several different podcast and YouTube influencers. The goal is to get ICON team members on for an interview, to talk about the project and get the ICON name in front of tens of thousands of faces (or ears). Ricky and others at ICON have been excited to make themselves available for this, which makes all of us extremely grateful. I will be working to get someone on my friend Chico Crypto‘s YouTube channel soon, and a handful of podcasts are already underway for scheduling.
EXCHANGES: This past week, a group formed within the Telegram channel to focus entirely on reaching out to as many new exchanges as possible, and getting ICON listed on them. A Trello has been set up, and we’ve already begun making headway on this incredibly important goal.
BINANCE USA LISTING: With the advent of Binance USA, both the ICON team and everyone involved are aggressively pursuing assurance that ICX will be listed on the new exchange for US investors.
COINBASE LISTING: The same is being done for ICX being in the next couple rounds of newly added coins on Coinbase. I’ve spoken to team members at ICON who have assured me they’ve been following up on this regularly. Please download their app > Sign in > Click “View all Assets” > Then scroll down and click “Follow” on ICON. This is an important metric for Coinbase to decide what gets added next.
HIRING PR COMPANY: Two days ago I managed to connect Ricky Dodds (ICONS Head of Institutional Markets in their San Francisco office) to a close friend of mine who runs the PR company which took Genesis mining from nothing to a $2 Billion valuation, and got them on that 60 minutes episode a few weeks ago about Bitcoin. The mining segment in Iceland was thanks to him. Intro email was sent and the two of them have been connected to see if they’re a good fit.
HIRING PR COMPANY: Today, I connected Ricky to another company who runs a significantly larger Crypto-focused PR and marketing company. These guys were responsible for some of the biggest successes in Crypto, including Ethereum, NEO, Maidsafe, Qtum, Bancor, Lisk, and Augur. They also managed scaling campaigns for DASH, Ripple, Bittrex, and Kraken. They were excited as they personally know 4 of the 8 advisors listed on the ICON website, and they have an office in Seoul, South Korea in addition to Santa Monica, NYC, Las Vegas, Toronto, and San Francisco. To say I am excited to see the emails flying around today between Ricky and their team would be an understatement.
STAKING! 15% Staking is coming in 43 days. The ramifications of this can not be overstated. Aside from the completely speculative “claim” from some that their whale groups will stop suppressing the price at that time (which would be great, if it’s true), I expect nearly everyone to be staking their coins, completely drying up the order book and causing massive upward price pressure come September.
INCENTIVE PROGRAMS: I was happy to hear from a team member that several very specific plans are being put in place, after observing countless incentive programs by other projects that have resulted in price gains. The ICON team has realized the importance of creating incentive, interest, anticipation, and excitement for this token, and they’re taking steps to make it a reality for ICX.
My point in writing this: A LOT is coming in the next 8 to 12 weeks. All of this is centered around recovering and catapulting the price as high as it can possibly go. ICON is seeking out the all-stars in this industry with incredibly resumes, and asking the experts for direction and input.
All of the marketing and promotion has just barely begun. Everything is at ground zero. But its finally happening. All the things we’ve been hoping for, for a year and a half.
Blockchain technology may have an impact across numerous industries but it is poised to change the way we think about Finance in the most profound way.
The incumbent capital finance system is structured around large institutions and regulatory bodies that serve as the trust layer to ensure the security and fluidity of financial systems. But this is set to change, with blockchain technology achieving inherent trust where previously a rent-seeking intermediary was an essential and unavoidable cog in the system.
The opportunities that emerge from the Digital Economy are significant, and Fusion is going to be at the centre of this transformation. The Fusion protocol provides the infrastructure for the financial applications of the future that many businesses and institutions are looking to build.
FUSION (FSN) has three key features that elevate it above other smart contract platforms targeting blockchain finance.
A feature-rich ecosystem for modeling time-based transactions relevant to many industries, starting with debt instruments, entertainment licensing, asset rentals and more.
A fully realized interoperability and distributed custody solution that connects different on-chain and off-chain ecosystems and serves as the foundation for decentralized exchange.
A team with deep traditional finance and technology experience focused on solving real-world use-cases in a flexible and adaptive way.