Having closely watched the interesting drama that took place yesterday (26 November 2018) on the BCHSV markets, we have our analysis to this happening.

BCHSV market sudden surge

Screenshot of BCHSV market on Coinmarketcap

Screenshot of BCHSV market on Upbit

Exchanges from Korea displayed major volume of trade

Let’s assess this pump and dump with few evidences

On November 15th , Bitcoin Cash was hard forked by two rival factions of Bitcoin Cash community. Bitcoin ABC (BCHABC) — Roger Ver and Jihan Wu led a faction of users that wanted to maintain the block size at 32MB. On the other side were, Bitcoin SV (BCHSV) — Calvin Ayre and Craig Wright (who claims to be Satoshi Nakamoto) wanted to increase the block size to 128 MB.

On November 23rd, Calvin published an article on CoinGeek stating that Bitcoin SV was the original Bitcoin. He said, “Bitcoin will live on with Bitcoin SV and will finally have a chance to show off the true power of the original economic model. Similarly, ABC can join with the rest of the new chain/coin models to demonstrate what they believe they can do. The models can then all compete in the marketplace and this lets actual users vote with their actions.”

Calvin had mentioned that he would have his team start working with everyone to roll out the new Bitcoin SV coin. He also mentioned that he looks forward to the CoinGeek Week Conference as the launch party for the return of the original Bitcoin and all that this will enable.

The CoinGeek Week conference is happening this week in London. Expensive tickets that cost 800 Euros-1000 Euros, were on sale. CoinGeek published an article on the event on Nov 26th , the article stressed that there were only a few tickets remaining. The article also mentioned that “one can purchase tickets today using either Bitcoin BCH on the CoinGeek website or, if you prefer, with a credit card through Eventbrite”

Craig had pinned this tweet on his twitter account

From the above happening, we can conclude the following:

A. Craig and Calvin wanted SV to be considered as the original Bitcoin because of which they may have decided to pump and dump.

B. After the article on Nov 26th about the event, the two may have decided to pump more and more BCHSV into the market

C. The other objective with this pump and dump may have been to create a hype around the conference.

D. Craig’s pinned tweet, and the GIF clearly hints at a hostile taking down BCHABC

According to this article by Ambcrypto, which was published on Nov 19th, Kraken has said that when it comes to the SV implementation, no known wallets support replay protection. They have also said that the miners on the SV network are “apparently subsidized or are operating at a loss”. The exchange has also admitted that they had done only very minimal code review when it came to the SV network. The exchange has reiterated multiple times about the lack of safety on the SV network. Even Bittrex has asked users to trade with caution while sending BCH/SV as there is no replay protection.

Taking the above article as a decent evidence, we can say why certain exchanges like Upbit and Binance have taken the side of BCHSV while the remaining exchanges have taken the safe road of not liquidating. It could also be seen that, BCHSV wanted to target the Korean market as a planned approach.

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