Craig Wright threatens to dump Bitcoin [BTC]

According to Craig Wright, the latest Cryptocurrency dump happened due to miners dumping Bitcoins and Bitcoin Cash to continue mining Bitcoin Cash ABC, as around half of BCH miners shift to mine Bitcoin SV.

Bitcoin Cash is split into Bitcoin Cash ABC and Bitcoin SV. Bitcoin SV [Satoshi’s Vision] is a fork of Bitcoin Cash by Dr. Craig Wright and his team, to be different from the Bitcoin Cash led by Roger Ver and Jihan Wu. Craig Wright to ensure that miners shift to Bitcoin SV, threatens to dump Bitcoin to pay for Bitcoin SV’s mining.

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) pic.twitter.com/oUScEahtWc — Dr Craig S Wright (@ProfFaustus) November 14, 2018

nChain, company by Dr. Craig Wright, and his friend Calvin Ayre who owns CoinGeek controlled roughly 51% of the Bitcoin Cash network causing a chain split.

The self-proclaimed Satoshi claims to know of a problem with the Bitcoin network which will result in “Bitcoin destroying itself”. His goal is to destroy every other coin which will also put Bitcoin (BTC) on his list.

So can Craig Destroy Bitcoin?

First of all, the bug or a feature in Bitcoin that Craig mentions is not specified or proved. Just like his claims of being Satoshi without any evidence, this is another one of his claims.

Second for Craig to gain 51% of hashrate of Bitcoin would be no easy task, it is magnitudes larger than the Bitcoin Cash network with many more serious players involved which is increasing day by day. If you threaten the Bitcoin network, then it means you are also threatening all the miners and businesses that use Bitcoin who will not sit back and watch if there is a serious threat to the network.

Vinny Lingham, the CEO of Civic pointed out that if Bitcoin SV ends up dominating Bitcoin ABC then it means that the miners are in control who will decide which chain is the original one.

Charlie Lee, creator of Litecoin points out that it is not the same for Bitcoin as the game theory aspect of it will come into play. As Bitcoin is the largest chain with maximum incentives involved among any coin, it is not exactly the same as attacking a smaller Proof of Work chain.

Every miner is incentivized to keep the largest chain secure because if the largest and the most secure chain is compromised, then it will mean no other proof of work chain is secure which will ultimately lead to the downfall of Proof of Work Blockchains.

There are couple of differences between SV winning on BCH vs the same happening on Bitcoin. 1) No punishment for miners to kill BCH. Not true for Bitcoin. So game theory is different. 2) BCH can't as easily switch PoW like Bitcoin can b/c they lose their claim to being Bitcoin. — Charlie Lee [LTC⚡] (@SatoshiLite) November 15, 2018

Update: So far Bitcoin network is stable. No one has been able to take over the network. Do check out bitcoin up software.

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