A statement given to Bloomberg early this week by Jonathan Bier, the head of research at BitMEX would be soon proven to be true or false. When asked whether the planned BCH fork would play out, this crypto official said that the divide between the mining majority and economic majority will sort out itself in a rapid way.
Jonathan Bier’s Prediction
In his position as Bitmex’s head of research, Bier would have played an important role in as far as the rollout for the tool used to monitor the fork is concerned. The tool had earlier been sponsored by BitMEX. The predictions by this crypto official are entirely based on the reality on the ground and not personal feelings concerning the upcoming hard fork’s technicalities. This is a wizened and informed perspective. Cryptocurrency’s economic majority is just as important as the mining majority.
Among the reasons for this is the cost of the hardware that is used to mine the virtual currencies. Crypto miners take financial risks especially on the mining hardware with high hopes that they will get a return back. If a particular chain is in a better position to service that result, then it would become the miners’ preferred chain. But if they are found in a few dozen dollars of each one of them in unit price, then the preference can algorithmically fluctuate and have a negative effect on day to day users.
The Fate Of Bitcoin Cash
It has been discovered that many orders of magnitude more mining pools and miners playing a role in the difficulty of the main Bitcoin network as compared to the current network of Bitcoin Cash. Despite all that, BCH is much more ahead of a number of the crypto coins, due to the fact that its architecture, in large part, is nearly identical to that of the Bitcoin main. There are a number of exchanges that have categorically stated that they will not totally list Bitcoin Satoshi Vision.
There are also several crypto exchanges that have made pairs including both Bitcoin Cash versions, giving the traders an opportunity to take part in pre-fork futures trading. Whereas the informed opinion by Bier on the same issue just has one outcome – that the Bitcoin Satoshi Vision does not continue to have both mining and economic support within a short time, there are still others.
Calvin Ayre had earlier appealed that Bitcoin exchanges only list his Bitcoin Cash version, although the likelihood is very minimal. Wright, Ayre and their supporters appear to share one vision for the growth of the virtual currency market, and from the look of things, it appears that only full defeat of their peers would amount to them calling it quits. An entire generation of BTC mining hardware will soon become obsolete as new miners come online. A rededication or dedication of any amount of hash power coming from unknown sources to either of the chains would effectively alter the current outcomes, but this would be entirely based on the market performance.