Bad News For The Faketoshi Team In The Bitcoin Cash Fork Race

Due to the announcement made by Poloniex (a cryptocurrency exchange), that “pre-fork trading” will be enabled in two proposed Bitcoin Cash (BCH) forks: Bitcoin Cash SV and Bitcoin Cash ABC, preliminary trading data has revealed a clear winner among the two competing proposals.

Poloniex’s most recent price data, reveals that BCH ABC is trading only about USD 100 below or 8% lower compared to BCH (its parent coin). However, the BCH SV alternative which is backed by Craig Wright, who is also referred to as Faketoshi is trading around 90% lower at just USD 52 as of press time.

Bitcoin Cash (BCH) Price Today – BCH / USD

Name Price24H (%)
Bitcoin (BTC)
$7,236.21
-2.51%
Bitcoin Cash (BCH)
$205.02
-1.38%

It is very important to note that, the market for both BCH SV and BCH ABC is illiquid and very thin, which means that we should expect more erratic price actions till the market eventually gets balanced.

To trade the proposed coin, which are yet to exist on the blockchain, users of Poloniex are required to make conversion of their BCH coins to either BCH SV or BCH ABC. This move is definitely risky, which is evident in the 90% loss experienced by BCH SV.

The exchange has also revealed that, until the actual hardfork scheduled to take place on 15th November happens, just withdrawals and deposits of the proposed forks will be made available.     For now, users can trade the coins within the exchange. However, in an update Poloniex warned that “trading in these assets can be extremely risky. It is possible that one of these chains will not be economically or technically viable after the fork, and its value will drop to zero.”

 

 

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.