Can Bitcoin be suffering “death by a thousand cuts” because of the forks?

The death by a thousand courts was an execution that was applied to serfs who had killed their master, or crimes of lese majesty.

It consisted of extracting parts of the inmate, who was previously drugged with opium and did not finish until he was decapitated or a vital organ was removed.

With the drama of Segwit2x postponed, for now, one might think that the subject of the controversial hard forks was over. But no, get ready for Bitcoin Silver, Unlimited and Bitcoin Diamond. Oh … and do not forget Super Bitcoin too.

There is no room for boredom in the world of cryptocurrencies, but the last few months have been as dramatic as those to come. The bifurcation saga that began in August of this year with Bitcoin Cash trying to keep a version of Bitcoin without Segwit, the second layer of escalation solution, has continued and this month reached unprecedented levels of bewilderment, surprise, and intrigue. On November 8, the main supporters of SegWitX2 that was scheduled for just over a week later declared that they had canceled their plan. They had tried to fork the Bitcoin blockchain to increase the size of the block from 1MB to 2MB. However, they announced that the lack of support in the Bitcoin Core community had led them to abandon the project.

As with any great news in the world of cryptocurrencies, the cancellation of Segwit2x, generated a lot of volatility in the markets. First, the price of Bitcoin rose to all-time highs before ending and starting to decline. Many alternative currencies had a few minutes of glory since the money started to come out of Bitcoin. However, the biggest winner of the chaos that followed was undoubtedly Bitcoin Cash. From the price, at that time, between $ 600 and $ 650, with the news of the cancellation of Segwit2x until a new order, it stood at a maximum of more than $ 2,300 in the last hour of Sunday morning. Since then he has retreated just under $ 1,300 at the time of writing this article.

Some take it as the demonstration of massive success for Bitcoin Cash. However, it is difficult to say what the market limit of the original chain would be if the escalation debate had been resolved by consensus. Therefore, it is impossible to say how much money would have entered or stopped entering in the subsequent months if the BCH bifurcation had not been carried out.

Many seem happy with the possibility of receiving free Bitcoin money by the Hard Fork method. Thanks to the decentralized and open source nature of the network, literally anyone can use the code and create their own version of Bitcoin. If you retain any value after the fork is another matter. We started the month of November with the Bitcoin Gold fork, a kind of return to the origins of Bitcoin with the Equihash algorithm for mining in GPU. At this time there is a fork planned for Bitcoin Diamond that will occur in block number 495,866, Bitcoin Silver with plans for further decentralization through a new PoW algorithm sometime in December, Bitcoin Unlimited claims to be a “voice for all interested in the Bitcoin ecosystem, “and Super Bitcoin, which plans to add smart contracts to its chain fork in early 2018. It is not clear what success these projects may have, even if they are intended to be more than just a way of doing Quick money for developers who expect to charge for “filleting” the Bitcoin brand one more time.

It seems that software engineer and cryptography analyst Jimmy Song was right with his thesis that 2018 would be the year of the hardfork. Although, it remains to be seen how far this fever comes from “cutting” Bitcoin. Will any of these forks snatch the approval of the community from the current dominant BTC chain? Or, will the new offshoots be reduced to insignificance with less exaggeration around each as the forks become the norm, and the efforts receive little or no community attention? For now, just wait and see.

Enric Martí

Enric Martí

Economy fan, hangued, hooked on crytocurrencies and junkie of audiovisual stuff...on rehab