Poloniex Freezes Bitcoin ABC, SV Wallets for Blocked Transactions
Poloniex temporarily froze withdrawals on Bitcoin Cash ABC and Bitcoin SV, later attributing the troubles to the SV network.
The two chains branched out of Bitcoin Cash, ABC and Bitcoin SV (BSV), experienced problems with Poloniex withdrawals, causing the exchange to close the wallets for a few hours on Wednesday.
For a few more hours, the problem persisted for BSV. There is no information as to the nature of the issue, but it seems the transactions failed to distribute through all the nodes of the BSV network. It is now completely separate and cannot affect Bitcoin Cash ABC balances. Still, there have been some technical problems with block broadcasting in the early days.
The withdrawal problems have further exacerbated the slide in BSV prices which suffered a crash after the initial rally. The asset is down to $90.38, slightly above its recent lows of around $81. It remains volatile, still attempting to discover a fair price after trading above $105 for a while.
On Poloniex, BVS traded as low as $77 for some hours on Wednesday, later recovering to $85.04. Trading volumes also fell toward a $260 million equivalent, while the official BCH ticker saw around $109 million in trading.
Mining has stabilized for both versions, and the two networks are no longer attacking each other through attracting hashrate. CoinGeek, the chief pool contributing power to the SV network, gave up on the competition.
However, the two newly created assets are still attempting to sway the community and position themselves as the better alternative. The trouble with BSV withdrawals, however, may hurt the reputation of this contender.
BSV is now attempting to mine and propagate large blocks, but network participants are showing this is not a viable option. Record-sized blocks of 64 MB have difficulties propagating and may not be necessary at the moment.
According to Blocktivity, the Bitcoin Cash network activity has fallen dramatically amid the low usage of the blockchain during the hash wars. BCH saw only 8,763 transactions in the past day, down from hundreds of thousands before the hard fork.