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Bitcoin Cash

Bitcoin Cash Hard Fork Updates: ABC exposed to vulnerability

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The Bitcoin Cash hard fork has led to the introduction of a vulnerability into the BCH ABC network which exposes it to a risk of 51% attack.

The hard fork of Bitcoin Cash happened on 15th November which is being blamed for the real reason behind the massive market crash due to the hash wars between the two parties. The hard fork was unnecessary as the new blockchain have no specific use-case that makes it different from the other. The hash wars are nothing just ego wars that are hurting the entire crypto community rather than just two people behind the war.

 

Bitcoin Cash ABC under risk

The hard fork has led to the introduction of a vulnerability into the BCH ABC network which exposes it to a risk of 51% attack.
The Bitcoin Cash ABC developers had to introduce a new code which changes the method through which the nodes on the network decide if a particular block is valid or not.

 

Abandoning Proof of Work

The previous version of BCH worked under the Proof of Work algo for block validation. The developers have now implemented checkpoints being used by miners to ensure that the work is being done on the right version of the chain.

The checkpoints were implemented to preserve the chain from attackers by using dipstick checkpoint on every 10th block. If the miners confront a block that doesn’t match the checkpointed version, they will reject it.

 

Security Risk due to the changes

Eric Wall, a cryptoanalyst explained how any hacker that controls 50% of the total hashrate of the BCH blockchain will possibly submit 10 blocks together by rearranging 9 valid blocks. This attempt by the hacker for submitting the blocks at the same time as the network finding the 10th block may cause the blockchain to split. He further explained that the blockchain will then have forked into two and if there are two exchanges on different forks the attacker can sell the same cryptocurrency twice on both the exchanges earning double the amount. He said that the hacker would need just an amount less than $27000 for controlling the whole BCH ABC network.

#Bitcoin Cash

Single Address Responsible for more than 50% Bitcoin Cash Transactions

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Cryptocurrency enthusiasts are spreading the word that a single address has been accountable for more than 50 percent of the Bitcoin Cash transactions.

Cryptocurrency enthusiasts such as @IamNomad are spreading the word that a single address has been accountable for more than 50 percent of the Bitcoin Cash transactions in the last one month.

 

The address that people are talking about has made more than 600,000 transactions in just the previous one month which account for more than 50% o the total bitcoin cash transactions that amount to around 1.2 million. The amounts that are being transacted out of the address are fractional and occur in an interval of some seconds.

 


People are also suggesting that the account might belong to an upcoming gaming or gambling website which is putting in cryptocurrency in preparation of the platform.

 

People are also making jokes out of the situation, also bringing in Roger Ver, the founder of Bitcoin Cash and even Alibaba.

 

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#Breaking News

Now Official: Craig Wright Sues Roger Ver to the court

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Craig Wright, also known as 'Faketoshi' for claiming himself to be the real Satoshi Nakamoto has now officially sued Roger Ver to the court.

Craig Wright, also known as ‘Faketoshi‘ for claiming himself to be the real Satoshi Nakamoto has now officially sued Roger Ver to the court.

 

Roger Ver calls Craig Wright Fraud and a Liar

According to Craig Wright, an Australian computer scientist and the founder of Bitcoin Satoshi Vision, who also claims himself to be Satoshi Nakamoto, the real founder of Bitcoin, Roger Ver has made false statements against him which might prove to be very harmful for his overall reputation.

 

The lawsuit was filed by Craig Wright against Roger Ver during the Bitcoin Cash summit held in London. The lawsuit for filed against Roger Ver for calling Craig a scammer and a liar in a video posted by Roger Ver on Youtube which was deleted by the video-sharing website as it violated the norms of the community. However, Roger Ver had later posted the video on his official Twitter account, calling the video: His response to Craig Wright’s 100,000 GBP lawsuit.

 


In the video, Roger Ver mentions that Craig Wright is a liar and a fraud and encourages Craig to sue him again.

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#Bitcoin SV

Bitcoin SV Miners facing huge losses since Hard Fork: Bitmex

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Bitcoin SV miners have been facing massive amounts of losses that amount to more than $2.2 million in order to keep the network secure since the hard fork.

Since the hard fork of Bitcoin Cash which split the chain into two: Bitcoin SV and Bitcoin Cash ABC back in November last year, the Bitcoin SV miners have been facing massive amounts of losses that amount to more than $2.2 million in order to keep the network secure. The major contributor of the Bitcoin SV mining operations is conducted by Calvin Ayre.

 

Bitcoin Cash Hard Fork:

Bitcoin Cash went through a hard fork last year with the two teams fighting over the technical direction of the blockchain. The two teams led by Roger Ver, one of the earliest known bitcoin investors and Craig Wright, commonly known as Faketoshi for claiming himself to be Satoshi Nakamoto fought each other for disagreement on the size of the blocks of BCH or Bitcoin Cash. Craig Wright had the aim of increasing the size limit of the blocks and thus forked Bitcoin Cash in order to create a new blockchain called Bitcoin SV.

 

Bitcoin SV Miners Facing Huge Losses:

As Bitcoin SV works on a proof-of-work consensus, the miners need to keep mining the blocks in order to support the chain against more than 50% attack, even if they keep facing losses. If the miners had stopped mining the Bitcoin SV chain, the value would have suffered badly. Also both the founder of Bitcoin SV, Craig Wright and the largest miner, Calvin Ayre are believed to own a very large sum of Bitcoin SV which helped them in continuing the mining operations and securing the network.

 

According to recent research by Bitmex which was published on the 12th of April, miners have been facing huge losses that amount to over $2.2 million. The following amount is estimated for just the electricity cost this is used to mine Bitcoin SV. If we take into account other mining expenses such as the overhead cost, employee cost as well as the depreciation of assets, the total amount shall be even more than $2.2 million.

 

Bitcoin Cash ABC Miners making profits:

On the other hand, miners of the 2nd chain i.e. Bitcoin Cash ABC have been making a good amount of profits since the hard fork which equals to almost $42.4 million.

 

Calvin Ayre: The largest Bitcoin SV miner

A report from CoinDance, a cryptocurrency statics provider shows that CoinGeek, a company owned by Calvin Ayre controls more than 28% of the total mining operations of Bitcoin SV. However, it is still uncertain why other 72% of the miners are still mining Bitcoin Satoshi Vision at a loss rather than mining Bitcoin Cash ABC or Bitcoin. The report also shows that mining Bitcoin SV is not at all profitable and does not make any sense.

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