51% Attack on Bitcoin Cash blockchain.

Reid

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Quote from: Nalbo on May 25, 2019, 09:50:53 AM

No need to spread the FUD. The 51% was intentionally done in order to stop a miner for profiting form a bug during update. Which is subsequently solved. Such things have also happened with bitcoin in past.
According to coindesk
"The two mining pools — BTC.com and BTC.top — carried out the move in order to stop the unknown miner from taking coins that they weren’t supposed to have access to in the wake of the code change. That day, an attacker took advantage of a bug unrelated to the upgrade (and subsequently patched) that caused the network to split and for miners to mine empty blocks for a brief time."

https://www.coindesk.com/bitcoin-cash-miners-undo-attackers-transactions-with-51-attack

It is not FUD, it is just that your update is way later. He just shared the news and we are trying to sort it out here.
But because of the bad reputation of BCH, you could see a lot of bad comments here. Sorry for that. Glad you could straighten out what happened afterwards here.

Quote from: Shatterlean22 on May 25, 2019, 11:17:46 AM

Shit happens isn't it? And that doesn't mean bitcoincash is a bad coin ,I see bch as the next better bitcoin so whatever challenges bch faces now it will pass

Cmon, what does that even mean?
Of course they can pass that kind of problem. They can control it anytime unlike bitcoin.
Sorry, my number 2 will never be BCH. Grin

Vishnu.Reang

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Activity: 1988

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Well... let's look at the positives as well. In this case, the mining pools were not doing the 51% attack for their own gain, but in order to reverse a previous transaction in which a robbery occurred. This is similar to what Ethereum did, after a major robbery in 2016 (the DAO robbery). I am neither favoring nor opposing this move, as there are negatives as well (such as centralization of mining).

10c

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news has already begun to appear about the double consumption of this coin. A long time ago I have stopped to believe in this coin so it is not in my portfolio and I do not worry

bogdasha07

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Bitcoin Stash as a fork of Bitcoin Cash is focused on fighting the problem of 51% attack https://cmc.io/coins/bitcoin-stash

SirLancelot

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Quote from: The Cryptovator on May 25, 2019, 05:37:41 AM

51% Attack on Bitcoin Cash blockchain, just read a news on cointelegraph. Here is the news article, "two miners purportedly execute 51% attack on Bitcoin Cash blockchain . Perhaps there was chance of double spend.

If you don't know what is 51% attack then read " Definition of 51% Attack"

Wow, I actually saw this a couple of minutes ago from another thread, though the person never shared a link to cointelegraph so I never believed in it, but since you said that the news is now on cointelegraph then it's something worth discussing about, I know some persons will be happy because of this news since a lot of people don't really like bitcoincash ever since it has been claiming to be the real bitcoin spare headed by roger ver.

CryptoReggae

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Quote from: BitcoinHodler on May 25, 2019, 07:32:56 AM

this was a clear proof that BitcoinCash is centralized as there are entities controlling a huge portion of the hashrate.

the absurdity of this attack was that they reversed a transaction that they enabled themselves. in case you don't know the full story here is the short version:
1. a hard fork to make certain outputs spendable
2. a miner (which was unknown and not among the centralized powers) was faster than the centralized power and spent those outputs that became spendable with the fork.
3. the centralized powers got mad and reversed that miner's transcation (orphaned his block) and kicked him out.

BCash was centralized but still kept its immutability, not it is no longer immutable either.

Everything stems from the original sin that BCH carries with him and that missed Segwit behind BCH. The possible error to send to a Segwit BCH address is possible. The miners tried to make the "good" at the expense of the integrity of the blockchain.

This is a precedent that indelibly marks the BCH blockchain.

The miners have "protected" the coins in favor of the legitimate owners, but this is not a rule included in the consent protocol. They have operated without respecting the rules of consent, even if they have operated for what they are economically encouraged to do.

At the end of the fair, this is a typical example of a 51% attack, and it is a clear demonstration that the BCH hash cannot be considered decentralized and that BCH cannot be considered a safe blockchain.

Once again BTC has shown how important its blockchain is.

Vishnu.Reang

sr. member

Activity: 1988

Merit: 453

I am not a big fan of Coin Telegraph, so checked the news in Coindesk. They have covered it here:

https://www.coindesk.com/bitcoin-cash-miners-undo-attackers-transactions-with-51-attack

The good news is that the mining pools(BTC.com and BTC.top) did the 51% attack in order to neutralize a previous robbery and not for their personal gain. But even then, the reputation of the currency has taken a hit. As per the latest charts, BCH is down 4%. Now a lot of questions will arise, regarding the decentralized nature of Bitcoin Cash.

Flupy

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Red-Apple

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another worst part of this which is going unnoticed (apart from showing centralization of BCH) is that these miners reversed a transaction that they themselves enables about 10 days ago! just because they weren't the ones stealing those coins and the miner who did that was unknown small time miner who used the feature they enabled in that hard fork recently.

bitvalak

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Quote from: The Cryptovator on May 25, 2019, 05:37:41 AM

51% Attack on Bitcoin Cash blockchain, just read a news on cointelegraph. Here is the news article, "two miners purportedly execute 51% attack on Bitcoin Cash blockchain . Perhaps there was chance of double spend.

If you don't know what is 51% attack then read " Definition of 51% Attack"

I was not so surprised by the news, it was indeed the owner's habit to create sensations and drama for his ambition in cryptocurrency.
Roger always makes decisions that are always in conflict with the crypto community, that has happened a long time ago. We'll see what happens with Bitcoin Cash after this.

Shatterlean22

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Shit happens isn't it? And that doesn't mean bitcoincash is a bad coin ,I see bch as the next better bitcoin so whatever challenges bch faces now it will pass

Nalbo

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No need to spread the FUD. The 51% was intentionally done in order to stop a miner for profiting form a bug during update. Which is subsequently solved. Such things have also happened with bitcoin in past.
According to coindesk
"The two mining pools — BTC.com and BTC.top — carried out the move in order to stop the unknown miner from taking coins that they weren’t supposed to have access to in the wake of the code change. That day, an attacker took advantage of a bug unrelated to the upgrade (and subsequently patched) that caused the network to split and for miners to mine empty blocks for a brief time."

https://www.coindesk.com/bitcoin-cash-miners-undo-attackers-transactions-with-51-attack

Dellosoft

copper member

Activity: 206

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I saw that update too and it looked like a hash war to me. I just have surface knowledge in mining but if the attack pulled true, then I think it calls for security concern with the underlying architecture of BCH.

mindrust

legendary

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Low hash minority chains are not secure. Bitcoin Gold was %51 attacked too. It happened becaue its hashrate was low af. BSV got a reorg not long ago and now It happened to Bcash.

This is all part of the evolution.

People soon will realize that being fast and cheap don't mean shit if it is not secure.

levyashin

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Wow, it seems market cap means nothing when coming to this. If miners are centralized there is always a risk.

Also, faketoshi can be behind this. Just guessing.

Adriano2010

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Activity: 1414

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I bad when this happen, and i still bitcoin is still far away and never will happen this for bitcoin, even if there are some pools who togheter can only proceed a 51% attack, but people who mine will not do it.

BitcoinHodler

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HODLing is an art, not just a word...

this was a clear proof that BitcoinCash is centralized as there are entities controlling a huge portion of the hashrate.

the absurdity of this attack was that they reversed a transaction that they enabled themselves. in case you don't know the full story here is the short version:
1. a hard fork to make certain outputs spendable
2. a miner (which was unknown and not among the centralized powers) was faster than the centralized power and spent those outputs that became spendable with the fork.
3. the centralized powers got mad and reversed that miner's transcation (orphaned his block) and kicked him out.

BCash was centralized but still kept its immutability, not it is no longer immutable either.

Nadziratel

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Activity: 1568

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Quote from: The Cryptovator on May 25, 2019, 05:37:41 AM

51% Attack on Bitcoin Cash blockchain, just read a news on cointelegraph. Here is the news article, "two miners purportedly execute 51% attack on Bitcoin Cash blockchain . Perhaps there was chance of double spend.

If you don't know what is 51% attack then read " Definition of 51% Attack"

The 51% attack is not a pleasant thing for a coin at all. But since Bitcoin Cash is a project for personal ambitions, I wouldn't be surprised if I saw this kind of attack.

lyks15

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Activity: 546

Merit: 100

In my own opinion mining doen't matter even if it is averaging almost 51% because all we know that bitcoin is digital so it's supplies never end. We don't need to consider it as a problem. Just continue what we are doing to earn crypto and don't mind other problem and issue about crypto industry.

The Cryptovator

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51% Attack on Bitcoin Cash blockchain, just read a news on cointelegraph. Here is the news article, "two miners purportedly execute 51% attack on Bitcoin Cash blockchain . Perhaps there was chance of double spend.

If you don't know what is 51% attack then read " Definition of 51% Attack"

Topic: 51% Attack on Bitcoin Cash blockchain. (Read 274 times)