Debate Ensues After 68% of BCH Hashrate Mined by Stealth Miners

CjMapope

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~Full-Time Minter since 2016~

Quote from: TravelMug on December 30, 2019, 11:29:12 PM

Quote

68% of the BCH Hashrate Was Recently Processed by Unknown Miners

On Monday, a post on the Reddit forum r/btc explained that “untrusted hash is at nearly 70%.” The r/btc thread detailed that on Dec. 30, statistics indicate that roughly 68% of the overall BCH hashrate is being processed by miners not willing to disclose their identity. When a known mining pool finds a block, in the coinbase there’s usually a message which identifies who mined the block. However, in 2019 both SHA-256 networks BTC and BCH saw a significant increase in mystery miners processing the chains. In January, two research reports noticed the increasing trend of unknown miners as Coin Metrics and Diar both published findings on the subject. At the time, Diar’s report said that unknown miners could be “concerning” and just because the miner does not disclose its identity, it doesn’t mean the hash is not from a known pool. Coin Metrics wrote that the analytics firm also noticed a resurgence of mystery miners during the start of 2019.

https://news.bitcoin.com/debate-ensues-after-68-of-bch-hashrate-mined-by-stealth-miners/

What are your thoughts on this?

I'm sure everyone here is familiar with the 51% attack, but this unknown miners controls 68% of of the hashrate of BCH so it's possible that they can pull it off, just saying. It's really concerning if you're a BCH bag holders, (I'm not).

. So you need to come to your senses here, just saying.

i could never wish destruction upon another chain, but BCH deserves what they get, they started this war as far as im concerned, and continue it too!
"an attack against one is an attack against all", but sorry BCH, thats dosent count you hehe.
Would sure be crazy to see someone do some malicious shit, but i fear the effect on exchanges, i wonder if they have protections form previous situations in place now, hmm...
2020 is gonna be insane lol, so much shit building up :O

avikz

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Activity: 3080

Merit: 1500

When the founder of BCH has no credibility, how can you expect that the coin is worth holding or even mining?? It was always a failed coin and it will always remain the same!

The funny part is that one of the unknown miner of that group is identified by the name as "VSatoshi Nakamoto" and this miner seems to control almost 40% of the total BCH hashrate! BCH supporters should now prepare for a 51% attack, even though it has been technically limited by a feature called "re-org protection" in their algorithm! But it will be fun to see!

For those who doesn't know what is re-org protection, read the below article,

https://blog.bitmex.com/bitcoin-cash-abcs-rolling-10-block-checkpoints/

Hope this helps!

Harlot

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Quote from: leowonderful on December 31, 2019, 10:51:57 AM

Quote from: Harlot on December 31, 2019, 10:45:00 AM

On the side of the miners who control 68% of the hashrate I think it would really be a foolish move for them to disrupt the mining operations. Hodlers are already aware of the 51% attack and this will be clear for them that some hodlers might now be offloading their BCH just because of that information and this would be bad for them for something they control. I know what they want is BCH to have big prices and they don't havr the option to short because once BCH's price goes down it would be hard to recover for somthing they are the cause in the first place.

It's still entirely possible that the people who control the large slice of unknown hashrate have some kind of agenda to do and they might be willing to let the price of BCH drop a bit in order to accomplish their goals. Most people want the price of the coin(s) they own and hold to rise, but sometimes there's more involved with it, though I do agree that doing something major would probably not be good for the long run either.

Like I said if they do that this drop might not be recoverable especially when the previous hodlers know that the miners are the ones who are in control of the market. Whales from the market influences the prices but its entirely different when we are talking about miners willing to risk BCH's transactions just to move/influence the prices, this kind of tactic might even scare a lot of hodlers to buy more in the future. They might even jump out of the train as soon as they smell blood dripping.

leowonderful

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Activity: 1624

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Bitcoin FTW!

Quote from: Harlot on December 31, 2019, 10:45:00 AM

On the side of the miners who control 68% of the hashrate I think it would really be a foolish move for them to disrupt the mining operations. Hodlers are already aware of the 51% attack and this will be clear for them that some hodlers might now be offloading their BCH just because of that information and this would be bad for them for something they control. I know what they want is BCH to have big prices and they don't havr the option to short because once BCH's price goes down it would be hard to recover for somthing they are the cause in the first place.

It's still entirely possible that the people who control the large slice of unknown hashrate have some kind of agenda to do and they might be willing to let the price of BCH drop a bit in order to accomplish their goals. Most people want the price of the coin(s) they own and hold to rise, but sometimes there's more involved with it, though I do agree that doing something major would probably not be good for the long run either.

Harlot

hero member

Activity: 1806

Merit: 672

On the side of the miners who control 68% of the hashrate I think it would really be a foolish move for them to disrupt the mining operations. Hodlers are already aware of the 51% attack and this will be clear for them that some hodlers might now be offloading their BCH just because of that information and this would be bad for them for something they control. I know what they want is BCH to have big prices and they don't havr the option to short because once BCH's price goes down it would be hard to recover for somthing they are the cause in the first place.

Kemarit

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Activity: 3080

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I don't think there's a debate here because we all know how shady the people behind this project.

So I wouldn't be surprised if they're the same people behind this stealth miners so that they can have full control. Besides, there are a lot of empty blocks so it's just a waste of space. And its really concerning, almost close to 70%, and that "mystery" miner could one day damage their network protocol, IMHO.

TravelMug

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Activity: 2632

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Quote

68% of the BCH Hashrate Was Recently Processed by Unknown Miners

On Monday, a post on the Reddit forum r/btc explained that “untrusted hash is at nearly 70%.” The r/btc thread detailed that on Dec. 30, statistics indicate that roughly 68% of the overall BCH hashrate is being processed by miners not willing to disclose their identity. When a known mining pool finds a block, in the coinbase there’s usually a message which identifies who mined the block. However, in 2019 both SHA-256 networks BTC and BCH saw a significant increase in mystery miners processing the chains. In January, two research reports noticed the increasing trend of unknown miners as Coin Metrics and Diar both published findings on the subject. At the time, Diar’s report said that unknown miners could be “concerning” and just because the miner does not disclose its identity, it doesn’t mean the hash is not from a known pool. Coin Metrics wrote that the analytics firm also noticed a resurgence of mystery miners during the start of 2019.

https://news.bitcoin.com/debate-ensues-after-68-of-bch-hashrate-mined-by-stealth-miners/

What are your thoughts on this?

I'm sure everyone here is familiar with the 51% attack, but this unknown miners controls 68% of of the hashrate of BCH so it's possible that they can pull it off, just saying. It's really concerning if you're a BCH bag holders, (I'm not).

. So you need to come to your senses here, just saying.

Topic: Debate Ensues After 68% of BCH Hashrate Mined by Stealth Miners (Read 130 times)