http://topchaneloutlet.info We all know by now, there is a fork in BCH ( Bitcoin Cash) on Thursday 2018–11–15.. 15423 Couple things to know before the hard fork, if you don’t know what is hard fork, read here . I also have a previous post about this hard fork. BCH-ABC and BCH-SV are the main 2 parties involved in the fork.
ABC’s code base progress and coordination with other parties in the community was always one of the best, some of them was even better than bitcoin -core. This fork was also long planned many months ago. SV’s changes, on the other side, such as 128MB block size increase, was more of a change for the change. There is no much coordination from SV to other teams as well.
During and after the fork, we now know that one of the parties (or both of them) increased hashing power. It’s very hard to get accurate counting of how much hashing power (or how many mining machines) they have in the network.
It’s a problem of hashing difficulty and probability. There is also no consensus or protocol to have miner stamp the blocks they mined. Even they are willing to stamp it, it’s hard to verify as well. It was said from many source before the fork, that SV own at least 70% of the hashing power of BCH. If you agree on this assumption, then you can say that ABC added a lot more hashing power during the fork. After fork, they are just two completely independent blockchain .
The last common block is 556766, it was even added to the checkpoint: https://github.com/Bitcoin-ABC/bitcoin-abc/commit/651ac4461c2c92952df39f75a9d177c746e60b57 // Magnetic anomaly activation.
556767, uint256S(” 4626ff6e3b936941d341c5932e” “ce4357eeccac44e6d56c”), After that, they are very very incompatible, the new blocks from ABC will be rejected by SV and vice versa. There are two sets of full nodes, two sets of miners, two sets of wallet apps (some wallet might support both), two sets of exchange trading tickers. (we can talk about replay attack later) If the miners both mine on their own blockchain , then where is the attack? what is the 51% we are talking about? The fundamental question is, why should A mine B’s blockchain ? Mining is helping security of a public chain, the more people mine, the harder it is to reverse the chain later on. So if I mine your blockchain , wouldn’t that make your chain stronger? We are talking about 51% attack, the moment I own 51% hashpower of your network, you are dead. K.O. -ed.
Well, it’s not really that simple. If A is just acting as normal miner, B is not only not dead, B is stronger than ever before, much better than mining with out A’s hashpower. Then how should A attack B if A has more than 51% of the hashpower? The best case is that A will mine secretly, once A has a long enough “private” chain, A will release it to the public. This will trigger a reorganization (https://en. bitcoin .it/wiki/Chain_Reorganization) . So why do this reorg becomes an attack? For example, if A go buy a cup of coffee and pay with BCH-ABC, A drink the coffee then use A’s 51% hashpower to double spend the coffee money, this will be a successful attack, but it’s a very bad attack because A lose money.
It takes a lot more money to own 51% hashpower than a cup of coffee.
So to make the attack profitable, A need to buy something more expensive, such as cars / houses. But none of them are sold in BCH. In fact, most of the wallet apps are stopping user from transaction in BCH during the fork just to protect customer. The next target could be exchanges, A can just deposit a lot of BCH-ABC into exchange, buy a bunch of other crypto with the money, then use 51% power to double spend that money. Now A has net-added a bunch of other crypto . But they are all still within the exchange, the exchange can just lock the account easily.
Well, what about withdraw the crypto quickly before they can lock the account? read this thread here on reddit about how hard it is to withdraw from exchange: https://www.reddit.com/r/CryptoCurrency/comments/9pavkq/my_1200_btc_still_frozen_on_binance/ So who the heck win the fork? well, it’s a public blockchain (now two), it’s open source software, it’s free market. Number of full node? Number of miners? Number of exchanges? Number of wallet? Eventually the use case and adoption rate will tell.
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