Vitalik Buterin has said that Bitcoin SV is a scam. In a new youtube video with Hardcore Crypto, when questioned: “What’s your position on Bitcoin SV being delisted from Binance? Vitalik Buterin out-and-out responded: “Obviously Bitcoin SV is a complete scam.”
51% Attack Bitcoin SV
A Reddit user is passionately watching for a mining field to favorably 51% attack the Bitcoin SV chain. A very strange and somewhat doubtful demand which hasn’t been taken earnestly so far.
What is 51% Attack?
A 51% attack also known as a double-spend attack is an attack carried out by the miner or group of miners on a blockchain in which they try to spend their crypto’s on that blockchain twice. A chain reorganization becomes dangerous when a miner controls a huge number of coins and chooses to shape the system with a wicked purpose.
In other words, 51% attack points to an attack on a blockchain – normally bitcoin’s, for which such an initiative is still theoretical – by an organization of miners managing more than 50% of the network’s mining hashrate, or energy. The criminals would be equipped to stop new transactions from obtaining recognition, enabling them to stop debts between any or all users. They would also be capable to transpose deals that were finished while they were in power of the network, indicating they could double-spend coins.
So far, no one has taken this offer seriously but even if they took that would indicate a huge loss of funds for the field, which could be really mining an SHA-256 cryptocurrency for good.
Right now, the Bitcoin SV network is above the 1.2 exohash mark. Any person studying to modify the network in a significant way would need more than half of that hashrate to completely manage the network. However, if they never mined BSV earlier, they would require to append somewhat more than 1.2 exohash of mining potential to match the other miners on the network. In other words, this would actually suggest draining value. No one would profit from such an attempt, for rather simple reasons.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.
Instant Crypto Credit Lines™ from only 5.9% APR. Earn up to 8% interest per year on your Stablecoins, USD, EUR & GBP. $100 million custodial insurance.
Follow us on Social Media and subscribe to our free crypto newsletter!
Diskutiere mit uns!
This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)
Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.