Bitcoin SV Gets Split Into 3 Chains After 210 MB Block

Bitcoin SV is a Bitcoin Cash hard-fork which itself is a hard-fork of Bitcoin (BTC). Bitcoin SV (BSV) network had undergone a planned hard-fork on 24th …

On Saturday, 3rd August 2019, Bitcoin SV network got split into 3 different chains temporarily because it witnessed mining of a huge block, sized 210 Megabytes. As per BitMEX Research’s report, the nodes of Bitcoin SV got divided into 3 groups which resulted in the network split. Bitcoin SV is a Bitcoin Cash hard-fork which itself is a hard-fork of Bitcoin(BTC).

Bitcoin SV(BSV) network had undergone a planned hard-fork on 24th July 2019 with the purpose of increasing the block size to 2 gigabytes (GB) from the earlier 128 MB. However, as noted in the report, while 19 percent of nodes had failed to upgrade altogether and remained on the old chain, 17 percent found themselves stuck at the block of 210 MB. 65%, on the other hand, was located at the current tip at height 593,974.

According to 420 Bitcoin SV peers, the nodes are currently on different chains and at different heights:

* 65% at the current tip

* 17% stuck on a large 210MB block

* 19% on the old pre-hardfork chain

— BitMEX Research (@BitMEXResearch) August 3, 2019

The Coin Dance data suggested that CoinGeek miner had mined the massive 210 MB block on 3rd August, involving around 808,600 transactions.

Ryan Charles, MoneyButton’s CEO and a supporter of BSV, had recently talked about several issues he was facing while running the BSV nodes on the blog of MoneyButton, before the network-split. He disclosed that MoneyButton was down for 3 hours as their BSV node had not just run out of memory but also crashed through a stress test.

Charles had also stated that it’s expensive to run a node. Continuing further, he said that their new instance would cost them thousands of dollars to operate every month. As blocks would continually become larger, the instance needs to be upgraded many times, ballooning the cost. He also clarified that running a node would eventually become too expensive for them because they don’t earn money like miners from the transaction fees.

It must be noted that the chief selling point of Bitcoin SV is their block size limit. Though this limit is turning out to be more of a problem factor than a great feature. For instance, the network split resulted in a significant hashrate drop to around 300 Ph/s (Petahashes/second). After recovering, the network is back at approximately 1,200 Ph/s.

Going by the reports of TrustNodes, a tech news entity, the service of Coin Dance is on the new BSV chain now whereas the older chain, in all probability, will be discarded. It also suggests that those miners who were stuck on the old fork, as a result, might have suffered a loss of money too. The report also highlights that this recent split seems to be a first such instance although the giga-sized blocks might cause splits with over three forks.

Related Posts:

  • No Related Posts

Craig Wright ‘Explains’ Why You Won’t Admit He Created Bitcoin

Bitcoin Cash is not necessarily opposed to larger blocks, nor are they opposed to looking at other scaling solutions when the time comes.

Craig Wright has a theory about why almost nobody will capitulate to his demands to be worshiped as Satoshi Nakamoto, the creator of Bitcoin.

Standing on the wrong end of a multibillion-dollar lawsuit, he believes that his persona has led to attacks on him personally, as opposed to the ideas he has presented to the blockchain space.

Wright Says Core Believers Dismissed His Person, Not His Ideas

Wright and others are firm believers in on-chain scaling. Wright proposes a more extreme version than most, with 2GB blocks already activated on the mostly vacant network.

Bitcoin Cash is not necessarily opposed to larger blocks, nor are they opposed to looking at other scaling solutions when the time comes. Both projects generally view the reluctance of Bitcoin to simply raise its blocksize as a failure of governance and technology.

Bitcoin SV
Despite Craig Wright’s ‘Satoshi’ claims, his preferred cryptocurrency – Bitcoin SV – continues to languish with a fraction of the market cap of the original Bitcoin. | Source: Shutterstock

In any case, Wright believes that his detractors employ specific fallacies in their hatred of him. He believes that, for the most part, people take issue with him, and transfer that issue onto what he views as his legitimate claim to be Satoshi Nakamoto.

Wright laid out his case in a lengthy blog post published last month (emphasis added):

“In one specific case, it comes down to arguments about the people. Bitcoin is technology. You know the other side of the argument is failing when it has moved to attacking a person rather than the argument itself. It is a common tactic in the world of social media. Proof of social media is not about truth but rather about a deception that can change and mutate over time. It is one of the aspects of Bitcoin that have been developed that allows for a system of truth. If you view my videos and presentations from 2014, you will see that I have the same outlook and concept of Bitcoin. […]”

“The attack comes down to the individual. You end with diatribes of YouTube videos, gut feelings, and the general ranting of social justice warriors. In many ways, it is designed to take you away from the issue at hand. The fallacy can be used in creating a red herring. The genetic fallacy is commonly presented in a continued argument as a matter of creating misdirection. It allows the arguer to slip in a red herring (ignoratio elenchi) in a relevant conclusion or relevant thesis, for example. They avoid refuting the point being argued, and cloud the issue.”

The Man, The Myth: The Satoshi Nakamoto Claim

Wright’s often abrasive personality conflicts with the person we knew as Satoshi Nakamoto, and he’s repeatedly backtracked or altered ideas presented by Satoshi himself. Cryptographic proof does not yet exist of Wright’s claims.

Nevertheless, as a journalist, it’s this reporter’s job to remain neutral on the subject. If Wright or anyone prove their identity as Satoshi Nakamoto, it’s our job to report the news, not interpret it. That said, it doesn’t necessarily make sense to claim you’re Satoshi Nakamoto unless you have a way to prove it.

The claim isn’t just a trivia question, it’s a history-altering assertion. It puts you among the world’s wealthiest people, and your Bitcoin holdings would quickly make you one of the most influential people in crypto.

If you were Craig Wright, for example, and you dumped your massive Bitcoin horde in favor of Bitcoin SV, it could potentially move all the volume to your fork.

Would such a move be a securities violation?

If Satoshi Nakamoto becomes a known quantity, can Bitcoin thus be considered a security?

These questions will arise if proof of Wright’s claims is ever presented. Until such a time, we can only speak hypothetically.

Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.

Bitcoin SV (BSV) Chain Forks to Produce Rogue Block

The reason for this is that BSV was automatically listed to all exchanges that carried Bitcoin Cash (BCH). However, Binance and Kraken went on to …

The Bitcoin SV (BSV) chain changed rules in a planned hard fork, and a miner produced a rogue block exploiting a loophole. But the chain did not split off, as only one rogue block was produced. The fork was deemed a success, for expanding the allowed block size to 2 GB.

A large block size is the chief aim of Bitcoin SV, a project dedicated to on-chain scaling. This also means that BSV would rely on known miners with dedicated hardware, instead of anonymous voluntary block producers. Distributing big blocks through the network is also harder.

The Bitcoin SV network also has a relatively low hashrate, with the cost of a one-hour attack standing at $8,439, pointing to lower security in comparison to more actively mined coins.

The Bitcoin SV network has 431 nodes, according to CoinDance, a much lower number compared to Bitcoin’s network of above 10,000 nodes. A large block may be easier to move through the smaller network. The aim of Bitcoin SV is to scale to the equivalent of thousands of transactions per second while keeping the traditional 10-minute block time.

In the past, large blocks have caused problems for the BSV blockchain, creating the need for a reorg, an event that is not supposed to happen. A reorg overwrites blockchain history and may undermine trust in the protocol.

But the theoretical possibility for transactions does not reflect the real network use. The Bitcoin SV network carries around 100,000 transactions in 24 hours, still much lower compared to Bitcoin, which moves between 300 and 400,000 transactions a day.

The market price for BSV sank again on Friday as markets weakened overall. BSV traded at $157.39, recouping 12% to its price in the past week, but still at a shaky junction. BSV is still a rather liquid coin, trading with more than $340 million’s equivalent in daily volumes. The reason for this is that BSV was automatically listed to all exchanges that carried Bitcoin Cash (BCH). However, Binance and Kraken went on to delist the coin, due to the team’s attempted doxxing against the influential anonymous @hodlonaut account.

by Christine Masters, 2 hrs ago

Related Posts:

  • No Related Posts

Bitcoin Gold (BTG) – The Other Bitcoin Fork That’s Making Gains

With popular forks like Bitcoin Cash (BCH) and Bitcoin SV (BSV) dominating the headlines, many forget that there are other profitable Bitcoin hard …

With popular forks like Bitcoin Cash (BCH) and Bitcoin SV (BSV) dominating the headlines, many forget that there are other profitable Bitcoin hard forks out there that are making impressive gains in the market.

The past month has been hard on the altcoin market, with the majority of the top 50 cryptocurrencies suffering losses. Even the king of cryptocurrencies (BTC) is down three percent today as a bearish trend takes hold. While Bitcoin Gold hasn’t managed to escape the bloodshed entirely, it has incurred considerably fewer losses than the 30 to 35 percent losses that many top coins have suffered.

Its strong resilience against the current bear market means BTG is now up by over 130 percent since the beginning of the year. This equates to the coin more than doubling its value from a low of $9.20 in early February to $25.70 today.

After testing the $30 resistance level last month, Bitcoin Gold has corrected slightly and is now consolidating around $25. With its relative strength index (RSI) in a strong bullish position, the asset will likely break above $30 on the next attempt. Support has proven strong at $24 and with BTG recently recording it’s highest ever volume last week, it certainly seems to be building for an impressive rally.

Let’s investigate Bitcoin Gold in a little more detail.

Bitcoin Gold (BTG) – “For everyone, for everything”

In October 2017, during the run-up to Bitcoin’s record high of almost $20,000, the Bitcoin Gold hard fork was created by Jack Liao and several other developers. The reason behind the fork was in response to a believe that Bitcoin was becoming too centralized due to the use of ‘ASICS’ mining chips. An ASIC is a very powerful type of computer chip developed specifically for mining cryptocurrency and with its creation came huge, centralized mining operations that put small miners out of business.

This problem is noted in a paper put forward by the developers of Equihash, an asymmetric proof-of-work (PoW) mining protocol designed to remedy the centralization issue. “Users equipped with such hardware have an advantage over others, which has led the Bitcoin mining industry to concentrate in a few hardware farms of enormous size and high electricity consumption”.

In an attempt to stay true to the original vision of Bitcoin creator Satoshi Nakamoto, the Bitcoin Gold developers decided to implement the Equihash algorithm into a new fork that could not be mined using ASICS-based hardware. From the Bitcoin Gold FAQ:

“Changing the PoW (Proof-of-Work) algorithm from SHA-256 to Equihash means that specialized ASIC mining equipment designed for SHA-256 are unable to mine on the Bitcoin Gold blockchain. Equihash runs on commodity graphics cards, or GPUs, which are easily available to the public.”

Using Bitcoin Gold (BTG)

The Bitcoin Gold tagline is “For everyone, for everything”, as the asset was designed to be used for peer-to-peer transactions and everyday purchases. Unlike Bitcoin, which most people simply use for trading or investment, Bitcoin Gold is more accommodating to the retail sector.

Bitcoin Gold developers have created a proprietary system called BTGPay to facilitate the spending of BTG and additional payment services like Coinpayments enable retailers to easily integrate BTG payments into their systems. Bitcoin Gold users can browse the Cryptwerk directory listing to find a comprehensive list of merchants that accept BTG.

Related Posts:

  • No Related Posts

Bitcoin hard forks and the developers behind them

Originally launched by Satoshi Nakamoto as the node of the Bitcoin network, Bitcoin Core is the reference application for all other new and customized …

Bitcoin has a variety of Blockchain forks that people use to invest. Here are the bitcoin hard forks and the details of how they were installed.

1. Bitcoin Cash (BCH)

Bitcoin Cash is a cryptocurrency derived from the original Bitcoin as a hard fork product in mid-2017. With this initiative, Blockchain and crypto are divided into two parts.

Everyone who owns a certain number of Bitcoins has the same amount of Bitcoin Cash. The difference is that in technology, the Bitcoin Cash chain allows blocks that are larger than Bitcoin, which helps you do more transactions per second.

The rising fees in the Bitcoin network led to the development and launch of Bitcoin Cash. Some members of the Bitcoin community, including Roger Keith Ver, were part of this project. It has a supply limit of 21,000,000 BCH. While Bitcoin was sold for $ 2700 in 2017, it started trading at $ 240.

2. Bitcoin Gold (BTG)

Bitcoin Gold is another hard fork. It is a decentralized, open-source currency that does not have a central bank for management, and transactions are handled through the Bitcoin Gold network.

It was developed in October 2017 by Bitcoin Gold Asin Yin with block height of 491407. In May 2018, Bitcoin Gold was attacked and approximately 388,000 BTG (estimated value $ 18 million) were stolen from various exchanges. At the time of the hard fork, each user received the same amount of Bitcoin Gold as in Bitcoin Cash (1 BTC = 1 BTG).

3. Bitcoin Diamond (BCD)

In 2017, Team 007 and named Bitcoin miners Team Evey, decided to make a few changes to the Bitcoin protocol to improve how things work. This led to the development of Bitcoin Diamond in November 2017.

The improvements they wanted to work on helped to encourage newer users to use Bitcoin and other cryptocurrencies, allowed faster time for transactions and lower fees for transactions. They believed that Bitcoin should be more accessible.

Bitcoin Diamond entered the market high and traded for a maximum of $ 91.47, but lost its appeal and fell to $ 2.44.

4. Bitcoin Core (BTX)

Originally launched by Satoshi Nakamoto as the node of the Bitcoin network, Bitcoin Core is the reference application for all other new and customized versions released. Also known as a Satoshi customer, it was previously released as Bitcoin, but was later renamed to avoid confusion between the original platform.

In 2014, Bitcoin Core was taken over by a team of carers led by Wladimir J. van der Laan . The MIT Digital Currency Initiative finances the development of Bitcoin Core. It includes a process validation engine that connects to the central network node. There is also a wallet by default that can help users send and receive Bitcoin.

Distribution was made as 0.5 BTX per 0.5: 1, ie 1 BTC ; this can be thought of as a loss for the person when the last transaction price drops.

5. Bitcoin GOD (GOD)

Launched on December 25, 2017, Bitcoin God, developed by Chandler Guo, a Chinese cryptocurrency investor, was another fork based on the Bitcoin coding chain and forked at a height of 501225 Blockchain.

Bitcoin God is a bitcoin network that offers a 1: 1 distribution of krypton. Unlimited is a non-profit peer-to-peer organization. There are many features like smart contracts, bigger block size, lightning-speed network, and a total of 21 million supplies.

6. Bitcoin Private (BTCP or ZCL)

Bitcoin Private, forked at a height of 511346 blocks, is a cryptocurrency that is the result of Bitcoin forking and simultaneous merging with ZClassic. This platform offers the best features of cryptocurrencies.

The main purpose of launching Bitcoin Private was to combine the privacy features of Z Classic with the popularity and flexibility of Bitcoin. The tokens were provided with an airdrop application and the user received a BTCP token for each BTC and ZCL medallion they had.

7. Bitcoin Atom (BCA)

Bitcoin Atom was launched in January 2018 at the blockchain height of 505888. It is a cryptocurrency that uses long-term contracts (HTLCs) and the HTLC API, which provides independence from central businesses and intermediaries.

The BCA works with lightning network swaps for instant off-chain atomic swaps. These processes are cheaper and more useful for smaller processes, and privacy features are better and improved than other versions.

Related Posts:

  • No Related Posts