We try not to waste too much time on laughable vanity projects here at the Ƀent, but Bitcoin SV, a low hash rate minority fork of Bitcoin Cash, which is a minority hash rate fork of Bitcoin, has provided us with a learning opportunity. The lesson; when you compete with other chains using the same hashing algorithm and lose that competition, your chain will not be reliable for payments or storage due to an inherent susceptibility to 51% & re-organization attacks.
On 18th April 2019, our Bitcoin Cash SV node experienced 2 block re-organisations. First a 3 block re-organisation, followed by a 6 block re-organisation.
— BitMEX Research (@BitMEXResearch) April 19, 2019
The below graphic illustrates the events. It includes the block heights, block hashes & block sizes of the relevant blocks. pic.twitter.com/0tKduVaawE
6 block re-org transaction stats:
— BitMEX Research (@BitMEXResearch) April 19, 2019
Main chain transactions: 754,008
Fork transactions: 1,050,743
Overlap: 753,945
Our friends over at BitMex Research have alerted us of the fact that Bitcoin SV, a project aiming to one day accommodate users with blocks that contain many "gigamegs" of data in them, was the victim of a 6 block re-org attack yesterday. Not the best look. Though, the derelicts behind the project will probably find a way to chainsplain a justification backed by nonsense. The concept of tradeoffs has not seemed to compute with these galaxy brains up to this point. Hopefully, this re-org will help drive home the lesson that a blockchain with a very large blocksize limit will experience centralization of nodes, latency issues, and attacks as they have traded off efficiency and security for throughput.
Be aware, freaks. There are loud idiots out there who will try to tell you these tradeoffs are worthwhile. They are not, and this re-org proves it. Bitcoin is a ruthless bitch and she will smite you.
Final thought...
The hardest thing about not having a phone is traveling. We are highly dependent on the apps that we allocate our thinking to.
Enjoy your weekend, freaks.
