Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

‘Orchestrated Transaction Reversal on Bitcoin Cash (BCH) Not Positive News for Bitcoin’: BitMEX Research

by Daily Hodl Staff
May 24, 2019
in Altcoins
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎
‎‎‎ ‏‏‎

Bitcoin Cash miners have reportedly tried to reorganize the blockchain. According to BitMEX research, the miners may have been responding to a bug resulting from the Bitcoin Cash hardfork on May 15, 2019 that caused a string of empty transaction blocks.

According to the report,

“A few blocks after the hardfork, on the hardfork side of the split, there was a block chain re-organisation of length 2. At the time, we thought this was caused by normal block propagation issues and did not think much of it. For example, Bitcoin SV experienced a re-organisation a few weeks prior to this, of 6 blocks in the length. When Bitcoin SV re-organised, all transactions in the orphaned chain eventually made it into the main winning chain (except the Coinbase transactions), based on our analysis. However, in this Bitcoin Cash re-organisation, we discovered that this what not the case.

It appears, instead, that a 2-block double spend may have occurred on 25 transactions totaling an estimated 3,392 BCH.

“There appears to have been a plan by developers and miners to recover funds accidentally sent to SegWit addresses and the above weakness may have scuppered this plan. This failure may have resulted in a deliberate and coordinated 2 block chain re-organisation. Based on our calculations, around 3,392 BCH may have been successfully double spent in an orchestrated transaction reversal. However, the only victim with respect to these double spent coins could have been the original ‘thief’”.

…

“Indeed, based on our analysis, every single input in the 25 transactions in the orphaned block 582,698 was redeemed with a Sigscript starting ‘0014’ or ‘0020’. Therefore it is possible that nobody lost funds related to this chain re-organisation, other than the ‘attacker’ or ‘thief’ who redeemed these SegWit outputs, which may have accidentally been sent to these outputs in the first place.”

The researchers point out how the incident challenges, if not entirely undermines, the notion of immutability – a unique characteristic of blockchains.

The report concludes,

“However, although Bitcoin Cash has a much lower hashrate than Bitcoin, making this reversal easier, the success of this economically significant orchestrated transaction reversal on Bitcoin Cash is not positive news for Bitcoin in our view. In some ways, these incidents contribute to setting a dangerous precedent. It shows that it may be possible in Bitcoin. Alternatively, this could just illustrate the risks Bitcoin Cash faces while being the minority chain.”

You can check out the full report here.

Follow us on Facebook            Join us on Telegram            Follow us on Twitter


Check Latest News Headlines


ADVERTISEMENT


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Crypto Livewire – Press Releases

  • OpenDAX 3.0 With Exchange Liquidity Network (XLN) by Openware Goes Live
    March 6, 2021
  • Mogul Brings NFTs and DeFi to the Film Industry, Announces Access Pass Sale
    March 5, 2021
  • eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal
    March 3, 2021
  • Unifi Farms Beta Launches on Unifi Protocol to Pioneer No-Stake Farming
    February 26, 2021
  • Bang Bang: Critical Factors Fueling Rise of the Retail Investor
    February 25, 2021
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$54,412.00
$54,412.00
6.98%
Ethereum
$1,845.96
$1,845.96
5.84%
Binance Coin
$245.62
$245.62
2.96%
Polkadot
$36.62
$36.62
4.1%
Cardano
$1.14
$1.14
1.43%
XRP
$0.483717
$0.483717
3.34%
ADVERTISEMENT

Spotlight

  • 5 Altcoins Poised To Capitalize on Next Crypto Hype Cycle, According to Ivan on Tech
    March 3, 2021
  • Here Are the Top Small-Cap Altcoins That Will Beat the Market, According to Crypto Trader Tyler Swope
    March 6, 2021
  • Ripple Testing Private Version of XRP Ledger To Power Central Bank Digital Currencies
    March 4, 2021
  • Fear of Bitcoin Ban Over? India’s Finance Minister Softens Stance on Crypto
    March 8, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

×
We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.