Gold collapsing. Bitcoin UP.

[bitsko]

Brasch Adolf isn't a real person, kaylammartyn is a low grade scammer.

 

[79b79aa8]

riccardo spagni on the other hand appears to devise some AAA grade scamming.
the artful monero premine is not where it seems to have begun.

Monero’s former maintainer arrested in the US for allegations unrelated to cryptocurrency

Spagni faces charges unrelated to his previous work at Monero.

cointelegraph.com

 

[AdrianX]

That article stock image is funny, look how healthy the guy in handcuffs looks, LOL.
The timing is a bit odd, the incident happened over a decade ago, I'd have thought it would have been resolved soon after a conviction.

 

[shilch]

There was a 100 block reorg on BSV by a malicious actor. The attacker spent at least 85k USD to perform this attack.

 

[AdrianX]

There was a 100 block reorg on BSV by a malicious actor.

Does a 100 block reorg in this instant require someone to mine the blocks before making them public?

Or did they go back in time and extend on the blockchain from 100 blocks in the past?

Or did the blockchain get forked because one of Taal's excessive block was not validated and Taal and another miner each extending their chain?

The attacker spent at least 85k USD to perform this attack.

$85K - that's not a lot of money, less than 1 day's revenue for a small miner. Practically speaking, a PoW blockchain can not transact value ($570k transactions) that is out of proportion to the underlying native digital cash token block reward ($85k block reward). aka Price Matters.

 

[bitsko]

honest nodes can leave and rejoin the network at will, accepting the hashes posted from the official bitcoin association account as proof of what happened while they were gone

Post automatically merged: Aug 3, 2021

TFW the game theory underpinning the protocol was conceived with the idea that it was strictly necessary for all nodes to follow the longest chain but the network running the protocol is but 0.11% of the power of said longest chain

Post automatically merged: Aug 3, 2021

...that's not BitCoin. The BitCoin blockchain has a block of height #556767 with the hash 000000000000000001d956714215d96ffc00e0afda4cd0a96c96f8d802b1662b but not the block with the hash 00000000000000000d34fe84c9c98f95c47e9b41436aefd779e3caad75f5609c

BA update:
not 000000000000000003B67AEC95E9B5DA897EB5EBF3227D5A6A67835104367840

 

[trinoxol]

This is how BSV dealt with it:


This is normally not how PoW works but I see why they did it. BSV is in an exposed position because of the low hash rate. Need to take extreme measures to keep the network operational.

Maybe an exchange was defrauded which is easily possible with a 100 block deep reorg. They needed to revert that so that the remaining exchanges would not freeze/delist.

I wonder who executed the attack. Fraud or sabotage? There is so much hatred that I can actually see a whale laying down 85k $ purely to cause damage.

 

[79b79aa8]

it's a waste of money though ... the chain will suffer but not fold, and the bad publicity only reaches the ears of those who already perceive BSV as a pesky nuisance to their moon dreams.

BSV markets closed. present potential cryptocasino participants affected. future potential blockchain users not.

 

[AdrianX]

Whatever this block reorge is, it proves how the economic incentive is the mechanism that secures the chain. (nothing new to those who get bitcoin) It should be a wake-up call to all those "new" BSV fundamentalists who say price does not matter. Price does matter! Price is the best estimate we have for value, and value is the only thing that makes PoW work. PoW scales to secure the value people put on-chain, so BSV will be useless if it tries to add enterprise data or fiat tokens while ignoring the price of the BSV. That's what secures the chain.

I hate to contradict CSW and side with Satoshi again. It's this hashrate that "secures" transactions and discourages attackers.

If BSV already won, then it's good to know it's not Bitcoin. It's a failed experiment where you need to follow a Twitter account, hope it's not censored, and then use "law" to determine which fork is the "honest" one.

For all those who like to quote CSW and say "welcome to law," Law as in the laws of men, is the most inefficient and unjust way to do run anything, (baring natural laws like economic incentives or physics) in law if an attack happened once a week each attack could take 2-10 years to resolve before you know which is the honest branch.

Who knows, maybe CSW is doing this to prove Law governs Bitcoin, and trumps the protocol.

 

[bitsko]

 

[shilch]

This is how BSV dealt with it:


This is normally not how PoW works but I see why they did it. BSV is in an exposed position because of the low hash rate. Need to take extreme measures to keep the network operational.

Maybe an exchange was defrauded which is easily possible with a 100 block deep reorg. They needed to revert that so that the remaining exchanges would not freeze/delist.

I wonder who executed the attack. Fraud or sabotage? There is so much hatred that I can actually see a whale laying down 85k $ purely to cause damage.

To be precise: It's a recommendation. But almost everybody followed it anyway (except SVPool at first). Germans would call that alternativlos.
At the end (as of right now at least), the dishonest chain has been outcompeted.

It was more than 85k USD because the attacker orphaned itself and created multiple chains. The 100 block reorg costed that much.

 

[bitsko]

so, who has information on the precise nature of the attack?

was the race initially between empty strings of blocks emitted from tor versus large blocks propagated over fiber?

Is this an edge case where it is still possible to have the longest chain even with the latency reduction of tor?

 

[_mr_e]

Regardless of how they stop the attack, my money is on that every single exchange will delist now as the risks of this happening again are astronomical.

 

[xhiggy]

Regardless of how they stop the attack, my money is on that every single exchange will delist now as the risks of this happening again are astronomical.

Risks of what happening? What happened to exchanges?

Post automatically merged: Aug 4, 2021

You just gotta think of BSV as the ongoing effort to restore the Bitcoin Protocol. It's not there yet, obviously as it is not the highest hashrate and doesn't have the DAA, network effect etc.

The path is still the same, more tx's, more profit opportunities.

 

[_mr_e]

Risks of what happening? What happened to exchanges?

Post automatically merged: Aug 4, 2021

You just gotta think of BSV as the ongoing effort to restore the Bitcoin Protocol. It's not there yet, obviously as it is not the highest hashrate and doesn't have the DAA, network effect etc.

The path is still the same, more tx's, more profit opportunities.

Reversed transactions that drain their wallets are a pretty large risk imo

 

[xhiggy]

Reversed transactions that drain their wallets are a pretty large risk imo

Did that happen?

 

[_mr_e]

I don't know. But the risk that it could should be enough.

 

[bitsko]

a few days/ week confirm requirements and there is no risk lol

BSV won't lose all its exchange listings.

 

[xhiggy]

I don't know. But the risk that it could should be enough.

Should by what standard? Handwaving is easy

 

[_mr_e]

Should by what standard? Handwaving is easy

Not sure what you're trying to get at. I'm just saying if I were running an exchange I'd be very nervous accepting bsv deposits after this. I doubt I'm the only one. So there will likely be more delistings coming as the chain now brings a higher risk profile.