I told you some months ago that Bitcoin SV was and is highly vulnerable to a 51% attack . Some one else must of thought so as well . It is also again proof that all blockchains are not created equal.Despite individuals coming on to the crypto forum and saying that bitcoin is bad and blockchains are good and small blockchain is less secure that a centralised computer server with proper security
What Is Going On With Bitcoin SV?
Following an attack on the network, more exchanges reportedly suspended trading of the BCH spinoff and Binance is shutting down its BSV mining pool.
Jul 23, 2021 at 11:16 p.m. Updated Jul 24, 2021 at 12:13 a.m.
Bitcoin Satoshi’s Vision (BSV), one of the most prominent breakaway cryptocurrencies, is reeling from a rough couple of weeks.
First, a series of attacks were executed against the network on June 24 and July 1, 6 and 9. It is unclear whether any users lost money, but the fact that someone managed to double-spend coins rattled market participants.
A few days later, Gravity suspended trading of BSV, citing the disabling of deposits and withdrawals at “several large exchanges,” which the London-based brokerage said forced its liquidity providers to stop making markets in the asset. Since then, BSV trading has resumed on the platform.
On Tuesday, the Binance exchange announced that at the end of the month it will suspend its BSV mining pool, which contributes an estimated 0.044 exahashes per second (EH/s) of processing power to the network, 8.2% of the total. Binance’s withdrawal means the BSV network will have less overall computing power verifying transactions, making attacks even easier to perform.
The series of unfortunate events appears to be weighing heavily on the price of BSV, founded by Craig Wright, the controversial Australian businessman who has long claimed to be Bitcoin’s pseudonymous creator, Satoshi Nakamoto. BSV is off 73% from its high in May of $461. Over the last 24 hours the coin is up 2.59% at $124.67.
Long before the attacks, at least five other exchanges — Kraken, Okcoin, Coinbase, Binance, Independent Reserve and ShapeShift — had delisted BSV over the last two years, often in response to Wright’s behavior, particularly his lawsuits against his critics.
Undeterred, Wright, chief science officer of a company called nChain, kept the suits coming. In June of this year, he won a copyright case in London against the website Bitcoin.org for posting Nakamoto’s Bitcoin white paper, which Wright insisted was his work. Wright prevailed in part because the owner of the site, an anonymous user by the name of Cobra, refused to appear in court.
Some exchanges, however, remain supportive of BSV. Bittrex still allows users to swap BSV for fiat, while OKEx and Huobi support trading of BSV with stablecoins and other cryptocurrencies.
The Bitcoin Association, a Switzerland based non-profit company that supports the development of BSV and BSV-centric startups and enterprises, said it has been actively communicating with exchanges and trying to support “the reinstatement of BSV deposit, withdrawal and facilities as soon as possible.”
