Bitcoin SV: Incoming 51% Attack About to Happen?!
Bitcoin SV, the patent-troll fork-of-a-fork-of-Bitcoin, may have met its match at the hands of another troll. The controversial altcoin has recently had a powerful miner open its doors to BSV blockchain, and their power is growing steadily. According to SV Coindance, where you can examine the percentages of the hashrates per mining pool, the hashrate from unknown miners was some 675 PH/S on the 14th of March. At the time of this writing, the hashrate of unknown miners has jumped suddenly to 1502 PH/S. Check for yourself.
Comparing this rate to other miners, the percent from other mining pools is enormous.
The amount of miners on the BSV network has dwindled since last year. At the time of writing there are only 9 different miners.
To me, this tells an obvious story of a dying network. Even worse is this:
As the pie chart shows above, the portion of the hash rate is already over 51% for unknown miners. Assuming that this rate continues, and the hashrate is due to a single mining entity, then already we can say that the network is susceptible to a 51% attack.
Those that don’t know, a 51% attack is when a single entity controls over 51% of the network. This gives those miners the ability to control what blocks are mined, and can even reverse the chain. If a blockchain is a written ledger, a 51% attack is when someone can just open that ledger and deny new entries at will. They can prevent new transactions from occurring and reverse transactions they made, leading to a double spending problem.
A network vulnerable to a 51% attack is compromised and rendered useless as a store of value. Transactions could no longer be trusted.
Will the new miners decide to take control of the network? Is this what Satoshi’s Vision really was?
I’m of the opinion that BSV is a rather obvious poo-poo coin and, since I own none, I’m just sitting here watching it burn with laughter. If BSV dies, there's one less copy of BTC.