The Bitcoin Cash (BCH) network is not looking at its healthiest, as ARK Invest analyst Yassine Elmandjra points out in a tweet made on May 23. 51% attacks seem reasonably possible, with other factors also showing some concerns.
Elmandjra suggests that it is possible for the BCH network to be subject to a 51% attack - which would allow double spends - for a mere $10,000 per hour. That’s a trifling sum for the cryptocurrency market and Elmandjra is surprised that a large scale attack hasn’t been executed yet.
However, he notes that the network has a rolling checkpoint system which would limit the amount of modifications that can take place on the blockchain. A chain split is still comparatively easy to execute, according to him. BitMEX has said that this system prevents reorgs but increases the risk of chain splits.
Bitcoin Cash’s hashrate has dropped well below its pre-halving levels, now 2.4 exahashes/second as opposed to the earlier level of 3.5 exahashes/second. Bitcoin cash supporters have said that the incentive of miners, among other factors, has not been taken into account. These factors in total secure the network more than perceived.
Bitcoin Cash’s hashrate has fallen by about 33% since its halving on April 8. Source
Bitcoin Cash is priced at $227 at the time of publishing, quite a ways off from its YTD high of $491. The network has seen some upgrades being discussed, including the controversial Infrastructure Funding Proposal (IFP).