Perhaps it was part of their strategy not to show their hand, unlike nChain which has been showing their hand the entire time (it's possible nChain/Coingeek has even more hashrate up their sleeves too)
I disgree with the notion that feduciary responsibility was to prevent using hash power to influence the outcome of the fork. It can easily be argued that this is a kind of stewardship for long term thinking. But I do not think the same can be said for reckless gambling of assets. Putting all eggs in one basket is a terrible move from a risk perspective.
PoW isn't the problem, the problem is that there generally can't be two coins co-existing with the same algo. The second minor coin will suffer heavily as any malicious actor can just accumulate miners to attack as there is no sufficient hash power from good actors as these will mine the major (more stable/more liquid) chain. Miners aren't retarded.
BCH went round this problem with implementing the DEA and so on, the chain would be dead from the first minute without it. It seems like this didn't fix the problem, but simply delayed it.
The BCH chain isn't viable with an avg of 5% hashpower compared to BTC. It's simply insecure in many ways.
Bitmain is just making it part of their pool, when the hash war is done and over with they will go back to mining whatever is most profitable, and pool distribution will once again be like it was before Craig borrowed Calvin's money. Calvin said he will follow ABC if they win, so there's no logic behind keeping up an attack at zero profit for weeks.
You are right on the point that more could just be added. My point was/is that 10x more nodes are set up exclusively for ABC (not counting BU) than for SV. Showing that people that took the time to set up a node to maintain the relay of transactions and blocks have placed there faith in maintaining the network behind ABC.
If some one set up 1K rPis it would not help maintain the network unless that are located of different networks. Having them on the same network they would spend most of the time updating each other and slowing down the network they are located on. It would be fun to see how they would handle 128mb block or 3 in a row, hopefully 1 would get the block from the net relay it to a 10 others and the remaining 989 would have get the info from the second ten.
> Will he risk losing all of it if BCH SV becomes the only chain?
CSWcoin is not a coin I would make an investment in, nor would I keep it. If CSWcoin somehow wins, a lot of people are going to leave the BCH community for greener pastures.
I doubt he needs or intends to use more than 10% of that.
And if need arises, literal slow burn of 1 million BSV to slow pump BCH, assures survival of only one coin, as far as I can see..
CSW only has pretend money and bluster. He will pop soon. After / during this whole fiasco, SBI will sue him for fraud.
Even in company statements, you have to realize that Calvin's "mineral mining" endeavor is LOSING MONEY EVERY HOUR.
Looks like SV started mining at a loss on BCH early to drive miners to the BTC chain, then when the HF comes it will spam the BTC with tx's to hold the miners hostage so they'll have to keep mining it otherwise they'll lose the BTC business.
If Craig crashes ABC chain it will be a permanent loss for whoever decides to put hash in it. If they are not willing to lose a bit now how come they will come to the rescue when they may lose all funds?
No, intelligent hash will stay mining BTC during the fireworks and then continue to mine as normal whatever chain wins. And nobody will bat an eye if this chain is SV because miners at the least don't care.
He got his objective look at the futures price. If BCH ACB starts trading at $250 the attack is easier from the beginning.
Also you send an important message: "I am willing to do anything to win, you can choose to stay in the sideways (BTC) then join me if I win or join the other side if they win but rest assured that if you choose to fight me in the meantime you have to be ready to lose a lot of money".
The strategy is aggressive but it is working and the more time goes by the less reaction time the ABC camp has.
Combined with Bitmains last hash rate disclosure (2339.21 PH/s in July, so likely a low estimate of their current hash rate) that puts them at >= 3554.21 PH/s. Also there are 850 PH/s by Bitcoin.com, AntPool, and ViaBTC which do not seem to go anywhere despite decreased profitability. I'd guess there will be at least 4 EH/s hashing ABC/BU/XT.
If everyone is already accusing SV of a 51% attack instead of protecting BCH from an attack from ABC...
#then all SV would have to do to maintain 51% is reject a percentage of the new blocks that new miners try to produce.
A majority of the hash power can reject any block with impunity. It is technically possible for SV to stop other miners from increasing their hash rate, it's also possible to force other miner's hash rate to go down.
This is wrong and has been updated:
> Updated: According to a securities authority close to Bitmain, media reports about the company’s directors quitting the board was misread. The main body of Bitmain to be listed is Bitmain Technology Holdings Limited, while the personnel change happens in a wholly-owned subsidiary of Bitmain (Beijing Bitmain Technology Co., Ltd.). The person said companies preparing for IPO usually set up new board of directors to meet the requirements of listing regulations and simplify the board structure to facilitate management. The board adjustment is only a simplification of the structure of its wholly owned subsidiary.
I don't think it ever was. I lived in China for a while and did big projects there. the poeple I know there are a strong indication that you need lots and lots of guanxi (connections) to achieve a business as large as Bitmain there.
New_DietRedditor for less than 2 weeks5 months ago
Yes it will
>If this now doubles to 10%, then it would be more than BCH’s entire current hashrate of about 8% of bitcoin’s network.
>Meaning they would easily gain the upper hand in any 51% attack by Calvin Ayre or anyone else.
The tone of that article sounds like the WW2 propaganda. If you read the "news" while listening to a Russian march in the background you can actually imagine the army carrying the antminers on their back while crossing the Gobi Desert.
I particularly like the part:
"Some don’t have space, so it may be part of the caravan will have to head towards Inner Mongolia, if it hasn’t already".
I don't think Faketoshi has any more "face" to lose... does he actually has any credibility (apart from his shillers)? lol
At the same time i find quite fun the proclamations of the other "faction".
From whenever side you look at this, it's popcorn time for me!