Attack on BSV
626 sats \ 13 comments \ @timechain 16 Oct 2022 bitcoin
***I am kind of a beginner when it comes to mining, but heres my thoughts on the matter.
A few sources on Twitter have said that BSV has been under attack today by malicious miners mining empty blocks. I have heard various numbers of between 70 and 90% of hashrate. A quick glance at https://whatsonchain.com/ show that all blocks not mined by Gorillapool, taal.com or qdlink contain only 1 or 2 transactions. These empty blocks seem to be 75% of the blocks coming in. So who is it and why?
Heres what I know: Blocks are coming in fast, most under 5m. I am noticing that even the non malicious miners are only netting between .01 and .5 BSV per block. (about 50 cents to $25) Way below their yearly average of closer to 5 BSV. (They like to brag about their high tx fee to subsidy ratio) The tx fees average per block today for taal.com was about $4.53. The block subsidy is currently about $304.63. Basically, malicious miners are only losing less than 2% attacking the network as opposed to mining honestly.
And doing either (BSV mining or BSV attacking) right now might be more profitable for some BTC miners who don't have the best electricity prices and are dealing with low BTC prices, yet an ATH difficulty. Getting paid to stick it to Faketoshi? Call it a win-win!
If anyone knows anything about the situation, I would love to hear about it. The BTC people aren't really talking about whats happening, just trolling BSV'ers that its happening. The BSVers are trying to pretend nothing is wrong.
Thoughts?
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100 sats \ 0 replies \ @TheBTCManual 16 Oct 2022
Lol I sure do like seeing these forks continue to ruin themselves with constant own goals and see the people who back these projects be demonitised, its real time proof that you can't "copy" bitcoin and make another one and proves digital scarcity is real
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25 sats \ 1 reply \ @shyfire 16 Oct 2022
Holy shit BSV has a $1B market cap
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1 sat \ 0 replies \ @cryptocoin 16 Oct 2022
*had
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6 sats \ 0 replies \ @nullcount 16 Oct 2022
BTC is over secured so many miners are operating at a loss. Might as well use that hashrate to fuck with the forks until their market cap is absorbed into BTC and mining is profitable again.
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14 sats \ 4 replies \ @gms 16 Oct 2022
no one cares BSV
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184 sats \ 3 replies \ @timechain OP 16 Oct 2022
With all they have done, I, personally get alot of pleasure seeing their chain attacked.
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2 sats \ 2 replies \ @AJ1992 16 Oct 2022
Wow, you must live an awful life
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15 sats \ 0 replies \ @l0k1 16 Oct 2022
The amount of money that CSW has cost bitcoiners it's the least we can do.
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10 sats \ 0 replies \ @shyfire 16 Oct 2022
Are you aware of the history here?
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1 sat \ 2 replies \ @bitcointerest 16 Oct 2022
I didn't know BSV is still relevant. Why would you even follow this scam project?
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27 sats \ 0 replies \ @shyfire 16 Oct 2022
I think people that have been in Bitcoin for a long time still have butt hurt over real reputational damage inflicted by CSW and BSV, so now it's a case of schadenfreude watching BSV collapse under its own weight.
But yeah, ignoring the history, apart from the CSW trial which is ongoing and still has real world impact such as banning the Bitcoin whitepaper in the UK, there's no reason to follow any of it. There are other shitcoin scam projects like Ethereum that are much more entertaining to watch as they die.
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21 sats \ 0 replies \ @timechain OP 16 Oct 2022
It's not about me being worried about a shitcoin, it's about the state. This project existing funds nyms getting sued for speaking their minds online. BSV is a great evil in this space, and I definitely enjoy watching that chain die while staring at it's block explorer.
The market did not choose Craig's fork, so Craig tried a different attack vector; having courts recognize his story. If he is to win, all BTC usage, as well as, for example, simple things like posting the White Paper on a website, could be eventually illegal. He is also entirely on board with making a Bitcoin that is regulated and censorable on the protocol level.
Eventually, Bitcoin becoming illegal was always going to happen. But, every year that we get until that happens greatly increases our chances of success. Matt Odell believes Bitcoin is inevitable, but it remains to be seen if we will have a free Bitcoin, or a dystopian one.
If it were only the market deciding which chain will win, I would have no worries. However, BSV, along with a few chains that fund lobbying against POW, are trying to use the state against us. The final battle was never going to be between Bitcoin and a shitcoin, but Bitcoin and the state. So when I see BSV getting taken out, I see the state losing ground in the battle.
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1 sat \ 0 replies \ @nymkey 16 Oct 2022
To be honest, the liquidity for those miners comes from the
very few places where they can trade those rewards for
real BTC and at the end of the day some places will think
twice before continuing to accept those rewards and give
some Sats in return.

I guess many are looking for profit as you say and having
ASICs directed to that fork is not difficult but the risk is
having their ownders changing the code to block you from
confirming blocks if they feel like it.

Personally, I think it is all part of the whole game theory around
Bitcoin adoption.  It will be fully understood years from now,
it is still too early for most.
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