Is Bitcoin Cash Deliberately Being Sabotaged?
Currently Bitcoin Cash has much less mining power than Bitcoin with only a few groups, ViaBTC, Bitcoin.com and some other unknowns securing and contributing to new blockchain.
However, block speeds have since picked up a bit. Today, for example, there's been roughly around one block per hour.
About 11hrs ago Block 478,617 on the Bitcoin Cash Blockchain contained an interesting message – I won't repeat what it said, you can see for yourself in the screenshot below or by visiting https://cash.coin.dance/blocks#blockDetails.
What is this guy doing? This guy obviously hates Bitcoin Cash but he is mining it? Mmnnn
When the recent bitcoin fork happened on August 1, it produced a clone of itself called Bitcoin Cash that had the same exact difficulty. That meant that a miner had to do the same amount of work on either blockchain to find a block.
Since the reward is denominated in the blockchain, it's economically rational for miners to mine on the chain that has a higher price or reward. Currently the Bitcoin Cash mining network is still nowhere near enough rewarding leaving Bitcoin 172% more profitable to mine on the original chain.
For a miner to have enough economic incentive to mine Bitcoin Cash the difficulty would need to drop making mining more profitable. So, how would a miner prevent a downward difficulty adjustment on bitcoin cash and trigger a possibly exodus of mining power from bitcoin?
Bitcoin Cash has a added feature to adjust difficulty downward. Basically, if less than six blocks are found in 12 hours, the difficulty goes down by 20%. Put in mind the network has already made necessary adjustments resulted in the difficulty of Bitcoin Cash being roughly 26.2% that of bitcoin.
The easiest way to do this is to make sure bitcoin cash mines 6 blocks or more every 12 hours! There are already miners that seem to be ideologically driven to keep mining on bitcoin cash, but another miner may have wanted to make sure there were six blocks every 12 hours in order to prevent the triggering of the downward difficulty adjustment.
By sacrificing some profit, a miner is able to prevent an exodus of other miners. This guy is clearly apposed to Bitcoin Cash and will sacrifice hashpower, electricity and profit to do this. He certainly got his message across that for sure.
What do you think about Bitcoin Cash? Think it will survive? One is for sure the market sure is volatile yet is surges ahead. What if there was a exodus of miners to the new blockain in the near future? Why would people go to such grate lengths to prevent it's success? These are some of the questions I have come to ask myself as I research the subject.
Thanks for reading @bitminter
I think everyone will be taking the gift and cashing out for now. Price will continue to go down as everyone starts to get their hands on it. They will sell until the price hits bottom. That is when everyone will start to put the big money into it.
@bitminter looks like bch is dying a slow death hey , fellow south african lets help each other lets mention each others name on new post we create so we can upvote each other and in doing so help each. Know of any other south africans lets pool together to make this work what do you say. follow and upvote me @rogerblu thanks
While admitting that I am not intimately aware of the situation of BCC, it was never clear to me that the fork was necessary at all. Its been good for the altcoins, with that extra cash in people's hands pumping up that market. As you've deftly stated, the method the designers implemented to try and account for lower demand was poorly thought out and exploitable. Who wants to invest in something so easily hacked?
Nice analysis, thanks!