🏅Revitalizing SegWit2X: who are BitPico and do they have 30% of Bitcoin's network capacity?🏅

in bitcoin •  last year


The passions and dances of exchange rates have not subsided since the announcement of the cancellation of the SegWit2x's hard-core, or rather that it is being transferred indefinitely, a threatening letter from a certain group of BitPico miners has appeared on the network, which, contrary to everything, intends to bring the matter to an end.

At the same time, they claim that they own about 30% of the total capacity of the Bitcoin network:

'In any case, we will fork, because everything is set in motion. Reducing the complexity at the moment is our strategy. What do you think, why the hashtet of the network fell by 30%? It belongs to us, the miners, who will continue to do that, the beginning of what has already been laid. A few people can not stop what they do not control. '

Opinions in the community regarding this threat have been divided. Starting with the fact that it's pure water trolling and ending with a version of a certain group of investors who invested in the purchase of B2X futures and are now trying to affect the price, which after the cancellation of SegWit2X has fallen by more than 80%.

Bitcoin enthusiast and founder of the startup Civic, Vinny Lingham (Vinny Lingham), spoke in his Twitter on this account as follows:

'The curse. I told you it's too early. And now a bunch of rogue miners are going to run SegWit2x with 30% of the network's power, no matter what. '

However, the presence of such power in an unknown group of miners raises great doubts. Publicly available information suggests that two months ago BitPico was not aware of anything. The only mentions of BitPico are the accounts of GitHub and BitCoinTalk, which appeared in late September.

Now, from the account on Bitcointalk there is activity in topics about the cancellation of SegWit2x, in which BitPico reports that nothing is over and the SegWit2x has to be.

Further study of the issue revealed another interesting point. In previous correspondence on SegWit2x, in a letter dated September 18, 2017, representatives of BitPico mentioned that they own about 1.62% of the network capacity. It is unlikely that it was possible to increase the hashtrate more than 20 times in less than two months. Only the purchase of ASIC-miners, power supply units and the organization of an appropriate infrastructure for obtaining a hash capacity of more than 3 Eh / s will cost at least $ 200 million, and the unexpected appearance of such money from an unknown group of miners is highly doubtful.

However, there is one fact that can indirectly confirm the threat. In the second half of October, the sudden emergence of serious hashing powers occurred, as a result of which the complexity of the Bitcoin network increased dramatically, and then the capacity as quickly fell by one third due to the transition of a significant portion of the miners to Bitcoin Cash (as now, BitPico writes).

Then, the appearance of unknown players was not noticed - redistribution occurred within the framework of already known basic pools. These unexpectedly appeared capacities left the BCH in a few days and returned to the BTC mining almost in full - the next recount of complexity threatens its fall by a little more than 1%. This means that if the reserves of the mining capacities unknown to the community are 'lost', they are extremely small, and the threats from Bitpico are greatly exaggerated if they do not continue to run bitcoins on various pools, hiding from the community until the hour of X.

Where did this mysterious group take so much 'iron' in such a short time? Of course, we can assume that they managed to win over to their side any major players, or under the name Bitpico some Chinese miners displeased with the cancellation of the hardcore are hiding, but here we enter the field of pure guesses.

Another interesting question is also interesting. Since Jeff Garzick's group will no longer continue to work actively on the BTC1 client for SegWit2X, which code base is used by the 'rebels' and who will update it? One of the miners is not enough for a new blockage to be a financial success - this requires a publicly known development team, as well as support for exchanges and other businesses. And after the official announcement of the abolition of the hardcore, this is no longer to be talked about - perhaps only 'piracy'.

From all of the above, the most likely conclusion is that the statements of BitPico are nothing more than a speculative game, and there will not be any real hack.


🤗 source: from the author 🤗

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