INS Up 47% 📈 On Binance Listing / Bitcoin Cash Network Attack 💥
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Story - INS Trading Begins On Binance
Just over a month ago I published this review an the INS Ecosystem, an ICO that was raising money to build a decentralised marketplace for groceries.
The idea is to allow manufacturers to sell direct to consumers and cut out the supermarkets acting like middlemen.
As a quick update for anyone that decided to buy into this ICO, they successfully raised 60,000 Ether and today the token has been listed on Binance.
https://coinmarketcap.com/currencies/ins-ecosystem/#markets
So here is INS Ecosystem on Coinmarketcap and on the markets tab we see the INS token trading against Bitcoin and Ethereum.
The token is currently trading for around $9.79, which is 47% higher than it’s initial price. Happy days.
Not all the ICOs I review perform like this, I know that, but I thought it was only fair to do just a brief follow up in case any of you bought into INS and were not aware of the situation now.
So do with that information what you will.
Story - Bitcoin Cash Faces It’s First Real Test
https://fork.lol/tx/txs
If we load up the site fork.lol and compare the number of transactions being broadcast on Bitcoin vs Bitcoin Cash, we see a significant increase in the number of transactions on the Bitcoin Cash network.
This has been increasing for the last 2 days.
And if we look at Coin Dance:
https://cash.coin.dance/blocks
We see a significant number of 8MB blocks being mined.
So what’s going on here?
Has the Bitcoin Cash network started reaching it’s capacity limits due to mass adoption? I don’t believe so no. It’s happened a bit too quickly for that to be the explanation.
I’ve dug around to see what’s going on and the general consensus within the Bitcoin Cash community is that this is an attack. It’s someone intentionally spamming the network.
One of the main arguments against Bitcoin Cash and it’s cheap transactions is that it also makes spam cheap.
You can spam the Bitcoin Core chain but you won’t get your transactions confirmed unless you pay several dollars per transaction.
That’s a negative for the average user but a positive in that spam is more expensive.
So anyway, here is the first real world experiment for Bitcoin Cash.
This is actually excellent news for me because I get sick of all the bravado and the rhetoric.
Now we can witness a real world experiment of how the Bitcoin Cash network handles the type of spam attack that we have seen more than once on the Bitcoin network.
https://bch.btc.com/
The Bitcoin Cash network currently has a pool of 85,000 tx waiting to confirm so stay tuned for updates.
Story - Market Roundup
Data provided by:
https://onchainfx.com
Charts provided by:
https://www.coinigy.com/?r=16171fe8
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Was interesting to hear about INS, thanks Chris! I'm now checking it out in more detail, could really be a force for good in the world
I didn’t expect that for this ico. It’s 😜
Thanks for the information on INS.
Haha, we shall see how this plays out for Bcash. BTC is been attacked constantly and always recovered. Bcash only exist for cheap transactions, so when spam will continuo they HAVE TO raise the block size again to make their shitcoin 'useful' again. Finally the spammers can drive the block size to a level where running a full node is impossible for the normal users.
Recovered just fine in no time.
Very nice info, thanks
What is the goal of spamming the network? Cause some sort of panic sell?
Having long confirmation times will cause frustration with the user base. It is no longer a cheap instant payment method. I think Chris mentioned a 90 min backlog - that is a long time to wait if you want to pay someone or transfer money. If you can get enough people to get frustrated and leave BCH and move to another coin, BTC, LTC, ETH, etc. then BCH will drop.
That's the plan. To show that Satoshis design "doesn't work", when in fact it does even with the "spam" so far. But hey, if it ends up becoming a big problem, Bitcoin Cash users are not actually against implementing solutions. We simply don't accept breaking the fundamental design that Satoshi started.
The 1MB blocksize limit for example, horrible as the damage became in the end, was not as horrible in pure technical terms. It could, as Satoshi explained, still be increased way ahead of time so that it never became a big issue. What really harmed the network was deciding to not do this when time came.
In fact, it would probably have been best to automate it somehow whenever possible, but at the time it was simply a bug that needed to be patched and that decision was not made. Instead Satoshi plugged the hole and didn't even tell anyone about it until he was asked.
I'm definitely also interested in seeing how the Bitcoin Cash network handles this.
There had been a lot of boasting lately on how BCH solves most of Bitcoin's scaling issues, so let's see how the network handles a spam attack like this.
It solves the big issue, which was blatant mismanagement bolstered by community manipulation. Technical limitations will only go away either with new hardware tech or optimization/noninvasive innovation in the Bitcoin BCH implementation itself.
Some people boast too much or are just looking for a fight. Can't control them. But it happens in all communities and it's a common trait of smaller ones especially, that both good and bad voices have an easier time getting heard because the smaller crowd means less social policing and less noise drowning them out.
I myself will be looking at this with keen interest to see if BCH can already deal with this type of an event, or if other measures might be useful to lessen the impact. Just as Satoshi accepted a temporary and easy to increase limit on the blocksize, there are no rules against coming up with stabilizing solutions. The only thing not permissible from this point of view is to break the fundamental design and still call it Bitcoin.
Thank Chris... great content!
Hey Chris - maybe not the best place to suggest a review of blockchain dating projects - seems like this should be a pretty big thing. After a quick review I see half a dozen current ICO contenders!
NEO is mooning so hard. I think it mostly has to do with Trinity.