We all have heard a lot about 51% attacks. Technically speaking they are actually acquiring more than 50% of the hash power. It was fared that form of centralization (Hash power is the kind that decide the fate of the blockchain) will be the death of crypto. But when ideology reign supreme, nobody bats an eye when one entity acquire super majority in a blockchain. CoinGeek controlled by Billionaire Calvin Ayre and his pet Satoshi Craig Wright now controls more than 2/3 of the BCHSV network. This is objectively worse than 51% attack. You might as well call the government at this point.

It's Not Even A Real Business - Says Numbers

Anybody can claim anything. I don't pay much attention to them and I personally don't want to be some "opinion" guy. I dig for truth. The truth is we have two competing chains and on is cetnralized to a point that CoinGeek has over two times more hashpower than rest of the miners combined. We already have centralized businesses like PayPal, Visa, Stripe etc. They are making profit. They offer great services.

BCHABC went on a direction of transforming itself much similar to Dash Evolution while SV was basically just screw you we'll just use bigger blocks with no real on-chain upgrades. So what we have is a product with less utility and 10 minute confirmation for transactions.

You can go to https://trinsicoin.com to read about their methodology and it seemed like a good formula to me. Final result of these mining operations are this:

Let's Put This in Context With Other Projects in This Bear Market

The current block reward is 12.5 BCHSV per block which is mined every 10 minutes (144 a day). That's a $549,000 USD loss for the network with about $370,000 USD loss coming from CoinGeek's pocket. The company is loosing $751 USD per $100 USD they make. I'll again put this to context with one of the biggest money bleeding financial dumpster firers of tech industry.

Ride-hailing giant Uber's full-year net loss widened to $4.5 billion in 2017
Gross revenue for the year was $37 billion
Source

That's a 12.16% loss from Uber. Cryptocurrencies are more volatile compared to traditional investments. A temporary loss that is somewhat large is acceptable. But is 751% loss really acceptable?

Heavily Indebted Crypto Mining Firm Giga Watt Declares Bankruptcy

The funny thing is that the above article is actually from the CoinGeek website. Giga Watt actually had a $22 million USD worth ICO to mine crypto while being US based. I'm sure there is a lot more of these that are going to happen in the next few years.

But here is some good news before I end.

Make Your Bets Wisely - Be Careful of Billionaires Buying Influence