Quote interpretation: BCH suffered 51% attack

Interpretation today

BCH was attacked by 51%.

Things should start with the hard-forked upgrade of the BCH network on May 15.

The main content of this upgrade of BCH is two: one is to enable schnorr signature, and the other is to allow isolation to witness recovery.

The isolated witness recovery here does not mean that the BCH will add a segregated witness, but rather to retrieve the BCH that was sent to the isolated witness address by mistake.

Prior to the upgrade, the BCH network did not support the quarantine witness (Segwit) address, but often someone made a mistake to send the BCH to the quarantine witness address at the beginning of 3. These BCHs thus became unprovided, and there was no way to return them to these. The original owner of BCH. After the upgrade, these certificates can theoretically return to the original owner.

But in essence, these miners can spend all the miners : a malicious miner can take it for himself.

Therefore, after the BCH upgrade, when the quarantine witness recovery is allowed to take effect, the mine named “fakeunknown” will be launched first, and all BCHs that have been sent to the quarantine witness address will be transferred to their wallets.

BTC.com and BTC.top responded by “violent violence”, and the two mines launched 51% of attacks, which were deleted through the reorganization blockchain.

For a blockchain network like BCH, a 51% attack means that the attacker controls a large part of the network power, and the attacker can perform some so-called "illegal" behavior, such as trying to rewrite the network transaction. history.

Although the 51% attack on the BCH network was kind, the attacker did not attack for his own benefit, but attacked the community, but the incident once again caused controversy.

The BCH developer named "Kiarahpromises" said:

“Coordinating reorganization to recover unknown transactions, this is 51% of attacks, and maybe even the worst, and it’s also covered in the white paper. For miners and developers, BCH can be decentralized and resists censored encryption. Is it a pass? Or is it only at a convenient time? Is it not a special situation?"

Clearly, centralization and centralization of computing power are killing people's beliefs about blockchain.

The 51% attack is the problem that most workloads at the present stage prove to be common in blockchains. A small number of mine pools account for most of the computing power, and this situation has become the norm.

In the past year, the top four BTC mines have more than 51% of the BTC's total network computing power.

The calculation power of the top three BCH mines is close to 50%.

Market research

Overall view

Since last week's record high, the BTC entered a wide range of shocks, and the 7000-8300 high probability will be the bottom of the next rising market. The main circulation certificate continued to fluctuate slightly today. The BTC's upward movement did not reach the previous high point and turned to the downside, indicating that the market may not be ready for an upward breakthrough.

The BTC's recent volatility has been narrowing, and the consolidation around 8000 is making further preparations for the breakthrough. The technical indicators give a series of signals of multiple weaknesses. The 7-day moving average turns downwards and the daily-level MACD is dead. However, in the current wide-ranging market, as long as the 7600 is not broken, it is still optimistic about the upward breakthrough. Support levels 7850, 7600, pressure level 8160.

ETH also started to go down before the previous high, support level 240, pressure level 260.

EOS performance is slightly stronger, but it has not left the shock zone. The current support level is 5.9 and the pressure level is 6.5.

risk warning

The price of digital pass is fluctuating violently. Investment digital pass is a high-risk investment behavior. Investors should reasonably assess their investment ability and risk tolerance, use leverage carefully, strictly control risks, and invest carefully. Investors are advised to keep in mind that investments are risky and require caution when entering the market.

Disclaimer

Personal opinions are for reference only. The analysis in the text does not constitute a recommendation for trading, and the profit and loss is self-sufficient. Welcome to reprint, but need to indicate the source.

Source: Coins