Connect with us


Bitcoin [BTC] and Bitcoin Cash [BCH] chains will be interchanged for mining in “endurance attack” play, says Faketoshi

Anirudh VK



Bitcoin [BTC] and Bitcoin Cash [BCH] chains will be interchanged for mining in "endurance attack" play, says Faketoshi
Source: Unsplash

The Bitcoin Cash [BCH] hash war has been a topic that has been hotly followed by many of those in the cryptocurrency space for more than 3 months, but offered an extremely unsatisfying conclusion.

The clash was even more hyped up in the week leading up to the fork, with the winner being clear from the beginning: Bitmain. However, Craig “Faketoshi” Wright, who found himself on the opposite side of the war, still seems to not have accepted that Bitcoin ABC is the dominant chain.

Appearing in an interview on CNBC’s Crypto Trader segment, Wright spoke about the outcome of the hash war, quoting a strategy that he called “persistence hunting”. He stated that this was a technique where nChain would mount an “endurance attack” on the BCH ABC chain. Wright did mention that they were going to support the original chain, but not “waste a lot of money doing it”. Detailing his strategy, he stated:

“We will move mining equipment back and forwards between BTC and Bitcoin. As we’re doing that, we earn money on BTC which we then sell. [This] pays for our electricity. At any point no one knows whether we’re moving hash rate over to BTC or we’re seeking to rework the chain.”

Moreover, he stated that the removal of the hashrate from the SV chain will drive Bitmain to throw hash rate off BTC, which will cost money on the ABC side as they will burn the money they own.

While speaking about which implementation will be awarded the BCH ticker symbol, Wright stated that he would still call the SV Chain “Bitcoin”, as they were following the original whitepaper, which was allegedly written by him. He also detailed his plans for returning it to the original idea of Bitcoin. He stated:

“We are going to return it to Bitcoin 0.1. We’re going to fulfill the original version of Bitcoin, we’re going to get rid of a lot of these silly additional ideas. People thought it’s really about drug trades and privacy and anarchy. We want to make it cash. Cash my grandmother will use, cash that I’ll be happy to give for the children to pay at a tuck shop.”

Subscribe to AMBCrypto’s Newsletter

Follow us on Telegram | Twitter | Facebook

Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.


HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

Subscribe to AMBCrypto’s Newsletter

Continue Reading