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Bitcoin SV [BSV] block reorganisation: Network not reliable for payments, says BitMEX Research

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Bitcoin SV [BSV] Block reorganization; network not reliable for payments: BitMEX Research
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Bitcoin SV [BSV] was in the limelight because of its touted large blocks, especially the 128MB blocks, highlighted by its spearheads. Just weeks after the feat, the coin’s blockchain was subjected to multiple block reorganizations as pointed out by a series of April 19 tweets by BitMEX Research.

The tweets indicated that on April 18, the exchange’s BSV node saw dual block reorganizations. BitMEX stated:

“First a 3 block re-organisation, followed by a 6 block re-organisation.”

Source: Twitter

BitMEX cited block 578639 as the location of the split, where the two competing chains were noticed. The tweet further stated that the exchange’s note kept track with the chain on the left until block 578642, following which it moved to the right. In the next hour, there was another jump to the left.

The research, however, contends that all the Transactions IDs [TXIDs] from the aforementioned fork migrated to the main chain, hence, double spending can be ruled out.

In light of this reorganization, BitMEX stated that the inference drawn can be that the BSV network cannot be relied on for payments, the block size touted to be too large to handle, and the network latency was too high.

With the BSV network incapable of handling a block of such a size, as the research indicates, their touted goals seem far-fetched. The cryptocurrency’s camp has maintained that their intention was to raise the default block cap to 512MB, with the same to be raised to 1-2GB in the future.



Jimmy Nguyen, one of the leads of the BSV project has even suggested blocks with no specified limits, with the same configured by the miners.

Block size apart, Bitcoin SV has been going through a tumultuous period off-late. The coin has been subject to a number of delisting announcements from top exchanges following the legal challenge mounted by its founders, which some have compared to “bullying”.





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SEC delays VanEck Bitcoin ETF decision days after delaying Bitwise proposed rule change

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SEC delays VanEck Bitcoin ETF decision days after delaying the Bitwise proposed rule change
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The Securities and Commission Exchange [SEC] has yet again delayed another Bitcoin ETF. This time around, the commission has decided to delay the VanEck Soldix Bitcoin ETF, one of the most awaited exchange-traded funds in the cryptocurrency community.

In the document released today, the exchange has asked for more comments on the proposed rule change and has also asked for further information on queries related to the exchange-traded fund. The commission stated that it has received 25 comments on the proposed rule change so far.  It stated,

“On January 30, 2019, Cboe BZX Exchange, Inc. […] filed with the Securities and Exchange Commission, […] a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust […] The proposed rule change was published for comment in the Federal Register on February 20, 2019.”

It further stated

“On March 29, 2019, pursuant to Section 19(b)(2) of the Act, the commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.”

Notably, the main concerns of the commission continue to be market manipulation and the measure taken by the platform to protect its investors. The commission is currently seeking comments on 14 queries pertaining to the VanEck Bitcoin ETF.



This includes the views of the ‘commenters’ on whether the exchange has entered “into a surveillance-sharing agreement with a regulated market of significant size related to bitcoin?”, the relationship between the Bitcoin futures markets and the Bitcoin spot market, with the focus being price formation, the relationship between the Bitcoin futures market and the proposed Bitcoin ETF, and the commenters’ views “of the Exchange’s assertions that bitcoin is arguably less susceptible to manipulation than other commodities that underlie ETPs”.

Gabor Gurbacs, Director of Digital Assets Strategy with VanEck said on Twitter,

“The VanEck SolidX #Bitcoin #ETF decision has been postponed by the SEC. We continue the hard work towards better-regulated, safer and more liquid digital assets markets. Bitcoin is too big to ignore. Vires in numeris!”





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