News Crypto and cryptocurrencies

Bitcoin Cash, rebels launch 51% attack to destroy ABC

The Voluntarism.dev group carried out the attack

If anyone thought the situation around Bitcoin Cash were about to relax, what is happening definitely belies the assumption. Right now, in fact, a group of rebels is carrying out a attack 51% aimed at destroying Bitcoin Cash ABC, or the project which had decided to adopt an 8% tax on mining with the intention of financing its development. An attack that, at least according to the co-founder of Ethereum, Vitalik Buterin, would aim to destroy the network altogether.

Bitcoin Cash - Bitcoin Cash, rebels launch 51% attack to destroy ABC

Bitcoin Cash: what is happening in these hours

Carrying out the 51% attack would be a group that called itself Voluntarism.dev, who defined himself as an exponent of the old guard of miners and that, as such, it would be faithful to the original principles on which the block extraction process is based.
The anonymous group has changed the so-called "Coinbase rule", making sure that the extraction of a block involves sending the entire amount of the prizes to the address associated with theInfrastructure Funding Plan (IFP). That is, without the controversial tax that became effective after the hard fork on November 15 is actually applied. Consequently making mining in ABC's favor absolutely useless.

51% attacks are very expensive

It should be emphasized that 51% attacks, in addition to being dangerous for the network that suffers them, they are also expensive for those who carry them.
To understand this, just refer to those which have recently been brought forward against Ethereum Classic, a fork of the blockchain of Ethereum. Over the course of the three raids in quick succession, the attackers had to rent hash power for a total dollars 3800. While a simple one-hour attack on Bitcoin Cash in the past month of April could have cost about it 7300.
Costs that, apparently, do not discourage Voluntarism.dev, according to which the tax introduced after the fork on November 15 would have already resulted in much higher damage.

The strong ideological value of the attack

To strike in the attack of these hours is above all the ideological value of which it was immediately connoted. According to the rebel group, in fact, the obvious violation of theANP (non-aggression pact) by ABC. In practice, this is the principle according to which within cryptographic projects, nothing should ever be imposed by leveraging force or coercion. As it would have happened instead when the Bitcoin Cash development group decided to put the hard fork into practice in order to make the 8% tax on mining binding.

Bitcoin Cash: the role of Roger Ver

What is the role of Roger Ver in what is happening? Many are wondering in these hours. Driven in particular by the fact that the tones assumed by Voluntarism.dev are very reminiscent of those of a Bitcoin.com video dating from 2019. In which Roger Ver, in fact, presented his position against any taxes imposed in violation of the PA harnessed with the libertarian flag of those who preach the absolutely voluntary principle of adherence to them.
If Ver officially does not have a role in what is happening, rumors of those who would see him in the role of tutelary deity of the rebels are not rare.
However, it should be emphasized that, at the moment, the consequences for Bitcoin Cash ABC, in terms of evaluation, are inexistent, so much so that during the last few negotiations the token has risen by almost one and a half percentage points.

Buying Cryptocurrencies? Exchange Binance Binance

Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

Similar posts

Leave a comment

Your e-mail address won't be published. Required fields are marked *

Back to top button