Friday, June 2, 2023

Bitcoin Cash: possible 51% attack


Blockstream Vice President Warren Togami has expressed concern in his Twitter that due to the low hash rate of the network, Bitcoin Cash investors should assume the risks associated with the possibility of a double-spend attack.

According to Togami, for Bitcoin Cash there is now a “real risk” of double-spending, which may have a paralyzing effect on the BCH’s exchanges and liquidity, that is already at a low level.

Togami spoke in a similar way in May, when the average hashrate of Bitcoin Cash was approximately 12% of the average hashrate of bitcoin, and the exchanges conducted transactions with only one confirmation. In his opinion, this situation is “brutally dangerous”.

At the moment, the BCH network resembles Feathercoin, a project that separated from Litecoin in April 2013 only then to lose signs of life a few years later.

Starting with a course of about $ 0.5 per coin, Feathercoin in June of the same year experienced a 51% attack and sharply lowered in price, during the next 3 years being at 1 cent or lower.

According to Togami, parallels with BCH are obvious.

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