The new Bitcoin Cash SV (BSV), which recently emerged as a result of the hardfork of Bitcoin Cash crypto coin, is currently vulnerable to the so-called “double spending” attacks.
In the December 8th video, a Vimeo user named Reizu showed that he could use the BSV network and spend coins twice in “zero confirmation transactions”.
User spends BSV twice
Video on Vimeo shows a significant lack of a new function in BSV – a “transaction with zero confirmation”, which allows you to make transactions almost instantly. In the video, Reizu repeatedly confirms that it can use the BSV network for double spend transactions through the “0-confirmation transaction” function.
Craig Wright, a BSV supporter, said that only miners can do what Reizu has demonstrated. It seems that Reizu has helped discover a significant problem with this network.
Reizu also mentioned the problem of double spending in BSV on his Honest.Cash blog. The user openly stated that a BSV could be used to conduct a transaction using the “0-confirmation transaction” twice, although experts say that such an attack is almost impossible and that it will be detected without fail.
Reizu spoke in detail about network testing for educational purposes. He says that “he did double spend on several services of the BSV network, always using his own accounts and addresses (without resorting to third-party data).” Double spend footage was demonstrated using the popular POP app! for points of sale, which was supposed to detect double spend.
Other BSV problems
Unfortunately, the BSV network is not to encounter similar problems for the first time. Just last week, it carried out the reorganization of the blocks, which caused a lot of controversies. Many users left negative comments on Reddit, pointing to the centralized nature of the network, as in this case, only a small number of people make critical decisions for the entire network.
Reizu also confirmed that the network is centralized, as he found that the most transactions accounted for the same nodes. He said that out of the 450 nodes, only 4 control 74% of the BSV hashrate.
Despite this, the BSV token works very well, taking 8th place on CoinMarketCap with a market capitalization of $1.67 billion and at a cost of $95.6.