follow us on twitter . like us on facebook . follow us on instagram . subscribe to our youtube channel . announcements on telegram channel . ask urgent question ONLY . Subscribe to our reddit . Altcoins Talks Shop Shop


This is an Ad. Advertised sites are not endorsement by our Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise Here Ads bidding Bidding Open

Author Topic: Video Demonstrates Double Spending Possibility in Bitcoin Cash SV ‘0-Conf’ Trans  (Read 1657 times)

Offline Leonardo

  • Legendary
  • *
  • Activity: 1414
  • points:
    9088
  • Karma: 62
  • HEX: Longer pays better
  • Trade Count: (0)
  • Referrals: 1
  • Last Active: May 23, 2023, 06:18:32 PM
    • View Profile

  • Total Badges: 23
    Badges: (View All)
    Fifth year Anniversary Fourth year Anniversary 10 Posts

Bitcoin Cash SV (BSV), a new fork of Bitcoin Cash (BTC), faced new controversy on Dec. 8 after a researcher reportedly showed how any user could spend the same coins twice on its network in a “0-conf transaction.”

Bitcoin Cash, which was created in a hard fork from Bitcoin (BTC) in August 2017, uses 0-conf (or zero-conf) to allow almost instant transactions, meaning they are almost always confirmed in the following block.

In a multi-phase test including a video demonstration posted to Vimeo, the user, known as “reizu,” succeeded in “double spending” BSV tokens in a “0-conf transaction,” demonstrating the network’s vulnerability to attack and disproving major proponent Craig Wright’s claims (in reference to BCH) that “only miners” could do so.

The double spending demonstration was filmed with POP!, a point of sale (PoS) retail application that includes double spending detection.

“I’ve done many double-spending on the Bitcoin SV network,” reizu wrote in a Dec. 8 post on Honest Cash, a BCH-based social network created after the November hard fork. Honest Cash’s information page notes that the site was created in response to the censorship they reportedly observed on other platforms during the Nov. 15 hard fork.

BSV has faced difficulties from the outset since it came into being mid-last month.

During its first week, a blockchain reorganization gained the network considerable negative publicity as high-profile critics accused it of centralization, in contrast to Bitcoin’s (BTC) decentralized network.

As part of the investigation, reizu also reported signs the BSV network was “very centralized.”

“After a few mined blocks I discovered that the transactions that were being mined were those that were sent almost always to the same nodes,” his post continued.

Out of a total of 450 nodes, reize concluded that just four control 75 percent of the network’s total hashrate.

Technical woes have so far failed to halt BSV’s success among investors meanwhile, with the fork overtaking rival Bitcoin Cash ABC (BCH) in market cap Friday.

BSV/USD is trading around $102.25 at press time and ranked sixth on CoinMarketCap, compared with BCH/USD at $100.1 in seventh place.

Source: https://cointelegraph.com/news/video-demonstrates-double-spending-possibility-in-bitcoin-cash-sv-0-conf-transactions

        ████████████████████
       ██████████████████████
      ████████████████████████
     ██████████████████████████
    ████████████████████████████
   ████               ▀██████████
  ████  ██████████████  ██████████
████  ████████████████  ██████████▄
████  ██████████████████  █████████▀
██  ████████████████████  ███████
    ███          █████████  █████
   ███  ███████   ███████  █████
       █████████   █████  █████
      ███████████   ███  █████
       █████████   ███  █████
        ███████   ███  █████



















Powered by,

Altcoins Talks - Cryptocurrency Forum


For Monthly biddings Check Here


Offline dragononcrypto

  • * 2nd President *
  • Legendary
  • *
  • *
  • *
  • *
  • *
  • Activity: 3359
  • points:
    36802
  • Karma: 358
  • Trade Count: (0)
  • Referrals: 24
  • Last Active: October 10, 2023, 04:33:12 AM
    • View Profile

  • Total Badges: 33
    Badges: (View All)
    Sixth year Anniversary Fifth year Anniversary Fourth year Anniversary
Thanks for sharing! It doesn't surprise me that this was possible given the lack of CSW's technical knowledge and such, not to mention the centralized nature of BSV (as well as BCH for that matter). I found it interesting that SV has been performing well against the current market conditions, but it becomes clearer that this was only due to BCH losing it's value to it. Now that this double-spending problem has been exposed, it looks like BCH will gain back some of the market share from BSV.

 

ETH & ERC20 Tokens Donations: 0x2143F7146F0AadC0F9d85ea98F23273Da0e002Ab
BNB & BEP20 Tokens Donations: 0xcbDAB774B5659cB905d4db5487F9e2057b96147F
BTC Donations: bc1qjf99wr3dz9jn9fr43q28x0r50zeyxewcq8swng
BTC Tips for Moderators: 1Pz1S3d4Aiq7QE4m3MmuoUPEvKaAYbZRoG
Powered by SMFPacks Social Login Mod