Monday, November 23, 2020

A SHA256 Miner is Refuting IFP & Clowning the Entire ABC Project, Rendering the Chain Useless

As many here have noticed, an unknown miner is creating a huge amount of empty blocks on the Bitcoin Cash ABC chain and filling the mempool with spam transactions. This is effectively making it impossible for anyone except rival BCHABC miners to create transactions on the ABC Network, of which there aren't many. This likely severely erodes confidence in the BCHABC chain, and frustrates those who wish to dump their ABC coins ask quickly as possible. Apparently there are coinbase messages in some recent ABC blocks indicating that a large dump of ABC coins will occur on Nov 25.

This is a rather unprecedented event for coins forked from major cryptos. Right now it appears that this is a sort of "Wild West Showdown" in which another miner(s) MUST obtain superior hashpower to avoid BCHABC becoming completely worthless and useless. As miners other than the attacker fall away from BCHABC mining, the difficulty keeps dropping and the attacker gets a greater and greater share of the hashpower. Even now, this miner could 51% attack BCHABC, nullifying transactions, or they could reorg the ABC chain at their leisure.

Since ABC coins are borderline impossible to move right now, even Amaury can't move his extorted 8% coinbase rewards unless he can finance a miner to create a block including them! If it costs more money to convince a miner to create that block than the ABC coins are worth, the project is effectively in a zombie state.

It seems that someone is sending a very strong message of support for BCH Node and the BCH cryptocurrency. It's called Putting Your Money Where Your Mouth Is.


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