BCH SV Faces Threats of Delisting From Major Exchanges, After Suffering From Block Reorg

BCH SV Faces Threats of Delisting From Major Exchanges, After Suffering From Block Reorg

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November 21, 2018 by Jane
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Bitcoin Cash “Satoshi’s Vision” otherwise called Bitcoin SV, created by CoinGeek and Craig Wright has suffered a block reorganization in which transactions on two different blocks were overwritten. Peter Rizun, Bitcoin Unlimited chief scientist alleges that CoinGeek has done this reorganization on its own blocks. Also, Emin Gun Sirer, a professor at the prestigious Cornell
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Bitcoin Cash “Satoshi’s Vision” otherwise called Bitcoin SV, created by CoinGeek and Craig Wright has suffered a block reorganization in which transactions on two different blocks were overwritten.

Peter Rizun, Bitcoin Unlimited chief scientist alleges that CoinGeek has done this reorganization on its own blocks. Also, Emin Gun Sirer, a professor at the prestigious Cornell University believes that in a decentralized blockchain protocol, a self-block reorganization should not be possible.

Emin Gun Sirer further explained the dangers of self-block recognition and how it is against the basic idea of Blockchain Decentralized technology.

“More The miner who overwrote block 557301 was the same miner who overwrote it in the first place. BSV have no idea what they are doing. You all knew this. Don’t invest with a conman. Not much else needs to be said on this front. This should not be possible in a decentralized system. You can only invalidate your own block and create a new tail if you’re the majority miner. BSV is a centralized coin.”

As a result of large transaction volume, the Bitcoin SV network temporarily suffered a mini-fork. To re-align Bitcoin Cash SV nodes and converge the forked blocks into one chain again, certain blocks were reorganized.

Block reorganizations – in short, “reorgs” – occur as a result of the consensus protocol called proof-of-work (PoW) overseeing how transactions get validated on platforms such as bitcoin and bitcoin cash.

As a consequence of the controversial decision to reorganize two blocks without solid reasoning to justify the action, Bitcoin Cash SV now faces delisting on several exchanges that fear network instability.

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