New Bitcoin Cash SV Video Demonstrates Ability for Users to Double-Spend the Same Coins on Network
The Bitcoin Cash fork has come with a lot of hype and controversy since last month. As the blockchain split into two sides – Bitcoin Cash ABC and Bitcoin Cash SV. Bitcoin Cash SV has been the source of a lot of controversy lately, and it doesn’t seem like that is ending anytime soon. On December 8th, a researcher on the blockchain found that a “0-conf transaction” on the network would make it possible for users to spend coins twice.
Bitcoin Cash itself is the result of a hard fork from Bitcoin that happened in August last year, and it already uses 0-conf transactions, for the purpose of instantly making them happen. Essentially, it allows every block to be confirmed.
In this situation, user “reizu” on Vimeo established a multi-phase test to see if “double spending” BSV tokens would occur in a “0-conf transaction.” Ultimately, the user succeeded, which only showed how vulnerable the network was making themselves to an attack. It also refuted that the only ones with the ability to do so were miners, according to Craig Wright.
To record this process, the researcher filmed it with POP!, which is a retail application for point-of-sale transactions that allows the user to double spend. In a post on BCH social network Honest Cash, the user wrote, “I’ve done many double-spending on the Bitcoin SV network.” This platform was originally developed to show the way that other platforms participated in censorship. Reizu added, “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.”
The issues occurring with BSV have been going on since even the first week, even though it only came to fruition at the middle of last month. In the first week, many critics said that this part of the split was centralized, which is completely the opposite of the Bitcoin’s decentralized protocols. However, there is more negative attention expected with the recent details that reizu noted, like how only 4 of the 450 nodes are in control of 75% of the hashrate of the entire network.
Still, amid this controversy, investors have continued to push along BSV’s progress, even surpassing rival Bitcoin Cash ABC in their market cap yesterday. Presently, according to CoinMarketCap, BSV/USD is trading at $100.61 in the 7th place by market cap, while BCH/USD is trading at $101.46 at 6th place.