Bitcoin Cash anonymous group launched a 51% attack on the network in order to destroy the hard fork and to express their dislike on the 8% miner tax on Bitcoin Cash ABC so let’s read more in today’s Bitcoin Cash news.
Voluntarism.dev is a Bitcoin Cash anonymous group that just launched a 51% attack on the Bitcoin Cash ABC network. Invoking a non-aggression principle to justify the attack, the group protested the hard fork of the BCH and the 8% miner tax controversy. The attack modified the code so that it will tax the miners 100% instead of 8% rendering the mining efforts worthless. A group is a self-described group of “old-guard miners and whales” which launched a 51% attack on Bitcoin Cash ABC in protest in the latest hard fork on November 15.
ABC violated the NAP with 9 months of civil war. freeriders must pay 100% of the block reward to ABC. we will orphan all blocks that do not. we will pay 100% as well, once ABC merges this change https://t.co/82rcZPWQ6N
— voluntarism.dev (@DevVoluntarism) November 27, 2020
The anonymous group modified the “coinbase rule” so that the mining BCH sends 100% of the block rewards to the addresses associated with the new infrastructure funding plan rather than the controversial IFP tax of 8% which led to the hard-fork and will render mining worthless for the miners. The 51% attack refers to the attacks where malicious actors take over most of the hash rate of the network and can impose policies on the network single-handedly.
Back in November, the Bitcoin Cash blockchain split into two: Bitcoin CASH ABC and Bitcoin Cash Node. The split came after the controversial Coinbase rule and the proposed 8% tax on all miner profits proposed to go to the developer’s team. This was extremely unpopular with the Bitcoin Cash users. 51% of the attacks became extremely popular and they are very expensive as well. Ethereum Classic, a fork of the ETH blockchain, suffered three 51% attacks which cost the attackers about $3800 in rented hash power.
Mining pool 51% attacks BCHA seemingly with the explicit goal of destroying it. Will this be the first true spawn camp attack on a PoW chain?
— vitalik.eth (@VitalikButerin) November 28, 2020
Vitalik buterin, Ethereum’s founder, thinks that the intention is to destroy the network. What separates the attack from the previous ones, is that it was politically inspired. In a tweeted statement, the group justified the 51% attack as ABC violating the NAP. The group invoked a libertarian axiom of the “non-aggression principle” which prohibits the initiation of force or even coercion. The group also claims that ABC initiated force against miners by introducing the Coinbase rule. Bitcoin Cash ABC’s price was not affected by the attack and hit $18.22 with an increase of 1.33% in the past 24 hours.
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