Top Social Gainers for Weekend of May 25th-26th, 2019
Here are Saturday's biggest developing stories in crypto based on Santiment's data:
- bch/reorg/attack/miners (1176+ new mentions in last 24 hours)
Two large BCH miners (BTC.com and BTC.top) recently join forces to carry out a 51% attack (they had a combined hashrate of ~54%) in order to stop an anonymous miner from walking away with BCH that he/she should not have access to.
The batch of BCH in question is a result of the recent scheduled hardfork which eventually caused the Bitcoin Cash network to split.
Since the original split in 2017, there has been a significant number of coins accidentally sent to "anyone can spend" addresses (due to tx compatibility of sigs, but no
#SegWit on #BCH), or possibly they've been replayed from #Bitcoin onto the #BCH network.
Because of this, tons of coins (
#BCH) would essentially be "up for grabs." However, devs implemented a protocol rule called CLEANSTACK, making P2SH coins unspendable. This was to be removed with May 15 fork, basically handing the coins to miners.
During this time, the anonymous miner was able to grab probably a significant enough amount of P2SH/Segwit coins which then prompted the two large miners to do a reorg. Transactions belonging to the anonymous miner was reversed and only transactions made by BTC.com and BTC.top were accepted.
However, in doing so, it raises valid concerns about how "decentralized" the BCH blockchain really is when two large miners were able to action a change in the blockchain at will. Whatever happened to it being immutable and censorship resistant cash that's supposedly better than Bitcoin?
Interestingly, the price of BCH did not seem to be affected by this news at all.
- tone (97+ new mentions in last 24 hours)
Trader, Analyst and Bitcoin proponent Tone Vays went head to head with the infamous Bitcoin Cash supporter Roger Ver in a Bitcoin vs Bitcoin Cash debate at the Malta A.I & Blockchain Summit.
Roger kicked things off by claiming how cheap it is to use Bitcoin Cash to make daily regular payments thanks to its cheap transaction fees as compared to Bitcoins high transaction fees (According to Roger, the average fee is $3). To further prove his point, Roger challenged Tone to send him $5 worth of BTC to see how things will turn out.
So Tone took up the challenge, set his transaction fee to 1 satoshi (lowest fee possible) and off it went! Roger was so confident that the BTC transaction would be stuck in the mempool and not be confirmed, that he claimed he would donate $10,000 to a charity of Tone's choice if the transaction gets confirmed within the day.
While on the topic, Tone also added that one could easily use the Lightning network (Granted that it's still growing) instead of doing it on-chain transactions as such for daily payments. To which Roger challenged him on just how prohibitive it is to use a Lightning wallet and how ownership is stripped away from the user by trusting Lightning.
So, did the transaction eventually get confirmed within the day? Turns out it was cleared 10hrs after it was initiated as confirmed by Tone in a tweet.
But it was not without some assistance apparently. The particular transaction was aided by the mining pool, Slush pool, when it made it as its most high priority transaction in block #5777628 as pointed out by Cobra.
While Slush pool did prioritize the transaction, it is also important to note that Twitter user Enne was also sending out several 1 satoshi transactions during the debate and they were confirmed couple of hours later after Tones' and they were not prioritized.
It also turns out that the mempool wasn't as congested as thought.
So, I guess a nice charity out there will be receiving $10,000 pretty soon!
And.....that's all for the weekend!
There are some occurring keywords (fuel/tfuel/tfeul, phb) that were covered before which you can read more about here.
As always, head over to our Social Trends page for the latest updates.