Bitcoin SV, created by "satoshi" fake, suffers 51% attack

Bitcoin SV, created by "satoshi" fake, suffers 51% attack

In the cryptocurrency market, we have many disagreements, including huge technical and theoretical disagreements about scalability, privacy, and ethics, but a common point among the many disagreements in the community is that the Bitcoin SV cryptocurrency is led by a faker. And now, she was attacked and is "paying for her sins".

Bitcoin Satoshi Vision or Bitcoin SV (BSV) is a copy the copy of Bitcoin (BTC), it was created when Craig Wright stopped supporting Bitcoin Cash to create his own currency. Craig called himself Satoshi Nakamoto, the creator of bitcoin, even though he had no proof and was caught in several lies.

In 2019, for example, he was caught by Wikileaks trying to forge the record of a fake Bitcoin White Paper. A short time later, Craig claimed that he owned some bitcoin addresses from Satoshi's time, however, it was proven that he owned nothing.

The farce is lousy, however, some people still believe Wright is the creator of Bitcoin even without evidence. Bitcoin SV Attack

With little community support and only a fraction of the mining power employed in bitcoin (BTC), the Bitcoin SV cryptocurrency is at the mercy of attackers who can reorganize blockchain blocks having more than 51% of the mining power.

Bitcoin Mining Power in Blue vs. BSV in Red - BitcoinInfocharts

With this capability, miners can rewrite blockchain blocks and cause financial damage to exchanges and other services that accept BSV. Imagine the following situation where the attacker sent BSV to an exchange, switched to Bitcoin (BTC) and drew. Now he will do a 51% attack to rewrite his transaction history, so the currency sent will never have left his wallet and he will have profited from buying bitcoin.

Brokers need to close deposits and sometimes even buy and sell the asset, that's what happened with Bitfinex and other exchanges that insist on supporting the BSV.

It's worth noting that the 51% attacks are problematic for small networks with little mining power, but they're not a concern in cryptocurrencies like Bitcoin which has robust security and plenty of miners.

While bitcoin (BTC) rises .40%, BSV melts 3% in the last 24 hours and accumulates losses of 26.92% in the last 12 months according to Coingolive.com:

Bitcoin Price SV on Coingolive

OKEx, Bittrex, and Gravity brokerages have already announced a break in Bitcoin SV deposits.

The coin was created by Craig S. Wright, known as the Faketoshi, as he claims to be the real creator of Bitcoin. Also, in recent weeks, CSW has won a lawsuit against the Bitcoin.org website, asking them to remove the Bitcoin Whitepaper from the page.

But the 51% attack on its network ended up attracting the attention of the Bitcoin community, which has seen BSV collapse in recent days.

Bitcoin SV has been removed from cryptocurrency exchanges

Another reason for BSV's unpopularity is its exclusion from various exchanges. In January, the Australian Independent Reserve removed the cryptocurrency from its platform.

The action left Calvin Ayre, who is another co-founder of the project, angry. “I believe the brokerage received money from the Bitcoin gang to do this,” the executive speculated on Twitter.

However, the Australian brokerage was not the first to make this decision. Also in 2019, Binance announced the removal of Bitcoin SV and Bitcoin Cash (BCH) from its trading platform. More recently, in 2021, OKCoin also excluded BSV and BCH. In this case, OKCoin directly cited Craig Wright's actions as one of the reasons for the action.

Bitcoin SV was born from a hard fork of Bitcoin Cash which, in turn, originated from a hard fork of Bitcoin. However, like BSV, BCH is also suffering a considerable devaluation compared to the original Bitcoin.