The hard forked chain of Bitcoin Cash, Bitcoin Cash Satoshi’s Vision, created by a team composed of Calvin Ayre, CoinGeek and Craig Wright has suffered a block reorganisation.
Nevertheless, as reported by Bitcoin Unlimited chief scientist Peter Rizun, CoinGeek have reportedly reorganised its own blocks.
A professor at one of the best Universities in the US, Cornell, has stated that in a decentralised blockchain protocol, a self-block reorganisation should not be possible.
Emin Gun Sirer said on Twitter:
1. 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.— Emin Gün Sirer (@el33th4xor) November 19, 2018
The motivation behind the reorganisation of SV blocks initiated by CoinGeek is still quite unclear. This is especially so if you give that some of the big cryptocurrency exchanges such as Kraken have already shown that SV was limited on the exchange.
The professor at Cornell stated that the ability to invalidate their own block indicates that the system used by SV isn’t just poorly designed but is also centralised:
“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.”
He then went onto further say that the development team behind the new SV fork doesn’t fully understand the repercussions of what they are doing and the suggestion of a highly centralised move to self-organise a block. Sirer said:
“Their blockchain’s tail just got rewritten, as if someone ripped out the last few pages and wrote over them. This is an indication that their system parameters are outside the safety envelope of their network. In short, they don’t know what they’re doing.”
The hard fork of Bitcoin Cash occurred on 15th November and since then the price of Bitcoin Cash SV has dropped from $170 to $66 - this is over a 60 percent drop. The digital currency exchange market as a whole dropped substantially in value but as did the rest of market with Bitcoin sinking below the $5,000 key resistance level.
What are your thoughts? Let us know what you think down below in the comments!