{"id":25984,"date":"2018-11-15T13:26:09","date_gmt":"2018-11-15T12:26:09","guid":{"rendered":"https:\/\/ethereumworldnews.com\/?p=25984"},"modified":"2018-11-15T16:42:50","modified_gmt":"2018-11-15T15:42:50","slug":"bch-hash-wars-ripples-david-schwartz-had-warned-the-crypto-community-about-miners","status":"publish","type":"post","link":"https:\/\/ethereumworldnews.com\/bch-hash-wars-ripples-david-schwartz-had-warned-the-crypto-community-about-miners\/","title":{"rendered":"BCH Hash Wars: Ripple’s David Schwartz Had Warned the Crypto Community about Miners"},"content":{"rendered":"
As the Bitcoin Cash (BCH) Hash War continues to affect the crypto markets, Ethereum World News went back in time to see if such an event had been predicted and how it could have been avoided. In the process of going through our archives, we came across a piece written\u00a0back in August<\/a> about how the XRP ledger was more decentralized than both the Bitcoin and Ethereum networks.<\/p>\n Based on a post written by the current Chief Technology Officer at Ripple (David Schwartz), it explained to the crypto community that the mining power of both Bitcoin and Ethereum was held by a select few.<\/p>\n In the informative post<\/a> by David Schwartz, he explained that four mining groups controlled 58% of the Bitcoin network and three miners account for 57% of Ethereum’s daily capacity.<\/strong><\/p>\n He went on to add that:<\/p>\n 80 percent of the mining\u00a0on the Bitcoin blockchain is centralized in China<\/strong>, despite the country\u2019s\u00a0ban on digital assets. This puts it at greater risk of being manipulated by a single, sovereign government.<\/p>\n Some experts even suggest that in a worst case scenario, miners of Bitcoin and Ethereum blockchains could use this to their advantage \u2014 conspiring to\u00a0rewrite history on the blockchain<\/strong> through a 51 percent attack\u00a0that results in verified transactions being unvalidated and allows for fraud to occur.<\/p>\n<\/blockquote>\n Although his comments did not refer to Bitcoin Cash directly, we can see the congruencies of his statements with the currently ongoing Bitcoin Cash Hash War<\/a>. We can also conclude that David Schwartz had seen the possibility of miners rewriting the history of Bitcoin.<\/p>\n With both camps of the dispute – Bitcoin Cash ABC and Bitcoin Cash SV – vowing to fight to the bitter end, hash power will most likely be redirected from Bitcoin to Bitcoin Cash thus undermining the BTC network and the value of the digital asset.<\/p>\n Craig Wright, who supports the Bitcoin Cash SV version, has pointed out the illegality of Roger Ver’s Bitcoin.com redirecting hash power to BCH. He did so via a tweet that stated<\/a> the following:<\/p>\n Please remember, the penalties for defrauding customers are a multiple of the amount taken.<\/p>\nFlaws of Proof-of-Work in the Networks of Bitcoin, BCH and Ethereum<\/strong><\/h4>\n
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Bitcoin Currently At the Mercy of Miners<\/strong><\/h4>\n
The Illegality of Diverting Hash Power from BTC to Bitcoin Cash<\/strong><\/h4>\n
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