Bitcoin Cash 51% Attack: Why It Matter
The Bitcoin Cash upgrade was halted temporarily in early May when an attacker exploited a bug in the blockchain,. The attack lasted for a short while before a majority of BCH miners decided something fishy was afoot and took steps to address it.
This is where the controversy arose. Critics refuse to see the difference between an attacker reorganizing the blockchain, and miners doing the same.
For context, when Binance was hacked in early May, CZ suggested ‘rolling back’ the blockchain to retrieve the lost funds.
A backlash from Bitcoin miners at the time signaled to him that this was a bad idea, and the notion was dropped.
Here we have one of those points where the rubber meets the road in the crypto world. Blockchains are supposed to be immutable, but if enough miners agree to make a change, it can happen. In this instance, the maxim ‘code is law’ gets murky. After all, blockchains were designed to be malleable by the agreement of its users.
Others have made similar moves in the past – the reason we have Ethereum Classic (ETC) is because the Ethereum community split in two after a contentious hardfork in the wake of the DAO attack.
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