Bad Actors Rent Hashing Power to Hit Bitcoin Gold With New 51% Attacks

Bitcoin gold, a cryptocurrency that forked from bitcoin in 2017, has again been hit by 51-percent attacks.

Occurring Thursday, according to tweets from the bitcoin gold team, two deep blockchain reorganizations (or reorgs) resulted in double spends of 1,900 BTG and 5,267 BTG, respectively. The losses amount to around $87,500 at current prices.

“We do not know if they successfully extracted any value from an exchange. Advanced risk control systems in exchanges make it likely one or both attacks failed,” they wrote.

“Evidence” suggests the attacks used mining power obtained through mining power marketplace NiceHash, according to the team.

A 51-percent attack is conducted by actors who are able mine a blockchain network with more than half its hashing power (hence the name). This enables transactions to be rewritten, potentially diverting previously spent funds to a different address, as was the case here.

Writing on GitHub at the weekend, James Lovejoy, lead maintainer of the vertcoin cryptocurrency and a researcher at MIT’s Digital Currency Initiative, said the attacker mined blocks with an address that can be seen here.

In another tweet, bitcoin gold said: “We are in contact with exchanges to offer security help and got positive feedback from them. The targeted exchange(s) have already taken effective measures.”

While the exchanges were not named, Lovejoy said Binance has increased its withdrawal requirement for BTG to 20 confirmations from 12 since the attack.

Based on NiceHash data, the estimate cost to the attacker of each reorg was roughly 0.2 BTC (~$1,700), he added – around the amount that would have been given out in block rewards. As such, even if exchanges manage to block the double-spent coins, the attack would have broken even.

The is not the first time bitcoin gold has seen such an attack. In May 2018, around $18 million in the cryptocurrency was reportedly double spent.

Interestingly, bitcoin gold’s value has risen since news of the attack broke. At time of writing, the price of BTG is around $12.20 – up 18.70 percent over 24 hours.

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Bitcoin Rallied 230% Last Time This Signal Flashed, And It’s Back Again

While Bitcoin (BTC) has struggled over the past few days, a number of long-term bull signals are on the verge of coming to fruition, presenting a massive bull case for the cryptocurrency market.

Massive Bitcoin Bull Sign About to Flash

Prominent cryptocurrency trader MoeMentum recently noted that while Bitcoin has just entered a new week in terms of price action, a key signal has already started to form:

The Fisher Transform on the weekly chart is pushing above the 0 line, pushing above its bands, for the first time since $4,200 — in early 2019. Once the signal was confirmed last time around, the price of the cryptocurrency rallied to $14,000, marking a 230% surge from the $4,200 price where the signal confirmed.

If the indicator manages to close how it is looking right now, the historical precedent suggests that BTC will begin a strong surge to the upside, thereby invalidating any more expectation of downside in the cryptocurrency market.

 

Here Are a Flurry of Other Positive Signs

It isn’t only the Fisher Transform signal that is suggesting Bitcoin is on the verge of entering another exponential, maybe even parabolic, bull run.

Cryptocurrency analyst Cryptokea recently noted that the worldwide Google Trends, well, trends for the search term “Buy Bitcoin” have recently hit a seven-month high — the highest since June 2019.

More specifically, the metric has hit a “10” on a long-term basis, with the metric’s maximum being 100. The latest Google Trends “10,” Kea said, likely marks the start of a parabolic run-up that will bring prices much higher than the $14,000 high.

He added that the “long-term upwards trend” for this metric, which is correlated with growth in the price of Bitcoin, is “undeniable,” pointing to a logarithmic corridor confirming that over time, more and more people want to buy the cryptocurrency.

Also, the weekly Moving Average Convergence Divergence (MACD) indicator just printed a bullish crossover, with the MACD line just crossing over the signal line.

So why is this relevant? Well, as pointed out in the below chart from NewBTC, the last time this technical signal was seen was in February of 2019, just months prior to a massive price explosion that brought BTC from the depths of the $3,000s to as high as $14,000 in a few months’ time.

Featured Image from Shutterstock

5 Online Casinos That Accept Bitcoin Cash

5 Online Casinos That Accept Bitcoin Cash

5 Online Casinos That Accept Bitcoin Cash

Digital cash was the original use case for bitcoin, and it remains the primary one for bitcoin cash (BCH) today. The ability to send funds anywhere in the world quickly and cheaply has made bitcoin cash a popular choice for online casino players. There are scores of gaming sites where you can deposit BCH and other cryptos and then withdraw your winnings in the same manner. Here’s a snapshot of what these crypto-friendly sites have to offer.

Also read: How to Create Custom SLP Tokens With the Bitcoin.com Mint

Mintdice

Dice is a long-standing favorite among bitcoiners, some of whom fondly recall playing Satoshi Dice in the early days, when the hi-low gaming site provided one of the first use cases for bitcoin. At Mintdice, you can roll the dice to your heart’s content, or have a go at Bit.Rocket, a social bitcoin game that combines skill and luck. There are also slots and plinko games to be tried. The latter is a board game based on a popular TV gameshow that entails climbing a staircase to the top of the board, with various prizes appearing along the way.

5 Online Casinos That Accept Bitcoin Cash

Mintdice accepts BCH and BTC plus around a dozen other cryptos including privacy coins like XMR and PIVX. Once your onchain deposit has cleared, you’re free to start playing. Mintdice supports anonymous accounts that require only a username for players who value their privacy, but full accounts are also available.

5 Online Casinos That Accept Bitcoin Cash

Wild Casino

Fiat and crypto are supported at Wild Casino, but deposit with the latter and you’ll receive a bigger bonus of up to $9,000. As seasoned players will know, casinos typically offer to match your first deposit by way of a welcome bonus. To claim the maximum amount proffered, therefore, you would have to deposit an equally large sum. Not only does Wild Casino accept bitcoin cash, but it also takes BTC, ETH, and, unusually, XRP. In terms of games, the casino serves up a familiar blend of slots, blackjack, table games, video poker, and a live casino.

5 Online Casinos That Accept Bitcoin Cash

Mbit

Mbit is a proud bitcoin-first casino that pledges a welcome bonus of up to 5 BTC. The site, which was established in 2014, serves up 2,000 games, requires no account to play, and enables players to cashout in less than 10 minutes. In addition to bitcoin cash, Mbit allows players to use BTC, DOGE, LTC, and USDT. There’s also a VIP program whose tiers are named after cryptocurrency planets. 500 points will take you to Planet Bitcoin Cash, while The Moon is “by invitation only.”

5 Online Casinos That Accept Bitcoin Cash

1xbit

If a casino has “bit” in its name, it’s a sure sign it’s crypto friendly; it’s just a case of which cryptos it accepts. At 1xbit, the answer is “all of them.” In addition to BCH and BTC, there are less fancied coins like BTG and XVG accepted. You’ll receive a 100% welcome bonus of up to 1 BTC, and in addition to casino games, 1xbit has an extensive sportsbook and a separate esports section. Alternatively, if sports aren’t your thing you can bet on politics instead.

5 Online Casinos That Accept Bitcoin Cash
Cash Games

Cash Games

Perhaps the best known gaming site for BCH fans is Bitcoin.com’s Cash Games. As a gaming site built around bitcoin cash, it features a leaderboard that pays out $1,000 in BCH bonuses to slots players, and there’s no need to create an account to play. Built-in coin conversion, implemented using Sideshift.ai, allows players to switch from other cryptos such as BTC to BCH in order to play.

All of the games on the site are provably fair, which entails taking a random number and cryptographically hashing it, which can later be used to show that the outcome of the game hasn’t been manipulated. There’s a jackpot of up to 10,000 BCH for playing slots and 5,000 for keno. Instant cashouts come as standard and so does player anonymity.

What other BCH casinos have you tried? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock.


Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

Kai Sedgwick

Kai’s been manipulating words for a living since 2009 and bought his first bitcoin at $12. It’s long gone. He’s previously written whitepapers for blockchain startups and is especially interested in P2P exchanges and DNMs.

多家区块链企业支援湖北抗疫情;Tether推出黄金稳定币 | 周刊春节版

币安:拿出1000万人民币帮助武汉新型冠病毒感染者

赵长鹏1月26日发推称,币安承诺将提供1000万人民币(150万美元),以帮助武汉新型冠状病毒感染者。赵长鹏称:“我们没有发表任何声明。但是币安慈善基金会和币安团队最近几天一直很忙。目前仍然需要当地物流安排方面的帮助。”

火币:将捐助1000万元人民币用于全球采购医疗物资

火币集团宣布,旗下火币公益将捐助1000万元人民币用于全球采购医疗物资。1月27日,火币采购的2万个3M公司授权青岛金泽瑞安全防护用品有限公司生产的个人防护口罩已经运送抵达湖北省黄冈市。未来1-2天还将有20万套医用防护物资送达疫情严重地区。

抹茶:已捐助17640个口罩,正在协调更多采购渠道

MXC抹茶表示,正在协调采购渠道支援抗击“新型冠状病毒肺炎”。此前,MXC抹茶发布公告称,1月24日、25日,MXC抹茶志愿者累计向湖北省黄冈市红安县红十字会、大连沙河口区红十字会、地方公益人士及1062位需要帮助的朋友发出17640支N90/KN95级防护口罩。

Qtum:湖北省慈善总会捐赠20万元用于疫情防控

Qtum量子链基金会宣布,向湖北省慈善总会捐赠20万元人民币,用于病毒疫情防控。量子链基金会表示,此次捐赠的资金将用于采购防疫物资、因疫情死亡家庭抚恤、志愿者保险、护具及生活补助。

区块链行业从业者已联合众业内人士和机构发起了“武汉及周边城市医疗物资爱心捐助”公益活动,发起向武汉及周边城市捐助医疗物资的活动。关注微博“区块链公益组织”参与行业捐助。

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香港金管局公布央行数字货币研究成果 将与泰国央行进一步合作

据新浪财经消息,1月22日,香港金融管理局(金管局)与泰国中央银行(泰国央行)公布央行数字货币(Central Bank DigitalCurrency, CBDC)联合研究计划——“Inthanon-LionRock项目”的成果,并发表研究报告。Inthanon-LionRock项目于2019年12月完成。双方已联同来自两地共10间参与银行成功开发以分布式分类帐技术(Distributed Ledger Technology, DLT)为基础的概念验证原型。双方同意在相关范畴展开进一步的联合研究工作,包括探讨业务案例和与其他平台的连接,当中会涉及银行与其他相关机构参与跨境资金转拨的试行。

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伊朗已颁发超1000个加密货币采矿许可证

据Bitcoin.com 1月25日消息,伊朗ICT协会官员Amir Hossein Saeedi Naeini在接受采访时透露,工业,矿业和贸易部已在该国颁发了1,000多个加密货币采矿许可证。该官员还表示,研究表明,加密采矿业有可能为伊朗经济增加85亿美元;虽然已经建立很多大型和工业化矿场,但电费是伊朗加密矿工的主要挑战,高电价加上严格的法规使该行业对小投资者的吸引力降低。该行业的经营状况不应是只有大资本家才能进入加密货币采矿市场,而所有矿工都可以经营。他强调称,修改电价和加密条款可以促进加密采矿业并产生更多收入。

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印度表态并未全面禁止加密货币 印度公民投资加密货币仍合法

据Bitcoinist 1月21日消息,在最高法院听证会之后,印度承认比特币和加密资产不是非法的。印度中央银行印度储备银行也表示,没有对比特币(BTC)或其他虚拟货币施加限制。其解释称,没有禁止所有实体,而只禁止了不涉及比特币和其他数字货币的部分公司。而在在银行业务方面,加密货币社区预计法定货币和加密货币之间的转移会出现问题。而最后印度人投资虚拟资产仍然合法。印度监管机构将在一定程度上放松对资本的管制,印度公民每年可向国外转移25万美元。这可能使印度人可以通过第三方交易所投资于比特币和加密货币。

印度央行通过高级律师Shyam Divan表示,2018年印度出台的通知目的是确保银行系统不受任何涉及加密货币(包括表现出极端“波动性”的比特币)的支付系统的影响。

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俄罗斯新任总理:俄罗斯或在今年春天采用一项新的加密税收计划

据LiveBitcoinNews报道,在最近的一次采访中,俄罗斯新任总理Mikhail Mishustin(曾任该国税务机构主管)表示,俄罗斯很可能在今年春天采用一项新的加密税收计划。他表示:“我相信有必要对此类活动征税,并正确评估使用加密货币的任何经济后果。”此前,他曾试图终止与增值税相关的欺诈行为,并曾追查在塞浦路斯、开曼群岛和其他税法非常宽松的地区藏匿资金的个人。

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知情人士:韩国财政部考虑对加密交易收入征税20%

据TheKoreaTimes报道,相关官员透露,韩国财政部一直在考虑对加密货币交易收入征收20%的税,但尚未最终确定。官员们表示,财政部最近已下令其所得税办公室审查一项针对加密货币的税收计划。此前财税办公室已经对该计划进行了审查。此举引发了政府可能将加密货币交易收益归类为其他收益而非资本收益的猜测。一位不愿透露姓名的政府官员称,财政部尚未最终确定对加密货币征税的计划,不过,政府有可能对加密货币征收20%的税。

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乌兹别克斯坦拟对涉及加密资产的业务所得收入实行免税

据News.Bitcoin消息,乌兹别克斯坦准备免除加密货币运营中获得的收入征税,已于上周发布包含有关规定的法令草案。草案指出,与加密资产的流通有关的法人和个人的业务(包括由非居民进行的业务)不是征税对象,从这些业务中获得的收入不包括在税金和其他强制性付款的税基中。此外,该国即将推出首个获批的加密资产交易所。

1月26日消息,比特币黄金BTG最近遭遇51%攻击。麻省理工学院比特币俱乐部主席 James Lovejoy在BTG网络上检测到两次区块深度重组,两次均是双花,攻击者分别于1月23日和24日通过两次单独交易提取了1,900 BTG和5,176 BTG。
BTG核心开发团队回复称,BTG团队的监测系统于24日发现两笔链上交易逆转,分别为1900BTG、5267BTG。攻击对象为全球某顶级交易所,攻击发生后,BTG团队于第一时间与其取得联系,提示调整参数,提高风控等级。由于及时采取了风控手段,交易所损失远低于逆转交易额。同时团队已与全部交易所保持紧密联系,防范未来的攻击。根据近日的监测,团队发现攻击算力源于算力租赁平台NiceHash,分别造成了14、15个区块的逆转。团队即将陆续更新更多信息。
Tether公司宣布推出与实物黄金挂钩的数字资产Tether Gold
Tether公司宣布推出与实物黄金挂钩的数字资产Tether Gold(XAU ₮)。
据Tether公司官方公告,每枚XAU 代币都代表一盎司实物黄金的所有权。目前XAU在以太坊和波场链上以ERC-20和TRC-20标准生成,用户持的XAU可以在链上地址间自由转移。Tether公司表示,Tether Gold(XAU₮)是所有竞品中唯一提供零托管费并以实物背书的黄金产品,所有黄金都保存在具备一流安全性的瑞士金库中。
Ripple CEO 表示该公司可能会在未来12个月内上市
据TheBlock报道,Ripple首席执行官布拉德·加林豪斯(Brad Garlinghouse)表示,该公司可能会在未来12个月内上市。加林豪斯本周四在达沃斯世界经济论坛上发表讲话时表示,进行首次公开募股(IPO)是Ripple的自然发展结果。
加林豪斯说道:“在接下来的12个月中,您将看到加密货币领域的一次IPO。我们并非第一个该领域进行IPO的公司,也不会成为最后一个,但我希望我们会一直处于领先地位,这对我们公司而言是自然发展的结果,”
就在上个月,Ripple 筹集了高达2亿美元的C轮融资,这通常是公司上市之前的最后一步。C轮融资后,这家区块链概念支付公司的估值为100亿美元。
春节前后,投资者应该选择“落袋为安”还是“持币过节”? 一位资深加密货币投资者告诉PAData,今年流行于币圈的主流观点是节前看跌,节后看涨。“节前大家都要拿钱过年,有资金回笼的需求,节后有了余钱才有投放的需求,看好节后回暖涨一波。”那么比特币有多大可能走出这样的“剧本”呢?PAData根据Coin Metrics校正后的数据分析了2011年至2019年期间,比特币在节前一周、春节(指法定节假日年三十至年初六)、节后一周期间的币价走势,从历史数据看,比特币“春节行情”七涨二跌,7天平均收益约为6.02%。
BCH几个主要矿池准备实施一次6个月的短期捐赠计划,引发众议
1月23日,江卓尔在微博发布博客文章《比特币现金的基础设施融资计划》,文章表示,BCH上的几个主要矿池(BTC.TOP、Antpool、BTC.com、ViaBTC、Bitcoin.com),准备实施一次6个月的短期捐赠计划,在2020-2021/22年牛市到来之前,为BCH的开发人员提供足够的开发资金,加速BCH的发展。出于提供这笔资金的目的,其打算将BCH爆块奖励的12.5%捐赠给一家支持比特币现金基础设施的基金,该融资计划将持续6个月,此计划将为比特币现金生态系统提供重要且急需的支持。支持者包括江卓尔-BTC.TOP,吴忌寒– Antpool,BTC.com,杨海波–ViaBTC,Roger Ver -Bitcoin.com。
V神发推文表示不认同该方案,称BCH此举是强制性的软分叉。V神还表示,比较具有讽刺意味的是,BCH是一种对某种意识形态的反应而诞生的区块链,这种意识形态认为软分叉是进行改变的唯一合理方式,因为它们属于“自愿行为”。而现在BCH将进行争议性的软分叉,并影射这是“自愿行为”。
Bitcoin.com发布澄清公告称,江卓尔所提出的计划还在制定中。拟议的变更要到2020年5月才会生效,有足够时间以满足尽可能多的各方讨论解决方案。不会由于协议变更致使链条分裂。如果大多数矿工因其效率低下,不可行或在其他方面不利于比特币现金或其业务,矿工可以选择终止该基金。
Grayscale比特币信托已成功在SEC注册 成为SEC报告公司
1月21日,美国加密货币投资机构灰度(Grayscale)官方发布博客称,Grayscale为旗下灰度比特币信托GrayscaleBitcoin Trust向SEC提交了注册声明(表格10),现该注册声明已被认定为有效,至此,比特币信托成为第一个获得SEC报告公司地位的数字投资工具。至此,其灰度比特币信托将季度年度报告及审计财务报表归档为表格10,除遵守《交易法》规定义务外,还向SEC提出质询等,同时这些提交的报告将与国家证券交易所上市公司及交易所交易产品遵循相同标准。同时Grayscale强调,不能将信托与比特币ETF混淆。

据PANews统计,上周公布的区块链领域项目融资共6起,总金额超1亿800万美元(不包括尚未披露具体投融资金额的项目),涉及游戏、数字银行、技术服务、数据等多个领域。
据Coindesk1月22日消息,瑞士加密货币银行SEBA已从黑河资产管理公司创始人盖伊·施瓦岑巴赫(Guy Schwarzenbach)等天使投资人处获得新一轮1亿瑞士法郎融资,约合1.034亿美元。
据创业邦消息,近日,专注于餐饮品牌的区块链技术服务型公司吃货大陆完成1000万人民币天使轮融资,投资方为优贝迪。吃货大陆是一家以区块链技术赋能于实体餐饮企业的科技创新型公司,在全球首创基于区块链技术的社群画像大数据精准推送引擎,增加餐饮企业的市场竞争力。
飞未来资本宣布战略投资交子链(CNT)生态248万美金
飞未来资本今日宣布战略投资交子链生态项目(CNT)248万美金。飞未来表示:“非常认同交子链提出的区块链发展方向。作为功能完备的区块链,交子链生态将建立大量的应用,其中Wemore有潜力对标微信这样的应用,可以开启万亿级的市场。”
据悉,交子链项目由原FUSION公链联合创始人吴建刚发起,由多位密码学或分布式网络的教授作为全程顾问。作为基于分布式存储的新一代公有链,交子链旨在通过建立真正实用的DApp促进人类的交流和交易,成为“功能完备”的第三代区块链,实现真正实用的DApp,包括分布式云服务、分布式Email服务、个人身份和声誉证明、自定义的个人商店、分布式数据库系统、大数据交易系统等。
韩国区块链游戏开发商SuperTree获得250万美元A轮融资
韩国区块链游戏开发商SuperTree获得250万美元的A轮融资,风险投资机构Korea Investment Partners和SBI Investment参与此次投资。该投资将用于确保游戏的IP,并开发区块链游戏技术,同时专注于升级区块链游戏服务平台PlayDapp的开发。o5

域乎完成千万级人民币A轮融资据创业邦,上海域乎信息技术有限公司完成千万级A轮融资,投资方为江苏金茂投资管理股份有限公司和南京扬子国资投资集团有限责任公司发起设立的南京扬子区块链股权投资基金,链兴资本和汉理资本担任本次融资顾问。据悉,南京扬子区块链股权投资基金是国内第一支专注于区块链技术和实体经济融合的股权投资基金,投资方向以区块链技术为核心,以数字金融科技为方向,整合人工智能、云计算、半导体、大数据、物联网等前沿创新技术。该基金十分看好域乎在区块链领域的技术创新和消费类资产数字化服务应用场景。

据The Block,币安向中国台湾区块链创业公司Numbers进行了一笔投资,具体金额未披露。据悉,这家初创公司允许用户将个人数据变现。Numbers的其他合作伙伴包括斯坦福大学、IBM和HTC的Exodus部门等,旨在建立数据追溯和验证系统。

Ex-Employees Sue Tron’s Justin Sun for $15M Over Alleged Harassment

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IOTA (MIOTA) Tangle Technology Uses Far Less Energy Than Bitcoin (BTC)

IOTA (MIOTA) Tangle Technology Uses Far Less Energy Than Bitcoin (BTC)

Digiconomist, a platform that claims to be dedicated to exposing the unintended consequences of digital trends from an economic angle, has evaluated the energy consumption of IOTA (MIOTA) and Bitcoin (BTC) and discovered that the latter uses over 10x more energy to carry a 1 BTC transaction as compared to IOTA’s Tangle, according to reports on January 27, 2020.

Tangle More Energy Efficient than Bitcoin 

While Satoshi Nakamoto’s Bitcoin (BTC) blockchain remains one of the most secure distributed ledgers in the crypto-verse, the network’s massive energy consumption has been seriously debated upon by both fans and critics alike, over the years.

In the latest development, a Twitter user with the handle @renewid has taken to the microblogging platform to state that a research report released by Digiconoist has revealed that the Bitcoin network consumes a massive 637.1kWh to transact with or mine just 1 BTC, while IOTA Tangle uses roughly 0.112kWh for that same task. 

In essence, @Renewid has made it clear that the amount of energy required by the Bitcoin network to power a transaction involving 1 BTC, can be used by Tangle to carry out 5.6 million transactions. 

In his words:

As of today, one BTC-Transaction consumes 637.1kWh of electrical energy. IOTA uses -0.112kWh or less per transaction. So for the energy used for one BTC tx you are able to do 5.6000.000, 5.6 million tx on the tangle.

The Tangle Advantage?

Unlike the Bitcoin network, which uses a proof-of-work (PoW) algorithm to reach consensus, IOTA’s Tangle utilizes the directed acyclic graph (DAG) technology, which promises better scalability, and speed.

Despite the speed and scalability that comes with IOTA’s DAG technology, it’s worth noting that it may not be as secure as the Bitcoin network.

Earlier in 2017, Neha Narula, director at MIT Digital Currency Initiative and his research team discovered a serious vulnerability on the IOTA network, which could allow a bad actor to easily forge an IOTA user’s digital signature to steal his funds.

“When we looked at their system, we found a serious vulnerability and textbook insecure code,” said Narula at the time. It’s worth noting that the IOTA team have since fixed this security loophole.

At press time, the price of IOTA (MIOTA) is up by 3.19 percent at $0.244667, with a market cap of $680 million as seen on CoinMarketCap.

As more and more bitcoin miners begin to adopt renewable energy for their operations, Bitcoin’s carbon emissions into the atmosphere will be reduced to the barest minimum and critics will focus less on the energy consumption of the flagship cryptocurrency and pay more attention to its use cases as a real store of value and digital money that has come to stay.

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This Top Cryptocurrency Got 51% Attacked. Yet, It’s Up 19% And It’s a Problem

A researcher at the MIT Digital Currency Initiative discovered that Bitcoin Gold was 51 percent attacked on January 23. Yet, in the last 24 hours, the cryptocurrency has increased by 19 percent in price.

In a report published on code repository GitHub, MIT DCI research assistant James Lovejoy said two seperate attacks were carried out on Bitcoin Gold blocks within a span two days.

More attacks can happen and still, price of the cryptocurrency is up

A 51 percent attack is quite possibly the most serious form of attack against a cryptocurrency.

When carried out successfully, it allows attackers to re-organize blocks and change data within a blockchain.

Since the main characteristic of a public blockchain network that makes it better than centralized alternatives is immutability, a 51 percent attack can cause dire consequences for a cryptocurrency.

It is not cheap or easy to carry out a 51 percent attack, however. The attack itself requires majority control over a blockchain network’s hashpower.

For a major cryptocurrency like bitcoin, Ethereum, and others, it’s practically impossible to carry out a 51 percent attack. One could possibly carry out an attack, but there would not be any incentive to do so and the attacker would end up losing money.

In the case of Bitcoin Gold, Lovejoy said that the orders of tens of blocks on the cryptocurrency are not enough to eliminate the incentive of launching a 51 percent attack against it.

The report read:

“Based on Nicehash market price data for Zhash we estimate the cost of generating each reorg at around 0.2 BTC (~$1,700) and the attacker would have recouped around the same value in block rewards. Therefore, it is possible that the attacks were profitable if the double-spends succeeded at defrauding the attacker’s counterparty, or break-even if the double-spends were unsuccessful. This suggests that a confirmation requirement on the order of tens of blocks for BTG is still far too few to make the budget constraint to launch an attack significant.”

As emphasized by Lovejoy, this is not the first time Bitcoin Gold fell victim to a 51 percent attack. In May 2018, it experienced a similar attack and reports indicated about $18 million were affected.

This is a problem

Despite the serious attack on the cryptocurrency, the price of Bitcoin Gold is up 19 percent on the day.

bitcoin gold cryptocurrency

Bitcoin Gold cryptocurrency is up 19 percent on the day (source: TradingView)

Throughout the past two weeks, the cryptocurrency market have seen bitcoin offshoots like Bitcoin Gold, Bitcoin SV, and Bitcoin Cash surge in tandem. 

The abrupt upsurge of Bitcoin Gold following such a high profile attack against the underlying public blockchain network raises the question on the fundamentals of the cryptocurrency exchange market.

It is often difficult to assess or evaluate the structure of the cryptocurrency exchange market because of the abundance of fake or inflated volumes across many “top” exchanges.

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Bitcoin’s Halving Captures Growing Interest – Among Google Searchers

Bitcoin traders are split on whether the cryptocurrency’s once-every-four-years “halving” will jolt prices toward 2017’s all-time-high near $20,000 or multiples of that.

What’s clear is interest in the topic is surging on Google, according to a report from the Norwegian cryptocurrency analysis firm Arcane Research.

The search engine’s Google Trends feature shows queries on the term “bitcoin halving” have doubled this month from December levels to the highest since the last such event in 2016.

According to Arcane Research, the increasing number of Google searches is a sign the halving might be capturing greater public interest as a potential catalyst for higher prices in 2020.

“The bitcoin halving is gaining more traction,” Arcane said Friday in the report. “There is now a clear indication that awareness of the concept is spreading to new people.” 

Google Trends doesn’t disclose the actual number of searches on “bitcoin halving” but does publish data showing the search term registered a reading of 35 during the week ended Jan. 19, up from an average 15 during the month of December.  The scale is normalized so that a reading of 100 represents the peak of a particular search term’s popularity.

For “bitcoin halving,” that happened in 2016, when the last such event occurred. Bitcoin prices doubled that year and surged by 13 times in 2017.  

The halving was codified into bitcoin’s underlying software code when the cryptocurrency was launched just over a decade ago. Every four years, the bitcoin network undergoes a 50 percent reduction in its “mining rewards” – essentially the number of new units of the cryptocurrency issued as rewards to computer operators that are working to confirm data on the underlying blockchain network.

Some crypto investors say the event could boost bitcoin’s price because the pace of new issuance will decrease at a time when more investors are considering getting into, or increasing their allocations of, the cryptocurrency. As an investment, bitcoin has outperformed traditional assets like equities, with a price jump of 94 percent in 2019 that was roughly triple last year’s gains in the Standard & Poor’s 500 Index of large U.S. stocks.

Analysts for the German bank BayernLB predicted last year the halving could send bitcoin to a new record around $90,000, but some investors maintain that the event is so well telegraphed and understood that it’s likely already reflected in the market price, currently around $8,500.

Within the crypto industry, the halving is highly anticipated. Some enthusiasts have even created a dedicated website to count down the remaining days, hours, minutes and seconds until it happens. According to the site, bitcoinblockhalf.com, the event will take place on or around May 12 – now just 108 days away. 

But while it appears more are interested in what the term signifies, Arcane Research noted “bitcoin halving” still garners far fewer searches than just “bitcoin.” According to Google Trends, “bitcoin” by itself garnered at least 30 times more searches than “bitcoin halving.” 

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