BTC Wires

BSV Network’s 51% Attack Resistance is Getting Weaker With Decline in Price for Carrying out the Attack

Bitcoin Satoshi Vision or the BSV network which was created during the infamous hardfork of the BCH network last year has seen a steady decline in support. The lead Craig Wright has claimed that the BSV network is one true cryptocurrency and it is going to lead the path in the crypto space. However, like many of his other tall claims tumbling down, his network is on a similar pathway. A recent report suggests that the BSV network’s resistance against 51% attack is on the decline and the cost to execute such an attack has come down to a mere $6,500.

There hasn’t been any great deal of development going on the platform since the fork and a recent report suggest that the network is losing its credibility faster than many have anticipated. The network’s hash rate also speaks volume of the cryptocurrency as a higher hash rate indicates better mining activity on the network, which helps it to avoid 51% kind of attacks.

The networks hash rate is quite lower from its early days after the hard fork, and it also dropped a massive 20% after the threatening lawsuit letter came to the public domain. If we look at the BCH network with whom it was involved in an ugly hash war after hard fork has seen it’s hash rate double up in the same period.

The Cost of Carrying out 51% Attack

The cost of carrying out a 51% attack on the BSV network is around $6,500 while the same attack would cost the intruders $25,000 on the rival BCH network. Ethereum classic network which has been at the receiving end of numerous 51% attacks has a similar cost at around $6,300.

The leader behind the network Craig Wright has promised that BSV would turn out to be the real cryptocurrency and would scale 100X better than its competitors. However, Craig Wright even after forming his own chain cannot move away from his favorite pass time of claiming to be the pseudo-anonymous creator of Bitcoin. Recently, his attorney sent a threatning letter to one of the Bitcoiners who called him a fraud.

This incident resulted in major personalities like CZ Binance calling out Wright for his dubious claims and also threatening to boycott and delist BSV network. The incident also leads to a drop in the hash power of the network by 20%.