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Coinbase Sides With Bitcoin Cash (BCH) Miners on 51% Attack Smack

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By CCN: Coinbase researchers have released their own investigative findings into the recent Bitcoin Cash 51% attack controversy, and their conclusions might upset many Bitcoin maximalists.

When Bitcoin Cash came under attack during a scheduled hardfork in mid-May, a group of miners colluded to reverse the attacked blocks and return misappropriated funds to their rightful owners.

The Bitcoin Cash camp came under heavy fire for this move by BTC supporters. But Friday’s blog post by Coinbase suggests the global cryptocurrency platform ultimately saw good sense in the decision.

BITCOIN CASH 51% ATTACK: WHY IT MATTERS

The Bitcoin Cash upgrade was halted temporarily in early May when an attacker exploited a bug in the blockchain, a refresher can be found here. The attack lasted for a short while before a majority of BCH miners decided something fishy was afoot and took steps to address it.

 

Binance Graciously Decides Not to Nuke the Bitcoin Blockchain

By CCN: Binance CEO Changpeng Zhao discussed the idea of potentially reorganizing the Bitcoin blockchain. In this vision, the 7,000 BTC recently stolen from the cryptocurrency exchange would be…

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.

COINBASE: BCH MINERS DID THE RIGHT THING

Coinbase had their own interest in finding out what happened during the hardfork/attack, as BCH is major asset hosted on their platform. From the blog:

“On May 15th, Coinbase detected a depth-2 chain reorganization on the Bitcoin Cash blockchain. The reorg targeted BCH funds that were erroneously sent to BTC segwit addresses…”

Those funds totaled 3,655 BCH – equivalent to $1.4 million at the time. Most of these coins were safely recovered, and sent to their proper addresses by the BCH miners. This, it seems, was much appreciated by Coinbase. From the blog:

“We find it remarkable that BTC.top derived the technical solution to recover BCH funds mistakenly lost by users, choosing to send the coins to their intended recipients rather than claiming the funds for themselves.”

It was precisely because a less ethical miner attempted to move the stolen funds to their own address that BTC.top stepped in. BTC.top is one of the major Bitcoin Cash mining pools, representing around 10% of the BCH hashrate.

Some still maintain BCH miners neglected the principles of the blockchain in their recovery of the stolen funds. This combustible Reddit thread offers a taste of the opposing views represented by both camps.

Source.ccn

Bitcoin Cash

Bitcoin Cash (BCH/USD) forecast and analysis on September 15, 2019

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Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 297. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator stripes.

Bitcoin Cash (BCH/USD) forecast and analysis on September 15, 2019

As part of the Bitcoin Cash forecast, a test of level 294 is expected. Where can we expect an attempt to continue the growth of BCH/USD and the further development of an upward trend. The purpose of this movement is the area near the level of 311. The conservative area for buying Bitcoin Cash is located near the lower border of the Bollinger Bands indicator strip at 292.

Bitcoin Cash (BCH/USD) forecast and analysis on September 15, 2019

Cancellation of the option to continue the growth of the Bitcoin Cash rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of ​​284. This will indicate a change in the current trend in favor of the bearish for BCH/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Bitcoin Cash (BCH/USD) forecast and analysis on September 15, 2019 implies a test level of 294. Further growth is expected to continue to the area above the level of 311. The conservative area for buying Bitcoin Cash is located area of 292. Cancellation of the growth option of cryptocurrency will be a breakdown of the level of 284. In this case, we should expect a further fall.

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Bitcoin Cash (BCH/USD) forecast and analysis on September 14, 2019

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Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 298. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator stripes.

Bitcoin Cash (BCH/USD) forecast and analysis on September 14, 2019

As part of the Bitcoin Cash forecast, a test of level 294 is expected. Where can we expect an attempt to continue the growth of BCH/USD and the further development of an upward trend. The purpose of this movement is the area near the level of 312. The conservative buying area for Bitcoin Cash is located near the lower border of the Bollinger Bands indicator strip at 292.

Bitcoin Cash (BCH/USD) forecast and analysis on September 14, 2019

Cancellation of the option to continue the growth of the Bitcoin Cash rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of ​​285. This will indicate a change in the current trend in favor of the bearish for BCH/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Bitcoin Cash (BCH/USD) forecast and analysis on September 14, 2019 implies a test level of 294. Further growth is expected to continue to the area above the level of 312. The conservative area for buying Bitcoin Cash is located area of 292. Cancellation of the growth option of cryptocurrency will be a breakdown of the level of 285. In this case, we should expect a further fall.

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What Is Bitcoin Cash (BCH) And What Sets It Apart From Bitcoin (BTC)?

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  • Bank customers can now transact in both fiat and cryptocurrencies.
  • As of now, users can only use the official web wallet to transfer Petros and trade tokens on authorized exchanges.

Bank of Venezuela is about to become the first financial institution in the country to offer its customers the option of conducting operations in both fiat and crypto. Recently, the Bank of Venezuela clients identified a new module in the management interface of their accounts to register a crypto wallet that still seems to be in its initial phases. 

Although there hasn’t been an official announcement made by the bank, the option is presently live on customer accounts. At present, users can only transfer Petros using the official web wallet and trade those tokens on authorized exchanges such as Amberes and Bancar.

At the moment, though the bank clients seem only to have the option to register a Petro wallet, accounts also have a drop-down menu inviting the users to “choose the type of crypto” they wish to register. This indicates that the bank may support other cryptocurrencies in the future. This latest move by the bank is a blatant attempt to promote the use of Petro in the country. 

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