Bitcoin Money (BCH) common hashrate over the previous week has fallen beneath eight % of Bitcoin’s (BTC), whereas Blockstream compares the altcoin to a five-year-old Litecoin onerous fork.
Feathercoin? Is That You?
In feedback on Twitter in the present day, Blockstream VP options lead Warren Togami sounded the alarm over BCH — warning its low common hashrate positioned traders vulnerable to double spend assaults from malicious events.
In response to Togami, there presently exists a “actual threat” of double spending, which might have a paralyzing impact on exchanges and buckle BCH’s already low liquidity.
Togami had beforehand issued admonitory phrases on the altcoin in Might, when hashrate circled 12 % of Bitcoin and exchanges have been crediting BCH transactions after only one community affirmation, a transfer he described as “terribly harmful.”
Now, the state of the BCH community is paying homage to Feathercoin — a venture which forked off from Litecoin in April 2013, solely to lie dormant for a number of years afterward.
Launching with a worth just below $zero.50 per token, after a 51 % assault in June the identical 12 months, FTC collapsed, changing into price lower than one cent for the subsequent three years.
Historic parallel from 2013https://t.co/jUXqar7fzO
1/ FTC forked from LTC, competed for scrypt hashes.
2/ Like BCH, incompetent dev.
three/ Skilled crippling diff swings, added issue smoothing.
four* Big reorg assault.
5* "Solved" drawback with centralization.
* = Subsequent for BCH?
— Warren Togami (@wtogami) September four, 2018
Centralization And ‘Incompetent Dev’
For Togami, the “parallels” with BCH are clear.
“FTC forked from LTC, competed for scrypt hashes,” he continued, including that “like BCH,” FTC had an “incompetent” developer.