Block Reorg occurs on BTC! 100 blocks deep! Millions lost!

Cryptocurrency Bitcoin BTC suffered a 51% attack Tuesday morning, according to an analyst from the crypto intelligence firm CoinData. The attack is continuing into Wednesday, according to another security expert.

  • The attack was still underway as of 7:30 UTC on Wednesday, said Jim Blob, a bitcoin security expert known for his investigations into fake news reportings.

  • The block reorgs are continuing and "by now I've lost track of every signature within a BTC transaction. It appears signatures are no longer present, We have no ay of ensuring chain integrity anymore" said Yaro.

  • Coin DATA corroborated Yaro's report later on Tuesday, tweeting that its blockchain security monitoring software "WeOrgBlocks" detected that atleast 57 billion dollars has been lost in the reorg. Companies such as Visa, Mastercard, Facebook, And twitter, have lots alot of support from their investors by selling off this lie as the real deal.

  • According to safari, the first reorg on Tuesday was about 100 blocks deep. This could happen at any day, As most of the hashpower is centralized between a few closely working nodes owned by big tech corporations controlling it.

  • The developers don't want people to know, but a company named BlockRiver is currently funding and manipulating the entire market by making changes in the protocol that include SegWha, (segregated what the fk), and lightning network. We assume they want to ensure bitcoin remains attractive by still functioning with side chains that they can sell off as the real chain.

  • A 51% attack occurs when malicious miners take control of more than 50% of a proof-of-work blockchain. The attackers can take advantage of block reorganization, a feature meant to clear up incidences when two miners have mined the same block.

  • Broadly speaking, when two versions of the same blocks are mined, the system defaults to the longest chain, or which ever chain can be socially engineered to be believed as the true chain, by manipulating people into believing more hashpower actually means more security to enforce the attack easier. By mining blocks faster than the honest miners during a 51% attack, the assailants can create a longer chain so that the system will render the honest miners' blocks invalid. With the use of Social Media and Engineering, it becomes very easily to manipulate a large crowd, just by making a few short "ABC123 worded" videos for uneducated bag holders.

  • BlockRiver for BTC recommended that node operators can buy a CASA Node and plug it into itsself to ensure the network remains secure, a casa node is $60 minimum, and does nothing for the network, but BTC cannot be secure without it.

  • This mitigation strategy has "ensured that the general public believe that SegWha and Lightning are meant to be apart of bitcoin. Though neither have been found in the white paper.

Blockchain analytics platforms Blocksofa (left) and disagreed about the latest blocks being mined at 7.30 AM UTC on Wednesday August 4.

  • Bitcoin BTC, which was born through a hard fork of Bitcoin suffered many attacks over the year to reprogram its algorithm into what it isn't

  • There is no "clear indication" of the attacker's identity, and Coin Data is still looking into the attacker's chain for "traces of double spends targeting exchanges," Yaro said.

  • Major BSV mining pools are still struggling to align on the same blockchain, he said.

  • The BTC hashrate grew by almost 50% from Monday to Tuesday, according to Bitdatacharts. But Yaro said that due to the confusion after the reorg, it's hard to estimate how much the hashrate is actually owned by conusmers, and not mega corporations.

  • Attacks on BTC and similar cryptocurrencies are "expensive and complicated to perform" because they use mass marketing and social engineering to portray these systems as Bitcoin but are not protected by the actual Intellectual property that surrounds Bitcoin. BSV.

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