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BitPico: BCash Defense Against an Attack is to “Censor, Manipulate, Blame and Cry”

BitPico, the anonymous group of developers known in the crypto sphere for the tests they conducted on the integrity of several blockchains, has announced that they are preparing an attack on the Bitcoin Cash network to evaluate how well it can withstand such stress.

According to BitPico, the intention is to find out whether Bitcoin Cash is a blockchain with a high level of centralization or is it transparent about its degree of decentralization.

The account says they expect to conduct a progressive stress test of up to 5000 nodes in 6 weeks, with the intention of seeing the consequences and testing the integrity of the network.

However, one of the most prominent threats is the security they claim to have of being able to fork the chain and verify that a 51% attack is possible.

The group has earned an important reputation for being able to perform stress tests on various platforms. One of the most common ways is to perform an excesive number of operations and requests, or DDoS attacks.

The BCH community in Reddit which, curiously enough, is more active in r/BTC than in the official Reddit of said altcoin r/BCH has criticized the announcement. Some question its veracity while others criticize that the attack may be more than just ethical hacking.

Reddit user chainxor commented that performing a 51% attack would be extremely costly and highly unlikely to happen for at least one group with little investment capacity.

BitPico: “Attacks” Also Happen on Social Media

After the news broke, other media outlets criticized BitPico’s seemingly dishonest intent and were quick to discredit it, calling into question its reputation for unsuccessfully attacking the LN network.

Faced with these statements, BitPico directly questioned the low level of impartiality of the article. For Bitpico, BCH uses some media to censor facts and manipulate information.

They mention that BCH’s “only defense is to censor, manipulate, blame and cry.”

A Little More Technical:

A few days ago, BitPico tweeted a transcript of an unpublished interview for Coindesk. In the sample the procedure that would follow to carry out the attacks on the network of BCH and to try a fork of the famous altcoin:

– Why do you think you’ll be able to fork the blockchain?

There are only a handful of mining pools and not enough nodes to enforce network rules; isolating majority of these nodes allows us to utilize our own nodes to withhold blocks and/or headers, reject blocks and/or headers, purposefully fail to relay block’s and/or headers and so on.

Recently the Bitcoin Cash network has hard forked to accept 32 Megabyte blocks. With a combination of sybil attacks and our farm producing 32 Megabyte blocks (in-advance) we can inject enough blocks to induce latency and churn into the network so that miners will fall behind on consensus and begin to build their own chains since we will have isolated all of the miners nodes to our own nodes with different rules regarding blocks sizes they are willing to accept.

At this point anyone can double-spend at any Bitcoin Cash Zero Confirmation merchant, even from a light client and with zero-effort; the funds will simply show back up once

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Ladislav Mecir: The 57 Years-old Grandfather Who is Also the Most Active Editor of Bitcoin’s Wikipedia Article

Ladiskav Mecir. Courtesy: The Outline

57-year-old Ladislav Mecir is one of those anonymous heroes in the crypto verse. He is a man worthy of admiration for his work and dedication to the entire community of crypto enthusiasts around the world.

Ladislav Mecir is a Czech grandfather of 3. He lives in Jičín, a small town in Prague, and is a personality in the ‘Wiki-world,’ for being the most active Wikipedia editor for its Bitcoin article.

The tech-savvy grandpa says that when it comes to Bitcoin, his vision of the subject is so broad that it unites a pedagogic approach with the most up-to-date information:

“I am writing for a version of me that does not know these things,” Mecir said during a video call. “I am writing the things that if I came not knowing anything, I would appreciate to see.”

Ladislav Mecir

Many people think that cryptos and technology in general have a certain generational barrier. The truth is that this difficulty is more subjective than real; and Ladislav is living proof that having a glimpse into the future can be a passion for anyone regardless of age.

Ladislav Mercir recalls that back in 2000, he was looking for an opportunity to change his career. While researching on the internet, he found out about Wikipedia and more out of curiosity than out of passion he began his work of contribution.

Later in 2012, he first heard about Bitcoin and quickly realized its potential:

” [I thought:] This is going to change everything … I was surprised that something like this can even exist.”

Thanks to this enthusiasm, he began to research on Bitcoin and to share his knowledge. He then unknowingly started his new career; editing, expanding and monitoring the Bitcoin’s Wikipedia page, both in English and Czech.

Ladislav Mecir has had ups and downs during his career on Wikipedia. Generally, many attacks arise from groups that he catalogs as “Anti-Bitcoiners”: People who believe that Bitcoin is a scam, so they edit the article by putting its veracity into question.

Also, he clearly affirms that another group of people who behave similarly to the groups mentioned above are the pro-bch editors.

While a fervent advocate of free speech and openly opposed to censorship, allegations of some editors that Bitcoin is a Ponzi scheme or that crypto lacks legitimacy are to him merely guesswork with no real foundation and are the ones that he edits all the time.

Another story he recalls about his wiki rollercoaster is a discussion with a rival editor about whether “BCash” is an insulting term or not. The Bcash advocate then asked Wikipedia to ban Mecir from editing any article related to cryptocurrencies.

Knowledge Matters More Than Money

Despite his significant involvement in the BTC community, Ladislav doesn’t own any Bitcoin. He is happy being part of the change BTC could imply rather than the money he could earn or lose:

 “I invest my time,” I said. “I learned a lot, and I cannot lose what I have learned.”

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Bitcoin Cash Remains Stable Despite BTC Plummet

Recent devaluations and a loss in confidence of Bitcoin (BTC) has pushed leading altcoins into a more powerful position in the market. Cryptocurrency’s leading token has seen a near 20% fall in market dominance as Bitcoin hovers just over 40% of the current platform. In response, coins like Ethereum, Litecoin, and Ripple have hosted a boost in investment. Inconclusive standing, though, casts doubt against even those names.

Much to the surprise of casual investors, Bitcoin Cash has thrived over recent weeks. The recent split from BTC struggled to find its initial footing, but has continued to grow since the opening weekend. Investors continue to push the newer altcoin as it holds a stable presence next to Bitcoin in name with higher upside because of BTC’s tendency to waiver.

The week leading up to Christmas presented difficult decisions for owners who are looking to take a long position on the leading coins:

Token Price ($) Change (%) Market Cap ($, in B) Market Perc. (%)
Bitcoin (BTC) 14,195.60 -19.84 240.78 42.46
Bitcoin Cash (BCH) 2,931.43 20.49 49.93 8.81
Ethereum 777.23 -9.06 75.54 13.32
Litecoin (LTC) 274.40 -21.15 49.93 7.69

Bitcoin Cash’s positive position following the recent downturn in crpyto’s social image may not last long following damning evidence of insider trading. Whether or not the loose “evidence” is enough to warrant a fair drop in price may be irrelevant in the short-term. Owners looking to play the market short-term should be scared of the potential drop in value as more information comes out surrounding the information. Trying to short the token appears to be the smart move early as the market’s growth remains heavily speculative.

Investors targeting BCH will see the heavy inconsistency that accompanied the token in the last seven days. A mid-week peak over $4,000 was met with a quick depreciation to under the $2,000 mark only a couple days later. Bitcoin Cash’s tie to the primary token for casual investors will continue to push the coin towards marginal, yet reactionary trend of the market dominator. However, those looking to play the market for more than a day or two will see that it readily regains its footing.

The token’s ability to turn a positive yield during a major negative week for crypto as a whole offers a promising look moving forward. Anyone looking to short the coin moving forward will need to act quickly with limited potential over the next three and a half months. The chance for more negative news and no clear, practical use limits BCH in comparison to Ripple.

Taking a long position will require six months-plus of patience and the ability to ignore the regular variances in value. Bitcoin Cash has found a fair amount of its worth in the value of the crypto market as a whole rather than being a standalone option. With so much differential heading into the new year, investors need to establish and commit to their positions.