BSV Chain-splits Into Three – Trustnodes

BSV Chain-splits Into Three

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BSV chain-split, August 2019

BSV, the chain-split of a chain-split has itself split into three chains following a ginormous 210 MB block this Saturday.

Coin Dance and other block explorers were stuck on that 210 MB block, including some miners who extended the “original” chain.

Bitmex research says 65% of BSV nodes are on the latest block. 17% have been stuck on the 210MB block while 19% have not even upgraded and are on the old pre-hardforked chain.

BSV “upgraded” this July 24th with the sole aim of changing the blocksize limit from 128 MB to 2 Gig.

The stated requirements to participate in this network for operating a “listener node” or a mining operation are, among other things, a “1Gbit+ Internet Connection (up and down).”

Ryan Charles of Money Button and a strong BSV supporter was unable to keep up, stating:

“Money Button went down because our Bitcoin SV node ran out of memory and crashed during a stress test…

Running a node is expensive.

Our new instance will cost thousands of dollars per month to operate. As blocks continue to get larger and we have to upgrade the instance many times, this cost will balloon.

Since we do not earn money from transaction fees like miners, it will be too expensive for us to run a node.”

Massive BSV blocks, August 2019
Massive BSV blocks, August 2019

These ginormous blocks led to a considerable drop in the hashrate to about 300 petahashes before recovering to a current circa 1,200 PH/s.

BSV enormous blocks reck hashrate, August 2019
BSV enormous blocks reck hashrate, August 2019

Coin Dance is now on the new chain, with the older chain presumably to be discarded as it’s unlikely anyone would bother maintaining a BSV Classic chain.

That means whoever got stuck mining on the old chain may have lost some money as those blocks will now probably be discarded.

It also means what might have appeared as confirmed transactions could have become unconfirmed in a brief rollback of history.

The 210MB block has some 800,000 transactions for a fee of $350 worth of BSV with it taking quite a few operators some hours to verify.

BSV hashrate, August 2019
BSV hashrate, August 2019

Here the network is centralized with Coingeek directly or indirectly running the vast majority of miners assuming that grey “other” is them.

So this ginormous block in the end didn’t matter very much because Coingeek forced all others to follow them, unless obviously those others want to come up with a new client, but the wind might have sailed by then.

In a decentralized network, this would have gotten really messy and might have created a permanent split if miners did not voluntarily agree to throw away their blocks, with a lot of headache then in regards to just which one is BTC.

This ginormous block, moreover, has a significant attack vector in a decentralized network in that the block can be filled with hard to verify transactions, and so clog the network.

In a centralized blockchain, Coingeek in this case would just orphan that block, but other miners would have been stuck. Meaning Coingeek would take even more hash.

Much of this does not necessarily matter in BSV as there is no real economic activity, but in a blockchain that is actually used, it could have gotten messy.

Sometime in the future 210MB blocks might perhaps become manageable for a laptop node. In which case this would translate to about 120 million transactions a day.

The problem there would be storage because memory only increases in a blockchain. At the current 1MB for bitcoin, requirements would still grow to about 10 terabyte by around 2030.

Not huge perhaps and somewhat manageable even now, but it will continue to increase. Hence the very conservative approach in bitcoin where they’d rather network users pay the cost in transaction fees instead of node runners in resources for the network.

In BSV they take the opposite approach, while BCH has now become sort of the middle way in increasing capacity but kind of in line with demand rather than by jumping to 2GB when no one is using the network.

Will be interesting to see however in how many chains BSV splits if they try mining a giga-block.

We haven’t really seen a three way split before, but with gigablocks there may well be more than even three.

Copyrights Trustnodes.com

Comments (3)

  1. BSV built for Donkey’s By Donkeys

    1. Says a fake account troll (your name is giveaway and the dumb comment also).
      BSV is actually the original Bitcoin and the only real Bitcoin. You should read the Bitcoin white paper every now and then to remind yourself how Bitcoin actually works, so that you can see that BSV not only works as original Bitcoin, but it scales the best of any Shitcoin blockchain, meanwhile it is BTC that is a deliberately crippled SegWit Altcoin, that can’t do anything, and its for stupid monkeys like yourself.

  2. There is tons of propaganda in here:

    – There hasn’t been 3 chains split, whoever wrote this article needs to read his own words… the non-mining nodes (in truth only miners are nodes, and non-mining nodes are just observers) that got stuck at 210Mb block got stuck because their hardware failed to keep up with larger number of transactions, which is quite pathetic to be honest. If you don’t have at least few GB or RAM your node is a joke. Sorry but Raspberry Pi type nodes are doing jack shit, you are just pretending that you are doing something for the security of the network, in truth, they are contributing nothing to security. The miners that kept mining old client version, its their own fault, they should be paying more attention to the network upgrades, they have been given plenty of time to upgrade. So what actually happened is chain split in 2 temporarily, which is nothing special or unusual, it is part of the Bitcoin system and a feature to get blocks orphaned. Miners who didn’t upgrade should learn from this, but quite frankly, they should have learned from the past, and clearly they haven’t learned anything.

    – There is no centralisation in BSV. This term is used in all the wrong places and its misrepresented every time. Centralisation happens when someone has power on changing the system rules. As Bitcoin is a digital system, a program, or you can call it a protocol, if someone starts changing the protocol, that is the point where CENTRALISATION occurs. This is what happened with BTC when Blockstream’s employees hijacked BTC github and started changing rules the way their employer wanted them to do (their employer is BANKER, as it is public knowledge, for those of us who have been paying attention to all this, Blockstream is created/funded by no other people then BANKERS). BSV has no such thing as centralisation because no one in BSV is changing the rules of the system… in fact, BSV is being fixed up and all the shit that Core devs did to BTC, and then again ABC devs to BCH, is being undone and BSV protocol is being changed back to original BTC protocol, the way BTC was before Blockstream started fucking it up. BSV is the how BTC used to be before it got centralised by bankers/Blockstream and fucked up. Now BTC is not useful for anything, it has literally become a Ponzi scheme… and this is not going to last.

    – Pay attention to what happened in this stress test… 800K Tx in ONE SINGLE BLOCK, which is TWICE the capacity of that crippled BTC network FOR A WHOLE DAY. Imagine what BSV network will do in few years when businesses and government start using it… this is where all economic activity is going to be, and miners of BSV will get plenty of rewards in form of Tx fees, while miners of BTC will die off once block subsidy goes down more and more…. BTC is a DEAD CHAIN WALKING already, you people are just corrupt and liars, and you have mislead people that BTC is still Bitcoin, and that awful Lightning network, which is actually having nothing to do with Bitcoin, that is completely centralised, there is no P2P payment network in Lightning, you are going to have to trust 3rd parties to not only hold your IOUs (yes, you are not even using BTC in Lightning, you are actually using IOUs) and money will be locked in and you can’t do anything with it until you close the channel, and you will have to trust 3rd parties yet again to prevent a double spend. Lightning is also created by Blockstream, the same people who fucked up BTC and made it useless, who work for BANKERS… and you are also aiding this propaganda narrative that Lightning is scaling of BitcOin, when in truth, it has NOTHING TO DO WITH BITCOIN.

    BITCOIN IS A SYSTEM DEFINED IN THE BITCOIN WHITE PAPER
    BTC NO LONGER WORKS AS BITCOIN… BSV DOES… BSV IS THE ACTUAL BITCOIN

    BITCOIN IS BSV

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