Bitcoin Cash SV Outperforms ABC as Crypto Market Drops $8 Billion

Bitcoin Cash Satoshi’s Vision (BSV) has seemingly been outperforming Bitcoin Cash ABC – which has the BCH ticker on most crypto exchanges – as the price of most cryptocurrencies keeps dropping.

According to CryptoCompare data, BCH is currently down by about 6.32% and is trading at $105.1, while BSV is currently up about 1% in said period, trading at $105.2. BSV has, in fact, seemingly been bucking the bearish trend as while most cryptos are down in the last week, the cryptocurrency is up 3.3%.

BSV's price performance

What’s behind BSV’s price performance is unclear. The cryptocurrency was created on November 15, as the BCH hard fork saw the crypto’s community split into two sides that supported different technological solutions that weren’t compatible with each other.

One side, that of BCH, is supported by and crypto mining hardware manufacturing giant Bitmain, while BSV is supported by self-proclaimed Satoshi Nakamoto Craig Wright and nChain, as well as by Calvin Ayre’s CoinGeek.

As recently covered supporters of BCH have been sued by United American Corp, an IT services firm, for allegedly manipulating the hard fork. Notably, some believe that the opposite is going on, and claim Calvin Ayre, a billionaire who made a fortune through an online gambling venture, is manipulating the price by selling BCH for BSV.

On Reddit, various users have pointed to various BCH addresses associated with CoinGeek that recently moved large funds as evidence the price is being manipulated. According to available data CoinGeek’s mining pool has mined roughly 70,000 BCH, which it has sold on exchanges.

Some, however, believe adoption is behind BSV’s rise. Services like FiveBucks and Ryan X Charles’ MoneyButton moved from BCH to BSV as they believe it’s more in line with Satoshi Nakamoto’s whitepaper.

Crypto Market Loses $8 Billion

Other top cryptocurrencies haven’t been performing well as well. Bitcoin, the flagship cryptocurrency, is trading at about $3,430 after falling 6.8% in the last 24-hour period, while Ethereum’s ether is at $87.2 after losing 10.7% of its value.

According to MarketWatch, in a research note about the drop Naeem Aslan, chief market analyst at Think Markets UK, stated:

The price of bitcoin has crippled on the back of this and I think it is likely that the price may not only drop below the $2K mark, but with this kind of momentum behind it, the price can test the 1500 level. Simply put, the bad news keeps coming just like cockroaches coming out of a hole.

Aslam added that bitcoin’s current price “represents an opportunity of a lifetime,” as the cryptocurrency has to stop dropping eventually, and will presumably recover later on.

CryptoCompare data shows other cryptocurrencies, including LTC, ZEC, and DASH are down anywhere between 10% and 15%, with XRP managing to go down only 6.7% to $0.305. Privacy-centric cryptocurrency.

EOS currently appears to be facing the most significant drop among top cryptocurrencies, as it’s trading at $1.73 after losing 20.3% of its value in a day. In the last two weeks, it lost 52% of its value.

Error in Time-Locked Bitcoin Contracts Allows for Miner 'Fee-Sniping'

Michael LaVere
  • Crypto researcher 0xb10c discovered an error in bitcoin "time-locked" transactions that could be used as an attack vector.
  • Miners can take advantage of the program to carry out "fee-sniping" and steal funds from one another. 

Users have discovered an error in bitcoin “timelocked” contracts that could potentially allow miners to steal BTC from one another. 

Anonymous crypto engineer 0xb10c reported discovering more than one million “time-locked” transactions made between September 2019 and March 2020. In a post, 0xb10c detailed how these special bitcoin transactions were not being accurately enforced by the network. 

As opposed to normal transactions, time-locked transactions prevent recipient bitcoin from being accessed after sending. Users must wait for a specific number of blocks to be added to the network in ten-minute intervals before gaining control of their bitcoin. 

0xb10c claimed the errant time-locked transactions provided an attack vector for miners to steal transaction fees  from one another via “fee-sniping.” According to the engineer, the backlog of time-locked transactions were being purposefully designed for a “potentially disruptive mining strategy” involving the theft of miner fees. 

In an interview with CoinDesk, 0xb10c said time-locked transactions represented a “low-priority” problem at present that could eventually balloon to involve the wider network. He explained that fee-sniping would become more lucrative in a few years as the majority of miner income shifts towards transaction fees. 

He continued, 

A fix for this has been released in early 2020. However, it will take a while before all instances of the currently deployed software are upgraded.

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