Hash Wars: Mining Operation OrcaPool Launches to Defend Altcoins and Forks From ‘Attackers’

A new mining operation dubbed “OrcaPool” has recently been launched, with the goal of defending altcoins and forked coins from attackers who may attempt to pull 51% attacks on them. Specifically, the pool appears to be a response to SharkPool.

At the time of Bitcoin Cash’s hard fork last year, a new cryptocurrency mining pool, SharkPool, was launched. The pool, founded by Bitcoin Satoshi’s Vision (BSV) supporter Ari Kuqi, threatened to annihilate “alts who dare bearing the Bitcoin name,” and specifically named Bitcoin Gold, Bitcoin Diamond, and Bitcoin Private.

SharkPool’s plan to annihilate cryptocurrencies is to dominate their hashrate to then start mining empty blocks on their chains. This stops transactions from going through, which over a long period of time creates a significant transaction backlog, making their network useless. The second part sees it sell the rewards it gets from those blocks for BSV, pushing its price up and putting selling pressure on the attacked crypto.

So far, SharkPool has seemingly attacked BCH’s testnet forcing it to add additional security resources, and Bitcoin Private’s (BTCP) mainnet, forcing cryptocurrency exchanges to require 1,500 network confirmations on transactions.

Speaking to CryptoGlobe, Kuqi revealed that behind SharkPool’s ideology is Nakamoto Consensus. Per his words, nothing the pool does is “illegal,” as it “obeys all laws and regulations.” He added “miners execute their executive power by voting with their hash, building on a block or orphaning it.”

At the time Kuqi, the founder of Cashpay Solutions, also noted it doesn’t matter whether Craig Wright is indeed Satoshi Nakamoto, as SharkPool “fights for sound and stable money.” The pool has over the past few months been recruiting miners.

Now OrcaPool, on Twitter, has revealed its goal is to counter SharkPool’s activities, and that it’s also recruiting miners to join its resources. Its website explains the Orca was chosen as it’s a natural predator of the shark.

The new pool is reportedly going to sell the rewards of blocks it mines for bitcoin. So far, the war between the two pools has seemingly only been occurring on social media. SharkPool, reacting to the competitor, stated:

As onlookers piled on, OrcaPool pushed back:

Brazilian Investor Buys 28 BTC With 30% Discount on Facebook

Neil Dennis

A Brazilian crypto consultant has reportedly completed a sale of 28 bitcoins at a 30% discount on Facebook, in a move made possible by alarm bells ringing regarding a local cryptocurrency investment platform.

According to Livecoins Márcio José Motta, the consultant, advertised he was selling 28 BTC – worth around $280,000 – on a Facebook group earlier this week, with the catch that the coins were on the Atlas Quantum investment platform.

The sale was made a 30% discount, as the platform itself is facing various challenges. For one, it’s widely believed to be a Ponzi scheme, as it claims to use a bot – an internet software application – that can examine prices across exchanges to take advantage of arbitrage opportunities, and reward traders for their investments.

Facebook bitcoin sales adsSource: Livecoins

The company has also been notified by Brazil’s Securities Commission (CVM), as users have been reporting withdrawals issues from its platform. This means the discount came from a user who likely tried – and failed – to withdraw his funds.

The BTC sale was reportedly completed in less than an hour, as the crypto consultant claims to have connected the seller to a group of investors who’re always looking for cheap BTC. Márcio added he concluded similar operations with other exchanges, telling the Brazilian news outlet:

The same thing happened with Negociecoins. In transactions related to that exchange alone I’ve moved over 40 BTC a day.

Meanwhiles Atlas Quantum, the platform that’s seeing users struggle to withdraw, has said it’ll reward them with a 25% premium once they are indeed able to get their funds out. The bonus, the company claims, is related to days in which it failed to pay out “arbitrage” revenues. The company further alleged it’s unaware of any discounted BTC sales going on between its users.

The cryptocurrency scene has been growing in Brazil. As covered last month the public transportation system of the city of Fortaleza, the capital of the state of Ceará, has started embracing cryptocurrency payments.