Hey, everyone. I've been a crypto fan for years but

Question

Hey, everyone. I've been a crypto fan for years but

only just discovered the truth about Bitcoin Cash vs Bitcoin thanks to Roger Ver's book, Hijacking Bitcoin.

Can anyone answer this technical question? Why doesn't BCH use a different hashing algorithm than BTC since (as I've heard) that opens it up to easily be overpowered by malicious BTC miners?

That said, maybe it's not even a problem & I've been mislead to believe it is by the prevailing BTC narrative.

#bch #bitcoincash #cryptocurrency #english

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30.05.2024

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John Moriarty · Accepted Answer

Basically, all BTC miners are BCH miners, it's not like they're segregated by which coin they support politically. Miners either split their hashrate between the two somehow, or switch 100% of it back and forth depending on which one is currently more profitable. (That changes back and forth based on price movements and the difficulty adjustment algorithms.) That important because all SHA256 miners can profit from mining BCH, and sometimes more than from mining BTC. A good Whitepaper quote: "If a greedy attacker is able to assemble more CPU power than all the honest nodes, he would have to choose between using it to defraud people by stealing back his payments, or using it to generate new coins. He ought to find it more profitable to play by the rules, such rules that favour him with more new coins than everyone else combined, than to undermine the system and the validity of his own wealth." Relatively low hashrate is definitely a problem (objectively less security), but the chance of 51% of SHA256 miners deciding to cut their own profits out of spite to destroy BCH is practically 0. Also worth noting the possibility for BCH-friendly SHA256 miners to move hash from BTC over to BCH to defend it in the case of an attack as a long term investment.

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