Welcome, welcome to One Minute Crypto!
I’m your host, Chronos, and today, I want
to talk about 51% attacks against the Bitcoin
When Bitcoin Cash first separated from Bitcoin back
in August of 2017, I predicted that it needed
to maintain at least 5% of bitcoin’s security
in order to survive.
Otherwise, it would just be too vulnerable to an
attack by bitcoin miners.
And since mining power basically tracks price, that
meant it needed to stay above 5%
of the price of bitcoin.
And it did, for a long time.
But two years later, at the time of this recording,
the price of Bitcoin Cash sits below 3%, which
means that just 3% of bitcoin’s miners could
band together and overpower the Bitcoin Cash
And yet it still hasn’t been attacked.
What’s going on?
It turns out, I was wrong.
The threshold is nowhere near 5%, and now we have a big clue about where it actually
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So the reason we know that security threshold
is nowhere near 5% is because of another blockchain,
called Bitcoin SV.
It split off from Bitcoin Cash
in November of 2018, and it has been running
at about 1% the price of bitcoin.
That’s right, just 1%, which means it has
1% of the security of bitcoin — and it hasn’t
been attacked either!
Bitcoin SV sort of acts as a canary for Bitcoin Cash:
it’s an early indicator of potential danger,
because if miners want to attack a weak chain,
they’re likely to target it first, since its
defenses are so much lower.
It’s like leaving your front door unlocked
all the time, but your neighbor is leaving
their front door wide open.
Anyone looking to cause trouble would probably
go after the easier target first, and apparently,
even 1% of bitcoin’s security is enough to
keep attackers at bay.
In a strange way, the continued existence
of Bitcoin SV serves as a sort of shield for
I know this is a strange theory, so I want
to hear your thoughts on this.
Thanks for watching!