Antonopoulos Debunks Bitcoin Double-Spend Attack FUD

Andreas Antonopoulos has taken to Twitter to debunk the fear, uncertainty and doubt (FUD) being spread by some crypto publications concerning a $22 bitcoin-double spend attack. The highly reputable Bitcoin evangelist has made it clear that the entire scenario was simply a chain re-organization in the Bitcoin blockchain, an occurrence that’s part of Bitcoin’s normal operation.

Bitcoin is Still as Strong as Ever

Bitcoin advocate Andreas Antonopoulos has written a Twitter thread explaining the January 20 occurrence on the Bitcoin network which some publications falsely described as a double-spend attack.

 As reported by Cointelegraph on January 21, 2020, citing a tweet by BitMEX Research, there was a double-spend transaction on the Bitcoin network valued at 0.00062063 BTC ($21 at the time). 

For the uninitiated, a double spend is simply a situation whereby a bad actor spends the same BTC twice. For instance, a bitcoin holder could spend his $20 worth of BTC on a bowl of rice and still use that same $20 to purchase other items, instead of having a zero balance in his wallet.

 According to Satoshi Nakamoto’s Bitcoin whitepaper, it is practically impossible to carry out a double-spend attack on the Bitcoin network. As such, the false news that this ugly scenario had occurred, has triggered massive fear uncertainty and doubt in the hearts of crypto newbies, while also fueling an over 10 percent drop in the price of bitcoin (BTC).

Antonopoulos to the Rescue

In his lengthy Twitter thread, Antonopoulos has explained that the purported double-spend is simply a chain-reorganization in the Bitcoin blockchain, “a common occurrence that is part of Bitcoin’s normal operation,” adding that “it is a result of decentralized consensus under proof-of-work. All PoW chains do this.”

Thread:

Antonopoulos added:

“Nothing weird or outside the consensus algorithm happened. Bitcoin continues to work exactly as it should. The only thing that happened is bad “journalism” if it can even be called that. In a bubbly market, a rumour can circle the globe before it is debunked.”

For context, the Bitcoin network has remained solid and water-tight since its creation 12 years ago. However, some other blockchain networks, including Ethereum Classic (ETC) have been cracked by rogue actors in recent times.

Last January, BTCManager informed that Bitcoin Gold (BTG), one of the numerous hard forks of Satoshi Nakamoto’s Bitcoin (BTC) had suffered a $75k double-spend attack.

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