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Bitcoin+SV+Faces+Blockchain+Reorganization%3A+Due+to+Unmanageable+Block+Size%3F

Bitcoin SV Faces Blockchain Reorganization: Due to Unmanageable Block Size?

 

The Bitcoin Satoshi Vision [BSV] blockchain is battling with its large block size following a series of block re-organizations, BitMEX- cryptocurrency exchange tweeted on its official Twitter handle on April 19.
 
In the tweet, BitMEX shares that on April 18 its BSV node “experienced 2 block re-organizations. First a 3 block re-organisation, followed by a 6 block re-organisation.” BitMEX provided a diagram in the post,
 
Bitcoin SV Faces Blockchain Reorganization: Due to Unmanageable Block Size?

The below graphic illustrates the events. It includes the block heights, block hashes & block sizes of the relevant blocks.

Blockchain re-organization is a situation when two miners simultaneously find out a block in a blockchain which causes a temporary forking in the network. The situation automatically becomes solved once a miner finds the next block as their chain has the more work out of two forks.
 
The data suggests that the block which caused the fork to become “orphaned,” and is transformed with the block from the fork with more probable blocks. When the network is too slow to create blocks effectively, block reorganization occurs.
 
BitMEX further explains in the comments to its own tweet, it detected two competing chains, with a split occurred at block 578,639.
 
According to the reports, BitMEX’s node proceeded to the chain on the left until block 578,642, which further leapt to the right. The chain moved back to the left side in about an hour. BitMEX noted that no double spending had taken place.
 
BitMEX outlined several explanations when asked what it could mean, it revealed that the Bitcoin Cash SV block size limit is too huge and network latency is too high making the network not reliable for payments.
 
Earlier in April CoinMarketFeed reported, CEO and Founder of largest cryptocurrency exchange Binace, Changpeng Zhao warned that he will delist Bitcoin Satoshi Vision (BSV) if the founder of the altcoin Craig Wright fails to change his behavior in a tweet published on April 11 on his Twitter handle.
 
The crypto community expressed their support to CZ’s warning by encouraging other exchanges to delist BSV and they even circulated tweets with a #DelistBSV hashtag.
 
Recently CoinMarketFeed reported another major crypto exchange Kraken is delisting bitcoin SV (BSV) amid an ongoing social media fight between alleged cryptocurrency’s creator Craig Wright and the popular names of the crypto space.
 
San Francisco headquartered Kraken revealed on Tuesday that it will delist Bitcoin SV and no longer support BSV, quoting community sentiment the ongoing lawsuit against the exchange by the legal advisors of the coin. According to the announcement the cryptocurrency exchange will disable BSV deposits on April 22. In addition the trading will be ceased on all trading pairs from April 29 and withdrawals will stop from May 31.