Bitcoin Proponents Are Laser Focused on One Particular Mining Pool

F2 PoolFollowing the Bitcoin scaling debate has been interesting over the past few months. A lot of people have been focused on certain characters and organizations within the cryptocurrency environment by highlighting their opinions and scaling choices on social media. One particular individual and entity of interest has been the mining group F2 Pool and the

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F2 Pool

Following the Bitcoin scaling debate has been interesting over the past few months. A lot of people have been focused on certain characters and organizations within the cryptocurrency environment by highlighting their opinions and scaling choices on social media. One particular individual and entity of interest has been the mining group F2 Pool and the pool’s associate Wang Chun.

Also read: Research Shows How Bitcoin Can Be Attacked Via Internet Routing Infrastructure

All Eyes on F2 Pool

The Chinese F2 Pool formally known as “Discus Fish” is a mining organization that was formed in May of 2013. The Chinese mining pool is well known for commanding a significant portion of Bitcoin’s hashrate distribution over the past few years. Currently, F2 Pool is the second largest mining operation behind Bitmain’s Antpool capturing 11 percent of the network’s hashrate. People have been focused lately on F2 Pool’s actions because many are curious to find out what scaling solution the pool supports.

Bitcoin Proponents Are Laser Focused on One Particular Mining Pool

So far figuring out whether or not F2 pool supports bigger blocks, or Segregated Witness (Segwit) has been quite confusing. From the signs of things and statements made, the mining pool would like to see both developments move forward. For instance, one vocal member of F2 pool, Wang Chun has been voicing his opinion on the subject for quite some time but in a very cryptic fashion.

Then this week on April 18th the Chinese publication 8BTC’s forum revealed a translated statement from F2 Pool that announced the organization was in favor of Segwit, but the announcement also stated the pool wants a larger block size.  

“Most people don’t realize that the debate is about what is best for bitcoin instead of choosing one specific scaling solution, Segwit, BU or other scaling solutions,” explains the mining pool’s announcement.

At F2Pool, we are in favor of Segwit plus a large block size. Segwit can help solve technical problems and a large block size is beneficial to the bitcoin ecosystem in the long run. But the hard fact is that we are not able to reach this goal under the current situation.

Can We Really Determine What Scaling Solution F2 Pool Supports?

Watching F2 Pool’s scaling signals when the pool mines blocks on the network has also been very confusing. The mining pool has signaled for Segwit but has also shown support for other proposals as well. A few weeks ago for an April Fool’s Day joke, the pool signaled for every proposal on the table including Segwit, Bitcoin Unlimited, Classic, and an 8mb increase. The pool also showed signs of supporting Segwit on the Litecoin network that day.

F2 Pool’s Wang Chun told his Twitter followers that day, “Bitclub stole my idea for the upcoming April Fool’s Day. Let’s signal BU + SW + Classic + XT +8M all together!”

Bitcoin Proponents Are Laser Focused on One Particular Mining Pool
Wang Chun meets with Bitcoin Unlimited developer Andrew Stone in China this past March.

Wang Chun’s Twitter Statements

Furthermore, Wang Chun has been revealing strong opinions about bitcoin development over the past few days. On April 18 Chun compared Core developers to Saddam Hussein winning 100 percent of the vote in 2002. “Core devs are no different from President Hussein IMHO,” explains Chun. The F2 pool associate goes on to say that the scaling debate is not about Segwit at all but more about development communication and listening.

“It’s not about segwit or not,” says Wang Chun. “It’s about communicating, listening, understanding, and respecting. All those the things current Core devs lack.”

Bitcoin Proponents Are Laser Focused on One Particular Mining Pool

The pool has been signaling for Segwit for the past three days according to network statistic websites. It seems the mining pool is pleased with taking a more humorous approach and has no problem joking around about block size debate. However, as the saying goes many true words are said in jest. It’s clear Wang Chun has a lot to say about the scaling subject and believes Bitcoin development communication skills with miners needs improvement.

What do you think about F2 Pool’s stance towards the scaling debate? Do you agree with any of Wang Chun’s recent statements towards developers? Let us know in the comments below.


Images via Shutterstock, and Twitter.


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To Mine or Not to Mine, Russia’s Regulations Still Unclear

Russia recently announced its plans to assign a legal status to Bitcoin. While the cryptocurrency community rejoiced about the new developments, it is too soon to break out the champagne as Bitcoin mining can still be considered as a criminal offense, attracting jail time. Many people became aware of the scenario after the head of … Continue reading To Mine or Not to Mine, Russia’s Regulations Still Unclear

The post To Mine or Not to Mine, Russia’s Regulations Still Unclear appeared first on NEWSBTC.

Russia recently announced its plans to assign a legal status to Bitcoin. While the cryptocurrency community rejoiced about the new developments, it is too soon to break out the champagne as Bitcoin mining can still be considered as a criminal offense, attracting jail time. Many people became aware of the scenario after the head of … Continue reading To Mine or Not to Mine, Russia’s Regulations Still Unclear

The post To Mine or Not to Mine, Russia’s Regulations Still Unclear appeared first on NEWSBTC.

Research Shows How Bitcoin Can Be Attacked Via Internet Routing Infrastructure

Researchers from ETH Zurich and the Hebrew University have found how “internet routing attacks” and “malicious Internet Service Providers (ISPs)” can attack the Bitcoin network. In their research paper entitled “Hijacking Bitcoin: Routing Attacks on Cryptocurrencies”, they describe the attacks as well as countermeasures against them. The paper will be presented at the 2017 IEEE Symposium

The post Research Shows How Bitcoin Can Be Attacked Via Internet Routing Infrastructure appeared first on Bitcoin News.

Researchers from ETH Zurich and the Hebrew University have found how “internet routing attacks” and “malicious Internet Service Providers (ISPs)” can attack the Bitcoin network. In their research paper entitled “Hijacking Bitcoin: Routing Attacks on Cryptocurrencies”, they describe the attacks as well as countermeasures against them. The paper will be presented at the 2017 IEEE Symposium on security and privacy in May.

Also read: Attacks on Data Privacy May Get Scarier in 2017

Internet Routing Attack Vector

There are already many known Bitcoin attack vectors such as double spending, the 51% attack, DDoS, eclipsing, and transaction malleability. However, the authors asserted that:

One important vector has been left out though: attacking the currency via the Internet routing infrastructure itself.

Research Shows How Bitcoin Can Be Attacked Via Internet Routing InfrastructureWhile a Bitcoin node can be run from anywhere on earth, the researchers found that most of them are hosted with a few ISPs. Specifically, they found that 13 ISPs host 30% of the entire Bitcoin network. In addition, 60% of all possible Bitcoin connections cross 3 ISPs.

“Together, these two characteristics make it relatively easy for a malicious ISP to intercept a lot of Bitcoin traffic,” they wrote, adding that “any third-party on the forwarding path can eavesdrop, drop, modify, inject, or delay Bitcoin messages such as blocks or transactions.”

Two Types of Attacks Warned

Research Shows How Bitcoin Can Be Attacked Via Internet Routing InfrastructureThe paper then describes two types of attacks claimed to be practical and possible today.

The first is called a “Partition attack” which aims to partition the Bitcoin network or “completely disconnect a set of nodes from the network”. The second is called a “Delay attack” which aims to delay the propagation of new blocks to a set of Bitcoin nodes without disrupting their connections.

To determine their effects, the authors set up a network and initiated the attacks on themselves. They performed a hijack in the wild against their own Bitcoin nodes to learn the effect of a Partition attack. For a Delay attack, they used an interception software against their own Bitcoin nodes. They eventually came to the conclusion that:

The potential damage to Bitcoin is worrying. By isolating parts of the network or delaying block propagation, attackers can cause a significant amount of mining power to be wasted, leading to revenue losses and enabling a wide range of exploits such as double spending.

Possible Countermeasures

The paper offers various suggestions to combat the routing attacks of Research Shows How Bitcoin Can Be Attacked Via Internet Routing Infrastructureboth kinds. While nothing is a cure for all attack types, the more countermeasures deployed, the more effective a defense Bitcoin users will have.

Both long and short-term countermeasures were suggested. Recommended strategies include increasing the diversity of node connections, selecting Bitcoin peers that are routed further away, monitoring round-trip communication times, and even encrypting all node traffic. The research team also proposes monitoring any other additional statistics so that deviations from normal behaviors can be immediately identified at each node.

The full list of countermeasures can be seen here.

What do you think of these attacks? Let us know in the comments section below.


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