BitMex Insurance Fund Can Finance 51% Attack on Bitcoin Cash For a YearBTC Casino / 24th January 2019
Hong Kong-based trading platform BitMEX owns so much Bitcoin that it could launch multiple 51 percent attacks against some altcoins for months.
Max Keiser Interview: Buy Bitcoin, ‘Leave Alts to Dickheads Like Jamie Dimon’
Wednesday December 12, 2018
Max Keiser once again shared his thoughts with Bitcoinist on the latest happenings in France, how Russia may use Bitcoin for its strategic reserves, and why Bitcoin is king while […]
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Bitcoin Insurance Fund Worth $76 Million
Those were the results of calculations from social media commentators this week as it emerged BitMEX’s Insurance Fund now contains 21,350 BTC ($75.9 million).
The “monstrously large” fund, as Twitter account loomd’rat described it in December, has accelerated its accumulation in recent months as the Bitcoin price tanked from $6500 to $3500.
According to BitMEX’s own statistics, on January 1, 2018, the fund had a balance of just 2720 BTC ($9.6 million).
Bitcoin podcast producer Zack Voell expressed the balance a year later in different terms, such 1 percent of cryptocurrency exchange Coinbase’s recent evaluation or 2 infamous Bitcoin pizzas from 2010.
“…BitMEX’s Insurance Fund growth (an unbeatable benchmark) is roughly as predictable as Bitcoin’s monetary policy,” he commented, uploading a graph of Bitcoin’s steady issuance versus the fund’s growth.
Denmark Has Around 1,500 Restaurants Accepting Bitcoin as a Means of Payment
Friday December 07, 2018
Yes, the bear market has affected the whole ecosystem. But there are also good things to talk about rather than only about price. Bitcoin (BTC) adoption continues to expand even […]
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Also, BitMEX's Insurance Fund growth (an unbeatable benchmark) is roughly as predictable as Bitcoin's monetary policy. pic.twitter.com/kcZ9cTGX5c
— Zack Voell [Bitcoin Noob] (@zackvoell) January 22, 2019
Insane BTC Stash
As Bitcoinist reported, research had previously delivered stark warnings about the ease of attacking some altcoins’ blockchains to manipulate transaction credibility. With a relatively insignificant amount of money, a malicious party could launch attacks on some of the best-known altcoin networks.
“BitMEX’s Insurance Fund is currently worth 1 percent of Coinbase valuation, 2x Laszlo’s pizzas, 580 2018 GranTurismos, 3,800 hours of an LTC 51 percent attack,” notes Voell.
Litecoin 00, which researchers included in the findings in May last year, would cost around $18,000 per hour to attack at current prices.
Other assets fared much worse, with Bytecoin (BCN) costing just $557 per hour at the time. BitMEX could now theoretically finance a 51 percent attack on Bitcoin Cash (BCH), Monero (XMR), Dash (DASH), and others for more than a year.
Responding to Voell, however, Twitter users highlighted the size of BitMEX’s holdings as their primary concern.
“(T)he fact that people put up with Bitmex’s products speaks to 1) the maturity and competence of market participants and 2) the state of ‘good’ exchanges in the space, or lack thereof,” one wrote, describing the BTC horde as “literally insane.”
In August, Bitcoinist reported that BitMex moved into the world’s most expensive office building, located in Hong Kong.
BitMEX did not immediately weigh in on the criticism.
What do you think about BitMEX’s insurance fund? Let us know in the comments below!
Germany Gets First Bitcoin ATM In Years (But How Long Will it Stay?)
Friday November 02, 2018
Germany has received its first ever legally-sanctioned Bitcoin ATM (BTM) following a landmark legal ruling — but its longevity is already in doubt. Munich Machine Hangs On Court Ruling As […]
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