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CoinMetrics unveiled a 2 million Premine, Bitcoin Private (BTCP) | Coin Hero

CoinMetrics unveiled a 2 million Premine, Bitcoin Private (BTCP)

Home News CoinMetrics unveiled a 2 million Premine, Bitcoin Private (BTCP)

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Marcus Misiak –
25.12.2018

The development team of Bitcoin Private has to do over the holidays, after Coinmetrics.io have discovered a serious anomaly in the Blockchain of Bitcoin (BTCP). How Coinmetrics reported, so far, gepremined Unknown about 2 million BTCP.

Published yesterday, of Coin Metrics, a scathing report on Bitcoin (BTCP), a Fork of Bitcoin and ZClassic. In the report, entitled “Don’t trust, verify” revealed to the analysts that the project, which was started as a private Version of Bitcoin (BTC), that may be two million tokens created out of Nothing could have what was not mentioned in the white paper.

You discovered this when you were a Bitcoin Private Full Node-to-date and a simple request:

To Check these Figures, we have operated a BTCP-node (Version 1.0.12-1) and the RPC-method gettxoutsetinfo [….] called. At the time of writing our Fullnode reported an outstanding Supply of 20.841 million BTCP. This contradicted both CMC as well as the expected Figures from the first supply to the Forkzeit in connection with the following block premiums.

The researchers examined a number of alternative ways, why there is a 2 million larger Supply. One of them is that the Code is faulty. Since he was not but changed, obviously, since it was forked from Bitcoin, would Bitcoin have similar incorrect results. Another possibility was that zkSNARKs could have a fatal error, an equally improbable scenario.

Specifically, it was during the BTC “supply import” in BTCP 102 “extra-large blocks”, the “generated 400 unexpected output”. Per Coin Metrics each of these mysterious block contained spending 50 BTCP per piece, which means that 102 “extra-large blocks”, which contained 400 unexpected expenses, 2.040.000 BTCP were incorrectly marked out of Nothing.

Who is responsible for the fraud?

Who is in fact responsible, is unknown. Logically, the founders of the project are the first Suspects. Shortly after the report was published, gave it to the person in charge of the project, however, in the meantime, a long answer in the Form of a Medium Post. The answer, which was not published until a few hours ago, revealing what allegedly happened, and stresses that it is not the fault of the team is that two million BTCPs premined.

Actually, it was explained that a Non-core developer and contributor to access to the BTCP received GitHub, which allowed him the appropriate line of code may accidentally omit. During the Fork, an anonymous fraudster has exploited this error to generate the sum.

In view of this, the Bitcoin Private Team has decided that it will initialize a Hard Fork and all of the shielded coins out of existence, remove (only about 20,000 of them are legitimate, the other a 1.7-generated 1.8 million, were incorrectly).

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