BTCB2, Controversy Over XBT Notation... Mining Pool Holds 50% Hashrate

The Bitcoin fork chain BTCB2 has sparked controversy over asset identification as it is displayed as 'XBT', which evokes Bitcoin (BTC), on some exchanges. It has also been revealed that one mining pool holds more than 50% of the network's hashrate, raising concerns about ticker symbols and decentralization. BTCB2 is a fork chain that split from Bitcoin at block height 961632 on August 8, and on August 30, it changed its PoW algorithm to BLAKE2b. Neoxa Exchange displays BTCB2 as XBT on its trading screen, but it is listed as BTCB2 in the API documentation. XBT is a notation used to represent Bitcoin in some systems, and Kraken describes it as a Bitcoin code derived from the ISO currency code system. On social media, there have been claims that XBT is used as a notation for Bitcoin, which could lead to confusion with BTCB2. The price fell from $750-1000 on September 6 to $250-350 on September 9. At the same time, the 24-hour trading volume for the USDC trading pair was approximately 915,672 USDC, while the BTC trading pair was 5.35 BTC. AlphaPool held over 50% of the BTCB2 network hashrate on the 8th and announced that it would limit its share to 30% thereafter. As of September 9, the BTCB2 network explorer showed 969,677 blocks and 42 peers. BTCB2 developers have raised concerns about AlphaPool's high share, while AlphaPool has refuted these claims. This case illustrates the difficulty of assessing assets based solely on ticker symbols displayed on exchange screens.

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