Bitcoin
Bitcoin Knots Developer Alleges Major Exchanges Trade Counterfeit Coins
Luke Dashjr has accused digital asset exchanges of listing illegitimate tokens following a contentious proof-of-work algorithm fork.
Bitcoin Knots developer Luke Dashjr has publicly claimed that leading cryptocurrency exchanges are offering counterfeit assets by continuing to support the traditional SHA-256 chain rather than his newly split network. Dashjr, who recently transitioned from mining pool OCEAN to CONVOY Mining, argued that trading platforms are neglecting their own node operations and facilitating transactions in what he terms an illegitimate ledger overloaded with arbitrary data.
The dispute follows a September 1 hard fork that replaced Bitcoin's SHA-256 hashing algorithm with BLAKE2b, effectively rendering existing ASIC hardware incompatible. Industry figures, including former Ripple executive David Schwartz, dismissed Dashjr's assertions, while Blockstream chief executive Adam Back highlighted the historical failure rate of contentious network splits.
Market data indicates minimal support for the BLAKE2b chain. Miner signaling for the underlying proposal peaked at just 2.53%, falling well short of the required 55% activation threshold, and hashrate has steadily declined since the split. Major exchanges have declined to list the forked asset, with secondary trading restricted to a single venue where wide bid-ask spreads reflect negligible liquidity.
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