Money

Ethereum Classic (ETC) experiences 51% attack

LinkedIn Zeiwkf5
Jan 8

https://m.slashdot.org/story/350526

It’s not bitcoin or even regular ethereum, but there is nothing preventing this kind of attack on less popular coins and it wouldn’t be too hard to replicate this on more popular coins. It’s only a matter of time before organized criminals make this a regular thing.

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  • LinkedIn Zeiwkf5
    OP
    The 51% attack has always been known as a theoretical weakness of all crypto currencies. Given how cheaply Computer power can be rented, maybe it’s time to take that threat a lot more seriously.
    Jan 82
    • Oracle ypoint
      No longer theoretical, is it? Just like older encryption methods were safe until brute force methods were expensive. Blockchain was flawed from the beginning. Sadly a lot of investments are coming in too late and catching the tail end of Blockchain (1.0?) viability.
      Jan 8
    • Google / Enggrpc
      Depends on how much hash power your coin has. This is one of the reasons why Bitcoin is much safer. You will need a heck of a lot more computing power to attack it. Smaller coins with low hash power get attacked all the time though.
      Jan 8
  • Goldman Sachs / OtherNeedful TC
    Digital bank robbery?
    Jan 82
    • Oracle ypoint
      Worse. You have to catch 51% to punish. Otherwise, it's redistribution from your donation.
      Jan 8
    • Goldman Sachs / OtherNeedful TC
      👨🏻‍💻 interesting
      Jan 8
  • Decentral my ass
    Jan 80
  • Docker / R&D
    SQL_Inject

    DockerR&D

    PRE
    Google
    SQL_Injectmore
    Wow I didn’t hear about this. $5k in computing power to achieve 51% is crazy
    Jan 81
    • LinkedIn Zeiwkf5
      OP
      $5k/hour... but yeah, steal a million and that’s pretty good ROI
      Jan 8
  • Oath / Engfat
    Huh? Why is this news? ETC has experienced 51% attacks in the past. That’s why we have ETH. It’s the fork off ETC to mitigate the attack.
    Jan 80
  • New / EngLosYork
    This is the first reason why BTC is shit but will never dies
    Jan 80

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