Ethereum Classic (ETC) experiences 51% attack
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.
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.
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.
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.
Wow I didn’t hear about this. $5k in computing power to achieve 51% is crazy
$5k/hour... but yeah, steal a million and that’s pretty good ROI
This is the first reason why BTC is shit but will never dies
Decentral my ass
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.
Digital bank robbery?
Worse. You have to catch 51% to punish. Otherwise, it's redistribution from your donation.
👨🏻💻 interesting