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Topic: 51 percent attack on Ethereum Classic - $500K worth of ETC spent twice: How? - page 2. (Read 261 times)

full member
Activity: 476
Merit: 104
Decentralized global citizen and crypto-preneur
51 percent attack is possible especially if the network hash rate is relatively small and thus will be easier for someone with enough resources and malicious intent to orchestrate such attack. You only need to control 51 percent of the total hashrate. That will be very difficult for for bigger network like that of bitcoin and maybe ethereum. This is one of the reasons why PoS is being proposed.where your control is based on the quantity of coin you own,someone who owns so much coins will not want to destroy the integrity of the network as he will end up being the one being hurt by such attack.

I don't think PoS could do better than PoW in stopping such a malicious activity. This is because if a party owns more than 50 percent of the total quantity of the coin in circulation then it is possible that such party could dictate and manipulate what goes on in the network. This may compromise the confidence trust of the network.
full member
Activity: 476
Merit: 104
Decentralized global citizen and crypto-preneur

Therefore, if that defence is valid I expect Coinbase to come out with another version of its earlier claim by clearing the air with a further explanation that would re-instate the confidence of investors on the coin. Despite the developer's defence, the exchange is yet to restore trading activities on the ETC on its platform.
legendary
Activity: 1218
Merit: 1000
I think there is any possibility. If there is a serious loophole in BTC or ETH, it may be hacked and collapsed. However, it has not yet been found whether they have serious problems, so it is safe for the time being.
jr. member
Activity: 336
Merit: 3
51 percent attack is possible especially if the network hash rate is relatively small and thus will be easier for someone with enough resources and malicious intent to orchestrate such attack. You only need to control 51 percent of the total hashrate. That will be very difficult for for bigger network like that of bitcoin and maybe ethereum. This is one of the reasons why PoS is being proposed.where your control is based on the quantity of coin you own,someone who owns so much coins will not want to destroy the integrity of the network as he will end up being the one being hurt by such attack.
full member
Activity: 476
Merit: 104
Decentralized global citizen and crypto-preneur
I read a few hours ago about the suspension of the movement of Ethereum Classic by a major crypto exchange Coinbase, alleging that it detected a possible confidence- breaking attack on the cryptocurrency's blockchain which led to a double spend of about $500,000 worth of ETC on the network by some malicious party.

 I don't know exactly how that was possible, and I'm wondering if such a malicious attack could happen in the networks of other major coins like Bitcoin, Ether, Bitcoin cash, etc?

I think this calls for a serious concern in the cryptospace.
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