[ANN] [ETC] Ethereum Classic: Immutable Smart Contracts - page 9.

kraterion

full member

Activity: 616

Merit: 145

🚀🚀 ATHERO.IO 🚀🚀

Quote from: futureofeth on January 11, 2019, 03:31:39 AM

Quote from: dreamax25 on January 09, 2019, 03:37:57 AM

Based on Coinbase, it appears that more then $1 million worth of Ethereum Classic has been double spent.

https://coincodex.com/article/2839/according-to-coinbase-more-than-1-million-worth-of-etc-has-been-double-spent/

Can the team trace all these things because double spend is a really big attack but how can they recover those looses? Whether those double-spend coins will be recovered or they need to readjust the code in order to delete those double spend tokens?

I guess that this will be forever stored in the blockchain unless they want to fork it to bail out that hystory but I don't think that it will happen since ETC is immutable

futureofeth

member

Activity: 686

Merit: 10

Quote from: dreamax25 on January 09, 2019, 03:37:57 AM

Based on Coinbase, it appears that more then $1 million worth of Ethereum Classic has been double spent.

https://coincodex.com/article/2839/according-to-coinbase-more-than-1-million-worth-of-etc-has-been-double-spent/

Can the team trace all these things because double spend is a really big attack but how can they recover those looses? Whether those double-spend coins will be recovered or they need to readjust the code in order to delete those double spend tokens?

estenity

hero member

Activity: 1923

Merit: 538

Quote from: cbcbct on January 10, 2019, 09:34:05 PM

Quote from: tabas on January 10, 2019, 06:13:56 PM

Quote from: estenity on January 10, 2019, 05:34:45 AM

51% attack confirmed by exchange gate.io
see paper on cointelegraph

Here are the links
Crypto Exchange Gate.io Confirms 51% Attack on Ethereum Classic, Promises Refunds
Coinbase: Ethereum Classic Double Spending Involved More Than $1.1 Million in Crypto

Dominant hashrates in one pool will highly result in potential Replay attacks.
As someone stated above, the fees require to hire enough hashrates from NiceHash to make attacks become cheaper recent months, due to drops of both bitcoin and altcoins.
Consequently, more and more attacks occured within last several months.

this is an inherent weakness of POW.

cbcbct

member

Activity: 126

Merit: 10

Quote from: tabas on January 10, 2019, 06:13:56 PM

Quote from: estenity on January 10, 2019, 05:34:45 AM

51% attack confirmed by exchange gate.io
see paper on cointelegraph

Here are the links
Crypto Exchange Gate.io Confirms 51% Attack on Ethereum Classic, Promises Refunds
Coinbase: Ethereum Classic Double Spending Involved More Than $1.1 Million in Crypto

Dominant hashrates in one pool will highly result in potential Replay attacks.
As someone stated above, the fees require to hire enough hashrates from NiceHash to make attacks become cheaper recent months, due to drops of both bitcoin and altcoins.
Consequently, more and more attacks occured within last several months.

tabas

hero member

Activity: 3024

Merit: 745

Top Crypto Casino

Quote from: estenity on January 10, 2019, 05:34:45 AM

51% attack confirmed by exchange gate.io
see paper on cointelegraph

Here are the links
Crypto Exchange Gate.io Confirms 51% Attack on Ethereum Classic, Promises Refunds
Coinbase: Ethereum Classic Double Spending Involved More Than $1.1 Million in Crypto

SatyrA

newbie

Activity: 172

Merit: 0

Quote from: Raja_MBZ on January 09, 2019, 02:24:11 PM

Quote from: adaseb on January 09, 2019, 03:12:32 AM

Its not ETC fault that it got 51% attacked. Right now many coins are vulnerable to getting 51% attacked since the prices are low and with low prices miners have left and there is less hashrate and easier to attack.

Not only that but its also cheaper to attack because the hashrate is cheaper to buy on Nicehash.

51% attacks are generally targetted towards exchanges and the exchange needs to have some monitoring in place to make sure they aren't vulernable to the attack; basically what Coinbase did. Its highly unlikely someone would do a 51% to double spend a transaction that was conducted OTC or by peer to peer such as a local meet.

An interesting statement by Charlie Lee on this attack:

Quote

“By definition, a decentralized cryptocurrency must be susceptible to 51% attacks whether by hashrate, stake, and/or other permissionlessly-acquirable resources. If a crypto can't be 51% attacked, it is permissioned and centralized.”

BTW, if we compare the current hash of Ethash coins, it's clear that Etheruem and Ethereum Classic are dominating the first two positions by a big margin:

No.1: Ethereum = ~175 Th/s

No.2: Ethereum Classic = ~8.50 Th/s

No.3: Callisto = ~0.90 Th/s

Interestingly, the Ethereum will get the algorithm change soon, making Ethereum Classic a perfect candidate for all the current hashrate of Ethereum. If miners really switch to Ethereum Classic after Etheruem goes ASIC-resistant ProgPow, it'll become considerably expensive for anyone to 51%-attack Ethereum Classic again.

No.
1) Most of ETH miners will switch to ProgPow.
2) Nicehash will get more Ethash power avaliable.
3) Some (not significant) part of ETH miner will join to ETC

The main threat for ETC is Nicehash. A temporal solution is maybe also change algo to ProgPow.. or to MTP.

Piston Honda

legendary

Activity: 2730

Merit: 1068

Juicin' crypto

Quote from: Onix on January 09, 2019, 04:40:38 PM

Is it confirmed that what happened on the 5th of this month is really an attack by the pirates or is there another explanation? Because I read some news but it is not the same ,while I checked this article but I did not really understand what happened
https://medium.com/@slowmist/the-analysis-of-etc-51-attack-from-slowmist-team-728596d76ead

estenity

hero member

Activity: 1923

Merit: 538

Quote from: Onix on January 09, 2019, 04:40:38 PM

Is it confirmed that what happened on the 5th of this month is really an attack by the pirates or is there another explanation? Because I read some news but it is not the same ,while I checked this article but I did not really understand what happened
https://medium.com/@slowmist/the-analysis-of-etc-51-attack-from-slowmist-team-728596d76ead

51% attack confirmed by exchange gate.io
see paper on cointelegraph

im_not_dazzled

member

Activity: 325

Merit: 10

It's not a good day for all of us when bitcoin crashed a gain with more than $200 lost per BTC hours ago.
Now, it's likely time to see how BTC recover from current price and then acts of altcoins (ETC as well).

Onix

full member

Activity: 500

Merit: 102

Is it confirmed that what happened on the 5th of this month is really an attack by the pirates or is there another explanation? Because I read some news but it is not the same ,while I checked this article but I did not really understand what happened
https://medium.com/@slowmist/the-analysis-of-etc-51-attack-from-slowmist-team-728596d76ead

Raja_MBZ

legendary

Activity: 1862

Merit: 1505

Quote from: adaseb on January 09, 2019, 03:12:32 AM

Its not ETC fault that it got 51% attacked. Right now many coins are vulnerable to getting 51% attacked since the prices are low and with low prices miners have left and there is less hashrate and easier to attack.

Not only that but its also cheaper to attack because the hashrate is cheaper to buy on Nicehash.

51% attacks are generally targetted towards exchanges and the exchange needs to have some monitoring in place to make sure they aren't vulernable to the attack; basically what Coinbase did. Its highly unlikely someone would do a 51% to double spend a transaction that was conducted OTC or by peer to peer such as a local meet.

An interesting statement by Charlie Lee on this attack:

Quote

“By definition, a decentralized cryptocurrency must be susceptible to 51% attacks whether by hashrate, stake, and/or other permissionlessly-acquirable resources. If a crypto can't be 51% attacked, it is permissioned and centralized.”

BTW, if we compare the current hash of Ethash coins, it's clear that Etheruem and Ethereum Classic are dominating the first two positions by a big margin:

No.1: Ethereum = ~175 Th/s

No.2: Ethereum Classic = ~8.50 Th/s

No.3: Callisto = ~0.90 Th/s

Interestingly, the Ethereum will get the algorithm change soon, making Ethereum Classic a perfect candidate for all the current hashrate of Ethereum. If miners really switch to Ethereum Classic after Etheruem goes ASIC-resistant ProgPow, it'll become considerably expensive for anyone to 51%-attack Ethereum Classic again.

mcfom

legendary

Activity: 1260

Merit: 1001

What was strange during and after this reorg of chain which led to double spend attack market didn't show panic. You can see price are still holding reasonable floor and there is some invisible support from somewhere for ETC continuously. It is another unfortunate token which got victim of this incident because of low hash.

Bytem3

full member

Activity: 602

Merit: 107

The latest 51% attack on the Ethereum Classic network made it possible to double spend the ETC:

https://coincodex.tv/videos/622/51-attack-on-ethereum-classic

big_daddy

hero member

Activity: 1680

Merit: 583

xUSD - The PRIVATE stable coin - Haven Protocol

Quote from: dreamax25 on January 09, 2019, 03:37:57 AM

Based on Coinbase, it appears that more then $1 million worth of Ethereum Classic has been double spent.

https://coincodex.com/article/2839/according-to-coinbase-more-than-1-million-worth-of-etc-has-been-double-spent/

this is a bad news, but the good one is that ETC has recovered the value in a day, so we have support here

dreamax25

full member

Activity: 365

Merit: 103

Based on Coinbase, it appears that more then $1 million worth of Ethereum Classic has been double spent.

https://coincodex.com/article/2839/according-to-coinbase-more-than-1-million-worth-of-etc-has-been-double-spent/

adaseb

legendary

Activity: 3808

Merit: 1723

Its not ETC fault that it got 51% attacked. Right now many coins are vulnerable to getting 51% attacked since the prices are low and with low prices miners have left and there is less hashrate and easier to attack.

Not only that but its also cheaper to attack because the hashrate is cheaper to buy on Nicehash.

51% attacks are generally targetted towards exchanges and the exchange needs to have some monitoring in place to make sure they aren't vulernable to the attack; basically what Coinbase did. Its highly unlikely someone would do a 51% to double spend a transaction that was conducted OTC or by peer to peer such as a local meet.

2012

legendary

Activity: 1526

Merit: 1003

Quote from: Onix on January 08, 2019, 11:57:14 AM

Is the attack on the ETC has closed the wallets and whether there is a loss of ETC currency or anything else because some of the trading platforms froze the transfers, but the exchange process is going normally

Although some exchanges start processing the deposit and withdrawal but if you are thinking to move them to your wallet than it would be better option to stay calm down for few more time if you had your coins in exchange wallet.

kraterion

full member

Activity: 616

Merit: 145

🚀🚀 ATHERO.IO 🚀🚀

Quote from: Onix on January 08, 2019, 11:57:14 AM

Is the attack on the ETC has closed the wallets and whether there is a loss of ETC currency or anything else because some of the trading platforms froze the transfers, but the exchange process is going normally

I don't think that if you had coins into an exchange you lost money since they halted deposits and withdrawals to prevent double spending transactions, baah will see

SatyrA

newbie

Activity: 172

Merit: 0

Quote from: big_daddy on January 08, 2019, 08:14:07 AM

Quote from: DaMut on January 08, 2019, 07:32:52 AM

[...]
Sorry, so we need to wait until ETH makes its moves from POW to POS later? then what will happen with our ETC if ETH does not make any movement for a couple of years later?
also, 51% attack is not a small matter. It could halt any transaction and even reverse the transaction.
why would people keep mining it, if the probability for them to get profit is almost zero? yeah skyrocketing to $0.01? or $0.0001?
this does not make any sense!

not literally, it was a prediction that with ETH going POS, than ETC will gain for sure more mining support and in that way become more secure and harder to suffer an 51% attack again

I doubt so. There are too much mining power in the world relative to cryptomarket size. ETC mining has little room for profit, it can not accept additional miners in big amounts.

Onix

full member

Activity: 500

Merit: 102

Is the attack on the ETC has closed the wallets and whether there is a loss of ETC currency or anything else because some of the trading platforms froze the transfers, but the exchange process is going normally

Topic: [ANN] [ETC] Ethereum Classic: Immutable Smart Contracts - page 9. (Read 821119 times)