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

kraterion

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Quote from: futureofeth on January 11, 2019, 04:31:39 AM

Quote from: dreamax25 on January 09, 2019, 04:37:57 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

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Quote from: dreamax25 on January 09, 2019, 04:37:57 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

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

Quote from: tabas on January 10, 2019, 07:13:56 PM

Quote from: estenity on January 10, 2019, 06:34:45 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

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Quote from: tabas on January 10, 2019, 07:13:56 PM

Quote from: estenity on January 10, 2019, 06:34:45 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

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Quote from: estenity on January 10, 2019, 06:34:45 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

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Quote from: Raja_MBZ on January 09, 2019, 03:24:11 PM

Quote from: adaseb on January 09, 2019, 04:12:32 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

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Quote from: Onix on January 09, 2019, 05:40:38 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

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Quote from: Onix on January 09, 2019, 05:40:38 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

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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

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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

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Quote from: adaseb on January 09, 2019, 04:12:32 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

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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

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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

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Quote from: dreamax25 on January 09, 2019, 04:37:57 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

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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

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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

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Quote from: Onix on January 08, 2019, 12:57:14 PM

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

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Quote from: Onix on January 08, 2019, 12:57:14 PM

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

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Quote from: big_daddy on January 08, 2019, 09:14:07 AM

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

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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

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