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Topic: Coinotron can possibly do 51% attack on Litecoin - page 2. (Read 1857 times)

donator
Activity: 1218
Merit: 1079
Gerald Davis
I suggest you look into what's called the '51% Attack' and 'Timewarp Exploit'. From what i've read, having over 50% of the network hash does not guarantee a successful attack, it only makes it more likely to be successful. Litecoin's fast block times also make it much less likely for the attack to be successful compared to BTC.

None of that is right.  With a majority of the hashpower an attacker has a mathematical certainty of generating the longest chain.  However an attacker would probably want a larger margin so there is more confidence over how long it takes for the attacker to come out ahead.  A faster blocktime does not reduce the chance of success.  A faster block time means a higher rate of orphans which means more of the legit miner's hashpower is wasted.   An attacker is not subject to orphans as the attacker will always build only of his own chain.

That being said an entity simply having a majority isn't a guarantee there will be an attack.
hero member
Activity: 938
Merit: 1001
This is not cause for concern. Coinotron is a mining pool that deals with many currencies. A 51% attack on Litecoin would be disastrous for the pool's reputation ...

Malicious actors?

... Litecoin commerce is so rare that there is no real profit to be made from such an attack.

trade on exchange for other coins?
legendary
Activity: 1246
Merit: 1077
This is not cause for concern. Coinotron is a mining pool that deals with many currencies. A 51% attack on Litecoin would be disastrous for the pool's reputation, and Litecoin commerce is so rare that there is no real profit to be made from such an attack.
hero member
Activity: 1036
Merit: 606
I suggest you look into what's called the '51% Attack' and 'Timewarp Exploit'. From what i've read, having over 50% of the network hash does not guarantee a successful attack, it only makes it more likely to be successful. Litecoin's fast block times also make it much less likely for the attack to be successful compared to BTC.
full member
Activity: 126
Merit: 100


Coinotron pool has bigger than 50 percent hashrate on LTC.  You only need something like 50.000001% to be able to double spend

Coinotron mined 8 blocks in a row earlier today.  OKcoin only requires one confirmation per deposit, someone could double spend sell LTC buy BTC withdraw to exploit millions.
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