Ethereum Classic was hit with another 51% attack - page 2.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

Quote from: spike420211 on September 02, 2020, 12:42:27 PM

Ethereum Classic Labs will attract regulators to protect from attack 51%.

Ethereum Classic Labs to Pursue Enforcement and Regulation of Hash Rental Platforms.

Lmao, when they want to attract investors, they are so big on decentralization and disrupting "legacy" financial systems, but when they get in trouble they beg the government to save them. So pathetic.

Strange to see that the price dropped only by 7%, by all marks this shitcoin should have been dead already, who seriously wants to use a coin that can get 2 days of its transactions wiped out? It's risky to even trade it, because the 51% attack can happen while you move coins between exchanges.

hrunya102

member

Activity: 546

Merit: 11

There are too many hashrate in the world that can be used, especially since these powers have spread across different projects.

grabpopcorn536

member

Activity: 476

Merit: 12

ETC needs to change its exploit to counter 51% attacks. There are many ways to change that is to switch from POW to POS or use POW and POS in parallel, they can also develop nodes.
For a long time, they have not changed technology. In 1 month attacking 51% to 3 times is too much. The ETC will crash if they don't do anything.

spike420211

sr. member

Activity: 1610

Merit: 372

Ethereum Classic Labs will attract regulators to protect from attack 51%.

Ethereum Classic Labs to Pursue Enforcement and Regulation of Hash Rental Platforms.

It looks like the creators of the classic are trying hard to prevent new attacks 51%. I wonder what the measures they are trying to lead to After all, in the end, through this, they themselves will be able to initialize the attack.

spike420211

sr. member

Activity: 1610

Merit: 372

The Ethereum Classic (ETC) blockchain was hit with another 51% attack on Saturday evening — for the third time in a month.

The attack saw a reorganization of over 7,000 blocks, or around two days' worth of mining, according to Bitfly — the parent company of Ethermine mining pool. The Ethereum Classic organization confirmed the attack in a separate tweet.

The first and the second 51% attacks on ETC saw reorganizations of 3,693 and 4,000 blocks, respectively. In that sense, the third attack appears to be the largest, although the loss amount remains unclear.

ETC's hash rate remains low, which makes it vulnerable to 51% attacks. According to Crypto51, ETC's hash rate is 2 TH/s (terahashes per second), and the theoretical cost to 51% attack ETC is $4,860 per hour. The theoretical cost is the amount of money needed to rent hashrate for a particular time period. Ethereum's hash rate and the theoretical cost, on the other hand, is way higher than ETC, at 202 TH/s and $474,600 per hour, respectively, and thus makes it almost impossible to 51% attack the network.

The ETC community is taking steps to secure its blockchain. Earlier this month, ETC Labs proposed a multi-stage strategy to mitigate the risk of 51% attacks. If the community can't find a way to better protect the network, the coin could face delisting, major exchanges told The Block recently.

https://www.theblockcrypto.com/linked/76431/ethereum-classic-etc-third-51-attack

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