If Ethereum classic can be hacked, what is stopping someone from doing it again? - page 2.

meanwords

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Quote from: yat97 on March 03, 2021, 04:00:38 PM

I've actually been interested in getting some ETC classic because there is a finite supply.... but... what is stopping a hack and I lose my funds?

Well, it's not as easy as one, two, three. The reason why ETC had their security compromised is because of their negligence. They didn't actually take into account that someone would 51% attack them (because it's really really rare), and some rich guy really did. And I think at the time, the mining difficulty of ETC was half of its peak which made it more easier to attack.

I think ETC is actually the first crypto I've seen that suffered this. To be honest, I wouldn't trust this cryptocurrency.

ryzaadit

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Quote from: Oshosondy on March 03, 2021, 04:25:43 PM

I do not know of any other blockchain, but can not happen to bitcoin blockchain which is getting stronger all the time than before.

Dude, everything can happen as long you have enough power source on the network to do that.

If you don't know about the 51% attack, try to read first and your question is bitcoin can get a 51% attack? the answer was yes but you need to have a lot resource to dot that because is not easy to dominate the network with more than 51%.

This problem will be always a problem for the PoW algorithm.

Oshosondy

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Gamble responsibly

A coin that has a blockchain that was hacked two times, I can not trust such a coin. I read way back last year when it was hacked again that certain measures has been deployed to make sure this never happens again, but I rather go for cryptocurrencies that are not hacked before than the ones that have being hacked two times.

Quote from: ryzaadit on March 03, 2021, 04:25:35 PM

If you think only happen on ETC, this also can happen to all cryptocurrency with PoW algorithm. The attacker will use the double-spending method to steal the cryptocurrency most of their target always exchange.

I do not know of any other blockchain, but can not happen to bitcoin blockchain which is getting stronger all the time than before.

ryzaadit

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I believe you are talking about 51% attack on the network blockchain.

If you think only happen on ETC, this also can happen to all cryptocurrency with PoW algorithm. The attacker will use the double-spending method to steal the cryptocurrency most of their target always exchange.

More detail : https://www.coindesk.com/video/the-51-hack-on-ethereum-classic-explained

yat97

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I've actually been interested in getting some ETC classic because there is a finite supply.... but... what is stopping a hack and I lose my funds?

Topic: If Ethereum classic can be hacked, what is stopping someone from doing it again? - page 2. (Read 264 times)