Topic: Some guy threatens ETC (Ethereum Classic) with a 51% attack - page 2. (Read 3348 times)

Another option for the attacker is to use Poloniex and trade ETC for ETH since there is a ETC/ETH listing there. After that he can dump all ETH for BTC. This will be bad for ETH because it will bring the price lower. But it is good for ETC because with the attacker's BTC he can buy back in ETC pumping the price.

He has the option to do this as a cycle and keep doing it until he destroys the ETH price. I speculate the motivation of the attacker is deeper than stealing for profit. He is doing this for his own activist agenda. This I fear is what Vitalik does not want to face.

Yeah , I have had this argument with others.
Your so called Margin call attack, which what you guys never bother to read is the fact you have to put up collateral before you can borrow the coins.  
And odds are your attempt will do nothing but make you broke.

If Margin Calls were so easy every asshat would make money doing it, it is just a way for exchanges to lure suckers in and steal their collateral.

But if you want to put your money where your Big Mouth is, I am Game.

I will Bet you 1 Million Mintcoins that you can not destroy Mintcoin in the next 2 weeks.
You have 2 weeks from today's day to put up or shut up.
I chose Mint because they are on Poloniex and that is the only exchange that does margin calls.

So you're game or is that a yellow streak running down your back.  

So do we have a bet?

 

FYI:
Just to Clarify , you have to destroy Mintcoin to win the bet by August 8th, 2016 using your margin call attack.
If Mintcoins is still up and running, then you owe me 1 million mintcoins.
 
FYI2:
It is amazing how quiet these guys get, when we move into real world examples verses the BS theories in their heads.

FYI3:
Even if you have 1 million $US Dollars for collateral , you would still fail at this borrowing attempt attack.
I will tell you why , if you're dumb enough to bet with me.  

Who says one had to purchase POS coins in order to attack. It is much cheaper to borrow them.

You complain of a Proof of Stake's coin Distribution,
Why are you Silent on the Fact that the Country of China controls over 70% of BTC Hashrate, and could 51% attack it on a daily basis for the last few months.

If you think Gmaxwell analogy of Nothing at Stake is an issue , you need to think again.
It is not Rocket Science to see thru this Pathetic Myth.

Simple Fact PoS or PoW
Longest Chain with the Most Difficulty Wins

If you Stake the same coins offline while also staking them online,
you increase the difficulty by the same amount on the Offline chain & the Online Chain at the same time.
Meaning since others are also staking on the Online chain, the Online Chain will always have a Higher Difficulty than the Offline Chain,
Which Guarantees any attempt to overwrite the Online Chain (with Higher Difficulty) with your Offline Chain (Lower Difficulty) will always Fail.
Nothing at Stake Myth Busted.

The only way a history attack can work is if your Offline Chain has a higher difficulty to overwrite the Online Chain, this can never happen , if you are dumb enough to stake on both at the same time, You have to have more coins than the staking % and you have to keep them offline, so you don't use your own coins to block your own attack.  

Unlike Asics or GPU Mining Farms which can be used to attack multiple coins,
You have to Purchase each PoS coins directly , meaning it will cost you more Fiat and you will damage your own investment.
( It is the Same as going to an ATM, and withdrawing your Money and then Setting your Money On Fire. )
Smarter Move would be to buy up all of the Coins and then control a Monopoly and set your own price per coin.
Odds are you will not have the funds to accomplish this, because the more PoS coins you buy the more the price grows, and the more others hold.

PoW coins, Miners mine the coin and then sell the coin to pay electricity or asics bills, as their is no intrinsic value to the coin itself, and it will probably lose value,
why is simple, because the laws of supply and demand are irrefutable , if the demand does not keep up with the increase in supply , Price per coin will decrease.
Which is why 3 years ago, BTC hit ~$1200 per coin and has come no where near since.
Any additional Demand is being siphoned off into other coins, which guarantees the older slower BTC never matches it previous glory days.

 

FYI:
One last point with PoW coins the ASICS or GPU farms control your coin, without them your coins are frozen.
It is a Simple Class System,  the ASICS Miners are the Masters and the owners of the BTC coins are paying to be their Slaves (as they are completely dependent on them to move their coins around).

Proof of Stake , you are a Free Man Contributing your Stake to keep your Chain running, making you slave to No One.

Freedom (PoS) or Slavery (PoW)  your Choice?

I cant find that tweet. Fake or deleted?
Seems weird considering his tweet 8 hrs ago.

Quite interesting. So chinese actually dont really bother with eth mining...

I was wondering how big these chinese ethereum farms are, now i got my answer. It says here http://www.powtopos.com/ that this the biggest chinese gpu ethereum farm in china. So if the biggest ethereum farm in china only accounts for 2.2% of ethereum total hash rate with 98G, it means ethereum is extremely well decentralized, it surprised me. I mean, i was expecting there to be cartels with 5-10% of total hashrate, but wow, biggest farm in china just 2.2% ? It's next to impossible to find another ethereum farm as big as this one outside china for obvious reasons.

https://bitcointalksearch.org/topic/m.14879996



Can't we all just get along?
or

Fight!!

Fair enough. This at least does have credibility.

We're also assuming the worst of everything, for all we know the DAO hacker could be principled like Satoshi and not sell a single coin.

Of course he could just be trying to scare people into dumping at low prices, and will then pump it.  We also don't know who the ETH hacker is, for all we know he could be in cahoots with the miners, or the Ethereum Foundation, or could just be a lone wolf.  There are too many unknowns here and you can't really trust a word from anyone.

You can see pics of his ETH farmS here.

http://www.powtopos.com/

Doesn't matter. Thats nothing compared to the fact that a chain that was fundamentally promoted for its "immutability" properties has now been demonstrated to be mutable.

The "clean" chain is the valuable one.

ETH is no more than a toy now and will possibly share the same fate as Vericoin. I was amazed that they went ahead with the fork (was amazed at Vericoin as well). Doesn't matter how you square the rights and wrongs it in your head, the market will always take a diversity of views unless you maintain one priority as utterly sacred. You can't simply cherry pick which contracts you want to wipe out and which ones not without paying a strategic price.

Sure thing because its pumped 20X. Dont forget, attacker still possesses 3.6 million in the darkdao which will be released in a lump sum all at once on 28th of july, and he will certainly have to provide a solid liquidity for himself to cash out.

U cant cash out 3.6 million on bitsquare where it was traded at 0.00013 BTC/ETC and had no bids around there, but u'd rather cash out on thick markets provided by poloniex or bitfinex, wouldnt yall? If we look at how insanely its being pre-pumped, with miners jumping onto the most profitable chain and propelling the hashrate, it all catches on just perfectly.

That statistic is changing by the minute - in favour of ETC.

He talks about attacking ETC not ETH. ETC hashrate is at 5% of that of ETH.

We got a PoS with a formal security proof coming out in August sometime. It uses the GKL15 model. PM me if you want a copy of the paper when it's ready.

First of all, at least from the few rows that you can see clearly, they look like Bitmain S3's. These are of course SHA miners.

As of today, the 51% of the Ethereum hash rate would be roughly 1800 Gh/s. This is about 90,000 GPU's, This is about 15,000 MB's.

Roughly staffing wise, GPU's will need a much larger support infrastructure.

It also is more of a gamble than BTC given the time frame of the transition from PoW to PoS occurrs is currently not known.

Why the fuck are u asses discussing nxt crap in this thread. This thread is about guo in the first place. And what he can do with his jerky 98 gh hashing factory if he chooses to target the classic chain. With 51 or more % the outcome will be clear: he'll choose the block to start with and will then start kicking orphans or empty blocks exclusive of legit transactions from all other nodes, and as such soon or late he'll overwrite the original chain with his chain causing the rest of the network to stale forever. Price gets screwed and miners would switch over to the fork chain. What the incentive for spending money and time on this? Well if he shorted he might already have the financial incentives.