Why I converted all my bitcoins to litecoins - page 4.

Este Nuno

legendary

Activity: 826

Merit: 1002

amarha

Quote from: m3 on June 19, 2014, 10:32:58 AM

Bitcoin is so vulnerable to a 51% attack. Ghash supposedly has 45% of hashing power, but what about the Unknown category? I am not willing to risk all my bitcoins because of a 51% attack.. I am converting to litecoin, which is being pumped now btw..

This article below explains what a 51% attack is and how you can prevent it.

http://www.btcfeed.net/news/51-attack-explained/

Sorry to break it to you but Litecoin recently had a pool with 51% as well.

The only thing you gain here is switching to a coin that is up against myriad new(not forks of bitcoin) cryptocurrency technologies (NXT/NEM, CryptoNote coins, Qora, CryptCoin ect). And it looks like Litecoin development has no response to the flood of competition.

I don't hold any altcoins right now, but one thing I do know is that there doesn't seem to be much reason to be buying Litecoin right now. It's a coin from 2011.

juju

sr. member

Activity: 381

Merit: 250

Quote from: m3 on June 19, 2014, 10:32:58 AM

Bitcoin is so vulnerable to a 51% attack. Ghash supposedly has 45% of hashing power, but what about the Unknown category? I am not willing to risk all my bitcoins because of a 51% attack.. I am converting to litecoin, which is being pumped now btw..

This article below explains what a 51% attack is and how you can prevent it.

http://www.btcfeed.net/news/51-attack-explained/

Section 11, Paragraph 1 - https://bitcoin.org/bitcoin.pdf

Quote

We consider the scenario of an attacker trying to generate an alternate chain faster than the honest
chain. Even if this is accomplished, it does not throw the system open to arbitrary changes, such
as creating value out of thin air or taking money that never belonged to the attacker. Nodes are
not going to accept an invalid transaction as payment, and honest nodes will never accept a block
containing them. An attacker can only try to change one of his own transactions to take back
money he recently spent.

http://www.coindesk.com/ghash-io-never-launch-51-attack/

Quote

We Will Never Launch a 51% Attack Against Bitcoin

ChekaZ

legendary

Activity: 1884

Merit: 1005

Quote from: m3 on June 19, 2014, 10:32:58 AM

Bitcoin is so vulnerable to a 51% attack. Ghash supposedly has 45% of hashing power, but what about the Unknown category? I am not willing to risk all my bitcoins because of a 51% attack.. I am converting to litecoin, which is being pumped now btw..

This article below explains what a 51% attack is and how you can prevent it.

http://www.btcfeed.net/news/51-attack-explained/

I dont think that this is a smart move bro :b

adamselene

newbie

Activity: 59

Merit: 0

You realize that anything that happens to Bitcoin is going to affect every other cryptocurrency. By converting to LTC, you're not insulating yourself against a 51% attack.

thecoindoctor

newbie

Activity: 48

Merit: 0

Quote from: m3 on June 19, 2014, 10:32:58 AM

Bitcoin is so vulnerable to a 51% attack. Ghash supposedly has 45% of hashing power, but what about the Unknown category? I am not willing to risk all my bitcoins because of a 51% attack.. I am converting to litecoin, which is being pumped now btw..

This article below explains what a 51% attack is and how you can prevent it.

http://www.btcfeed.net/news/51-attack-explained/

Everything is vulnerable. However I have not tried out litecoin

m3

sr. member

Activity: 460

Merit: 250

Bitcoin is so vulnerable to a 51% attack. Ghash supposedly has 45% of hashing power, but what about the Unknown category? I am not willing to risk all my bitcoins because of a 51% attack.. I am converting to litecoin, which is being pumped now btw..

This article below explains what a 51% attack is and how you can prevent it.

http://www.btcfeed.net/news/51-attack-explained/

Topic: Why I converted all my bitcoins to litecoins - page 4. (Read 3418 times)