Any coin that doesn't have a strong hashrate might be vulnerable. There are certainly some Proof-of-Work coins that might "die" because they fell victim to a 51% attack (which, it should be stressed, isn't the most accurate name, since it's possble to carry out an attack with less than 51%, it's just harder to do).
There's a balance to be struck between the market value of the coin in question and the hashrate it will need to keep it relatively safe. Coins which aren't particularly valuable won't need as much security, because there's little financial incentive in attacking those chains. Conversely, valuable coins necessitate greater security and more hashrate.
Topic: Will Proof of Work coins die with the latest cost estimate of a 51% attack? (Read 162 times)
May 30, 2018, 08:08:03 AM
May 30, 2018, 06:45:41 AM
With the latest developments of Bitcoin Gold and Verge falling victim to the famous 51% attack I would like to share how much it actually costs to take over a specific network (according to this article less than 500$ for $EMC)
Two shitcoins dying, nothing to do with BTC.
Let me know if you think these figures are accurate as I read 1 to 2 billion for BTC.
https://www.crypto51.app/
https://www.crypto51.app/
Of course, the numbers are a bit pulled out of you know what...
From their own website:
Quote
How is the attack cost calculated?
Using the prices NiceHash lists for different algorithms we are able to calculate how much it would cost to rent enough hashing power to match the current network hashing power for an hour. Nicehash does not have enough hashing power for most larger coins, so we also calculated what percentage of the needed hashing power is available from Nicehash.
Note that the attack cost does not include the block rewards that the miner will receive for mining. In some cases this can be quite significant, and reduce the attack cost by up to 80%.
Using the prices NiceHash lists for different algorithms we are able to calculate how much it would cost to rent enough hashing power to match the current network hashing power for an hour. Nicehash does not have enough hashing power for most larger coins, so we also calculated what percentage of the needed hashing power is available from Nicehash.
Note that the attack cost does not include the block rewards that the miner will receive for mining. In some cases this can be quite significant, and reduce the attack cost by up to 80%.
The problem with their assumption related to BTC is the source of the hashing power.
Nobody is going to rent you the equivalent of 1 million S9 in hashing for 1 hour
.And I don't see the billions you mention on the website, they claim half a million for one hour or around 12 millions for 24h.
But again, not going to happen, it like renting your tractor to a kid that wants to drive to your strawberry fields.
May 30, 2018, 05:37:38 AM
all you need to know is that 51% attacks have been happening to altcoins for as long as they have existed. you just found out about them and that doesn't mean they are new.
for example you can go check cryptopia exchange announcement topic. it is filled with a lot of angry people asking why the number of confirmation required for some altcoins is above 1000 and the reason is because these shitcoins keep having 51% attacks.
for example you can go check cryptopia exchange announcement topic. it is filled with a lot of angry people asking why the number of confirmation required for some altcoins is above 1000 and the reason is because these shitcoins keep having 51% attacks.
May 30, 2018, 05:27:12 AM
With the latest developments of Bitcoin Gold and Verge falling victim to the famous 51% attack I would like to share how much it actually costs to take over a specific network (according to this article less than 500$ for $EMC)
Let me know if you think these figures are accurate as I read 1 to 2 billion for BTC.
https://www.crypto51.app/
Let me know if you think these figures are accurate as I read 1 to 2 billion for BTC.
https://www.crypto51.app/
Could this hashpower be granted through a mining pool?
May 30, 2018, 02:20:36 AM
With the latest developments of Bitcoin Gold and Verge falling victim to the famous 51% attack I would like to share how much it actually costs to take over a specific network (according to this article less than 500$ for $EMC)
Let me know if you think these figures are accurate as I read 1 to 2 billion for BTC.
https://www.crypto51.app/
Let me know if you think these figures are accurate as I read 1 to 2 billion for BTC.
https://www.crypto51.app/
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