Ethereum classic (ETC) seems to have been hit with a 51% attack./ Good news for crypto?
Yep... It seems that the 18th coin in market cap has been hit by a malicious attack and around 450k USD has been stolen.
Now, im not sure exactly how they did it but it seems that they managed to reorganize the blockchain where they were allowed to double spend. (Thats what im picking up from various news sites)
Apparently, there was a private mining pool that achieved more then 50% hashrate people werent aware of.
Now... The thing to remember is that we here have been hacked in 2016... I wasnt on Steemit at the time but i know it had something to do with account credentials, etc... The ETC hack is a completely different beast.
One of the main goals of blockchain technology is to fix the double spending problem meaning that ETC "failed" at its core purpose.
This is exactly why i find STEEM to be magnitudes safer then "legacy" crypto currencies. The cost for the attack on DPOS is magnitudes more expensive and the attack ruins their own investment. With that being said.... More then 2/3 of all Steem is locked in SP. And only about 20% of the total supply is stored on exchanges making a 51% attack very unlikely.
Its a shame that this happened to ETC investors, but i could say i welcome it in a way. Inferior tech needs to step out of the way and hopefully markets will take notice of what has happened.
Sometimes your success can come from the failures of others. :D
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Well, it's definitely true that dpos systems are more resilient to these sort of attacks, but we have own unique problems! So far, I would say it is a trade off of advantages and disadvantages at the moment until we find a good solution for getting decentralised consensus.
That said, I've read that it has been scarily cheap to rent enough power to target the POW chains... I've been waiting for the day one of the better known chains would be attacked... Seems like today is the day!
Well we have different problems for sure, but none are as big as this one in my opinion.
Today is definitely the day and even ETH could be affected by this since it uses the same mining algorithm even though it is 10 times bigger.
Ethereum is much less vulnerable due to the orders of magnitude amount of hashing power currently working on it, on the other hand, it is definitely possible if you had enough hash power (or money to rent it)... I guess that is part of the reason for the planned switch to PoS away from PoW.
Oh man your post thumbnail saved the day. You've set the bar high now, please keep up bringing quality graphics on your posts. This social network needs more of that.
My eyes are bleeding everyday, your thumbnail has healed them... temporarily.
cheers
@greencross
Posted using Partiko Android
Hehe. I didnt make this. I just found it too be fitting. :D
nevertheless, good find!
Posted using Partiko Android
Hehe. thx. :D
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