Heard of XVG 51% Attack? Well Bitcoin Gold Just Had One Too
I see a lot of people speak of XVG attack (since its second one in short period of time) but since it was noticed fast and coin is not so expensive, it didnt cause a lot of damage. I mean it did but not compared to thing that happened on BTG.
BTG was also 51% attacked and 388,200 BTG were generated in double spend on address
Of course, all went to exchanges and probably got dumped which could make $18.6 million worth of funds to the attackers.
Right now exchanges put more confirmations on their deposits.
Markets
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Crazy to hear that.
Just another way to disrupt the market
and send price down the drain.
lol crypto is crazy
The scam forks need to be shut down. Call the Government /s
They should have no value but that's the free market for you.
51% attck on a worthless project shouldn't cause so much market stress. Noobs need to do some research before selling in a panic.
I was never onto bitcoin gold...
These forks really do not add any significant improvements to the bitcoin blockchain afterall
Well, at least it was a nice free money for Bitcoin holders.
I really don't know anything from the technical side of the blockchain technology, but most likely this could happen to tens or even hundreds of Crypto coins.
So this doesn't seem to be a great advantage of decentralized networks....
Is that why the drop in price among good news that Argentina banks may start using bitcoin for out of country transactions?
Market prices are organic. News can catalyze movements that are already probable, but it doesn't cause them. The market is still in a crash pattern, a bias towards red days with or without negative news is to be expected. Just don't sell as the price bottoms out - that's the time of maximum opportunity for longs.
It's not a 51% attack. It's much worse.
It's literally a gaping flaw in code which allows a single attacker to post blocks by themselves.
A 51% attack requires 51% of hashing power - a huge amount and not feasible even though many crypto has this risk.
Yes, that's the way I understood it too.
I am curious about how it was accomplished, 18M$ worth of flaw, lol
The attack was done by taking advantage of a incorrect time stamping thus faking the time. When the blockchain sees the faked time is saying no new block was made(when it indeed was) it decrease the difficulty. With the decrease difficulty he could mine more coins easy and cheaper. Making him/her alot of $ without any expenses.
Brilliant! Fuck these guys tho....And why the shit hasn't XVG fixed this yet? Isn't this similar to what happened last time?
Why else do you think we call XVG a shit coin?
people were all stoked on it a few weeks ago after they made a FAP coin lol....this space moves so fast!
@sames Thank you for the good explanation!, you could be a teacher i think i understood :)
lot of
knowledgereading i need :)Upvoted you bc you are right :)
That's a huge number of coins to be double spent. Props to whoever pulled that off. Looks like we will find out what coins are actually secure or not.
Well verge had a fault code not a 51% attack
Let's see how it all ends up. Secure or not secure we will eventually find outhe @kingscrown @crystalgeometry
Only time can tell.
What are these 51 attack anyway? Is this some kind of hacking? I hope their blockchain is secured enough.
It not forsay a 51% attack.
The attack was done by taking advantage of a incorrect time stamping thus faking the time. When the blockchain sees the faked time is saying no new block was made(when it indeed was) it decrease the difficulty. With the decrease difficulty he could mine more coins easy and cheaper. Making him/her alot of $ without any expenses.
thell hell for real ? those shitcoins are hackers heaven