ETC hardfork: coinbase has an issue

in coinbase •  3 months ago

So there was a double spend attack on ETC.

This is an issue for exchanges such as coinbase who support coins that can be attacked this way.

Imagine having customer funds in andresses that then just are gone.

As these coins go down in value and eventually actually die I wonder what the process is for an exchange like coinbase to de-list them.

This will be interesting to see.

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The devs are actually denying a 51% attack on what happened. At this point I just wonder who was even betting on ETC because it had barely any development going and it only cost $4,712 per hour to 51% attack the network. $450,000 double spend look like a great ROI for anybody to pull off a double spend.

Dash is about to implement ChainLocks using their masternode network to make the double spends massively more difficult because Dash only has a $3,140 per hour requirement for 51% attack according to https://www.crypto51.app

Is interesting seeing the POW attacks during the bear market.

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Yes, this is definitely an interesting scenario. It remains to be seen whether ETC tackles the miner through a centralized medium (going against its agenda during ETH vs. ETC divide) or taking a more laid back approach.

Seems like the first time this happened -- then it led to the fork of ETH and ETC. Wonder how likely this is for other blockchains.