BitRss.com latest Crypto World News

Search and discover the latest Cryptocurrency updated Stories in Categories.

24-7 Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources.

Here’s Why 51% Attacks Don’t Affect Price

Here’s Why 51% Attacks Don’t Affect Price
51% attacks are catastrophic in the cryptocurrency world–or are they? 51% attacks may be a little bit scary but here’s why they don’t affect price.

The Ethereum Classic 51% Attack
Ethereum Classic , one of the most popular altcoins by market cap, just succumbed to a 51% attack. A situation in which one mining entity gained control of over half the network’s hash rate caused double spending of thousands of ETC on several exchanges including Bitrue, Gate.io, and, most notably, Coinbase.
Coinbase posted on its Twitter account that the exchange had detected the attack on January 5 and temporarily paused movements:

On 1/5/2019, Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain that included a double spend. In order to protect customer funds, we immediately paused movements of these funds on the ETC blockchain. Read more here: https://t.co/vCx89dz44m
— Coinbase (@coinbase) January 7, 2019

However, a  report by blockchain security firm Slowmist claimed that no one noticed the attack until the damage was done on January 7. This is when Slowmist says it warned both Coinbase and the ETC network. This appears to be confirmed below by Ethereum Classic.

"Chinese blockchain security firm SlowMist sent out an alert that the Ethereum Classic (ETC) network might have been targeted by a 51% attack."
Exclusive: One $ETC Private Pool Claimed over 51% Network Hashrate – Reported via @SlowMist_Team https://t.co/Bshi6OWCaJ
— Ethereum Classic (@eth_classic) January 7, 2019

Most of the damage was absorbed by Coinbase, reporting double spending of some 219,500 ETC totaling around $1.1 million. That kind of sucks for Coinbase.
But what about the havoc wreaked upon the ETC network? Actually, there wasn’t really any.
Exchanges Are the Victims of 51% Attacks
Just days after the attack, it’s business as usual on the ETC network. The ETC coin 0 0 has bearly taken a hit and remains among the top 20 altcoins on CoinMarketCap. The price bearly even registered a drop.
According to blockchain analyst and assistant professor at Kings College London Patrick McCorry, ETC took “a bit of a hit” but recovered in a day, suggesting that 51% attacks can happen but traders remain unfazed.

Fun fact about the 100-block reorg in Ethereum Classic.
None of the traders care about it. Look at the price – it took "a bit of a hit", but its mostly recovered in a day.
Great lesson – you can attack a coin, perform a double-spend, and most traders won't care. pic.twitter.com/j6mUcCSV37
— Patrick McCorry (@paddykcl) January 8, 2019

Chief Strategy Officer at CoinShares and industry expert Meltem Demirors replied that ETC price was less sensitive to news and that its small community meant that attacks like these were less problematic.

ETC price is less sensitive to news because: 1. OGs got free option from 2016 ETH fork 2. USD / BTC ETC buyers are speculators, if funds are SAFU, 
</div>
	
<style>
/*  */

#screenshot{
	position:absolute;
	border:1px solid #ccc;
	background:#333;
	padding:5px;
	display:none;
	color:#fff;
	}
/*  */
</style>
<script src=
- - - - -

Thank you for Share!

   
Read the full Article

Read the full Article: Here’s Why 51% Attacks Don’t Affect Price


Search Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, from leading exponents of BlockChain, Bitcoin and Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Cypto Currencies World.

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

24h Most Popular News