Bitcoin Forum

I've actually been interested in getting some ETC classic because there is a finite supply.... but... what is stopping a hack and I lose my funds?

I believe you are talking about 51% attack on the network blockchain.

If you think only happen on ETC, this also can happen to all cryptocurrency with PoW algorithm. The attacker will use the double-spending method to steal the cryptocurrency most of their target always exchange.

More detail : https://www.coindesk.com/video/the-51-hack-on-ethereum-classic-explained

A coin that has a blockchain that was hacked two times, I can not trust such a coin. I read way back last year when it was hacked again that certain measures has been deployed to make sure this never happens again, but I rather go for cryptocurrencies that are not hacked before than the ones that have being hacked two times.

I do not know of any other blockchain, but can not happen to bitcoin blockchain which is getting stronger all the time than before.

Dude, everything can happen as long you have enough power source on the network to do that.

If you don't know about the 51% attack, try to read first and your question is bitcoin can get a 51% attack? the answer was yes but you need to have a lot resource to dot that because is not easy to dominate the network with more than 51%.

This problem will be always a problem for the PoW algorithm.

Well, it's not as easy as one, two, three. The reason why ETC had their security compromised is because of their negligence. They didn't actually take into account that someone would 51% attack them (because it's really really rare), and some rich guy really did. And I think at the time, the mining difficulty of ETC was half of its peak which made it more easier to attack.

I think ETC is actually the first crypto I've seen that suffered this. To be honest, I wouldn't trust this cryptocurrency.  

Perhaps you can just leave that plan of buying ETC and just reconsider another coin to buy. (If you are planning of buying it for a long teem hold?
 Shitcoin will always be  a shitcoin. I can't see any progress on them. And that attack on their network was just a proof that they have poor security system.
 
 You can't definitely stop hackers from doing the hacks again. If they find an opportunity to attack, they will certainly repeatedly do it.

no can predict that but i believe that ethereum classic won't it happen for three times, i believe team improve their security more and more after that second attack
but lot of great coin out there be wise and choose one and don lose your money again

Stopping a 51% attack as @ryzaadit already pointed out.

1. More community support and more nodes running the software to help strengthen the network.
2. Developers upping their game to prevent future attacks. I'm sure they have plans but it's still a matter of execution.

You are probably attracted to ETC because it's also cheaper but if you don't want to stress yourself from another 51% attack, stick with Bitcoin.

Yeah the switching to POS is still an unknown territory for speculative people in the crypto space that's why I wouldn't recommend that over a tested blockchain like Bitcoin yet. OP is also looking for a coin with finite supply which ETH is currently not.

Executing 51% blockchain attack on a coin which is cheaper is less expensive to the attacker so they used to hack exchanges and double spend them but its unlikely to happen anyway on wallet which is few hundred dollars worth. I you still afraid that attack can happen again then better stay away from them until it gets expensive.

if there is etherium hacked, that person is obliged to report the matter, to the party concerned with that party

I get your point which only proves the theory not reality, but my point is, it is not possible with the level of hashrate generated by bitcoin miners for bitcoin blockchain to suffer 51% attack. With such hashrate, it is not possible. If the so called ethereum, litecoin blockchain and some others that have far lesser hashrate do not suffer 51% attack, not to talk of bitcoin with the greatest harhrate. Another thing is the level of confirmation, even very possible a coin with 1, 2 or 3 confirmation to suffer the attack, while the 6 confirmation coins won't, which means 51% attack also depends on the depth of confirmation. But as of history and recent, bitcoin as never suffered 51% attack because it can practically not happen, only theoretically.

yeah, can happen in theory, but cannot happen in reality, due to various constraints, one being that you can acquire all that equipment in time, to reach 51% malicious hash-rate
only thing that could happen, in case that China launch their own cryptocurrency, their miners could take down BTC network, since more than 50% hash power is there, but I do not think that is really realistic view, BTC is here to stay, as most other cryptocurrencies, while Ethereum Classic will probably cover just a niche, their founders give up on it, and community is not that strong to improve it in long-term

If hackers can performed 51% attack regardless if it's ETC or not, chances are they are going to do it again and again. It's just a matter of timing and of course how much money they can generate in this double spending attack. I don't think you can lose your funds though in a 51% attack. But if you sit your ETC on a wallet that has been compromised, then definitely hackers can steal it as well (and so are the other crypto wallets).

It has been hacked because of 51% attacked, right ? The only way not to be hacked again eth classic community need to turn on their miner so the miner will be widely spread and no one can do 51% attack on Eth classic ever again. 51% attack is not easy to do and not cheap but still there is a chance

Every project right now in the market is prone to hackers, so there’s no assurance that ETC wont be a victim of this one. If you’re talking about your personal holdings, then it can be safe if you’re using a secured wallet where you control your own keys. Even a good project has the hacking history, so don’t over confident in the market and always go for a secured transactions.

You better not buy that and put your interest and attention to Ethereum instead. ETC was attacked and proven to be vulnerable in 51% attack quite times.
(https://www.coindesk.com/ethereum-classic-blockchain-subject-to-yet-another-51-attack)
(https://www.coindesk.com/crypto-51-attacks-etc)
(https://coingeek.com/ethereum-classic-implements-51-attack-defense/)

51% network attack in ETC theorically can be prevented by implement some guard by the fork.
This one is created by Pirl Project,


This guard also implemented by Callisto Network and the network now safe from the attack. Its also proposed by Dexaran to be implemented on ETC but ends up didnt implemented.

Im not sure if ETC have any plan to prevent the hack in the future since im not following the project anymore.

I haven't been in a while with ETH. Not sure what but it surely applies to every coin that we hold.
It's about the continuous development I believe. Fixing any vulnerabilities that it would possibly be exploited and as you mentioned, hacked.

Theoretically yes, but it will be hard to implement since the core team does not know the depth of its security.
Implementing it to the network without knowing the risk is unacceptable.

Other than this, there were a few discussions about how to prevent this attack.
From changing the algorithm, integration of "proof of proof" Veriblock and above. Until now, they have yet to implement it because they need to understand better which one of those is the best option for the project in the long term.
The sad thing is they should have expected it a long time ago and should have prepared something to counter the problem, unlike now.

U know that ETC Dev and Community mostly against fork like Ethereum fork before.
So they will not giving any change in this neartime until something really urgent need to do.

I seriously doubt they will move away from POW algo. They already implemented MESS to protect the network from future 51% attack and then the Thanos hardfork to further increase security and mitigate the risk.

I think they're done and have no further plans for upgrades until the next successful attack ;D

I was not keen on ETC and i forgot about the Gotham hard fork to limit the number of coins unlike ETH. There are many attacks in the network but that does not mean your coins will be hacked if you are careful. I have not heard anyone loosing the funds if they are taking care of security if not there is no point in investing because you need to spend some money for your system security before storing the funds.

Yes almost all of the crypto could be hacked but hacking it isn't easy and no one is stopping them from doing it.
I am sure the Developer and Team also know it that is why they are working hard to secure their project from being hacked and it is their job.