Bitcoin Forum

Hello
I have an ETC question.  I tranferred some ETC from Coinbase to Kraken over a day ago.  Well, I started the transfer.  CUrrently there are about 10k confirmations.  Kraken states ETC requires 40k confirmations before a deposit can be traded.

At this rate, it looks like it could be a week before my transfer is complete.

Is this normal?  I have to say, this seems pretty prohibitive.  Shouldnt crypto be faster than an old School Bank transfer?

That's a lot of confirmation but I cannot blame Kraken for doing that. ETC chain has been attacked so many times that these exchanges had to adjust their policies to protect themselves.

You are still dealing with a centralized entity in Kraken that are like banks.

Check their policy first the next time you transfer to a centralized exchange. Binance requires 500 confirmations before they credit it to user accounts.

Yes, that's normal.

That standard was changed due to the ETC 51% attack in the past. You have no choice but to wait until it reaches the standard or minimum confirmation that they've said to reflect on your account balance.

On their estimation, that should go around 6.5 days.

https://support.kraken.com/hc/en-us/articles/203325283-Cryptocurrency-deposit-processing-times

Why are you still keeping/coins that have ever undergo a 51% attack. The Ethereum Classic Network has already suffered three 51% attacks (https://www.coindesk.com/ethereum-classic-blockchain-subject-to-yet-another-51-attack) and Millions in funds have been lost (https://forkast.news/hash-power-51-attack-rent-huge-vulnerability-proof-of-work-blockchain/) due to the double spend attacks.

Kraken and all major exchanges are implementing a high number of confirmations to avoid losses due to the attacks.

I also believe that you should stop using ETC, at least until the hashrate is more distributed. The risk of 51% attack for this network is really huge, might as well use LTC or other chains.

There's a surge in ETC's price for the past week and that's why there are people who are into it. I've also seen in some mining groups that it's profitable for them to get into ETC instead of any other altcoins that can be mined through their rigs.

But just as this now, there's a dip that happened which ETC is no exception and I do agree if someone who's into trading, there's other more to choose from and better than which have experienced 51% attack in the past.

Hi mate

you don't need to panic about the transaction, just relax and let it be after the confirmation then you can do what you wanna do.