im_not_dazzled
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January 10, 2019, 08:09:16 AM |
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It's not a good day for all of us when bitcoin crashed a gain with more than $200 lost per BTC hours ago.
Now, it's likely time to see how BTC recover from current price and then acts of altcoins (ETC as well).
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estenity
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January 10, 2019, 10:34:45 AM |
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51% attack confirmed by exchange gate.io see paper on cointelegraph |
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Piston Honda
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Merit: 1023
Juicin' crypto
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January 10, 2019, 06:45:32 PM |
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SatyrA
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January 10, 2019, 07:21:21 PM |
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Its not ETC fault that it got 51% attacked. Right now many coins are vulnerable to getting 51% attacked since the prices are low and with low prices miners have left and there is less hashrate and easier to attack.
Not only that but its also cheaper to attack because the hashrate is cheaper to buy on Nicehash.
51% attacks are generally targetted towards exchanges and the exchange needs to have some monitoring in place to make sure they aren't vulernable to the attack; basically what Coinbase did. Its highly unlikely someone would do a 51% to double spend a transaction that was conducted OTC or by peer to peer such as a local meet.
An interesting statement by Charlie Lee on this attack: “By definition, a decentralized cryptocurrency must be susceptible to 51% attacks whether by hashrate, stake, and/or other permissionlessly-acquirable resources. If a crypto can't be 51% attacked, it is permissioned and centralized.” BTW, if we compare the current hash of Ethash coins, it's clear that Etheruem and Ethereum Classic are dominating the first two positions by a big margin: No.1: Ethereum = ~175 Th/s No.2: Ethereum Classic = ~8.50 Th/s No.3: Callisto = ~0.90 Th/s Interestingly, the Ethereum will get the algorithm change soon, making Ethereum Classic a perfect candidate for all the current hashrate of Ethereum. If miners really switch to Ethereum Classic after Etheruem goes ASIC-resistant ProgPow, it'll become considerably expensive for anyone to 51%-attack Ethereum Classic again. No. 1) Most of ETH miners will switch to ProgPow. 2) Nicehash will get more Ethash power avaliable. 3) Some (not significant) part of ETH miner will join to ETC The main threat for ETC is Nicehash. A temporal solution is maybe also change algo to ProgPow.. or to MTP. |
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tabas
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January 10, 2019, 11:13:56 PM |
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cbcbct
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January 11, 2019, 02:34:05 AM |
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Dominant hashrates in one pool will highly result in potential Replay attacks. As someone stated above, the fees require to hire enough hashrates from NiceHash to make attacks become cheaper recent months, due to drops of both bitcoin and altcoins. Consequently, more and more attacks occured within last several months. |
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estenity
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January 11, 2019, 07:14:27 AM |
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Dominant hashrates in one pool will highly result in potential Replay attacks. As someone stated above, the fees require to hire enough hashrates from NiceHash to make attacks become cheaper recent months, due to drops of both bitcoin and altcoins. Consequently, more and more attacks occured within last several months. this is an inherent weakness of POW. |
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futureofeth
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January 11, 2019, 08:31:39 AM |
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Can the team trace all these things because double spend is a really big attack but how can they recover those looses? Whether those double-spend coins will be recovered or they need to readjust the code in order to delete those double spend tokens? |
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cbcbct
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January 11, 2019, 02:27:41 PM |
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this is an inherent weakness of POW.
Recently, I heard about potential attacks on Monero network. It maybe another drama, but replay attacks are always the worst thing for blockchain networks. |
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kraterion
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🚀🚀 ATHERO.IO 🚀🚀
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January 11, 2019, 06:31:55 PM |
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Can the team trace all these things because double spend is a really big attack but how can they recover those looses? Whether those double-spend coins will be recovered or they need to readjust the code in order to delete those double spend tokens? I guess that this will be forever stored in the blockchain unless they want to fork it to bail out that hystory but I don't think that it will happen since ETC is immutable |
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CrazyPool.org
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January 13, 2019, 03:41:12 AM |
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Hi guys, my pools include an extra rewards for who found the block, this reward is "Finder Reward" The scheme is: Block Reward = BR Pool_Fee = 1% x BR Pool Reward = (BR - Pool_Fee) x (1 - Finder_Reward) Finder Reward = ((BR - Pool_Fee) x Finder_Reward Miner Reward = Pool Reward x Round Percentage For example if Finder Reward = 20% , Pool Fee = 1% , Block Reward = 4, and miner has 3.5% of the round Pool fee = 4 x 1% = 0.04 Miner_not_finder = (4 - 0.04) x (100% - 20%) x 3.5% = 0.11088 Miner_who_found_the_block = (4 - 0.04) x (100% - 20%) x 3.5% + (4 - 0.04) x 20%= 0.90288 please check this on: https://etc.crazypool.orgSystem Reward = PPLNS Finder Reward = 20% Pool Fee = 1% Block Reward = 4 ETC + TX (transaction fee) + uncle inclusion reward = Complete Block Reward Uncle Reward = 0.125 ETC Happy Mining !!! |
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Raja_MBZ
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January 14, 2019, 11:35:19 AM |
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Very interesting development. It seems like the attacker only wanted people to be aware of possible 51% hash power consequences. We still don't know the reason. If the attacker didn't run it for profit, he might be a white hacker who wanted to remind people the risks in blockchain consensus and hashing power security |
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oymoygoy
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January 15, 2019, 01:19:43 AM |
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Good days coming soon... I hope..
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Btc_1856
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January 15, 2019, 03:46:08 AM |
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Yes, really very good to know because ETC is securing prominent in the market but with the recent attack many people afraid about their holding but even the price of the coin has not decreased its the price. With the news again the price of the coin will start increasing again in the market. |
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big_daddy
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★777Coin.com★ Fun BTC Casino!
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January 15, 2019, 07:59:29 AM |
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if ETH will not gain up to a minimum of 50% raise in value, lot of miners could join ETC mining community I'm fingercrossed to that scenario   |
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