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Author Topic: [ANN] [ETC] Ethereum Classic: Immutable Smart Contracts  (Read 766757 times)
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dreamax25
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January 09, 2019, 08:37:57 AM
 #9741

Based on Coinbase, it appears that more then $1 million worth of Ethereum Classic has been double spent.

https://coincodex.com/article/2839/according-to-coinbase-more-than-1-million-worth-of-etc-has-been-double-spent/

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January 09, 2019, 08:46:59 AM
 #9742


this is a bad news, but the good one is that ETC has recovered the value in a day, so we have support here

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January 09, 2019, 11:06:51 AM
 #9743

The latest 51% attack on the Ethereum Classic network made it possible to double spend the ETC:

https://coincodex.tv/videos/622/51-attack-on-ethereum-classic

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January 09, 2019, 11:21:43 AM
 #9744

What was strange during and after this reorg of chain which led to double spend attack market didn't show panic. You can see price are still holding reasonable floor and there is some invisible support from somewhere for ETC continuously. It is another unfortunate token which got victim of this incident because of low hash.
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January 09, 2019, 07:24:11 PM
 #9745

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:

Quote
“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.

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January 09, 2019, 09:40:38 PM
 #9746

Is it confirmed that what happened on the 5th of this month is really an attack by the pirates or is there another explanation? Because I read some news but it is not the same ,while I checked this article but I did not really understand what happened
https://medium.com/@slowmist/the-analysis-of-etc-51-attack-from-slowmist-team-728596d76ead
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January 10, 2019, 08:09:16 AM
 #9747

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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January 10, 2019, 10:34:45 AM
 #9748

Is it confirmed that what happened on the 5th of this month is really an attack by the pirates or is there another explanation? Because I read some news but it is not the same ,while I checked this article but I did not really understand what happened
https://medium.com/@slowmist/the-analysis-of-etc-51-attack-from-slowmist-team-728596d76ead

51% attack confirmed by exchange gate.io
see paper on cointelegraph
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January 10, 2019, 06:45:32 PM
 #9749

Is it confirmed that what happened on the 5th of this month is really an attack by the pirates or is there another explanation? Because I read some news but it is not the same ,while I checked this article but I did not really understand what happened
https://medium.com/@slowmist/the-analysis-of-etc-51-attack-from-slowmist-team-728596d76ead



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January 10, 2019, 07:21:21 PM
 #9750

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:

Quote
“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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January 10, 2019, 11:13:56 PM
Merited by estenity (1)
 #9751

51% attack confirmed by exchange gate.io
see paper on cointelegraph
Here are the links
Crypto Exchange Gate.io Confirms 51% Attack on Ethereum Classic, Promises Refunds
Coinbase: Ethereum Classic Double Spending Involved More Than $1.1 Million in Crypto



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cbcbct
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January 11, 2019, 02:34:05 AM
 #9752

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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January 11, 2019, 07:14:27 AM
 #9753

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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January 11, 2019, 08:01:49 AM
 #9754


SoloPool.org - profitable solo mining pools. We support a lot of coins on different algorithms. Ethash, Equihash and CryptoNight.

Our pools have already found more than 700.000 blocks!

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January 11, 2019, 08:31:39 AM
 #9755


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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January 11, 2019, 02:27:41 PM
 #9756

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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January 11, 2019, 06:31:55 PM
 #9757


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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January 13, 2019, 03:41:12 AM
 #9758

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.org

System 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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January 14, 2019, 09:31:16 AM
 #9759

Ethereum Classic 51% Attackers Return $100,000 to Crypto Exchange Gate.io

https://www.cryptoglobe.com/latest/2019/01/ethereum-classic-51-attackers-return-100000-to-crypto-exchange-gate-io/
&
official from Gate.io https://www.gate.io/article/16740


I see those news as positive/good news for Ethereum Classic

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January 14, 2019, 11:35:19 AM
 #9760

Ethereum Classic 51% Attackers Return $100,000 to Crypto Exchange Gate.io

https://www.cryptoglobe.com/latest/2019/01/ethereum-classic-51-attackers-return-100000-to-crypto-exchange-gate-io/
&
official from Gate.io https://www.gate.io/article/16740


I see those news as positive/good news for Ethereum Classic

Very interesting development. It seems like the attacker only wanted people to be aware of possible 51% hash power consequences.

Quote from: Gate
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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