Some guy threatens ETC (Ethereum Classic) with a 51% attack

[spartak_t]

A guy named Chandler Guo (https://www.facebook.com/profile.php?id=100004160466534, https://twitter.com/chandlerguo) threatened Ethereum Classic with a 51% attack:



... and it looks like he got some serious equipment (not sure if it's real or not, feel free to check his profiles):

[NUFCrichard]

Would that not be acceptable to the ETC defenders? He wouldn't be breaking any rules.

[r0ach]

Translation:  It's just a greedy Chinese guy that bought 5 billion GPUs to mine with.  He really doesn't give a flying shit about anything cryptocurrency related and thinks if he can take down Eth Classic then it might increase his mining rewards if there's not 2 Eths.

[spartak_t]

Would that not be acceptable to the ETC defenders? He wouldn't be breaking any rules.

The hard fork was already condemned by many people, famous in the cryptocurrency space. I also think that it was mistake, but I am nobody.

Translation:  It's just a greedy Chinese guy that bought 5 billion GPUs to mine with.  He really doesn't give a flying shit about anything cryptocurrency related and thinks if he can take down Eth Classic then it might increase his mining rewards if there's not 2 Eths.

He can buy them and he did it. I wouldn't judge him.

[freshman777]

This is precisely why Proof-of-work has no future except as a bootstrapping mechanism. Miners can fuck network all they please. Miners have to be currency holders, other wise they don't give two fucks about what they mine and what they do with the mined coins. Miners = currency holders only in Proof of stake = responsibility and control over your stake. In proof of work control is in the hands of some sick weirdo thousands miles away, who had used cheap labor to assemble square miles of ASICs crunching numbers. POS is the future with democratic voting, POW is for those who likes to be screwed and complain that they are screwed. Choices, choices.

Disclaimer: I don't own Eth or Ethc and never did.

[Minecache]

That guys got some serious equipment there. Gud news he's on the ETH side.

[freshman777]

That guys got some serious equipment there. Gud news he's on the ETH side.

Imagine an institutional investor bought a POW coin, like Bitcoin. A dude in China threatens to fuck around with that investment because he can. Many people wonder why Bitcoin doesn't go to moon. That's why. Because now instead of banks some Guo dude in China controls your money. How is it different from banks? No how, that's how. It can get to the point when it's a matter of national security.

Only Proof of stake lets you manage your money, you own, use and control it.

[bbc.reporter]

Why does he have to issue a threat? Why not just go and do it? I do not think he will continue on and do it. Won't it be more profitable for him to also mine Ethereum classic side by side with Ethereum fork?

And where is the attacker of Ethereum? Is the Ethereum fork still vulnerable to the attack he did before?

[jwinterm]

Those are antminers in the photo, for mining btc. Also, Chandler?

Re: PoS, the problem is nothing-at-stake and stake grinding. You can't get something for nothing. If a large miner wants to try a 51% attack he has to at least expend huge amounts of energy mining a fork, losing income from mining the accepted chain. If a large stake holder wants to attack the network it costs nothing except a few cpu cycles.

[freshman777]

Those are antminers in the photo, for mining btc. Also, Chandler?

Re: PoS, the problem is nothing-at-stake and stake grinding. You can't get something for nothing. If a large miner wants to try a 51% attack he has to at least expend huge amounts of energy mining a fork, losing income from mining the accepted chain. If a large stake holder wants to attack the network it costs nothing except a few cpu cycles.

The nothing-at-stake myth was debunked long ago, do not FUD please. Oh, maybe you like to be screwed by Guo dude? Enjoy the pleasure.

[spartak_t]

Those are antminers in the photo, for mining btc.

I know that, but this is him on the picture. You can check his FB profile and see some big farms with GPU's...

[ArticMine]

Those are antminers in the photo, for mining btc.

I know that, but this is him on the picture. You can check his FB profile and see some big farms with GPU's...

Then post a picture of his GPU farm. This sounds like a bluff to me.

Edit Asking people to provide their personal information to the NSA (among others) via Facebook / PRISM is not going to cut it with many here.

[cleverlittleme]

lets say he really is capable of doing so.
What would be the consequences for poloniex?

[pereira4]

That guys got some serious equipment there. Gud news he's on the ETH side.

Imagine an institutional investor bought a POW coin, like Bitcoin. A dude in China threatens to fuck around with that investment because he can. Many people wonder why Bitcoin doesn't go to moon. That's why. Because now instead of banks some Guo dude in China controls your money. How is it different from banks? No how, that's how. It can get to the point when it's a matter of national security.

Only Proof of stake lets you manage your money, you own, use and control it.

This is not the case if the network (nodes) are decentralized. This is why it's important to keep supporting Core and not bigger block crap that will centralize the nodes and give all power to datacenter node companies and mining companies (that will eventually become the same thing if big block retards were in charge).

https://www.youtube.com/watch?v=ncPyMUfNyVM


More in detail.

https://www.youtube.com/watch?v=KwjyRAuw6zQ

As we have seen before, PoS can be a total catastrophe. Few holders can decide to rollback and shit like that. Remember NXT? yeah.

PoW is still the most solid way to go about things, objectively speaking.

[freshman777]

Those are antminers in the photo, for mining btc.

I know that, but this is him on the picture. You can check his FB profile and see some big farms with GPU's...

Then post a picture of his GPU farm. This sounds like a bluff to me

Bluff or not, in Proof of work what he said is possible. No moon base for POW, sorry.

[Sebastien256]

As we have seen before, PoS can be a total catastrophe. Few holders can decide to rollback and shit like that. Remember NXT? yeah.

What rollback? Fyi, Nxt has never rollback the blockchain.

[spartak_t]

Those are antminers in the photo, for mining btc.

I know that, but this is him on the picture. You can check his FB profile and see some big farms with GPU's...

Then post a picture of his GPU farm. This sounds like a bluff to me.

... and it looks like he got some serious equipment (not sure if it's real or not, feel free to check his profiles)

Edit Asking people to provide their personal information to the NSA (among others) via Facebook / PRISM is not going to cut it with many here.

I'm not sure what you mean. Is it because of this?

(not sure if it's real or not, feel free to check his profiles)

[freshman777]

That guys got some serious equipment there. Gud news he's on the ETH side.

Imagine an institutional investor bought a POW coin, like Bitcoin. A dude in China threatens to fuck around with that investment because he can. Many people wonder why Bitcoin doesn't go to moon. That's why. Because now instead of banks some Guo dude in China controls your money. How is it different from banks? No how, that's how. It can get to the point when it's a matter of national security.

Only Proof of stake lets you manage your money, you own, use and control it.

This is not the case if the network (nodes) are decentralized. This is why it's important to keep supporting Core and not bigger block crap that will centralize the nodes and give all power to datacenter node companies and mining companies (that will eventually become the same thing if big block retards were in charge).

https://www.youtube.com/watch?v=ncPyMUfNyVM


More in detail.

https://www.youtube.com/watch?v=KwjyRAuw6zQ

As we have seen before, PoS can be a total catastrophe. Few holders can decide to rollback and shit like that. Remember NXT? yeah.

Network, nodes don't matter. 3 chinese miners make decisions in proof of work.

From the history of NXT it didn't roll back anything. A hacker stole coins from Bter, the NXT community voted with their stakes to keep status quo. Rolling back would open a can of worms, like it just did in Eth. They voted with their stakes to keep the chain as is. If you read an alternative version of NXT history, care to provide links?

[electronicash]

Seem like he has a serious equipment to do it. Can this be legal that polo can't sue this China man if indeed he really will attach ETC?
I gotta watch this thread for whatever the outcome. if he can attack ETC, what can stop him from destroying the rest.

[spartak_t]

I gotta watch this thread for whatever the outcome.

It appears that he follow us on Twitter, so I'll try to invite him here.

EDIT: There you go: https://twitter.com/FAILCommunity/status/757220073337712640