Massive amount of hashrate for new altcoins?

[mbackonja]

Hi everyone,

Let's imagine that few days ago new altcoin appeared. It's, for example, scrypt based. And total hashrate is, at example, 5 GH/s. If I have 10 GH/s scrypt miner, how that will affect on that new altcoin? I will own 66% of hashing power, right? I will able to do 50% + 1 attack, right?

[HardFireMiner]

Yes, having 66.(6)% of the hashrate will give you the possibility of launching a 51% attack.

[BTCLovingDude]

performing a 51% attack is possible with more than 50% hashrate but succeeding at it is not that easy. because you need to make the longest chain and make others follow you. the more hashrate you have the easier it becomes because you can find more blocks and make the chain longer.

also a 51% attack is usually performed to gain something like double spending a very large amount and for that people always want more confirmation which makes performing a 51% attack that much harder.

although i should say altcoins are very different from each other. what i said is mostly bitcoin based and by extension covers many altcoins but not all.

[Blackfurysm]

guys, sorry if this is a wrong place to ask, but what does hashrate mean? and when this information could help me?

[xxcsu]

guys, sorry if this is a wrong place to ask, but what does hashrate mean? and when this information could help me?

There is a perfect answer for you , its fully automatized, you dont have to do anything , click on the link , then just lay back and watch

[crocozino]

I guess it depends how the diff is configured
it can adjust after each block or after several blocks
but I guess you will rise the diff sky high, and it will be very difficult to find new block.. even if you remove your hashpower, still the diff will be high and the network will stuck

[BitcoinsGreat]

Hi everyone,

Let's imagine that few days ago new altcoin appeared. It's, for example, scrypt based. And total hashrate is, at example, 5 GH/s. If I have 10 GH/s scrypt miner, how that will affect on that new altcoin? I will own 66% of hashing power, right? I will able to do 50% + 1 attack, right?

Depends on a lot. Mainly how the diff is figured. We often attack coins new and old with a low diff and scrypt or another easy algo. You are guaranteed a good block, at least that one, but after that the diff is going to start changing to meet your work. This is especially true if you are solving the blocks. The difference is there to make a block get solved every X minutes.

[DevelopmentBank]

Wouldn't worry too much about it. If you can 51% a new altcoin it probably means its a total shitcoin that nobody cares about and will probably never be traded on an exchange, or if it gets traded, its value will probably be 1 satoshi. Now just ask yourself is it worth it to learn all the technicalities involved in doing a 51% attack? The answer is probably not.

Don't attack and always be honest in whatever you do. Shitcoin or not.