If it happens, the confidence and price of the coin will collapse. People holding the largest amount will suffer the most. Therefore it wont happen.
That has always been the assumption, but it just isn't always true.
Bitcoin Gold suffered a 51% attack in May and its price has not been affected.
ZenCash suffered a 51% attack last week and its price has not been affected.
Verge has suffered several attacks over the last couple months, and its price has not been affected.
Monacoin suffered a 51% attack last month and although the price dropped temporarily, it returned to normal.
Yes...thank you. And there were others, I know ZenCash got it. I think they can only do short term damage and it has to be for transactions executed during the attack. So, if they can hold the network long enough, they can hopefully get a few transactions to clear, but 51% is not really enough, it's barely enough. If transactions are hitting the 49% those transactions are rejected. But each of the blockchain networks are different.
In addition, since those 51% attacks, people are making changes so that those attacks can't actually work as well next time, like requiring 100 confirmations before an exchange will release coins being withdrawn, instead of the old 5. If I understand this correctly (which I probably don't) the more confirmations needed, the long the attacker would need to hold at least 51% of the network.
Do I have all this right? Would love to be corrected.
