51% Attack Risk

[brucefey]

The recent 51% attack news really interests me, so my friend and I take some time to look into it. And what we have found is shocking. The current cryptocurrency world is extremely vulnerable. See for yourself.

http://www.cryptoattack.io/risk

We compare the cost of taking over 51% hashing power and the liquidity of the specific crypto and then compute the return ratio of attack. we get Data through nicehash and whattomine, update every 10 minutes.

From the result, especially the coins forked from Bitcoin or Litecoin, they are most likely to suffer from this attack if given enough liquidity.

[KP Oli]

That's why they don't need to exist.
Only those mineable coin that are decentralized enough to prevent a 51% attack should exist and others vulnerable to 51% attack should cease operation.

[brucefey]

Yeah, That's what the future will be like. Forked coins using the same hash algorithm are most vulnerable.

[brucefey]

I never thought the profit is so huge. Besides, the attacking is convenient and simple.

You can buy hash from nicehash and exchange tokens in some unknown, without checking easy to register exchange.


All of them makes the 51% attack not only doable and profitable, but also soo easy.

I am really worried about the attack risk and I think most people didn't realize this yet.

They think Bitcoin is safe and everything is fine. That's so wrong. When Bitcoin's hashing power is used on your coin, you are doomed.

[Alry]

The recent 51% attack news really interests me, so my friend and I take some time to look into it. And what we have found is shocking. The current cryptocurrency world is extremely vulnerable. See for yourself.

http://www.cryptoattack.io/risk

We compare the cost of taking over 51% hashing power and the liquidity of the specific crypto and then compute the return ratio of attack. we get Data through nicehash and whattomine, update every 10 minutes.

From the result, especially the coins forked from Bitcoin or Litecoin, they are most likely to suffer from this attack if given enough liquidity.

I do not know why so few such attacks have occurred so far, because the attacker, in fact, does not risk anything, you need to purchase equipment, conduct an attack, after this attack the equipment will remain, it can be further used for mining.

[brucefey]

The recent 51% attack news really interests me, so my friend and I take some time to look into it. And what we have found is shocking. The current cryptocurrency world is extremely vulnerable. See for yourself.

http://www.cryptoattack.io/risk

We compare the cost of taking over 51% hashing power and the liquidity of the specific crypto and then compute the return ratio of attack. we get Data through nicehash and whattomine, update every 10 minutes.

From the result, especially the coins forked from Bitcoin or Litecoin, they are most likely to suffer from this attack if given enough liquidity.

I do not know why so few such attacks have occurred so far, because the attacker, in fact, does not risk anything, you need to purchase equipment, conduct an attack, after this attack the equipment will remain, it can be further used for mining.

Yeah. The attacking is soooo easy.

We have done a 51% attack on an infamous coin to modify our transaction to ourselves. Besides modifying the firewall, we only change one line of code. Really can not believe it.

[BillCoin]

I don't think there is really a need to be afraid of 51% attack on small altcoins, as usually the attack will require the attacker to put a lot of effort a very big invesment, which he usually won't be able to recover because after the attack will be completed he won't have enough liquidity in the market to liquidate his amount and sell his profits.

The fact that altcoin's markets are usually really small just make it very unprofitable for people to attack because the market will drop soon after the attack - lack of liquidity.
51% is no more profitable- but it is being done by people who want the hurt the specific altcoin- usually an altcoin that is attempting to steal an idea- they will attack it in order to make their altcoin raise.

[brucefey]

I don't think there is really a need to be afraid of 51% attack on small altcoins, as usually the attack will require the attacker to put a lot of effort a very big invesment, which he usually won't be able to recover because after the attack will be completed he won't have enough liquidity in the market to liquidate his amount and sell his profits.

The fact that altcoin's markets are usually really small just make it very unprofitable for people to attack because the market will drop soon after the attack - lack of liquidity.
51% is no more profitable- but it is being done by people who want the hurt the specific altcoin- usually an altcoin that is attempting to steal an idea- they will attack it in order to make their altcoin raise.

Your analysis makes sense, that risk should also take into consideration.

But the attacker has no need to sell the crypto, he/she can do multiple attacks just like the Bitcoin Gold case. Within a short period of time, people didn't realize what happened, then the following waves came.

[sponge_bob13]

The profit from this this attacks are much more than the cost and this make me think that such attacks are to happen very often. But we don't see such attacks much so there is nothing to be so worried about the 51% attacks.

[dagughalam]

These attacks are only possible when the tech behind the coin is weak and the developers don't care to improve and are only interested in profits.. for privacy coins like deeponion with combined POW and POS security measures, these attacks are less likely and may never happen. Hence investors and users are more assured of their security and privacy.

[BloodKnight]

There is a paradox here. If someone has 51%, then who is undoubtedly the biggest profiter. If someone launches an attack, then who is undoubtedly the biggest loser. How can this happen?

[Way2Cool]

hey mate, really good website!
really interesting!!!
really nice works  
now attackers can use it in order to perform a double spend on some weak project.. SHIT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[hasimkamal]

I don't think anyone needs to fear about the attack news. It's not easy for anyone to attack cause the equipment cost is beyond the limit of the attacker. And due to liquidity after the attack the price will fall so the attacker won't make profit out of it.  

[Crypto.mgt]

The risk of 51% attack is actually very vulnerable and profitable. The attacking is very simple and convenient. It not only makes the profit double but also very easy to get.

[currencydesigner123]

Whichever the coin is, it is really tough to mine 51% of a single coin by alone. It is a matter of big investment for equipment and most importntly power. So I believe it is so much tough to attack 52% specially for the popular coins.

[pauline_78]

I never heard of this.I don't think it would be that risky. I'm looking forward toknow what will happen in future.

[jaythelingly]

I think this attacks are profitable for some big coins and for the small alts it might be a loss. The chart says so and I don't know much. I want to learn more on this.

[nantaken]

I don't think there is really a need to be afraid of 51% attack on small altcoins, as usually the attack will require the attacker to put a lot of effort a very big invesment, which he usually won't be able to recover because after the attack will be completed he won't have enough liquidity in the market to liquidate his amount and sell his profits.

[BlakeMye]

This is not a very good news at all. So, the attacking seems very easy. Though many investors believe that , it is not that much bad as the attacker needs to invest a very big amount in it. .

[MicaleFalcon]

Mainly after creating this crypto market there is lots of scams in the market but I think people should aware of this because it may cause of huge loss because people invest their valuable money also this types of risk de motivate the investors based on this people should buy equipments so that they can safe.