[2019-01-07] Coinbase Suspends Ethereum Classic After Blockchain History Rewrite

[aoluain]

No good, dodgy to say the least if this report is correct. Personally Im
dissapointed in ETC, I really thought they had a bright future with lots
of development going on, lets see where this story goes.

One thing for sure this highlights the threat of a 51% attack.

Crypto exchange Coinbase has halted all ethereum classic transactions, withdrawals and deposits due to a series of blockchain history reorganizations on the network.

Ethereum classic saw more than 100 blocks “reorganized” during a 51 percent attack late Sunday, according to at least two different block explorers – Bitfly (Etherchain) and Blockscout. Coinbase said in its blog post that it detected some 88,500 ETC being double-spent (totaling some $460,000).



https://www-coindesk-com.cdn.ampproject.org/c/s/www.coindesk.com/coinbase-suspends-ethereum-classic-after-blockchain-history-rewrites?amp

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[hatshepsut93]

Maybe the so-called cryptocurrency community should start listening to Bitcoin maximalists and finally realize that consensus protocol is the heart of any coin, and if it fails, it doesn't matter how good and innovative your coin is, it's doomed. Hodling altcoins long-term becomes a very risky and stupid thing, they are all under threat of getting attacked in a similar fashion, and the chances that they will skyrocket are astronomically low, because their developers just fake activity to keep selling their stash continuously. In the next few years we'll probably see similar attacks on PoS protocols.

[gentlemand]

According to Charlie Lee this attack would've cost $5000 per hour with rented hash power.

That's a for a top 20 coin. Think that over for a sec. That's how weedy minority chains are.

The weird, or maybe disappointingly not weird, thing is that traders don't really seem to care all that much which goes to show where the average mind is.

I'll bet the vast majority of PoW coins could be squashed flat with ease for peanuts. No one cares enough to do it. It pisses all over the idea of anything other than the mightiest coins being worth anything.

[1Referee]

Prepare for worse. By the time Ethereum fully switches to POS, there will be so much hashrate to utilize (i.e. cheaply available to rent to attack other networks), that even Litecoin will have to worry about an attack. It makes a perfect scenario for Crack Wright & Co to make their SharkPool become more of a viable option, and this is just one entity with ill minded incentives.

Coinbase is better off delisting this crap, but they obviously have not much of a say with Digital Currency Group being a massive bagholder of the currency.

[hatshepsut93]

Prepare for worse. By the time Ethereum fully switches to POS, there will be so much hashrate to utilize (i.e. cheaply available to rent to attack other networks), that even Litecoin will have to worry about an attack. It makes a perfect scenario for Crack Wright & Co to make their SharkPool become more of a viable option, and this is just one entity with ill minded incentives.

Coinbase is better off delisting this crap, but they obviously have not much of a say with Digital Currency Group being a massive bagholder of the currency.

Litecoin is mined on ASICs, so it shouldn't worry about GPU's that currently mine Ethereum. And Ethereum miners will most likely just sell their GPU's when it will switch to POS, but they totally can wreak havoc on smaller altcoins before doing that.

[gentlemand]

Litecoin is mined on ASICs, so it shouldn't worry about GPU's that currently mine Ethereum. And Ethereum miners will most likely just sell their GPU's when it will switch to POS, but they totally can wreak havoc on smaller altcoins before doing that.

How much in the bag is ETH's move to PoS?

We've been hearing about it for years on end.

[hatshepsut93]

Litecoin is mined on ASICs, so it shouldn't worry about GPU's that currently mine Ethereum. And Ethereum miners will most likely just sell their GPU's when it will switch to POS, but they totally can wreak havoc on smaller altcoins before doing that.

How much in the bag is ETH's move to PoS?

We've been hearing about it for years on end.

Gonna happen sooner or later, or Vitalik risks looking really dumb after all these years of bashing Bitcoin for "inherently centralized PoW". And if people will start doubting their "benevolent dictator", ETH will turn into yet another shitcoin without any future very quickly.

[1Referee]

Gonna happen sooner or later, or Vitalik risks looking really dumb after all these years of bashing Bitcoin for "inherently centralized PoW". And if people will start doubting their "benevolent dictator", ETH will turn into yet another shitcoin without any future very quickly.

Vitalik has never been much of a person with a solid last word in terms of promises. Ethereum's blockchain wouldn't exceed 1TB according to him, which it did. In the same way it wouldn't exceed 100 million in circulating supply, which it also did. I can remember a video where he absolutely trashed Ethereum, and that while it's his ass toy.

I don't see Ethereum turn into a shitcoin with its network effect being so strong, regardless of how long the switch to POS takes. You have to look at things objectively, and with their second layer scaling there might even be some hope at the end of the tunnel.

[figmentofmyass]

Litecoin is mined on ASICs, so it shouldn't worry about GPU's that currently mine Ethereum. And Ethereum miners will most likely just sell their GPU's when it will switch to POS, but they totally can wreak havoc on smaller altcoins before doing that.

How much in the bag is ETH's move to PoS?

We've been hearing about it for years on end.

transitioning to hybrid POS-POW is pretty much "in the bag". that'll be the first iteration of the casper protocol. hybrid POS has been used in various altcoins for years and the known attack surface is definitely lower than full POS, so i believe it's not super controversial or overly difficult to implement technically.

that'll give them a couple more years to figure out true POS.....

[BitHodler]

Maybe the so-called cryptocurrency community should start listening to Bitcoin maximalists and finally realize that consensus protocol is the heart of any coin, and if it fails, it doesn't matter how good and innovative your coin is, it's doomed. Hodling altcoins long-term becomes a very risky and stupid thing, they are all under threat of getting attacked in a similar fashion, and the chances that they will skyrocket are astronomically low, because their developers just fake activity to keep selling their stash continuously. In the next few years we'll probably see similar attacks on PoS protocols.

Most Bitcoin maximalists should NOT be paid attention to. It only requires common sense to understand how dangerous it is to get involved in altcoins, especially the ones that are easily NiceHash'able.

Overall, the ETC community seems so far gone, that the price didn't do much at all, which shows how little people actually care what they invest in. Even if they are demonstrated that they invest in shit, they will stick with it.

https://www.crypto51.app

That site shows how much it would cost to 51% attack a coin, and while it is a rough calculation, you'll be shocked how cheap it is to attack networks worth multi millions to hundreds of millions.

[squatter]

Gonna happen sooner or later, or Vitalik risks looking really dumb after all these years of bashing Bitcoin for "inherently centralized PoW". And if people will start doubting their "benevolent dictator", ETH will turn into yet another shitcoin without any future very quickly.

Probably later, especially PoS (Casper) on ETH was originally planned live on ETH network on late 2017, but it's changed several time on their roadmap.

It'll be a while. They're actually planning to implement a new POW algorithm to replace Ethash with something more ASIC-resistant. It looks like the EIP has just been accepted. Some ETH miners won't be happy about this.

Have Casper developers even established a strong theoretical basis for the full proof-of-stake implementation? Anybody have some links to their research? I've seen a lot more work coming from the Cardano camp than from Ethereum.