Dogecoin Is the Third-Most Resistant to 51% Attacks, After Bitcoin and Ethereum
It costs more to perform a 51% attack on Dogecoin than Litecoin, Bitcoin Cash, and other proof-of-work cryptocurrencies, according to recent data. Surprisingly, it seems that a meme cryptocurrency boasts better security than some of the leading cryptocurrencies.
Analyst Kevin Rooke posted his findings earlier today on how expensive it is to conduct a 51% attack for one hour. What he found was that such an attack would cost almost $800,000 on Bitcoin and around $100,000 on Ethereum. Dogecoin comes a distant third, closely trailed by Litecoin, Bitcoin Cash, and ZCash.
https://beincrypto.com/dogecoin-is-the-third-most-resistant-to-51-attacks-after-bitcoin-and-ethereum/Interesting to see this report, but I'm not sure how they back up their claims. The only thing that hold's Dogecoin is that it is also so resilient as bitcoin is, that's why it stood the test of time.
Or maybe there's no incentive to try a 51% attack on Dogecoin though, because it's not as popular as the other coins in the alts market. And perhaps Dogecoin design (PoW) is very solid from the very beginning.
What do you guys think?
Interesting. Nonetheless, the risk of such an attack would still be relatively low because of the high opportunity cost of all parties that would be involved in orchestrating such a large scale attack (they would essentially have to sacrifice their entire mining power due to the depreciation of the thing that they're mining with the equipment).
Personally, I think that Doge long term doesn't really have much to grow. Development has been pretty dead.
However, I think there will always be a niche for Dogecoins regardless of the period we're in, simply because of the fact that tx fees are extremely low, blocks are fast, and it's got a history of high volatility which makes it ideal for speculators.