Ethereum Classic attacked again, do not invest

[bbc.reporter]

This is for the 3rd time this month and it appears the attacks will not stop until it is dead. According to the article, a technology coordinator of ETC labs suspects something, implying that this might be a message by someone from Ethereum.


Image by comocomprarcriptomoedas.com

The Ethereum Classic blockchain suffered a 51% attack Saturday evening, its third such attack this month, noticed by mining company Bitfly, which also spotted the first attack on Aug. 1.

Stevan Lohja, technology coordinator at ETC Labs, in a private message with CoinDesk, said he finds the timing of the attack "very suspicious" as it came just a day after a meeting of Ethereum Core developers regarding "aggressive innovation" in the blockchain's proof of work.

The attack reorganized over 7,000 blocks, or two days' worth of mining, according to a tweet shared by Bitfly. The first two attacks reorganized 3,693 and 4,000 blocks respectively.

After the first two attacks, exchange OKEx responded by saying it will consider delisting the asset due to the network's severe lack of security. Coinbase also took drastic measures by extending deposit and withdrawal confirmation times for ETC to roughly two weeks.

Read in full https://www.coindesk.com/ethereum-classic-blockchain-subject-to-yet-another-51-attack

[sempak]

I'm not too technical about this kind of matter but it seems pretty serious what could be the reason and effect of this attack as according to the article OKEx consider delisting the Ethereum Classic other than that what could happen to the Ethereum Classic? Will it affects the price of the Ethereum Classic?

[Captain Corporate]

 The first time it happened really told everyone to stay away from it, if a coin is vulnurable enough to get a %51 attack once, that is enough to convince you to get away from it and never looking back, that should have been the end of ETC all together but for some reason some marketing genious people convinced others that since it happened once they could trust it even more because they will be ready for the next one and it could never happen because they are now more ready than ever for such an attack.

 Obviously this second one shows that they are not ready at all, and they will never be ready, what happened already happened and from now on another one could happen and another one after that, we would never know how many times it could happen over and over again, ETC is tainted and it will never become something everyone could fully trust from now on.

[Desscount]

I have heard of the first attack on Ethereum Classic, and it made me stay away, especially now there is a second attack,
of course you have to be careful, I think selling ETC is now very wise, you have to think about it

[tomahawk9]

Fun fact: despite the constant attacks on the network which clearly shows ETC is absolute shite, this garbagecoin, surprisingly, is still among the top 30 cryptos by market can on CMC¹ and #34 on Coingecko²

Another fun fact: Grayscale, the well-known digital currency investment company, has a stash of around $80M worth of ETC! that's over 10% of the circulating supply    (info available on Grayscale's website)

when will the big boys realize this crypto is a sinking ship?

1. https://coinmarketcap.com/currencies/ethereum-classic/
2. https://www.coingecko.com/en/coins/ethereum-classic

[Permonik]

Hmm I don´t think that is sinking. After the fork will be better than before.
And now I am mining more than 6x times more ETC per day than 1 month before! Almost 4USD per day per Vega64.

[BlackHatCoiner]

When will people learn that most altcoins suck...

Fools aren't those who mine them, but those who buy them.

[GreatArkansas]

When will people learn that most altcoins suck...
Fools aren't those who mine them, but those who buy them.

There are stil lot of people who just buy and buy without doing some research or even knowing what they are buying, yes this is true.
Most of the people who are doing this are just being told by someone or some pump and dump groups. They are also those people who are really eager to earn an easy money, that's why when they are being get rekt buying some shitcoins, Bitcoin or other legit cryptocurrency will get blamed too, lol.

[Crypto_lion]

I think this isn't the first time that ETC HAS suffered the 51% attack. I made a mistake if buying it just because it has the name ETH in it when I was a noob.Not gonna do it again.

[SillyGirl]

According to the charts of WorldCoinIndex the past 6month I don't think ETC is doing it to bad at all.

[BlackHatCoiner]

According to the charts of WorldCoinIndex the past 6month I don't think ETC is doing it to bad at all.

For me ethereum classic should cost less than a dollar, after those 51% attacks.

[Sy]

3 attacks in a span of a month damn ETC is not at all safe for the moment. I am totally avoiding investing in ETC right now because I suffered some big losses during the first two attacks.

[dikobraz123]

If I understand correctly, in coming months the ETH will enter some sort of hybrid phase (mining + POS) of transition to ETH 2.0. It's reasonable to assume that part of the miners will leave ETH, and start mining ETC (and some other coins of course) - so the chances of 51% attack will be greatly reduced.

[Sy]

If I understand correctly, in coming months the ETH will enter some sort of hybrid phase (mining + POS) of transition to ETH 2.0. It's reasonable to assume that part of the miners will leave ETH, and start mining ETC (and some other coins of course) - so the chances of 51% attack will be greatly reduced.

What you say might come true but something needs to be done for the time between because each round of 51% attack is somewhat destroying the reputation on ETC if you ask me.

[carlisle1]

Hmm I don´t think that is sinking. After the fork will be better than before.
And now I am mining more than 6x times more ETC per day than 1 month before! Almost 4USD per day per Vega64.

That's why you are still positive after all those attacks and proof of their vulnerabilities ?

Hope your Mining works will benefits as how you supporting this Coin mate Goodluck.

3 attacks in a span of a month damn ETC is not at all safe for the moment. I am totally avoiding investing in ETC right now because I suffered some big losses during the first two attacks.

Not only for the Moment but in general,They cannot hinder the attacks that continuously bringing their name and project down?what Kind of team they have?not unless this is inside Job then this is more damn than outside attackers.