51 percent attack news

Attack on a blockchain network by a group of miners controlling more than 50% of the network's total hashrate.

World latest news

The Bitcoin Cash fiasco: a reorg or a 51 percent attack?

On May 15, 2019, Bitcoin Cash (BCH) implemented a system upgrade designed to support a number of scaling solutions. Shortly after the fork, there appeared to be a power struggle between miners looking to recuperate lost BCH, which became spendable after the upgrade. This has led to new debates over the centralization, security, and immutability of the BCH network.
BraveNewCoin

Is Bitcoin Cash Under a 51 Percent Attack as One BCH Mining Pool Nears Over Half Control?

Bitcoin Cash is on the verge of being compromised and might just find itself at the helm of every cryptocurrency’s most dreaded nightmare—the 51 per cent attack. Promising Year? Check Again Roger Ver recently claimed that Bitcoin Cash is superior to Bitcoin (BTC) in scalability and transactions, and probably overall, it is possible he just […]
Bitcoin Exchange Guide

Ethereum Classic’s 51 Percent Attack Highlights the Challenges of Proof-of-Work Coins

On Jan. 5th, Ethereum Classic (ETC) suffered a 51% attack losing a total of more than US$1 million spread over 15 different transactions. The scale of this attack can offer some lessons to the challenges faced by blockchains secured by Proof of Work (PoW). This is not the first majority attack that has occurred. In 2018, there were a string of 51 percent attacks on Equihash based coins, Zencash (now called Horizen), and Bitcoin Gold, as well as attacks that were from difficulty adjustment bugs on Monacoin and Verge. To date, details of how the ETC attack happened isn’t clear. Some claim the attackers rented hash rate. Others claim that it was testing of an unreleased ASIC, or a Border Gateway Protocol (BGP) attack that rerouted hashing power to a private pool. We can learn from this event by looking into PoW’s security, evaluate whether ASICs help in providing security, and evaluate other proposals that add further security to PoW coins. PoW Is Still Our Best Option Whatever the cause, the attack highlights the challenges facing PoW coins, especially for those that are not the dominant coin for a particular mining algorithm. One of the economic assumptions of PoW and especially those that are secured by ASICs is that miners would not be incentivized to destroy their source of income and thus render their own investment worthless. However, this doesn’t apply if they can redeploy those assets to mining other coins after the attack. The reason behind this vulnerability has to do with hash rates. While it would normally be too difficult to convince individual miners to combine their hashing power, today, there are sites like Nicehash, which offer an on-demand service to pool and rent hashing power from several computers instantly. This means coins that are not dominant in their mining algorithm are more vulnerable to 51 percent attacks. For example, Ethereum Classic’s hashrate is 22 times lower than Ethereum, so orchestrating an attack only requires a fraction of Ethereum’s hashrate. This has often been seen as a reason to move towards systems such as Proof of Stake (PoS) where no mining is required. PoS systems are passive and require no additional work beyond just owning the coins, meaning the rich get richer with almost no effort. This, however, ignores other properties of PoW which still makes it one of the best systems for a decentralized currency. PoW remains the preferable way to distribute coins since it rewards actual work that involves real-world costs (e.g. electricity). It also requires a constant and ongoing effort to continue earning coins. There is a separation of those who provide the security and those who own the coins. For a currency where a continuation of wide distribution is important, PoW is hard to beat. PoW algorithms like MTP (Merkle Tree Proofs) as developed by Zcoin or ProgPoW have begun to tackle this problem by reducing the gap between specialized and commodity hardware. This enables more egalitarian mining since miners—whether large scale or hobby—will be using the same hardware to mine. ASIC or CPU/GPU Mining: Which Provides More Security? Without an algorithm that neutralizes the mining advantages that ASICs have, PoW coins can be compromised when transitioning from CPU and GPU mining. This is especially true if ASICs are being developed, if mining in secret, or if they are just coming onto the network. Due to the poor distribution of these ASICs, a handful of people can control a significant proportion of the network hash rate making it much easier to obtain 51 percent. While not widely publicized, we have already seen this take place with Monero, when ASICs began mining the coins before the hardware was publicly available. Zencash and Bitcoin Gold’s 51 percent attacks also coincided with the arrival of Equihash ASICs. Both these coins were not the dominant coins in the algorithm, making it worthwhile for attackers since miners could always switch back to mining the dominant Equihash coin, Zcash. Even in instances where ASICs are already being used to secure the network, the economics of attacking an ASIC-backed coin versus one that is backed by commodity hardware differs drastically. In the case of ASIC-backed coins, a single mining farm can be all it takes to attack smaller coins and is indeed a likely scenario if the mining collective supports the dominant coin. With ASICs, there is also the risk of hardware mono-culture or backdoors. If everyone uses the same type of miners, they are at greater risk if a vulnerability is found. Incidents like Antbleed and the hAnt virus hint at how buggy or malicious firmware can affect large swathes of ASICs—even if they are distributed across different mining farms or mining pools. On the other hand, while coins backed by CPUs and GPUs are vulnerable to rented hash rates, the opposite is possible, where a hash rate can be rented back to reverse the attack. We have seen this with Graft, a project that uses the same hashing algorithm as Monero. Improving PoW to ensure it stays egalitarian, stable, and secure, prevents shocks like these as the same commodity hardware can be used both for attacking as well as defending the network. Strategies to Secure PoW There are two main strategies that are being developed to further secure algorithms for coins. These involve either adding secondary validation layers, or by penalizing delayed block submissions to increase the cost of an attack. One recently proposed solution by Dash involves LLMQ-based chain locks, which uses masternodes to form quorums to vote and measure which block was ‘first seen.’ When enough masternodes agree (>60) that a particular block was first seen, all other blocks of that height will be rejected. Therefore, no reorganization can take place below that block. This also nullifies 25 percent selfish mining attacks from taking place since blocks that are mined—but not broadcasted—will not be ‘first seen.’ Another benefit is that it makes a 51 percent attack less likely because both masternodes and miners would need to collude for this to take place. Decred, although using a hybrid PoW and PoS system, would require both miners and ticket-holders to collude to compromise its blockchain. The second strategy involves punishing delayed block submission. This strategy has been implemented by Horizen and works by imposing a delay penalty on forks that are being privately mined and then connected to the main chain. Before a forked chain can be permanently cemented, an attacker would need to continue mining on the new chain after their attack has taken place, thus increasing the cost of implementing a continued attack. The downside of this proposal is that it increases the time before forks can merge and may result in more forks. Jonathan Toomim, a Bitcoin Cash developer, has also proposed a similar strategy where chains are given weightings which are penalized for keeping a chain hidden. This means the penalty increases, the longer the chain is kept hidden. Therefore, it is no longer just the chain with the most accumulated PoW that dominates, but also factors in which chains are submitted in a timely manner. Ultimately, these proposals greatly increase the overall cost of attack. Although Bitcoin proponents note that an attack of this sort is much harder to pull off on a coin like bitcoin, it is not impossible. A notable critic of the weakness of unmodified PoW is Professor Emin Gun Sirer, who believes that even Bitcoin can be attacked by a few large players and the only reason it hasn’t happened is that Bitcoin is simply not big enough to matter right now. Another ignored metric is the cost of a PoW attack in comparison to its market capitalization since larger coins have much more at stake. The ETC attack shines a glaring spotlight on PoW’s weaknesses which were previously thought to be a remote possibility or a problem for smaller coins only. What’s most concerning here is that PoW coins that do not have majority hash rate for its algorithm or miner class (commodity hardware vs ASIC) are the most vulnerable. Luckily, methods to augment PoW are already being deployed or are in development. PoW-based coins need to implement additional safeguards as soon as possible. With the ETC attacker returning some of the proceeds of the attack, perhaps this was the point they were trying to make all along. The post Ethereum Classic’s 51 Percent Attack Highlights the Challenges of Proof-of-Work Coins appeared first on CryptoSlate.
Cryptoslate

BitMEX: Several Altcoins could be subject to a 51 percent attack from BitMEX’s insurance fund

BitMEX, the Hong-Kong based cryptocurrency trading platform holds so many Bitcoins in their Insurance Fund, that they can potentially initiate several 51 percent attacks against many top coins in the market at present. At press time, BitMEX’s insurance fund holds 21,366.4 Bitcoins which will equal to $76.3 million. Some Twitter users compared the presence of the fund and the attack it could set-off to the Majoras’ Mask in the game The Legend of Zelda as, “knowing the moon is going to destroy you but it’s a long time away so, “eh”.” Several sharp-eyed users picked up this development in mid-December when the apex of the bearish market had subsided but the market was still in decline. BitMEX earlier stated, as 2018 began, that the trading platform holds only 2720 BTC [$75.9 million], since then the amount of BTC held in the fund has shot up by almost 8 times since the January 1st, 2018 numbers were released. Zack Voell, a producer at the popular cryptocurrency podcast “The Coin Pod” explained the BTC holding of BitMEX on January 22, 2019, Twitter thread. Voell kept a track of BitMEX’s BTC held since early 2016. Within a period of one year, from January 2016 to January 2017, BitMEX added 162 Bitcoins to their fund, the following year, the amount held would rise up by over 1,500 percent to reach 2,720 BTC. Furthermore, in one year, the coin’s Bitcoins held increased to 20,776 as the cryptocurrency prices kept falling through the year. Source: @zackvoell Source: @zackvoell Voell further portrayed that the amount of Bitcoin’s held in the trading platform’s insurance fund increased as more and more of the top cryptocurrency was supplied into the collective currency market. He further went on to compare the insurance fund, with its 21,366 BTC held to: “• 1% of Coinbase valuation • 2x Laszlo’s pizzas • 580 2018 GranTurismos • 3,800 hours of an $LTC 51% attack” Some Twitter users called this out as a “conspiracy,” but Vowell reaffirmed that this information was based on publicly available data which can be easily availed. Eric Wall, another Twitter user stated: “So, by 2022, all bitcoin in the world except a fraction will be locked up in BitMEX’s insurance fund. With that much BTC off the market, the price per BTC won’t be limited to $1m, but rather $1tn. This is actually good for bitcoin.” An analysis conducted by Crypto51, on the cost of Proof-of-Work 51 percent attack revealed that most virtual currency blockchains could be attacked by relatively small holdings. A 1-hour attack on Litecoin [LTC], for example, would come at a cost of about $20,000, attacks on smaller coins like Bytecoin [BCN] would cost $139 and Ethereum Classic [ETC] would be under $4,000. Given its current holdings, BitMEX could run a 51 percent attack on top coins like Bitcoin Cash [BCH], Monero [XMR], Dash [DASH] among others for more than a year. There’s no doubt that BitMEX has fared better than most cryptocurrency companies despite the ‘Crypto-Winter,’ moving into their new office in August 2018, which is also the most expensive office building in all of Hong-Kong. The post BitMEX: Several Altcoins could be subject to a 51 percent attack from BitMEX’s insurance fund appeared first on AMBCrypto.
AMBCrypto

Ethereum Classic’s 51 Percent Attack a Lesson For Altcoins

The now confirmed 51 percent attack on Ethereum Classic has put altcoins on notice. While reorg attacks are part and parcel of the risk of decentralized systems, a number of altcoin communities have taken steps to avoid such attacks on their digital assets. For others, the ETC attack should be a lesson for altcoins to secure their network before they suffer a similar fate. Also read: Next Up – Bitwise Bitcoin ETF Would Track BTC, ‘Meaningful Hard Forks’ Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts ETC Blockchain Rewritten 15 Times The ETC blockchain was rewritten 15 times between January 5th and 7th, representing a loss of around 220,000 ETC (roughly $1.1 million USD). As is well-documented, a 51 percent attack occurs when a malicious actor gains control of the majority of the hash power of a network. The majority rules in decentralized Proof of Work blockchains. As Coinbase reminded us, Satoshi Nakamoto’s original bitcoin whitepaper asserts that: “If a majority of CPU power is controlled by honest nodes, the honest chain will grow the fastest and outpace any competing chains.” The need for an honest majority is considered a known weakness of Proof of Work blockchains. Litecoin’s Charlie Lee, however, sees things differently, defending 51 percent vulnerability as a feature of decentralized blockchains, not a flaw: This is a thought-provoking observation. By definition, a decentralized cryptocurrency must be susceptible to 51% attacks whether by hashrate, stake, and/or other permissionlessly-acquirable resources. If a crypto can't be 51% attacked, it is permissioned and centralized. https://t.co/LRCVj5F0O1 — Charlie Lee [LTC] (@SatoshiLite) January 8, 2019 Alts Have Been Hit in the Not-too-Distant Past Within days of the ink drying on its May 2018 Pornhub deal, Verge XVG was hit with a 51 percent attack, losing $1.9 million USD through excessive mining by a bad actor. That came within about a month of an attack in early April when a malicious actor rapidly mined Verge blocks with spoofed timestamps–exploiting the same vulnerability. A week after that first attack, they were targeted again. All in all, the spring of 2018 saw 35 million XVG coins created ahead of schedule and sold off. May 2018 also saw controversial bitcoin fork Bitcoin Gold attacked, with exchanges stung for around $18 million after the double-spending was accomplished. And Vertcoin was hit in October last year–16 orphaned blocks suggesting a chain reorg had been accomplished through a 51 percent attack. Altcoins Strike Back Against 51 Percent Attack After a tumultuous June 2nd, on which it suffered three double-spend attacks for losses in excess of $120,000, Horizen–the crypto formerly known as ZenCash–upgraded its network to prevent miners from broadcasting long chains, which had caused the vulnerability. Komodo uses the bitcoin blockchain to store backups of its own blockchain. It also deploys a system it calls Delayed Proof of Work. In DPoW, it has 64 elected notary nodes who record a block hash from a block onto the bitcoin-held backup every ten minutes. Komodo aside, the ETC incident remains a lesson for altcoins. But the Threat Remains Real If two blockchains use the same algorithm, then the smaller one will always be susceptible to risk of an attack. And as crypto51 shows, sometimes hashrates are too low and prices sufficiently high for there to be an incentive to perform an attack. Defending and securing their blockchains is up to altcoin communities. Komodo’s creative approach to resolving security problems preemptively has been mimicked by five other blockchains. Perhaps it is time the entire altcoin ecosystem made a stronger effort to secure their blockchains and avoid more carnage. Have your say. Does the ETC 51 percent attack provide a lesson for altcoins to get organized before they get reorganized? Images via Pixabay The post Ethereum Classic’s 51 Percent Attack a Lesson For Altcoins appeared first on Bitsonline.
Bitsonline

Coinbase Suspends Ethereum Classic Following 51 Percent Attack

Coinbase has ceased interactions with the Ethereum Classic (ETC) blockchain after the exchange detected a 51 percent attack on the network. Following the discovery of a “deep chain reorganization” of the ETC blockchain, Coinbase suspended Ethereum Classic withdrawals and deposits. Also Read: Major Mining Pools Have a ‘High Die-Off Rate’ Study Reveals Coinbase Stops Interacting With ETC Blockchain After Deep Chain Reorganization Coinbase has published a blog post titled “Ethereum Classic ETC is Currently Being 51% Attacked” detailing a malicious attack on the ETC network. The post states that on Jan. 5, 2019, Coinbase detected “a deep chain reorganization of the Ethereum Classic blockchain that included a double spend.” In order to safeguard customer funds, the exchange “immediately paused interactions with the ETC blockchain.” The exchange was alerted to the attack by its automated systems, after which the company’s on-call engineers responded and worked to confirm the report. Coinbase chose not to publicly post analysis pertaining to the attack earlier in order to avoid creating a “false alarm” that could have created premature or unnecessary market instability. The company also notes that traders who attempted to send or receive ETC using Coinbase’s platforms were unable to complete said transactions as a result of the response. Coinbase Yet to Re-Enable ETC Transactions Since the incident, Coinbase claims to have detected “12 additional reorganizations that included double spends,” totaling 219,500 ETC valued at approximately $1.1 million. The exchange notes that “a full blockchain analysis is beyond the scope” of its blog post, adding that further examination into “the addresses sending the double spend transactions, the history of sends/receives from the addresses, the block fields such as timestamp, and the subsequent movement of miner rewards from attack blocks may shed light on the threat actor or actors behind these attacks.” Coinbase is currently assessing the “safety” of re-enabling ETC transactions and will communicate with customers regarding updates to the exchange’s support for Ethereum Classic. The post asserts that “Coinbase was not the target of this double spend and no funds were lost.” What is your response to the recently increased prevalence of 51 percent attacks targeting altcoins? Post your thoughts in the comments section below! Images courtesy of Shutterstock At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Coinbase Suspends Ethereum Classic Following 51 Percent Attack appeared first on Bitcoin News.
Bitcoin News

Vertcoin Suffers A 51 Percent Attack

Vertcoin is a lesser known project, but it’s becoming more familiar for all the wrong reasons. You might not know it by looking at the price action, but Vertcoin (VTC) is currently under  a 51% attack, with  a wave of reorgs and double-spend activity currently unfolding. Coinbase Security Engineer Mark Nesbitt published a blog post about an ongoing investigation into nearly two dozen “deep chain reorganizations” in Vertcoin, more than half of which included “double spends of VTC” worth more than $100,000. Chain reorganizations are akin to the blockchain version of alternate timelines you see in superhero movies, only in real life, no one saves the day. The biggest reorg had a “depth of 307 blocks and a length of 310 blocks.” Vertcoin isn’t the first cryptocurrency to suffer a 51% attack, and it probably won’t be the last. Bitcoin Gold and Verge came under similar attacks this year, exposing the vulnerabilities in the Nakamoto consensus algorithm. As for Vertcoin, Nesbitt outlines four separate attacks, the most recent of which began on Nov. 29 and continues today.  The incident is comprised of four reorgs and double-spends were part of all of them. Some in the VTC community were quick to blame the developers, volunteers who are feverishly trying to fix the problem with an upcoming hard fork and who want to eliminate rented hash power and ASIC-fueled mining on the network. Vertcoin devs aren’t aware of any “culprit” or “victim.” Some people have complained that we have not said anything about the 51% attack. Well, some of us have been working on the solution. The rest of our team was taking time to create a response to help educate the public on such attacks. Below is that response. $VTC #Vertcoin https://t.co/QaQZibBmXv — Canen (@Canen01) December 4, 2018 Plenty of Blame to Go Around Coinbase’s Nesbitt, meanwhile, went for the jugular, linking ASIC resistance with the security of a cryptocurrency like Vertcoin. But as Satoshi Nakamoto stated in the white paper: “The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.”  Nesbitt pointed to the ASIC resistant nature of Vertcoin: While a full exploration of ASIC resistance is out of scope of this article, the observations above strongly suggest that pursuit of ASIC-resistance in a coin is counterproductive to the coin’s security. Vertcoin is an ASIC-resistant project, but according to one of the developers VTC “is mined with public ASICs now,” which the team plans to fight with an upcoming hard fork dubbed Lyra2REv3. Vertcoin developer Eric Kubik disagreed with Nesbitt’s characterization of the facts, saying rather than “ASIC resistance” the issue is tied to NiceHash, which if true has been anything but nice to the project. NiceHash is a Slovenian marketplace for buying and selling hash power. The Reddit community was quick to blame ASICs, suggesting the ASIC-resistant project should have removed ASIC-powered hash power. Meanwhile, Vertcoin shares software developers with the MIT-DCI Lit Lightning Network, including Gert-Jaap Glasbergen, who explained on social media: This isn’t caused by the ASICs but by Nicehash. There’s too much hashrate for rent at too low a price resulting in zero capex and low opex to do attacks. Vertcoin devs are close to launching the fork, which is designed to “temporarily stop mining outsourceability.” The devs argue that while ASICs may bolster the security of the Bitcoin network, they have the opposite effect on smaller networks like Vertcoin. The team is sold out and say they “will NOT compromise on decentralization by implementing centralized controls and…will not give up on fighting ASICS.” In the interim, they’re urging investors to “protect yourself against double spends.” Vertcoin recently dedicated a podcast to a website that attaches the cost of a PoW 51% attack including VTC, which may have placed a target on the coin’s back.   The author is not invested in any digital currency mentioned in this article but is invested in other cryptocurrencies.    The post Vertcoin Suffers A 51 Percent Attack appeared first on Crypto Briefing.
CryptoBriefing

Gold-Backed AurumCoin Latest to Fall Victim to 51 Percent Attack

Gold-backed AurumCoin is the latest cryptocurrency project to fall victim to 51 percent attack, resulting in the loss of AUD$ 15752.26, per a report by Finder on November 12, 2018. Hack Attack Results in Blame Game Shortly after the hack attack, AurumCoin’s twitter handle subtly sparked the blame game stating the coins were stolen from the wallet of cryptocurrency exchange...Read More. The post by Aisshwarya Tiwari appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
BTC Manager

It Costs $20 to Launch a 51 percent Attack on Einsteinium and Less than $200 to Force a Hard Fork in Feathercoin

There is this other side of crypto. It’s dark and full of dead coins. It keeps piling up every time ETH or BTC print lower. Though the market is expecting a rally with Ran Neur listing a couple of indicators to justify his bullish stand, Einsteinium coin creators and “community” should be having a hard time. Last year,around this time,BTC went from $6691 (Nov 11) to $20000 (Dec 17) in 5 weeks.This on the back of the expectation and launch of a cash settlement BTC futures contract. An ETF is a way bigger deal & requires actual purchase of BTC.2 looming SEC decision deadlines ahead. — Ran NeuNer (@cryptomanran) October 7, 2018 A daring user by the name Piracy1 is planning to launch a 51 percent attack on the network for demonstration purposes. His reasons he says is to “to show people how easy it is and maybe prompt developers to implement mitigations”. He adds saying “I also just want to talk about 51 percent attacks because I think they’re neat”. What’s more? The attack will be available for all to witness via Twitch. Einsteinium is gullible because it is a Bitcoin hard fork but uses Scrypt for hashing. There is deep corrosion of its value and hash rate. As it is, to attack the network for one hour will cost $20. Controversy Around the 51 percent Attack As controversial as it is, the user Piracy1 plan to raise collect donation and could launch another attack on Vertcoin. However, this wasn’t received well by user Ersiees who inquired about his overall motive. In a thread Ersiees asks: “What these attacks are about is stealing money, right? Is that your plan? Why do you want donations to steal something or if you don’t steal anything how will you change the chain?” Piracy1 said he his announcing this attack in advance for educational purposes and “people can choose to not accept any transaction as confirmed until the attack is over”. As usual, users didn’t take this lying down. Some elucidated their feelings saying Piracy1 action is pure fraud, outright theft and illegal. A user Chris_mc1 was particularly vocal saying: “Isn’t this massively illegal? You’re basically DoSing a network. Possibly theft as well!” But a user Koolba interjected saying: “On the contrary, you’re contributing to the success of the coin by dedicating your personal resources to increase the total hash rate. It’s not a denial of service, it’s explicitly providing the mining service that the coin is asking its participants to provide. Now using that temporary hash rate imbalance to issue an explicit double spend attack could be considered fraud. But that’s a totally separate.” Litecoin Cash and Others are Susceptible Despite the emotions, the hack will happen on Oct 13 but it could open up a Pandora’s box. Data from Crypto51 theorizes what it will cost to launch a 51 percent on a blockchain network. Should users buy hash rates from NiceHash and dedicate salvos at Bitcoin Interest, Litecoin Cash, PACcoin and Feathercoin, then it will cost them less than $200 to completely hard fork these chains. Do you think the attack will be successful? Is Piracy1 acting Maliciously? Let’s know in the comment section below. The post It Costs $20 to Launch a 51 percent Attack on Einsteinium and Less than $200 to Force a Hard Fork in Feathercoin appeared first on Ethereum World News.
Ethereum World News

‘Real Risk’: Blockstream Exec Warns Over Bitcoin Cash 51 Percent Attack

Bitcoin Cash (BCH) average hashrate over the past week has fallen below 8 percent of Bitcoin’s (BTC), while Blockstream compares the altcoin to a five-year-old Litecoin hard fork.  Feathercoin? Is That You? In comments on Twitter today, Blockstream VP solutions lead Warren Togami sounded the alarm over BCH — warning its low average hashrate placed investors at risk of double spend attacks from malicious parties. According to Togami, there currently exists a “real risk” of double spending, which would have a paralyzing effect on exchanges and buckle BCH’s already low liquidity. Togami had previously issued admonitory words on the altcoin in May, when hashrate circled 12 percent of Bitcoin and exchanges were crediting BCH transactions after just one network confirmation, a move he described as “terribly dangerous.” Now, the state of the BCH network is reminiscent of Feathercoin — a project which forked off from Litecoin in April 2013, only to lie dormant for several years afterward. Launching with a price just under $0.50 per token, after a 51 percent attack in June the same year, FTC collapsed, becoming worth less than one cent for the next three years. Historic parallel from 2013https://t.co/jUXqar7fzO1/ FTC forked from LTC, competed for scrypt hashes.2/ Like BCH, incompetent dev.3/ Experienced crippling diff swings, added difficulty smoothing.4* Huge reorg attack.5* "Solved" problem with centralization.* = Next for BCH? — Warren Togami (@wtogami) September 4, 2018 Centralization And ‘Incompetent Dev’ For Togami, the “parallels” with BCH are clear. “FTC forked from LTC, competed for scrypt hashes,” he continued, adding that “like BCH,” FTC had an “incompetent” developer. The difficulty volatility BCH has also grappled with marks a further similarity, along with the fork’s increased centralization relative to its genesis. A double spend attack, Togami considers, could be next. Well-known figures at Blockstream have often taken an active stance in rebuking Bitcoin Cash developers and proponents for their claims of superiority over Bitcoin itself. As Bitcoinist reported, CTO Samson Mow took US exchange Coinbase to task in July when it emerged an internal investigation into insider trading of BCH had found no evidence of wrongdoing. What do you think about Warren Togami’s appraisal of Bitcoin Cash? Let us know in the comments below!  Images courtesy of Shutterstock, Twitter. The post ‘Real Risk’: Blockstream Exec Warns Over Bitcoin Cash 51 Percent Attack appeared first on Bitcoinist.com.
Bitcoinist
More news sources

Trending

Hot news

Hot world news

Digital tokens resurrect with value addition after crypto winter

According to OnChainFX, the top 1o legitimate exchanges deliver the trading volume for measuring the real trading volume of the digital assets. Data collected from the LONG HASH website revealed that the majority of tokens had declined to half of their value since attaining the ATH. The most shocking results came out for ETHLend, based on the Ethereum blockchain that used the digital tokens in the form of collateral for transactions. LONG HASH quoted that ETHLend offered a decentralized peer-to-peer smart contract lending in the crypto-ecosystem. The ETH-based token was trending as the investors were constantly using ETH for transactions, which led to its surge before the bear attacks on the market. Tokens such as Holo and Ravencoin maintained their value equivalent to 50% of their ATH as they were initiated after the 2017 bull run. It came as a surprise for crypto users after tokens like Binance Coin and ChainLink underwent resurgence to achieve their ATH, that was higher than the previous ATH mark. Source: LONG HASH As per the graph, tokens achieved their ATHs from December 2017 to January 2018 and then plummeted. Many of the investors missed out on this bull rush in the crypto market. As the market conditions did not remain the same for a longer duration, tokens slipped into the phase, commonly known as the crypto winter, among the digital asset enthusiasts. LONG HASH shared growth rate of ChainLink and tweeted, “Chainlink (LINK) is having a pretty good day”. Some tokens like BNB and LINK have been performing well and the community can take comfort from this. The post Digital tokens resurrect with value addition after crypto winter appeared first on AMBCrypto.
AMBCrypto

Stellerro is set to issue tokenized equity through Spanish-regulated Security Token Offering (STO); Public sale opens June 17th

TEL AVIV, Israel, June 17th, 2019– Stellerro, an alternative investment banking platform, automated, in-scale, determined to bring liquidity to the digital era will launch its STO on Monday, June 17th, 2019 at noon ET. Stellerro, a Spanish-Israeli based alternative investment banking platform is pleased to announce the launch of its new Security Token Offering public sale. Self-founded in mid-2018 by an experienced group of entrepreneurs from the Israeli capital markets & fintech industries, all are Blockchain veterans: Aviad Gindi – CEO, Dror Medalion – GM, Elad Kofman -CSO, Noam Barnea -CTO & Liron Rose – Advisory lead. Stellerro was created to assist asset owners, funds, entrepreneurs & startups in taking part in an alternative method of fundraising. Stellerro believes that as the blockchain ecosystem matures, digital offerings will become easier to access and invest in. The ever-advancing secured technology, transparent approach, the inclusion of new financial titans and a strong blockchain congregation are all unified to create the most important thing Investors seek for — Liquidation & Tradability. Stellerro’s funding goal is €5 Million which it plans to utilize for R&D and business development expansion. The company is expected to generate revenue for investors starting Q4 2019, based on its financial projections. The public offering starts on June 17th, 2019 and will last for 2 months until August 16th, 2019. STRO tokens will grant the investors economic rights and dividend from the firm quarterly revenues. To ensure a fully regulated environment, investors will go through KYC & AML procedures in order to acquire STRO security tokens.  Join the public sale today at www.stellerro.com or contact the team for any inquiry at: info@stellerro.com.   Stay tuned for more: Site · Facebook · Twitter · Linkedin · Instagram · Reddit · Telegram The post Stellerro is set to issue tokenized equity through Spanish-regulated Security Token Offering (STO); Public sale opens June 17th appeared first on ZyCrypto.
ZyCrypto

Facebook to Unveil ‘Libra Association’ and Launch Testnet Next Week: Report

Facebook to Unveil ‘Libra Association’ and Launch Testnet Next Week: Report Social media giant Facebook will unveil the Libra Association, which will operate its bespoke cryptocurrency Libra, on June 18, cryptocurrency news outlet The Block reported on June 14. Per the report, Facebook and dozens of its partners will unveil the Libra Association — which […] Cet article Facebook to Unveil ‘Libra Association’ and Launch Testnet Next Week: Report est apparu en premier sur Bitcoin Central.
Bitcoin Central
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.