ETC victim of yet another 51% Attack !

[Whited35 15285]

Last time, there were two consecutive  51% attacks targeting Ethereum Classic (ETC) blockchain in five days. After that incident, famous companies like Bitfly and Binance immediately halted ETC payouts, withdrawals, and deposits.
Hackers managed to control more than 50% of the network's hash rate to double spend the coins. Vitalik Buterin suggested ETC should shift to PoS consensus algorithm if it wants to survive.

I have never trusted both BCH and ETC no matter how many potential investors are there for these two cryptocurrencies.
What do you think, is it the end of ETC or there is still a hope remaining? 
 

[BTC Future 3946]

Blockchains with weak hashrate are easy to 51% attack. One person can rent hashrate with just a thousand dollars and make millions out of these scam coins that are valuated in hundreds of millions of USD in market cap.

This is the altcoin market. Most coins are easy to exploit and double spend transactions. I see Bitcoin as the only choice and altcoins will keep failing time and again.

BCH by the way is moving towards another chain-split and already many whales abandoned it. The price of ETC should have been zero and the same goes for IOTA, Verge and many other failed coins that as long as they keep pumping in price they make it more profitable for attackers to exploit their weak networks.

[estee369 489]

Yes i saw that news. Coinbase CEO had tell in their twitter that now fund confirmation of ETC will take 2 weeks in coinbase. So just imaging how it feels if you know that you can not move your fund quickly but you need to sell it now. I stop using ETC after it took 16 hours to made a transaction in my coinbase account. Hope they will use POS in the future.

[Mwangi 5611]

Are scammers trying to get new heads on how to get into crypto space, well this is tough though and am sure thats why I think some people claim that its really rough and tough to really work with etherium and this should never be the case it should be a way we are able to learn and earn in so many other ways we cannot even identify 

[Whited35 15285]

7 hours ago, BTC Future said:

Blockchains with weak hashrate are easy to 51% attack. One person can rent hashrate with just a thousand dollars and make millions out of these scam coins that are valuated in hundreds of millions of USD in market cap.

@BTC Future So many altcoins are useless for a long term hold. These couple of incidents have taught ETC investors so nicely. Especially, I have been doubting on most of the coins with their own blockchain networks.Well, it is the case of ETC, k BCH can be the next to face situations like this? What do you think ? 

[Moaz 7239]

It is bad news for users of cryptocurrencies, especially users of the currency ETC , and this news will negatively affect the price of this ETC , the currency team (ETC)  must take the utmost protection against hackers, otherwise the currency ETC will lose its value

[MuhammadSh 3067]

There are many news like these each period.. so i am wondering if we will be in safe in this cryptocurrencies world or the 51% attack would be still a threat for all of us.. i think that that's the reason of believing in the future of bitcoin and avoid all these altcoins! cryptocurrencies world would have a bright future but it wouldn't be for all of them..

[Whited35 15285]

18 hours ago, Moaz said:

It is bad news for users of cryptocurrencies, especially users of the currency ETC , and this news will negatively affect the price of this ETC , the currency team (ETC)  must take the utmost protection against hackers, otherwise the currency ETC will lose its value

No protection would work if hackers manage to control 51% computing powers. They can easily double spend the coins. So best idea is to avoid investing in suspicious altcoins. I think no one would prefer ETC now if it does not shift towards PoS consensus algorithm.

Edited August 13, 2020 by Whited35
Protection not protections(plural)

[age7397 704]

In my opinion, they were already buried, etc, but as far as we can see he is alive, cold and still trying to even show growth ...

[Whited35 15285]

3 hours ago, MuhammadSh said:

so i am wondering if we will be in safe in this cryptocurrencies world or the 51% attack would be still a threat for all of us.. 

In the case of Bitcoin, I think it is very hard to perform 51% attack. So many miners have to make a unity in order to capture more than  50% Bitcoin network's hasharte (computing power) that seems impossible but for other altcoins, risks are still there. Ethereum itself is trying to shift toward PoS consensus algorithm through Ethereum 2.0.

[Raqeebzy 6456]

On 8/12/2020 at 4:26 AM, Whited35 said:

What do you think, is it the end of ETC or there is still a hope remaining? 

Lol. What hope? There isn't any alternative to this than to move to the PoS algorithm as Vitalik suggested. 

It is impossible to 51% attack bitcoin, financially, it is not feasible likewise Ethereum; it is going to move to PoS by next year so ETC should follow the same path.

[Whited35 15285]

21 hours ago, Raqeebzy said:

Lol. What hope? There isn't any alternative to this than to move to the PoS algorithm as Vitalik suggested. 

@Raqeebzy In the crypto world, interesting things are going on now. Perhaps code for creating ETC blockchain was not that complex, hackers have cracked down double spend the coins. I have also doubts on BCH. Let's follow current top ranked currencies' list, LINK has replaced BCH to be at 5th spot on CMC !  

[kyoukage01 3181]

I KNEW IT!!! Looks like my guess (and maybe a few others) was right that there would be another 51% attack after the last one.

On 8/8/2020 at 10:58 AM, kyoukage01 said:

Again? What are the staff responsible for Ethereum's program code doing? If the attack came from the same person/group then there is a high chance that this event will be repeated again as long as whatever bug they are exploiting isn't fixed soon.

 

As long as nothing is to be done about it, the likelihood of another one is high up there. If it wasn't for the increased transaction time as mentioned by @estee369 , then panicking investors would have made ETC bled dry by now. It will be a slow painful death to ETC if this trend continues.

 

Edited August 15, 2020 by kyoukage01

[estee369 489]

7 hours ago, kyoukage01 said:

I KNEW IT!!! Looks like my guess (and maybe a few others) was right that there would be another 51% attack after the last one.

 

As long as nothing is to be done about it, the likelihood of another one is high up there. If it wasn't for the increased transaction time as mentioned by @estee369 , then panicking investors would have made ETC bled dry by now. It will be a slow painful death to ETC if this trend continues.

 

I don't think it lead into its death. But surely its investors will turn away from it. ETC market is big and it also has big holders. So i think team will try to find more better solution like POS. It will stop this kind of incidents in the future or market demands will decrease. 

[kyoukage01 3181]

15 hours ago, estee369 said:

I don't think it lead into its death. But surely its investors will turn away from it. ETC market is big and it also has big holders. So i think team will try to find more better solution like POS. It will stop this kind of incidents in the future or market demands will decrease. 

ETC won't die that easily, that is why I added the phrase "IF this trend continues" on my previous post. The Ethereum team will obviously find of ways to deal with the crisis, although I find them slow to do so. Hopefully they'll be able to fix things so that there won't be a fourth 51% attack coming. You're right about potential investors getting scared of putting their money into ETC though.

 

[gourav789 2834]

I also heard it , this is really a bad news that for Etherium classic holder ( including me ) . I also have 30 etc in my wallet , I just want to sell it because now I have doubt reagrd this coin . hopefully Etherium classic improved in its security in future .

[Swapzone 174]

Well, yeah! ETC had another 51% attack because it is easy to control the hashrate in ETC. Anyone can rent some hashrates worth of few thousands bucks and can do a scam of millions. 

[iloveyobit 6599]

During the past few years, and in the cryptocurrency field, the Ethereum Classic currency has been hacked many times, and many people's money has been stolen. Unfortunately, is this a weakness in the currency network?

[Whited35 15285]

47 minutes ago, iloveyobit said:

Unfortunately, is this a weakness in the currency network?

Certainly, a single miner has been able to control more than 50% computing power of ETC blockchain to double spend the coin. It can no longer be trusted as it has been repeatedly suffered from rare 51% attack. 

[Calvinpriva 17296]

No, this is not the end of ETC because it's a good coin though bad things bad things happened. Maybe soon they will switch to POS so that they can protect their coin value. ETC is a big coin, i believe they will do something to make it strong again.

[malik6314193 5449]

I don't like ETC because first it's transaction speed is too much low. Once i try it and it takes about 6 hours to complete further it's price is fix. And as compare to other is not increasing.

[P A Ashif 2409]

There are privacy issues with ETC . Earlier I read post saying the same ETC hacked. So I don't deal with this crypto. Well the problem is why this happening. Why the numbers of hackers are increasing. We all know about the recent scam in twitter. This all have to be stopped. We have to take step.

[Whited35 15285]

23 minutes ago, P A Ashif said:

Why the numbers of hackers are increasing. We all know about the recent scam in twitter. This all have to be stopped. We have to take step.

It is just a case of ETC. I think there are still so many altcoins on the way to face the similar situations. So many exchange sites have banned ETC deposit/withdraw due to the several 51% attacks. So guys, be careful while investing in altcoins, so many things have to be cared first. 

[koussai999 1986]

I think that the supporting parties should provide better protection for cryptocurrencies because protection is one of the most important things that could threaten the cryptocurrency and end its existence. I think that they should work harder.

[iloveyobit 6599]

21 hours ago, Whited35 said:

Certainly, a single miner has been able to control more than 50% computing power of ETC blockchain to double spend the coin. It can no longer be trusted as it has been repeatedly suffered from rare 51% attack. 

Indeed, the Ethereum Classic network has suffered a lot of DOS attack in the past years, according to my opinion, this is one of the drawbacks of this currency, which must be worked on fixing