ETC victim of yet another 51% Attack !

[Guru2050 8284]

It's not longer a news for to admit that the rate scammers, hackers or fraudsters is quite alright alarming in Crypto world and even outside crypto community, this left me wondering some times thinking if crypto currency system will succeed in realising it potential of serving as most safe, secure, fast and smart means of making global transactions.

[Omar Ommeish 4872]

On 8/12/2020 at 8:36 PM, 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

Yes, this is certain, because these operations affect the currency and the rest of the cryptocurrencies in general, but I believe that the currency team will find a way out of this crisis.

[Yomose 3704]

On 8/19/2020 at 8:51 PM, koussai999 said:

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.

There is no protection to be given, 51% attack is on a way the miners that are mining ethereum classic that are scammers and working together are more than the legit miners. Ethereum classic is no more a good coin, I can never invest on such coin. It is said the blockchain is now secure again but what about another hack? Very possible that another ethereum classic hack is coming because this last hack was not the first. 

[Whited35 15285]

On 9/19/2020 at 2:36 PM, Yomose said:

I can never invest on such coin. It is said the blockchain is now secure again but what about another hack? Very possible that another ethereum classic hack is coming because this last hack was not the first. 

I have never invested on ETC. Now, I think no potential investor will trust in ETC blockchain network. I also doubt on BCH. It should be taken seriously because ETC blockchain got suffered from third 51% attack. 

[Sinan 29]

I believe that Polcadot will replice etherium be cause of ethereum's promlem.

[Captain Karim 0]

Frankly, the most disappointing thing is the continued circulation of Ethereum Classic in the markets, as if nothing happened even though the attack resulted in the issuance of new currencies, and they were offered and sold, and the matter ended and everything is still the same, after what happened, Ethereum Classic must fix its position Or it disappears and it ends, we don't want more failed projects.

[TimopheyKa 3900]

This is true, because many people have recently been exposed to hacking and hacking, and this has a dangerous effect on the reputation of any coins or tokens. I believe that more detailed support and changing paths will help secure the coin. Because an older archetype can always be hacked sometime!

[Whited35 15285]

17 hours ago, TimopheyKa said:

This is true, because many people have recently been exposed to hacking and hacking, and this has a dangerous effect on the reputation of any coins or tokens. I believe that more detailed support and changing paths will help secure the coin. Because an older archetype can always be hacked sometime!

 

@TimopheyKa I respect your thoughts here. Blockchain hacking is the highly sensitive matter and not related with exchange or wallet hack. Hackers can easily double spend the coin on the network if they are able to control more than 50% of computing power. The same cases were relatable with ETC blockchain network hack. 

[its.cryptologic 163]

This is unfortunate when such reputable networks suffer these attacks. It starts pointing fingers at mining companies with huge hash power controlling networks. It can't be avoided, especially with new miners released behind closed doors.

[Rosarvx 965]

ETC is a big coin, all know about the recent scam in twitter that is why the numbers of hackers are increasing, protection is one of the most important thing

[Whited35 15285]

6 hours ago, usamah said:

I think that Bitcoin remains the best option, so it is a title for cryptocurrencies, and I think that porous currencies should be treated as a non-existent currency with a value equal to zero

Bitcoin blockchain network has tremendous amounts of participating nodes to confirm the transactions so it is safest from 51% attack. 

2 hours ago, patosho2 said:

Incredible how they do it even as a cryptocurrency currency like ethereum which from my point of view is one of the biggest currencies, I didn't know the 51% attack technique

I really did not get your points correctly but if you mean to understand more about blockchain hacking including 51% attack, you might check this topic here 

 

[Shaza Ahmad 1682]

The transition of the Ethereum Classic network to the PoS algorithm has become a necessary and fateful thing, if the Ethereum Classic team does not do so, they will condemn this old network to death and may unlist it from many exchange platforms that you will not trust anymore.

[Whited35 15285]

7 hours ago, Shaza Ahmad said:

The transition of the Ethereum Classic network to the PoS algorithm has become a necessary and fateful thing, if the Ethereum Classic team does not do so, they will condemn this old network to death and may unlist it from many exchange platforms that you will not trust anymore.

What do you mean by Ethereum Classic team ? Are you citing for core developers of ETC classic? If yes, I think they have to involve so many talented experts with blockchain architecture expertise to move toward PoS algorithm. 

[Shaza Ahmad 1682]

13 hours ago, Whited35 said:

What do you mean by Ethereum Classic team ? Are you citing for core developers of ETC classic? If yes, I think they have to involve so many talented experts with blockchain architecture expertise to move toward PoS algorithm. 

Yes, I mean the core developers of ETC classic, this breach was not the first time, and this is an unacceptable problem. Either they move to work with the PoS algorithm or it will be the end of Ethereum Classic.

[Whited35 15285]

9 hours ago, Shaza Ahmad said:

Yes, I mean the core developers of ETC classic, this breach was not the first time, and this is an unacceptable problem. Either they move to work with the PoS algorithm or it will be the end of Ethereum Classic.

There were limited participating nodes in the ETC blockchain network in a comparison with other biggest blockchain networks like Bitcoin, and Ethereum so that attackers succeeded to control more than 50% hash power to double spend the coin, ETC is already dead, who trust it ? 3 times 51% attack, it is not normal. 

[Cryptomint 433]

On 8/16/2020 at 6:43 AM, gourav789 said:

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 .

Just like you I have also heard that ETC has many time face that attack but I was thinking that why it is happening why the attackers still breathing in open air.

[godislovefll 1880]

This type of thing causes us to lose the confidence we have about ETC or any cryptocurrency with the same problem, since if it was hacked before it is something that is scary to think that it could happen, hopefully it will not happen again with any other cryptocurrency.

[Upright 2688]

The market demand on the ETC will surely fall of repeated incident as such occurs, as ETC being widely known and heavily invested would want to shut down the network as thus might really question the credibility of having to see big network having to shut down

[Whited35 15285]

6 minutes ago, Ndakopaul8181 said:

How come because I didn't like to see the ETH should be hack on this such way because I was not happy to hear this such information so want all this such information so not be share to here so we need to understand about what we need to understand about we should be understand about .

Hey read topic carefully 😊 ! It is not Ethereum blockchain network but it is Ethereum Classic. Can you spot the differences between them ? They are not the same blockchain network. Please carefully read the original post once again. Ethereum is bigger public blockchain network and it has not faced any attacks yet.

 

13 hours ago, Upright said:

The market demand on the ETC will surely fall of repeated incident as such occurs, as ETC being widely

Who will invest in it brother 😁? It is already rejected on the most of the exchange sites. Malicious miners can control the hashrate so no one prefers it to invest now. 

[jappy 1129]

Undoubtedly, if it happens 1 time, these cryptocurrencies happen again, they must fix this problem, because if not, their demand will drop a lot and what will happen is that it will simply stop being popular, and its price will go to the ground but if they correct it it can improve.

[Zafar123 906]

The Ethereum Classic (ETC) blockchain was hit with another 51% attack on Saturday evening — for the third time in a month. The attack saw a reorganization of over 7,000 blocks, or around two days' worth of mining, according to Bitfly — the parent company of Ethermine mining pool.

[yulitzacalvete 1366]

On 8/11/2020 at 11:26 PM, Whited35 said:

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? 
 

I think that receiving an attack makes ETC lose popularity so it is something to be careful because these things can happen again and not only with ETC but with another cryptocurrency.

[Raven 7817]

On 8/12/2020 at 11:26 AM, Whited35 said:

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? 
 

If this will happen again and again I think this is the end of ETC. Yes, there's a hope on ETC because of many potential investors invested on it but once this attack happened again then there is no doubt that ETC will end up of being nothing.

[Whited35 15285]

15 hours ago, Raven said:

If this will happen again and again I think this is the end of ETC. Yes, there's a hope on ETC because of many potential investors invested on it but once this attack happened again then there is no doubt that ETC will end up of being nothing.

I wonder, are there still some investors left to invest in ETC ? Who trusts their codes and encryption ? There are already a set of scammers to control the more than 50% hashrate and it is enough for the majority attack again and again on the network. Personally, I never trusted ETC  and never invested in it yet. ETH has always been my best choice instead of ETC. 

[Fixfin 2569]

I am not into ETC but I wonder if Vitalik is having a fear that ETC will gain some better recognition by staying with proof of work and while Ethereum may stop completely the miners will turn to ETC as an alternative, making it secure enough. It is scary that ETC has been attacked so many times and creates fear for the rest low hash powered blockchain crypto.