Charlie Lee, the creator of Litecoin, discusses this week’s 51% assault on the Ethereum Basic blockchain. He describes how the attacker was in a position to acquire management of greater than 51% of the community, why it was cheap for them to take action, how they profited from their assault and who loses cash in such an assault. We discuss what sorts of blockchains are vulnerable to these kinds of assaults, whether or not or not Coinbase or different trade will de-list ETC and why the value of ETC hasn’t dropped — and what which means for cryptoeconomic theories round 51% assaults.
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Coinbase weblog figuring out the 51% assault: https://weblog.coinbase.com/ethereum-classic-etc-is-currently-being-51-attacked-33be13ce32de
Charlie’s tweet about how a coin that’s dominant in its respective mining algorithm is not going to be weak to 51% assaults: https://twitter.com/SatoshiLite/status/1082369887278837763
Charlie’s tweet about how solely decentralized blockchains are vulnerable to 51% assaults: https://twitter.com/SatoshiLite/status/1082491687169998848
Haseeb Qureshi tweet storm concerning the ETC 51% assault: https://twitter.com/hosseeb/status/1082815549132816384