ETC value is much less delicate to information as a result of:
1. OGs received free possibility from 2016 ETH fork
2. USD / BTC ETC patrons are speculators, if funds are SAFU, DGAF
three. ETC neighborhood small in comparison with comparable market cap crypto’s
four. 5% locked in Grayscale belief, a method w no redemption https://t.co/OUHewkEFqZ
— Meltem Demirors (@Melt_Dem) January 10, 2019
So if Ethereum Classic wasn’t affected by the 51% assault, it seems that the exchanges have been. This would counsel that exchanges are the true victims of 51% assaults since they don’t have any means of getting the funds reimbursed.
Cryptocurrency researcher Hasu wrote on his Twitter that exchanges lose probably the most from crypto’s most feared assaults:
Exchanges are the first sufferer of 51% assaults. Exchanges don’t listing cryptocurrencies for his or her immutability, however to earn cash and apparently, the R/R pays off for them. It’s *extraordinarily* onerous for a 51% attacker to focus on customers who really worth immutability.
A 51% Attack on Bitcoin Is Still Extremely Unlikely
Luckily for exchanges, merchants, and networks, a 51% assault on the world’s largest cryptocurrency continues to be extraordinarily unlikely. It’s not not possible after all, however looking on the information laid out by Bitstamp alternate on their Twitter in the present day, the prices of performing a 51% assault on Bitcoin would far outweigh the advantages.
In reality, it might be “unrealistic” based on a current examine. The gear prices alone would run into the billions of .
DID YOU KNOW: Hacking #Bitcoin with a 51% assault would require spending round $5.5M per day on electrical energy (if the price of electrical energy is $zero.05 per kWh). This is simply the power value, the required gear would value billions. #WednesdayWisdom pic.twitter.com/GW01HiPpXv
— Bitstamp (@Bitstamp) January 9, 2019
So, it appears that evidently exchanges like Coinbase can breathe simpler in terms of mega cash like Bitcoin. But the Ethereum Classic assault simply goes to indicate that exchanges must have stricter insurance policies in place to guard them from double spends and 51% assaults on networks with smaller hash charges.
Oh, and maybe working a node to confirm community transactions would additionally assist.
Do you agree that 51% assaults don’t have an effect on value? Share your ideas under!
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