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Today we will discuss the 51% attacks, which is particularly relevant in light of the issues happened this year with #clo, #etc and #moac.
#51attacks #cryptomythbusters
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Many #cryptocurrency “experts” believe that if a user has more than a 51% of the network hash rate, he can do whatever he wants, such as going on a spending spree. But in reality, it’s much different.
Let’s say a miner owns 60% of the network hash rate. This lets him “hold” his blocks and not send them to the network. Instead, he continues mining his own chain by himself. Over a certain period of time, the miner is very likely to create more blocks than the rest of the network
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Because of the currently ongoing potential 51% attack on #ETC we have temporarily increased block confirmations on our ETC mining pool. We will notify you once the network has stabilized again
We can confirm that there was a successful 51% attack on the Ethereum Classic (#ETC) network with multiple 100+ block reorganization. We recommend all services to closely monitored the chain and significantly increase required confirmations.
Take care, the Ethereum Classic #ETC network is still being targeted by a 51% attack. Today we saw again 3 deep chain reorganizations: pastebin.com/xtu1a1Kg
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