A collection of coins and theoretical cost of a 51% attack on each network(crypto51.app)
crypto51.app
A collection of coins and theoretical cost of a 51% attack on each network
https://www.crypto51.app/
3 comments
This is why coins like Ethereum Classic needs like 50k confirmations which is a 1-2 week waiting period for deposits, since blocks take like 15 seconds to mine and a 51% attack on the ETC network is relatively affordable compared to BTC/ETH, so fake chains sprout up very often and many transactions would be reversed
Are you saying I can get 1000s of dollars for free here?
As soon as a 51% attack is executed, trust is the coin would plummet and so would its value, not even accounting for the fact that selling an entire market cap would zero out the coins value to begin with
Hence why I said 1000s and not millions.
Theoretically you could create multiple miner groups in a sybil-like manner and proceed to move a few thousands before anyone noticed anything.
Theoretically you could create multiple miner groups in a sybil-like manner and proceed to move a few thousands before anyone noticed anything.
Just goes to show the fatal flaw of POW for anything except Bitcoin and Ethereum. Interestingly, it costs more to 51% attack Eth at the moment.