January 10: "How is ETC not at 0 USD? // HACK AFTERMATH
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Since i have been increasing my posting rate lately and i found that writing a bit about the news in the crypto-space, giving my opinion on it, was quite enjoyable and much easier to do then @comedyopenmic entries, i thought it would be an "amazing" idea to structure it a bit.
You know... Have something of a biased news segment on my blog. hehe. :D
So i made myself a logo and..... Well, thats about it. haha.
These posts will generally have a format as these last few posts ive written. Ill take a recent topic i find interesting, share a few facts and then share my opinion on it... Pretty simple and straight forward. The topics ill cover will vary. Could be about Steem, crypto, politics or whatever i find interesting. I might be serious or i might attempt humor. You never know... Anyways...
The topic of the day.....
Ill be expanding a bit on the news yesterday about the hack and double-spending that happened on the Ethereum Classic blockchain. I have shared my opinion on this and im still a firm believer that ETC has failed at one of the core goals of blockchain technology which is fixing the double spending problem.
I wouldnt call myself someone that likes to spread FUD, but to me it is beyond any reason and completely preposterous that ETC still sits at 18th place in market cap after what happened.
The price dropped only about 10% but managed to recover.
This once again shows to me the irrationality of the market. While crypto users and investors might preach about blockchain technology and its use, they refuse to act when a crypto currency completely fails at delivering its most basic of promises. And this is not only the case with ETC. Similar things have happened with BTG, Monacoin, Verge and a number of other similar shitcoins that are still going strong.
The only reasoning i can see behind ETC not crashing to 0, as we speak, is the lottery ticket effect.
People buy and hold lotto tickets because of the upside potential, not because tickets themselves have any value.
Meaning that the token itself, in this case ETC could be absolutely worthless and have no intrinsic value (Intrinsic as in being able to achieve its absolutely essential purpose) and people would still hold it...
It seems to me that only when a coin is revealed to be a scam does the market react. The underlying technology generally doesn't mean much to the market as shown in this case with ETC.
Now, this could change ofc. over the coming days/weeks but i highly doubt that we will see ETC drop to STEEM levels.
I have seen a few individuals share the same sentiments as i do in the crypto space but i have to point out a ridiculous claim i have run upon instead, of the Litecoin founder (@litesatoshi, Charlie Lee)
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A 51% attack is the failure of POW blockchains and is a clear indicator that centralization is easily achieved there. This tweet received a lot of backlash from quite a number of people asking themselves about the solution to the problem. From reading those tweets im of the opinion that not many crypto enthusiasts (non-tech savy) know about DPOS.
This "NEWS article" might seem like a smear campaign against ETC but really its just an exercise in common sense.
In my opinion the health of the crypto market is shown when cryptocurrencies that should fall, do fall.
If the technology behind currencies means nothing, then we might as well pull up a roulette table and do a few spins.
Keep on Steeming and ill see you around.
You know, what you said after the tweet you referenced does not actually refute the contents of his tweet. It's quite compatible.
You are right-- Something that got 51% attacked clearly shows that it failed to get sufficient distribution of its permissionless resources. But that doesn't mean there's necessarily anything wrong with the protocol itself. Once a coin "resets" itself, it's still possible for it to maintain a sufficiently decentralized state. But trust would certainly be an issue at that point.
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For me its not about the possibility of achieving the sufficiently decentralized state. Its about the likelihood of centralization occurring. If centralization can happen so easily that a reorganization of the blockchain can occur, like in this case, then a reset doesnt mean much imo.
I suppose I fail to see the distinction here. I pretty much agree with that sentiment.
It almost feels like really only one true coin can be sufficiently accepted that it wouldn't be so easily attacked. I mean you know that one website that just lists "here are the costs for 52%-attacking chain X"...
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I know.. But DPOS is a different beast. The thing about STEEM for example is that only 20% of the total supply are on the exchanges and even if someone did try a 51% attack, it would take them a very long period of time, the cost of purchase would be progressively higher, there is a human factor involved so it wouldnt slip pass unnoticed like with ETC, and they would essentially be hurting their investment....
So really... The "cost" of a 51% attack on STEEM is infinitely higher then that of BTC since the gain from attempting to do such a thing here is a negative value.
A 51% attack can only happen on STEEM by the witnesses. They would have to collaborate to gain the required control to pull off an attack. This is why witness voting is important. With other currencies, anyone with the resources can build enough control to create an attack. When I say anyone, I a mean anyone! They can be hackers, criminals, scammers, anyone... They don't even have to be a group of people. It can be a single person with enough computing power. STEEM is much safer in that respect. The witnesses must gain our confidence and must be leaders. The more one has invested, the more important it is to research the witnesses to weed out any that could possibly be willing to attack STEEM. Remember @jerrybanfield? He was pulling some shady shit and was ejected fast. It was so fast, he must have gotten whiplash. People that have invested a bunch here don't tolerate scammers as witnesses.
I'm not 100% sure on this, but my understanding is that there would need to be 14 witnesses in the top 20 spots all collaborating to pull of an attack on STEEM. That would be unrealistic to conceive.
I also don't think that the other witnesses including those not in the top 20 would not see this coming and the conversation would go viral among our community before anything bad were to happen.
Also, did you see the news?
I can't verify that this is true or not, but this article is reporting that the majority of Dash mining is controlled by a single person. (Ripe for a 51% attack). https://www.ccn.com/dash-cryptocurrency-single-wallet-owner-possesses-51-of-hashrate/
Yet another reason that STEEM is so much better.
Apparently the thing with Dash is that you cant buy enough Asics to pull this off and that those that are currently mining Dash wouldnt do it because that would hurt the main cryptocurrency that uses Asics.
Im not sure about this but i for sure wouldnt hold any of my funds in Dash.
Yeah i think thats about right. But even with that said, a 51% attack on STEEM would be pointless. What would you achieve?
You would lose millions of dollars attempting it.
At least thats how i see it going. Im not a tech savy so this is guesswork based on what i know.
It is way too difficult to accomplish.
Right, this is true. The possibility of being attacked in a flash is pretty scary :)
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