Chandler Guo, a well-known and respected figure in the Chinese  digital currency community stated that he, assisted by other miners,  will 51% attack Ethereum Classic as soon as possible. 

 Speaking to CCN, Chandler stated that they would isolate any block so  that transactions cannot be confirmed which was necessary because of  Poloniex’s addition of Ethereum Classic as Ethc. Poloniex, one of the biggest altcoin exchanges, shocked the community  this morning by listing a conceptually insecure and flawed coin,  Ethereum Classic, a deprecated chain that has barely any miners and thus  lacks any security. The chain was fully ignored and Ethereum’s community had already  moved on before Poloniex made a surprising announcement while Europe and  America was asleep. Ethc’s price instantly crashed to pennies, before  slightly recovering while Ethereum’s price, although somewhat volatile,  continues to trade above $13, down $1 dollar since the news. 

 ETC/BTC and ETC/ETH #Ethereum Classic markets added. https://poloniex.com/exchange#btc_etc … 

 Many consider Poloniex’s action to be utterly reckless as Ethc’s  chain can be easily double spent and due to its almost non-existent  hashpower the chain can easily be made unoperational. Uninformed users  or traders of that chain, perhaps perceiving the coin to have some  legitimacy due to Poloniex’s action, may, therefore lose all of their  money as the coin is fully insecure. Moreover, the development team of Ethc has clearly shown a lack of  basic understanding of public blockchains and their incentives by  choosing to retain the vastly discarded chain without changing proof of  work, making an attack, therefore, inevitable. This wouldn’t be the first time an altcoin has been 51% attacked. Luke Jr,  a Bitcoin Core contributor and Blockstream contractor, attacked and  destroyed Coiledcoin back in 2012 by using Eligus, a mining pool that he  owned at the time. Considering the clear incentives, an attack on Ethc,  therefore, should have been expected by both Poloniex and Ethc  developers. Update: A representative of BW, one of Ethereum’s biggest mining pools has since stated: 

Mr. Guo’s comments and actions do not represent Bitbank or BW. The CEO of Bitbank and founder of chbtc.com the top ETH trading  exchange in China and arguably the world, Mr. Songxiu Hua looks forward  to the Ethereum foundation presenting measures to the community that are  conducive to the interests of the majority as well as the development  of Ethereum.

 Featured image from Shutterstock. 

cryptocoinsnews.com

# 51% Attack #Ethereum Classic #miners