Bitcoin

Why is Ethereum Classic drops to $ 0 after a number of attacks – Breaking News

In the past few weeks, Ethereum’s Classic two-time victim of a 51% percent attack. One would expect that the market for the currency, then it would cause, but now, even the green numbers written on it.

Double-Spend is explained

At the end of July and beginning of August, there was a 51% attack on the blockchain ETC. This is referred to as a single entity (group or individual), it fails to provide more than half of the computing power of a network to get your hands on. The majority of the computing power, you can transactions into blocks and processed to sit down, undo, or you can use your computer’s two times pounds. This is the cryptowereld double-spend is called.

A second attack took place on the 5th of August, in here, we also have. According to the Binance and Ethermine, it was about 800,000, ETC. (up to the value of 5.6 million dollars) is double spent, as the attack is estimated to be 204.000 dollars, bitcoin is money.

Not a drop, but the increase in

After two attacks within a short period of time, it is not surprising that there are doubts about the intrinsic value of the Ethereum Design. At the same time the currency will rise, and there are only 24 of cryptocurrency, with a larger market capitalization.

Investor, Dan Tapiero, wondering why the ethereum classic race is not to zero the fallen: “Why is #ethereumclassic not have a zero value? It has a mkt cap of $ 800 million. Why possess anything that is easy to be attacked and stolen, as there are so many alternatives (not even in the same area of the alts). A digital currency would be safe. What am I missing here?”

Tapiero’s opinion is shared by Mati Greenspan, a former senior analyst at eToro. “How can it be that the ETC is of value?’

Vitalik Buterin, founder of Ethereum, he also shared his views. He said that the Proof-of-Stake, in some cases, more secure than Proof of Work, ETC, should just switch to Proof of Stake. Even in view of the risk-averse culture, it seems, at this point, the less the risk to make the jump over to it.

The light at the end of the tunnel

In June of last year, the network has been upgraded with a heated outdoor swimming pool. This can be Ethereum’s Classic are better to work with Ethereum. In practice, applications for Ethereum are built, it will also work on the network of the Ethereum Design. Terry Culver, CEO, ETC, in the Labs, said in may on the subject:

“This upgrade demonstrates that the robust development of the course is on the Ethereum’s Classic, because this is the third hard-fork during the past year. It is the strong consensus of the ETC., interested parties. The upgrade marks an important turning point for the Ethereum’s Classic, where the community is now in a position to be more innovative, to encourage, to cooperate, and the technical contributions of the ETC and ETH-communities.’

About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.

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