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Crypto 51% Attacks in 2019 - What to Expect, How Do They Work?

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Added by allcryptostaff
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51% attacks have been on the rise in the cryptocurrency world in 2018 and 2019. Particularly, they have attacked altcoin blockchain networks which are vulnerable because they don't have too much hash power securing the network. Coins like Verge, Ethereum Classic, Bitcoin Gold, etc. have all suffered attacks. A big reason this is now possible is because mining power is increasingly available for rent via services like NiceHash. Furthermore, in the bear market, more miners are leaving, making it easier to obtain 51% or more of the networks total hash power. To take advantage of this, malicious miners, send coins to exchanges, trade them, and then broadcast a longer blockchain with that transaction left out. That way they get their original coins back AND whatever coin they received for the trade. This is becoming a big problem and the market will have to find a solution for it that balances out the various factors.

The content from this video is from Anthony Xie of HodlBot.
- You can read the original article here: https://blog.hodlbot.io/51-attacks-for-rent
- And visit their site: https://www.hodlbot.io/

#Cryptocurrency #51attack #DoubleSpend
Category
Crypto 101
Tags
Blockchain 51 attack, cryptocurrency 51 attack, successful 51 attack crypto, ethereum classic 51 attack, etc 51 attack, double spend attack, 51 attack explained, what is a 51 attack, crypto 51 attack, 51 attack on bitcoin

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