Attackers chosen coins that are traded on big exchanges (in this case our friends from Bittrex) and made a double spend attack due to owning more than 51% hashes needed.
While technology behind the attack is not easy to explain it does what it says - makes a double spend of same money.
Imagine buying something, then getting money back right away.
This way hackers (or more like attackers) with big hashing power choose coins that will be easy enough for them to get money on.
Currently only CANN (CannabisCoin) market is still disabled which means Bittrex team acted fast and fixed attack problems with developers.
This is why its a good idea to not make PoW coins unless you are sure of big hashing power but rather make tokens on other solid networks like Bitshares Ethereum or Bitcoin.
If you know any of low hashrate power PoW coins, keep eye on them - they may be next to be attacked ie on other exchanges.
Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips! |
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This is the problem with coins that do not have the backing of the Bitcoin miner network (or similarly staking network). There is a reason that Bitcoins are worth what they are today. On these smaller coins with only a few hundred thousand dollars of 'hashpower' going for them are insanely easy to attack - as demonstrated. That is why these coins are not worth that of a Bitcoin.
The security of the millions of dollars of 'wasted energy' is why there are no Bitcoin double spends in the news.
That's a problem only related to Poof of Work which is not a good protocol for any coins, specially new ones.
Well yes and no. There is probably only room for one POW coin in the world. POW has very strong assertions about the requirements to attack the chain. POS or any other system employs tradeoffs.
That said POW is not novel and no new coin should center their consensus protocol around it.
@kingscrown @kyle.anderson Thank You Both 4 Your Heads-Up !!
UpVoted You Both & Following You Both & ReSteemed
Have a Great Weekend !!
Good point Kyle...thanks for sharing
true talk
Anybody care to go into more detail on explaining a double spend/51% attack? Interested in knowing more for sure. Will do a little digging myself obviously.
Nice that you got interested, read here for start - https://en.bitcoin.it/wiki/Double-spending and then go digging more in google
Will do! Thanks so much. Down the rabbit hole I go :)
See you in few days haha.
At least its weekend ;)
Hahahah, I need to avoid too many rabbit holes this weekend. Heading out to Italy for the next couple weeks...Wife probably won't like my face in my phone screen ;)
What you can do is to get a beanie, a bluetooth earphones and a pair of sunglasses. Put all your research into a big word document, do text-to-speech and just listen to them on your earphones that are hidden underneath your beanie.
Oh and the pair of sunnies is to hide your eyes when they become wider with excitements...
Hahahah. The public will have no idea im learning about blockchain...instead they'll wonder why this crazy guy keeps having his mind blow lol
Yep, that wiki article cleared everything up. Thanks again!
Thanks for providing the info about double spending, makes more sense now
Thanks for the explanation @kingscrown! Now i finally fully understand 51% attacks.
Enjoy :) With big 51% attack you can even fork a coin, but in this case they wanted to make fast transactions and thats it
Baster&^&^s, good that they didn't get away with it!
Whew glad I dumped CANN a few weeks back! lawls!
My sell orders hit 5 days ago exactly so im good too.
They will fix it and it will get back on its feet im sure - as others did too
I should have done that !!
Im with you! Just a few days ago, i was impatient and sold.
Im hope the coins recover, cause man, that's still unfortunate.
Your the best @kingscrown! This definitely will help a ton of people in the crypto community, including myself!
you rule :)
Just trying to keep my hand on trigger if something nasty happens
Thanks for info!
I LOVE how you underline the power of Bitshares in the end there. Nice job!
Thanks, namaste :)
Good to know about Bittrex team, + in Karma and trust.
Thank you. In a way this explains the reason for so many ETH tokens being seen of late
Those are still backed by the POW of ETH. Not likely to be any worries there. Except for the scams that many ICOs are in the first place.
So you are telling D9 delay 4 years creating a parallel new chain of CANN to steal... how much... 2 BTC?
I have coins from Bittrex HODLing $DCR and $SC , should I need to worry to double spend attack?
"Holding" not "Hodling".
haha, yeah I know its holding, but HODLing is a crypto MEME. Read it's origin:
• https://bitcointalk.org/index.php?topic=375643.0
• https://bitcointalk.org/index.php?topic=1927116.0
I know... I just see it everywhere and to me its played out.
Congratulations @kingscrown!
Your post was mentioned in my hit parade in the following categories:
Awesome
Thank you for the info!
How the hell is that possible. Then Bitrex should not list tokens where something like this is possible.
@kingscrown
Are you a whale and if so what does it mean I'm a bit green
Thanks for the great info! I surely know about the 51% attacks!
Don't trash one coin and promote others, kind of bias including Bitshares in Ethereum and Bitcoin bracket....they all got issues dealing with and the exchanges allow alot of shit to go on once they are in the cut...this decentralized train would crash if there is no INTEGRITY
All coins can have their problems but this post is about last 24h of PoW attacks on those.
BTC LTC or ETH have so much PoW that person wouldnt attack your token on them.
See how forking BTC to bigger blocks/segwit (whatever you prefer) is hard due to PoW spread everywhere (ive made posts about that in the past).
BTS works little bit different and is a solid blockchain.
This post is not an attack on anyone, as you can see most coins fixed problems while working with Bittrex team. But we can expect attacks on other coins now so worth keeping eye on that.
Let the free market work, either it rewards or take away...to much ego around and pointing out shortfall of other coins, no wonder their market cap and value has taken a hit....nonetheless thanks for the info but keep an eye open, most of these issues have been around for awhile, especially coins fork from other coins, developers try to score points highlighting why their coin is better
Too little ego and a flawed self-image I'd say. Ego is inescapable and the only essential that makes you "you", but self knowledge is equally necessary.
If a "hacker" controls the majority of hashing power, the energy mining a coin, that group/person can choose to cut off verifying transactions from a certain area/server group/ect.
They will probably say they were Russians...but we all know which country hates Cannabis LOL!
Post of the Day. Thank you.
Bittrex staff is the best out their.
So glad that bittrex responded so quickly. I have registered on bittrex 2 hours ago to buy some steem!
Humans vs. viruses))) could die off long ago but well they are here still fighting and ;) cooperating: hackers will die down wounded crypto will survive; I bet for Steem
Informative post @kingscrown. The wiki link taught me something new. Thanks!
Thanks for the information!
At the moment of this writing Bittrex has not resumed trading of CANN, QTL and UNB yet.
Thanks for the explanation on double speeding!
Ethereum Rules !
✨🙏✨
Thanks for the explanation. Now I finally understood the matter.
Thank you for the heads up mate :)
Nice post @kingscrown
Thank you for you post, so interesting
goog
All news,, are well received !.. even more when it concern to all .. thank you for let us know..
Thanks ! for the info ! very useful
I interesting with this. i hope anybody care and try this. Good job.
thanks
thanks for the information!!!~!
This is a new topic for me i will keep searching for this one. Thanks for letting us know this information.
i really wonder how coins will be introduced without the being backed by bitcoin miners...just like LEGENDCOIN (LGD)..its being on Automated Maintenance for weeks
nice...your post deserve upvote and resteem...
You really are the king, I hail to you :) Great post!!
damn it!!! how is this even possible :(
Excellent Advice! Thanks :)
This is pretty scary. Hopefully they get it sorted out with their tech.
Does that mean we should go for PoS?
Thanks.. nice information shared. Even i am ignoring such digital currency for trading.