After Bitcoin Gold and Verge have been 51% attacked recently, this kind of attacks became a hot topic in the cryptocurrency world. It is remarkable easy to carry out an 51% attack on several coins, so it will probably happen again in the future. Bcash is not the easiest crypto to attack, but it is the most profitable one. The recent attacks might just be a test before a big hit on Bcash can be perfectly made. It would be smart for exchanges to delist Bcash or at least increase the required confirmations to avoid being victim of a major theft.
What is an 51% attack?
An 51% attack can be carried out when one player has more than 50% of the total hash power on a certain PoW chain. When this is the case, the attacker can reverse his transactions and thus double spend. An exchange is the most likely place for it to happen, a huge double spend can be made to buy another cryptocurrency. It can send immediately to an external wallet.
Especially cryptocurrencies with a minority of hash power using the same algorithm are an easy target, because miners of the coin with a majority of hash power can allocate their existing hardware temporary during the attack, while for an attack on a coin with a majority of hash power someone would need to invest in the hardware because there is simply not enough available, so it have to be bought new. On top of that, the hardware might become obsolete after an attack on a chain with a majority of hash power, because there is no valuable coin to mine anymore.
How much will an attack cost?
This website tracks how much it will cost to 51% attack a cryptocurrency for one hour. Many of them are extremely cheap to attack. It is important to note that a 51% attack on small coins is probably not really rewarding, it is hard to double spend a big amount because it is simply hard to find someone to transact big amounts with.
Why is Bcash a perfect target?
There are multiple reasons why Bcash would be a perfect target for a 51% attack. Firstly, it is the biggest cryptocurrency without a majority of hash power, so a maximal double spend is possible with a relatively small effort. More importantly, Bcash is the only easy to attack cryptocurrency that can be shorted on Bitmex with 100x leverage.
This means that the 7200 USD that the attack will cost can be easily earned back with a high leveraged short position, because a tanking price after the attack is very certain. Last but no least: Bcash is hated in the community, who wouldn’t enjoy destroying Bcash while earning a lot of money doing it?
Bcash investors will lose a lot of money when a 51% attack occurs, but you certainly don’t want it to happen on your exchange. Be smart and DELIST BCASH!
Many single mining pools can 51% attack Bcash and make a lot of money doing so, comfortable owning it?
Disclaimer
This is no financial advice, just my view on the market.
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Hmmzz these numbers are very different from the ones I found a few days ago. I don't think they are accurate? It would be too cheap if I follow those numbers on the website you mention. It mentions costs on Bitcoin would be only half a million for an hour, while in practice it is more $100 million per hour...
Let's figure this out, I am curious about the actual costs, maybe it is somewhere in the middle :-)
https://steemit.com/cryptocurrency/@cryptotem/how-expensive-is-it-to-take-over-the-pow-network-of-bitcoin-ethereum-or-monero-why-we-might-see-more-51-attacks-in-the-future
It seems correct: one hour 51% attack will make you allocate resources that otherwise would mine 6 blocks. 6 x 12.5 x 7500 = 562,500 dollar
But of course this is only the power, it will be extremely hard to set up the hardware
Another problem connected with Bcash...
It´s incredible how easy it seems to be, some of this altcoins are really making this attacks a very easy possibility. Brendan B. post shows easily any of those 6 could perform the 51% attack.
I don´t have any Bcash, but I would definitely be worried and not comfortable, to be holding this coin.
Yes, I dumped all my Bcash spread over the first three pumps and I am happy I don't own anything anymore. Actually I hope some more attacks will take place and exchanges will delist these coins and they will die out. This is bad for crypto overall, newspapers will write that bitcoin is hacked or something misleading like that. Beside that just one PoW chain is way more efficient and secure. Now miners could destroy one coin with the intention to mine another coin after, while when there is just one PoW coin the hardware will become obsolete after they destroy the coin, so they won't.
I couldn't agree more!!
Selling your Bcash was the right move, I really believe that.
i`m not fan of bcash so will be interesting to see 51% attack
Hey, @michiel Andreas is getting a little cocky there. That laugh track is awesome, though. But he leaves out the fact that Bitcoin is indeed an NSA project.
thanks for share.
So i would say need to be a hard target and prepare to mine these.
Muy Bueno tu post me parece de excelente calidad tu publicación sigue así te agradecería tu apoyo siguiéndome en mi cuenta @adrianrafa y dándome un UPVOTE en cualquiera de mis publicaciones para que me ayudes a crecer gracias de ante mano un abrazo los quiero
Very good your post seems to me of excellent quality your publication follows this way you I would thank youyour support following in my account @adrianrafa and giving me an UPVOTE in any of my publications in order that you help me to grow thank you of beforehand an embrace I want them
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this is looking very action movie.
Nice one @michiel! This is part of the reason I don't like QuarkChain IC: because it seems attacks would be way too easy! Check it out if you want :)
nothing to say .just action movie of slaman khan.
have you made a issue report?
fast & furious!
They should have fixed this shit by now
oh no poor roger ver
Is it possible to track down the attacker?
Andreas is getting a little cocky there. That laugh track is awesome, though. But he leaves out the fact that Bitcoin is indeed an NSA project.
conspiratard