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.
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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.
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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.
51% cost.png
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!
Screen Shot 2018-05-29 at 19.46.25.png
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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