....... when the technical lead makes such coconut statements:
When we banned ASICs, Electroneum became vulnerable to attack, he said. From a rate of approximately 2 giga-hashes, we ended up with 30 mega-hashes just yesterday. We calculated that if a malicious agent used a cloud-mining site like NiceHash, they could successfully stage a 51% attack for as little as $3,000
51% attack via NiceHash for $3k
What's that funny or "coconut" with this statement? That's exactly how it was and that's a serious issue by the way and at least i can't see anything funny about it.
And could you please explain me how someone would perform a 51% attack via NiceHash?
Tell you something better, GRAFT cryptonight coin is currently only 14MH/s total network speed - hack it with a total of $3k budget!
The funny about is the statement is all just fearmongering, only a kid high on candies would say something like this to scare his mates.
The fun is actually on YOU who believe this is possible.
Seems you have 0 knowledge about how attacks are carried out and done in the past.
Actually GRAFT and INTENSE have been successfully attacked as well.
Not sure if it makes much sense to discuss such attack matters with someone that has no knowledge about such things.
Maybe as a first step you take a look into this list of attack cost and available hashrate:
https://www.crypto51.app/Than eventually reconsider your total dumb statements or just continue as usual as a forum clown.
First of all the "51% attack" term is traditionally used for modifying past transactions, and in this case it was stated in a way so people will think somebody can steal their coins.
In this instance he could have said, somebody will be able to double spend their OWN coins to an exchange - but this doesn't as scary doesn't it?
How is a $3000 double spend attack will cause serious damage to the network and this is including Nicehash charges, infrastructure, your own coins you want to double spend and dev time spent on the attack?
Not talking about the fact that first they need to bypass Cryptonight double spend protection (requires a real expert) and it assumes the coin devs are not monitoring these activities whatsoever, and not countering the attempt.
Coins with very low hashrate requires much more confirmations on exchanges which also reduces the chances for an attack to succeed.
The website you linked states on the top says "This is a collection of coins and the theoretical cost of a 51% attack on each network".
This is already telling you, that it is theoretical, and not cost effective to the attacker at all.
So if you telling me you are able to perform a serious attack on a low hash Cryptonote coin at a $3k budget then you are a fool.
And BTW intense 51% attack was carried out by ASICS.
Source:
https://intensecoin.com/2018/04/imminent-hard-fork-and-network-attack/PS.: And if you are not ready to discuss this and just want to discredit me, might aswell leave your keyboard untouched because your post is lack of evidence/fact backing the $3k attack bulls*** statement
