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January 11, 2019by Laura Shin

The Ethereum Classic 51% Attack: How It Happened and Why the Price Didn’t Crash – Ep.055

Charlie Lee, the creator of Litecoin, discusses this week’s 51% attack on the Ethereum Classic blockchain. He describes how the attacker was able to gain control of more than 51% of the network, why it was inexpensive for them to do so, how they profited from their attack and who loses money in such an attack. We talk about what types of blockchains are susceptible to these types of attacks, whether or not Coinbase or other exchange will de-list ETC and why the price of ETC hasn’t dropped — and what that means for cryptoeconomic theories around 51% attacks.

Thank you to our sponsors!

CipherTrace: http://ciphertrace.com/unconfirmed

Episode links:

Coinbase blog identifying the 51% attack: https://blog.coinbase.com/ethereum-classic-etc-is-currently-being-51-attacked-33be13ce32de

Charlie’s tweet about how a coin that’s dominant in its respective mining algorithm will not be vulnerable to 51% attacks: https://twitter.com/SatoshiLite/status/1082369887278837763

Charlie’s tweet about how only decentralized blockchains are susceptible to 51% attacks: https://twitter.com/SatoshiLite/status/1082491687169998848

Haseeb Qureshi tweet storm about the ETC 51% attack: https://twitter.com/hosseeb/status/1082815549132816384

Posted in: 2019, Shows, UnconfirmedTagged in: 51% attack, ETC

Our guest on this episode:

Charlie Lee

Creator of Litecoin

© Copyright 2022 Laura Shin Media LLC. All Rights Reserved.

Website by Zach Swinehart.

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Unchained Podcast

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