Here’s Why 51% Attacks Don’t Affect Price

51% attacks are catastrophic in the cryptocurrency world–or are they? 51% attacks may be a little bit scary but here’s why they don’t affect price. The Ethereum Classic 51% Attack Ethereum Classic, one of the most popular altcoins by market cap, just succumbed to a 51% attack. A situation in which one mining entity gained control of over half the network’s hash rate caused double spending of thousands of ETC on several exchanges including Bitrue, Gate.io, and, most notably, Coinbase. Coinbase posted on its Twitter account that the exchange had detected the attack on January 5 and temporarily paused movements: On 1/5/2019, Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain that included a double spend. In order to protect customer funds, we immediately paused movements of these funds on the ETC blockchain. Read more here: https://t.co/vCx89dz44m — Coinbase (@coinbase) January 7, 2019 However, a report by blockchain…

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