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The recent 51% on Ethereum Classic (ETC) reminded the crypto community that even in a decentralized world, centralization can still be bought at the right price.
In fact, based on the independent data of Crypto51.app, the entire Ethereum Classic network can be controlled for an outlay of only $ 4,814 per hour. That level of insecurity could make a question about how ETC has ever done to Coinbase, which in the past was so eager to play it safe with its coin cards.
Negligence involvement
U.C. Professor of Berkeley, and self-proclaimed skeptical crypt, Nicholas Weaver recently stated in The Verge that any coin with such a low cost of attack should be considered too risky for public consumption:
"Any currency that does not burn $ 100,000 at the moment should probably be considered insecure in the face of the attackers and should not be supported by any exchange." That Coinbase has claimed a currency that has just $ 5,000 per hour of protection is negligence. "
The Ethereum Classic robbery eventually led to the theft of over $ 1 million coins. And now the focus may be on other major cryptocurrencies that can be hijacked for even less than the $ 4,814 needed to control ETCs.
Literally buying Dash
According to the same statistics showing ETC's vulnerabilities, over 51% of the Dash network can be purchased for a few thousand dollars. It would currently require $ 3,014 per hour to check 74% of the Dash network via Nicehash, a crypto cloud encryption market.
Returning to Ethereum Classic, it is interesting to note that Coinbase currently requires 50 confirmations for ETC transactions, which is approximately ten minutes, based on blocking time of 14 seconds. This acts as a protection against disasters, assuming they are noticed in time.
Likewise, despite the Dash InstantSend function, many exchanges still prefer to wait fifty confirmations for Dash transactions, substantially undercutting one of the main features of the technology.
With Coinbase being subjected to so much negative press from the Ethereum Classic fallout, will they be likely to opt for another risky proposal in the near future?
Zcash, Monero, Bytecoin …
Another current Coinbase list, Zcash (ZEC), also has the humility to appear on the "economic" list of Crypto51. The ZEC network can currently be controlled for $ 18.350 per hour, but fortunately only 7% of the extraction power can be purchased through Nicehash, which means that an attacker would have to collect more network resources from other sources.
Also on the list is Bytecoin (BCN) – 51% of which can be purchased for only $ 237 an hour. Also available for the surprisingly low cost of just $ 5,772 at the moment is Monero (XMR). However, the mining power is distributed enough so that only 6% is available through Nicehash.
Discounted price: DASH / USD
The price of Dash coins did not take these concerns into account on Wednesday, rising 7% from $ 81.05 to $ 87.30.
With or without Coinbase, Dash has made a daily average of $ 120 million in the last month, and the team continues its adoption by pushing through South America.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
