The Hostile Take Over, Crypto Style: The 51% Attack
From BitFly: “We can confirm there was a successful 51% attack on the Ethereum Classic network with multiple 100+ block reorganization. We recommend all services to closely monitored (sic) the chain and significantly increase required confirmations.” It’s such a dramatic event, even copy editors are paralyzed by the gripping drama. Mostly, crypto insiders scoff at 51% attacks and toss them into the “bad” category. I’ve seen a few wise commentators lob out some pretty gloomy prognostications. (Please do your own research; this is not financial advice.) I think in terms of Game Theory. Most of the time when people buy things, they want to see price appreciation. Unless they’re trying to knock out a competitor. Which is it: I can’t tell you – can anyone? Let’s say for a moment the strategy is to wipe out a coin: who are the intended beneficiaries. Is it Ethereum. Or some other coin. I literally have no clue. When there are market shocks like this 51%% attack there’s a rush to judgment: I’m taking a cautious view, keeping an open mind. Like with a corporate buyout there are always winners & losers; most deals fail, anyways. My hunch is not all forks are good or bad; and the jury is still out in my estimation on 51% attacks, too.