"How is ETC worth anything?": Twitter responds to 51% attack

08 Jan, 2019 | Updated: 08 Jan, 2019
by David Robb
Opinion
How is ETC worth anything?: Twitter responds to 51% attack

Ethereum Classic (ETC) suffered a 51 percent attack some hours ago, with users effectively being defrauded out of a large amount of funds. Many observers on Twitter have responded to this news, with one pointing out that ETC's value hasn't fallen as far as might be expected in the wake of the attack.

Coinbase reports that a reorganization of the chain by a mining pool with over half of the network's hash power eventually led to tokens worth upwards of $1 million being double spent. 

Although news of the attack came out over 12 hours ago, the price of ETC doesn't seem to have been affected all that much. The token is down 3.94%, having slightly increased in value again in the last few hours.

Commentators on Twitter suggest that this may be due to transactions being blocked on the network, with a new recommended number of confirmations much higher than before, preventing users from dumping as much as they otherwise would. 

Others believed that the ETC price wasn't truly correlated to its value anyway, or claimed that it should never have been worth anything to begin with. Some suggested that the ETC community may be downplaying the importance of the attack, or even denying that it happened. 

Read more: Litecoin's Charlie Lee commenting on decentralization concept post ETC 51% attack

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Read more about: Ethereum Classic (ETC)

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