Litecoin’s Charlie Lee: Decentralized Crypto ‘Must Be Susceptible to 51% Attacks’

Litecoin creator Charlie Lee has prompt {that a} decentralized cryptocurrency is by definition uncovered to 51 % assaults, in any other case it’s centralized.

A decentralized cryptocurrency is by definition weak to 51 % assaults, the creator of Litecoin (LTC) Charlie Lee acknowledged in a tweet Jan. 7.

In the wake of current information about uncommon mining exercise on the Ethereum Classic (ETC) community — which many proceed to consult with as a 51 % assault — Lee shared his commentary, stating that:

“By definition, a decentralized cryptocurrency should be vulnerable to 51% assaults whether or not by hashrate, stake, and/or different permissionlessly-acquirable sources. If a crypto cannot be 51% attacked, it’s permissioned and centralized.”

Lee’s assertion was in response to a different tweet stating that “if it could’t be 51% attacked, it isn’t decentralized,” from Twitter person CryptoTesla. The tweet was made in response to Coinbase’s announcement revealing it had detected “chain reorganizations” and double spends on ETC’s blockchain yesterday, Jan. 7.

Today, Jan. 8, Coinbase up to date the numbers to report that there have been 12 further reorganizations that included double spends totaling 219,500 ETC (about $1.1 million).

Coinbase introduced they’d droop deposits and withdrawals of ETC on Jan. 5, with the freeze evidently nonetheless in place by press time.

On Jan. 7, ETC builders denied the reviews that the hashpower consolidation was in truth a 51 % assault, stating that it was “most probably egocentric mining” and that double spends didn’t happen.

Later, the ETC crew acknowledged in a tweet that the elevated hashrate could be attributed to the testing of recent 1,400/Mh Ethash machines by application-specific built-in circuit (ASIC) producer Linzhi. However, Linzhi Shenzhen’s director of operations denied these claims in a tweet that has since been deleted.

By press time, the ETC crew has kept away from making use of the time period “51% assault” to the incident. One of their most up-to-date tweets on the difficulty from in the present day repeats a request to all crypto exchanges and mining swimming pools to considerably improve affirmation time on all withdrawals and deposits.

Original supply: https://cointelegraph.com/news/litecoins-charlie-lee-decentralized-crypto-must-be-susceptible-to-51-attacks

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Source: BTC Upload