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I own ETH as well but let's be honest it's mostly about speculation at this point (see: the GNOSIS launch today). I'll be a lot more confident when I see a dra

by nugget 9y ago

I own ETH as well but let's be honest it's mostly about speculation at this point (see: the GNOSIS launch today). I'll be a lot more confident when I see a draft of a sustainable proof of stake system and a few major commercial partners. Crypto market cap in these proof of work systems fascinates me. ETH now has a $7b market cap but it would take less than $100 million in hardware to control 51% of hashing power and effectively destroy the currency. (And to the extent you can lease cloud resources, probably much less.)

drcode 9y ago
Well, what would happen with that type of attack is that ethereum would be "frozen" for 6 months or so until a "Proof of Stake" version of ethereum is ready, which would have more protections against this type of attack (because of "Auditable Byzantine Fault Tolerance") I agree the attack would still be devastating at the moment, if someone has a spare $100 million lying around that they want to throw away.