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Well, the reality is that "attacking" a coin is much more difficult than just spending 3$ on something. You also have to actually do the double spend transacti
by stale2002 8y ago
Well, the reality is that "attacking" a coin is much more difficult than just spending 3$ on something.
You also have to actually do the double spend transactions, and hope that the person that you are stealing money from doesn't do anything about it.
It is that step 2 that is actually much harder than a nieve attack might suggest.
- AlexCoventry 8y agoNot really, you just have to short the coin in trading, then cover your short when your double-spend discredits the coin's security.
- michaelmrose 8y agoIf only there were laws against such behavior.
- stale2002 8y agoAttacking a coin, in an attempt to drive down the price, and make money on an open short that you have is very risky behavior. Historically speaking, the effects of an attack on the price aren't that clear cut. The price of an "attacked" coin can jump, just as often as it crashes. The narrative being "oh, there was a problem, but we fixed it! Look at how great we were at defending against an attack!". Crazy, I know. I am just saying that it is not that simple, and a person is risking losing as much money as they might gain.
- raverbashing 8y agoYes because the crypto futures market is very well developed and is very liquid (for BTC) and exists for every tiny coin out there