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The value of your long-held coins will be almost nothing if the network is vulnerable to double spend. The potential losses are huge (especially for exchanges
by hn_acc_2 6y ago
The value of your long-held coins will be almost nothing if the network is vulnerable to double spend.
The potential losses are huge (especially for exchanges etc.) from double spend attacks, and the value of a cryptocurrency is very much dependent on users' confidence in its resistance to attacks.
- trixie_ 6y agoGood. My long held worthless altcoins will remain worthless and mine regardless.
- wmf 6y agoWeirdly, this doesn't seem to be the case. Coins with no hashrate like BCH are still trading at pretty high prices. https://cointelegraph.com/news/bitcoin-cash-could-face-51-attack-for-10-000-in-rented-hashpower https://cointelegraph.com/news/bitcoin-cash-could-face-51-at...
- hn_acc_2 6y agoYou're correct, and the market is always right after all. However I am confident based on previous events that BCH prices will trend strongly downward when news of the next successful 51% attack is released.
- gridlockd 6y agoBCH does have a significant amount of hashrate. A 51% attack being possible is one thing, it being profitable is another. If it's not profitable, it is unlikely to happen. If Hashrate was to drop significantly without commensurate price drops, attacks will happen and then the price will drop to compensate.