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Breaking News Home | All | Religion | Society | Tech | Choice | SA Newsroom
FRONT PAGE  |  8/24/2019
FRIDAY, FEB 22, 2019  |  5 comments
Once hailed as unhackable, blockchains are now getting hacked
Early last month, the security team at Coinbase noticed something strange going on in Ethereum Classic, one of the cryptocurrencies people can buy and sell using Coinbase’s popular exchange platform. Its blockchain, the history of all its transactions, was under attack.

n attacker had somehow gained control of more than half of the network’s computing power and was using it to rewrite the transaction history. That made it possible to spend the same cryptocurrency more than once—known as “double spends.” The attacker was spotted pulling this off to the tune of $1.1 million. Coinbase claims that no currency was actually stolen from any of its accounts. But a second popular exchange, Gate.io, has admitted it wasn’t so lucky, losing around $200,000 to the attacker (who, strangely, returned half of it days later).

Just a year ago, this nightmare scenario was mostly theoretical. But the so-called 51% ...


CLICK HERE to Read Entire Article
www.technologyreview.com

The Dangers of Digital Babylon
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· Page 1 ·  Found: 5 user comment(s)
News Item2/25/19 6:43 PM
Jim Lincoln | Nebraska  Find all comments by Jim Lincoln
Charles Brett wrote:
As noted economist Nouriel Roubini has written: “As for the underlying blockchain technology, there are still massive obstacles standing in its way, even if it has more potential than cryptocurrencies. Chief among them is that it lacks the kind of basic common and universal protocols that made the Internet universally accessible (TCP-IP, HTML, and so forth). More fundamentally, its promise of decentralized transactions with no intermediary authority amounts to an untested, Utopian pipedream. No wonder blockchain is ranked close to the peak of the hype cycle of technologies with inflated expectations....
from "Blockchain disadvantages: 10 possible reasons not to enthuse"💰

[ https://tinyurl.com/y6enxvym

5

News Item2/23/19 12:21 AM
mshafiq | california  Contact via emailFind all comments by mshafiq
First off, 51% is an attack not a hack. Second, exchanges have ways to adjust minimum transaction confirmations to almost eliminate any threat from such attacks. A lot of wallets for PoS and other coins have added algorithms and checkpoints to practically eliminate most of the 51% attack vectors also. It's still an ongoing threat but if the coin still matters the ecosystem responds and shuts most attacks down pretty swiftly and with minimal to no loss.
4

News Item2/22/19 11:53 AM
My Own 2 cents  Find all comments by My Own 2 cents
Amen Dr. Tim; that is what truly matters.
3

News Item2/22/19 11:29 AM
Douglas Fir | Zones Four to Six  Find all comments by Douglas Fir
We are getting into deep weeds when we start talking about blockchains. I'm going to have to do a search here for any sermons on the subject.
2

News Item2/22/19 10:18 AM
Dr. Tim | Land of Cotton  Find all comments by Dr. Tim
The only thing that is unhackable is the Lamb’s book of life. If your name isn’t in it, I pray that it will be before the night cometh.
1
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