Ethereum Classic’s 51% Attack Wasn’t Unexpected

Impact On Industry

According to him, these sorts of attacks can certainly cause a lot of damage to the credibility of the sector making it harder to be taken seriously by the mainstream. However there is enough enthusiasm for cryptocurrencies that it is unlikely to be the end, but rather it is his hope that over time people will start to focus on more serious projects like Gulden and others that can solve this and stop lending their support to those who do not.

Exchanges Must Adapt

Needless to say, exchanges ought to rethink how to accommodate coins with such hash rate. Even though MacLeod admitted he doesn’t follow exchanges closely but thinks many of them have already taken such move to some degree pinpointing how Bittrex has set a lot of smaller coins to 300 confirms for instance.

Lessons At Stake

In the grand scheme of things, Cryptosphere has some lessons to gather from the theft which MacLeod deems there are many lessons here for those who are looking for them. The developer who is credited with developing Proof of Work 2.0 (PoW2) urged end users to stop glorifying high market cap and buying into bold marketing claims and begin paying attention to the actual work (or lack thereof) that goes into projects.

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