What is to come from the ETC hack?

[Mikehoncho]

(Mods I wasn't sure if I should post this in news or discussion.)

https://www.theverge.com/platform/amp/2019/1/9/18174407/ethereum-classic-hack-51-percent-attack-double-spend-crypto

 

With the recent attack ETC detailed in wry's thread from yesterday, I came across this article that speculates on what happens from here. 

First, this was a vulnerability I didnt know about until the hack, as I am sure some others were also unaware. It's a blow blow to the trust in blockchain as a whole. 

The article ralks that because of this attack, mining being a less viable option and in turn the prices of mining equipment dropping, the attacks can only increase in number and power. 

While larger coins like Bitcoin are safe(for now because of the vast number of miners) smaller and less mined coins are open to be taken over the same way. 

The way I see it this can only lessen the demand and value of all crypto. If people feel worried about the safety of the coins, they will stop buying. 

Let's hope I'm wrong.

[blueprints]

Wow I had no idea about this but it does seem kind of serious, like a big deal. Im certain this will have an affect on all crypto right? Shoot i hope they find a way to defend against these attacks before too much damage is done. 

[Mikehoncho]

1 hour ago, blueprints said:

Wow I had no idea about this but it does seem kind of serious, like a big deal. Im certain this will have an affect on all crypto right? Shoot i hope they find a way to defend against these attacks before too much damage is done. 

I dont think they can. The article says it's a flaw the devs have known about from the beginning. It is how the block chain works to my understanding. The only safeguard is having a large enough mining pool that one person or group can't control 51% of the blocks development. 

I could be wrong, but this is what I took from it.

[Laura2000]

constantly the crypto world is being attacked from power people about the security, perspectives, value of the cryptos.... and i say.... i have really any idea about the future, and probably nobody knows.

In the past, big groups has defender wrong theories about things, i remember when tobacco was almost health, no damage to the body, smoke is fun, marvelous and social,... and hundreds of reports was telling was no dangerous to the people...

In the other side, i remember the bank system defending the rare financial products before 2008 crisis, no trouble, all safe... till the bomb explode...

What i want to express is the information is always manipulated in a way or in the opposite depending of the interest of the big hands that move the market, and dont forget cryptos has attempted to attack the establishment of the bank system, cryptos has a lot of powerful hands against them.... so... have no idea about the reallity of that information, but i am totally sure, this information has big boys behind ... so.... for me... nothing is valid.