Reddit User Plans a 51% Attack on Small Coins for Blockchain Education Purposes
Reddit User Wants to Generate 51% Attack in Small Coins
The Reddit user team-periwinkle wrote a post in which he said that he is going to attack the coin Einsteinium on their mainnet on October 13. Additionally, he will be live streaming it so all the users interested in watching it would be able to do so.
The event will be held here: https://www.twitch.tv/events/NyJSsF3hQkGHdnsKA2f4JQ and the channel on Twitch is known ad Geocold. At the same time, the user informed that he would be tweeting one hour before he goes live so users can receive a notification about it. On Twitter, the user is known as @geocold51. Additionally, it has as a description in the popular social network ‘Forking coins.’
Apparently, the user was able to receive $800 dollars in donations in order to attack a few coins. He commented about his intentions to attack a cryptocurrency:
“I’m considering doing a live stream of all the setup and execution of doing a 51% attack against the bitcoin testnet so that people can see how it works in real life, not in theory.”
Users seemed very interested in the proposal made by team-periwinkle and will be waiting for the live stream that the Reddit user will be doing.
It is important to mention that Bitcoin Gold has experienced a 51% attack in May. The team behind this virtual currency announced that attackers wanted to perform ‘double-spend’ attacks and steal money from exchanges.
A 51% attack occurs when a person or group of miners acquires control over the computing power of 51% of a specific blockchain network. That means that this user or group of individuals would have more power than all the network combined.
Smaller cap coins are more exposed to these attacks since their networks are not so big and cannot be defended in an easy way. If there would be a 51% attack on Bitcoin, the attacker would need to have an incredible hashing power and miners would immediately defend the network adding more hashing power.