Within the wake of current information about unusual mining activity on the Ethereum Traditional (ETC) community — which many continue to refer to as a 51 p.c assault — Lee shared his statement, stating that:
“By definition, a decentralized cryptocurrency should be prone to 51% assaults whether or not by hashrate, stake, and/or different permissionlessly-acquirable sources. If a crypto cannot be 51% attacked, it’s permissioned and centralized.”
Lee’s assertion was in response to a different tweet stating that “if it might’t be 51% attacked, it isn’t decentralized,” from Twitter consumer CryptoTesla. The tweet was made in response to Coinbase‘s announcement revealing it had detected “chain reorganizations” and double spends on ETC’s blockchain yesterday, Jan. 7.
Coinbase introduced that they had droop deposits and withdrawals of ETC on Jan. 5, with the freeze evidently nonetheless in place by press time.
On Jan. 7, ETC builders denied the stories that the hashpower consolidation was the truth is a 51 p.c assault, stating that it was “probably egocentric mining” and that double spends didn’t happen.
Later, the ETC workforce stated in a tweet that the elevated hashrate is perhaps attributed to the testing of latest 1,400/Mh Ethash machines by application-specific built-in circuit (ASIC) producer Linzhi. Nevertheless, Linzhi Shenzhen’s director of operations denied these claims in a tweet that has since been deleted.
By press time, the ETC workforce has avoided making use of the time period “51% assault” to the incident. Certainly one of their most up-to-date tweets on the problem from right now repeats a request to all crypto exchanges and mining swimming pools to considerably enhance affirmation time on all withdrawals and deposits.