June 51% Attack info?
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Noobie here… no rig yet, still waiting for parts arrival. In my research I stumbled upon a June 51% attack to FTC. Sorry if this is on the wrong thread! I tried searching the forum, but got not results, so figured I would post the topic. Can someone explain the basics on this attack or possible future attacks? I understand with low thresholds, the possibility of an individual or a group of individuals can basically “trick” the system and steal blocks by making copies, or somehow causing block ophans. My question is this: can blocks/coins that are already mined and safely sitting in wallets of various miners be affected by an attack like this, or does this attack only affect blocks that are currently available. Sorry for my lack of understanding this principal… just hoping to get a better idea of the risks involved. It also appears that in the June incident, the FTC value recovered or was not greatly affected, so I am not really sure how that might be affected in a future attack as well- but would love to hear everyone’s thoughts on this.
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FTC implemented ACP Which prevents us from being 51’d.
Basically a 51% attack is when some has more than 51% of the hash power of the entire network. They can then send coins out of their wallets, restore a copy of the wallet/block chain that doesn’t have that transaction and then as they have 51% of the network, other wallets start listening to the attackers ‘forked’ blockchain. They could also mine a bunch of blocks in isolation the broadcast them all at the same time therefor orphaning everyone else’s blocks.
Bottom line is, your safe with FTC. ;)