Forget the deep history lesson. Let’s talk about the here and now, and the flashing red warning light whenever Ethereum Classic (ETC) pops up on major exchanges like Coinbase: its security is fundamentally shaky.
Why? It boils down to one critical factor in Proof-of-Work cryptocurrencies: Hash Rate.
Hash Rate = Security (or Lack Thereof)
Think of hash rate as the total computing power protecting the network. Miners use this power to validate transactions and add blocks to the chain.
- High Hash Rate (like Bitcoin): Makes it incredibly expensive and difficult for anyone to gain 51% control and attack the network (e.g., reverse transactions, double-spend coins).
- Low Hash Rate (like ETC): Makes it comparatively cheap and easy for attackers to rent enough computing power to overwhelm the network and launch a 51% attack.
And with ETC, this isn’t just some abstract threat. It’s a documented reality. Remember August 2020? Ethereum Classic didn’t just get 51% attacked once – it happened three times within that single month. Yes, you read that right. Attackers repeatedly gained majority control, reorganized thousands of blocks, and successfully double-spent millions of dollars worth of ETC. The very ledger that’s supposed to be immutable got forcibly rewritten, not just once, but again and again in rapid succession. It got owned. Publicly and embarrassingly.
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