RT @digitsu: If you sell coins on an exchange then roll back the deposit txns to steal money, but as a result the coin price crashes and furthermore your UXTOs are now blacklisted did you really gain anything as the thief??? https://t.co/o6wEcTH9cg
This is why most Ethereum users use ETH and not ETC. There were inherent flaws in the Ethereum system which were fixed in ETH while ETC remained the same (hence the name Classic). This is like trying to say there's a problem with bitcoin because BCH got hacked.
A large portion of our population can't stop opening phishing emails or set a wifi password yet we expect them to use a monetary system which requires them to make sure they're using the latest iteration of currency to avoid getting their shit taken? Ok.
ETH broke off of ETC, and if you had ETC at the time ETH broke off, you will now also have the same amount of ETH. Now with the 51% attack on ETC, it still, currently, has value, but you did not lose out on that ETH.
E.g., You have 84 ETC. ETH comes along as a fork of ETC you now have 84 ETC and 84 ETH.
This is why, if you do decided to put your money into Crypto to put it into Crypto with the most hash power and the 3 that come to my mind are BTC, ETH and LTC.
You don't need to read or write to use cash. My young children learned how it works pretty easily. I'm having a heck of a time teaching them how to setup a digital wallet on an exchange.
There are many hindrances like this keeping blockchain currencies from wide adoption.
> I'm having a heck of a time teaching them how to setup a digital wallet on an exchange.
You didn't teach your kids how to open a brokerage account, so why are you using that equivalent as comparison?
No they don't, All they know is the assumed value of the paper. Most people actually know VERY little about how cash works beyond that. Hell some of the people still think that every bank just prints money when they need it
I don't need to know how the underlying technology works to use bitcoin. In the same light, I don't need to know how cash works in order to use it. However, any idiot can give someone a dollar bill in exchange for something. The same can not be said for bitcoin.
Did the impossible happen and one party gained control of the majority of the block chain? Yes. You can complain about people not understanding every single aspect but the fact still remains that what we were all told shouldn't happen did and it compromises a large promise of how cryptos were supposed to save everyone. This is a very simple concept.
Not really. This is akin to leaving your fucking door wide open with a sign that says, "I was robbed three times this week but doors were meant to be open. The world is trying to pressure me into locking my door, but fuck rational logic! THIS IS ABOUT PRINCIPAL!"
Can someone explain me how that is possible? Idk if it is because I am used to OS and VCS, but how can a fork substitute the original blockhain?
Stated a different way, a rollback attack generates a new fork of the blockchain. This causes nodes to replace the original blockchain with the new one and makes it possible for attackers to reverse previously made transactions.
Since the attackers controlled more than 50% of the total mining power applied to ETC, their fork was more authoritative (longer) than the 'official' one that the rest of the network was working on. This is a known vulnerability in proof-of-work cryptocurrencies.