Bitbank co-founder Guo Hongcai: We will unite all miners to launch a 51% attack on Ethereum Classic as soon as possible

Chandler Guo, co-founder of Bitbank and a well-known figure in China's cryptocurrency community, said he has received support from miners to launch a 51% attack on Ethereum Classic as soon as possible.

Since Poloniex announced the addition of Etc (ether classic) transactions, Guo said that he joined other miners to isolate the blocks mined by Ethereum Classic in order to resist the generation of its transactions.

Poloniex, a major altcoin exchange, shocked the community yesterday by announcing the addition of Ethc, a digital currency issued by Ethereum Classic, which is considered extremely unsafe because it uses a chain abandoned by Ethereum and has very few miners operating on it.

This chain has long been abandoned by the Ethereum community, but Poloniex still insisted on listing Etc, and European and American users were kept in the dark. As a result, the price of Etc once exceeded $13, and then plummeted to below $1 after the news leaked. (The translator checked Poloniex at the time of publication, and the current price of Etc is about $0.9, and it has been falling all the way)

Many people think that Poloniex is playing with fire. Because Ethereum Classic has extremely low computing power, the chain it is on is prone to double spending. Uninformed users and investors can easily be misled by Poloniex’s behavior and end up losing all their money.

Moreover, the Ethc development team has no understanding of the operation mode of the public chain, let alone the reward mechanism for miners, and has not even changed the PoW mechanism, so it is only a matter of time before it is attacked.

This is not the first altcoin to suffer a 51% attack. Bitcoin Core developer Luke Jr attacked and destroyed Coiledcoin in 2012 in conjunction with his mining pool Eligus.