Ethereum Classic underwent a successful 51% attack last night which shook all corners of the crypto space. The allegations were made and then confirmed by Bitfly, as they revealed that ETC has been attacked with 100+ block reorganization. Coinbase reported that the attacks were as a result of double spending activities and most block reorganization contained instances of double spending. Coinbase also moved on to suspend Ethereum Classic activity indefinitely.
As dusts settles on the ETC attack, an important question being raised within the community and by critics is how such an episode looks bad on the market as a whole and strengthens the already pertinent trust deficit regarding the the space.
51% breaches are bad for the whole industry, not just the coin that’s being attacked. $ETC keeps facing issues, and it’s making the rest of the scene look bad
— Max ?? (@moonalready) January 8, 2019
Speaking to BlockPublisher on that note, prominent cryptocurrency guru and Senior Market Analyst at eToro, Mati Greenspan responded in a bullish manner and suggested that the occurence weakens ETC’s credentials only, rather than take down the rest of the market with it. He said:
No, it is not [bad for the whole industry], it is an opportunity for people to learn.
It looks bad [only] for ETC.
Greenspan went on to discuss the positives from the market, which show greens for larger cryptocurrencies like Bitcoin which has held up above $4,000 and XRP which moved up 0.7% during the day. He suggested that the positive market movement is a testament to how one adverse activity does not affect the bigger picture and that sometimes small losses need to be made in order to gain big. He tweeted:
Nice way to shake off the ETC attack from last night. Cryptos still gaining except ETC, ETH, and BCH. Finally some detachment between crypto projects. A healthy market needs to allow some projects to fail, even during a bull run.
Verily, the market has much more to focus upon and be positive about and the ETC attack can well and truly be limited to the Ethereum fraternity, which has duly been seen suffering during the day’s play.