Its crazy how easy it is to attack a PoW chain. Especially a week one.
When Steem was attacked, it was far lower then ETC in marketcap, the attacker still needed to put 8M+ to buy a large stake under the current market price, and then still needed a bunch of moves, like exchanges etc ...
The point a small marketcap DPoS chain has shown to be more resilient then a bigger PoW chain.
Yeah, as we saw, it really came down to the witnesses and loyal community devs, people who subscribe to the crypto ethos. I'm sure that 99.9% of ETC holders subscribe to the same, to a certain degree anyway ... but once you accept one exception, it's easier to accept the next, and you start looking the other way ... and you get blindsided.
ETC doesn't have a widely distributed, decentralized network, i.e. it has no real community for all intents and purposes. My opinion is that if you don't have that (it doesn't matter what you are, PoW, PoS, DPos ...) you've got zilch long term.
Even if you only have one of the two, you're still in a very precarious position. That's the case with BTC and the highly centralized Chinese mining. That compromises BTC in a big way. The move by DCG is an encouraging development in that regard, and hopefully we'll see more of that. (I've also heard that electricity rates for the Chinese miners are going up.)
This is one of DigiByte's big fortés: they've got both pilars in place. Same with Cardano. They're both going places in my opinion. Just like HIVE, but HIVE needs to expand the number of witnesses ... sooner or later, little by little. That's got to be one of THE most important objectives we have.
Its crazy how easy it is to attack a PoW chain. Especially a week one.
When Steem was attacked, it was far lower then ETC in marketcap, the attacker still needed to put 8M+ to buy a large stake under the current market price, and then still needed a bunch of moves, like exchanges etc ...
The point a small marketcap DPoS chain has shown to be more resilient then a bigger PoW chain.
Yeah, as we saw, it really came down to the witnesses and loyal community devs, people who subscribe to the crypto ethos. I'm sure that 99.9% of ETC holders subscribe to the same, to a certain degree anyway ... but once you accept one exception, it's easier to accept the next, and you start looking the other way ... and you get blindsided.
ETC doesn't have a widely distributed, decentralized network, i.e. it has no real community for all intents and purposes. My opinion is that if you don't have that (it doesn't matter what you are, PoW, PoS, DPos ...) you've got zilch long term.
Even if you only have one of the two, you're still in a very precarious position. That's the case with BTC and the highly centralized Chinese mining. That compromises BTC in a big way. The move by DCG is an encouraging development in that regard, and hopefully we'll see more of that. (I've also heard that electricity rates for the Chinese miners are going up.)
This is one of DigiByte's big fortés: they've got both pilars in place. Same with Cardano. They're both going places in my opinion. Just like HIVE, but HIVE needs to expand the number of witnesses ... sooner or later, little by little. That's got to be one of THE most important objectives we have.