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Grant Hummer, co-founder of Etherealize, and Justin Drake, architect of the merge update at Ethereum, are again fueling the debate about a possible 51 percent attack on Bitcoin.
- Crypto entrepreneur Grant Hummer causes a sensation with a post on X. He says that Bitcoin “is completely on the ass because of its security budget ”. He estimates the cost of one 51 percent attack in the key crypto currency to just $ 8 billion.
- These become the Ethereum– Supporters continue to decline in the future, so a corresponding attack will practically happen at a cost of only around $ 2 billion “”.
- A 51 percent attack occurs when a single unit or group more than half of the mining– or Staking-Power one Blockchain controlled and thus gained power over the network.
- Hummer added: “This will become obvious over the next decade. ETH is the only one really decentralized Crypto asset that can become a store of value on the Internet. ”
- Justin Drake, the architect of the Ethereum merge, meanwhile also says that it would be “much cheaper ” to start a 51 percent attack on Bitcoin than on Ethereum. In the key crypto currency, he estimated the project at around $ 10 billion.
- Drake highlighted another advantage that Ethereum believes has: “If there is a 51 percent attack, the ‘social layer ’ can identify the attacker and destroy him. It is a superpower of Proof-of-stakethat it at Proof-of-work does not exist. ”
- Hassan Khan, CEO of the Bitcoin liquidity protocol Ordeez, explains that “the debate about the feasibility of a 51 percent attack remains open – mainly because, although theoretically possible, the hurdles in practice are extremely high . ”
- He said that with the crypto key currency, the necessary amount of computing power and energy “makes a sustainable attack highly unlikely ”, while the consensus mechanism at Ethereum “introduces additional economic and governance-technical obstacles ”.
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