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"In recent days the nightmare scenario for any cryptocurrency is playing out for Bitcoin Gold, as an attacker has taken control of its blockchain and proceeded to defraud cryptocurrency exchanges. ... Bitcoin Gold has been experiencing double-spending attacks for at least a week, according to forum posts by Bitcoin Gold director of communications Edward Iskra. Someone has taken control of more than half of Bitcoin Gold’s hash rate and is double-spending coins. ... A bunch of other cryptocurrencies have been attacked in similar ways recently. Something called Verge has been hit twice in the last two months, leading to $2.7 million being stolen. The exotic-sounding coins Monacoin and Electroneum have also suffered from 51% attacks not too long ago." reports Joon Ian Wong at Quartz.
Unfortunately, Wong is clueless about the extent to which cryptocurrency mining is already centralized:
"A 51% attack isn’t likely to hit bitcoin any time soon. Bitcoin Gold has a lot less hash rate securing it than bitcoin. Bitcoin miners are contributing about a million times more processing power than Bitcoin Gold miners at the moment." But the majority of that is controlled by three pools, who just don't want to kill the goose that's laying them golden eggs.
May 26, 2018, 9:39:36 AM
Posted to ASICs and Mining Centralization