Miners won’t attack Litecoin [LTC] and “kill cash chikun” – Charlie Lee

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Miners won’t attack Litecoin [LTC] and “kill cash chikun” – Charlie Lee

Post by GameOfCoins » Fri May 25, 2018 2:27 pm

After his tweet yesterday announcing the 51% attack on Bitcoin Gold, Litecoin’s Charlie Lee proved the dominance of Litecoin in all altcoins that used Scrypt for Proof of Work.

Scrypt is a password-key based derivation function. The function was created by Colin Percival and was specifically designed to make it costly to perform large-scale hardware attacks.

The Tweet in question was part of the thread that emerged from Lee’s original tweet about the hack. He said:

“Bitcoin Gold got 51% attacked. Miners have no issue with attacking BTG because if it dies, they could easily switch to mine another coin that also uses Equihash POW. This is not the case for Bitcoin/Litecoin where they are the dominant coin for their respective mining algorithms.”

User Emin Gun Sirer said to this:

“Any time someone says “A miner would never do that, it would be against their rational self-interest,” remember this bit of news from just this week, and there are many others.”

Lee replied with:

“Litecoin is 99% dominant in Scrypt PoW. LTC has network hashrate of 301 TH/s. The next largest non-merged-mined Scrypt coin (GAME) only has 2 TH/s. Takes less than 1% of the LTC network to 51% attack other Scypt coins. But miners won’t attack Litecoin and kill their cash chikun.”

https://ambcrypto.com/miners-attack-lit ... arlie-lee/

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