Litecoin Founder: A Decentralized Cryptocurrency Must be Prone to 51% Attack

The recent 51% attack that happened to the Ethereum Classic (ETC) network has sparked a debate on the Twitter-verse, particularly about the decentralization concept.

Charlie Lee, the founder of Litecoin, has indicated that a decentralized cryptocurrency is defined by attacks. He’s taken to his Twitter feed to share his views on the matter, stating that:

“By definition, a decentralized cryptocurrency must be susceptible to 51% attacks whether by hash rate, stake, and/or other permissionless-acquirable resources. If crypto can't be 51% attacked, it is permissioned and centralized.”

Cointelegraph noted that Charlie’s observation was a reaction to a revelation made by Coinbase, one of the leading cryptocurrency exchanges in the U.S, that Ethereum Classic, a decentralized cryptocurrency, had suffered a 51 percent attack leading to a double spend activity.

Although developers of the decentralized cryptocurrency, ETC, had said that it was just a hash power consolidation rather than a 51 percent attack, they later pointed the blame to Linzhi, an ASIC manufacturer. 

The developers said the manufacturer was testing “new 1,400/Mh Ethash machines,” something that the manufacturer has denied.

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