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

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.”

This was backed up by a screenshot from CoinWarz. CoinWarz is a service that provides cryptocurrency mining profitability data and includes data of the total hashpower consumed by each blockchain in terms of hashrate. The hashrate is the power consumed by the network to continue being functional.

A 51% attack is where an attacker takes control of 51% of the blockchain’s hashpower and is hence able to have majority power over the rest of the chain. This includes the ability to orchestrate double-spending attacks, which is what happened with Bitcoin Gold.

Lee explains that with a hashrate of 301 TeraHash [106] per second, only 1% of that power would be required to orchestrate a 51% attack on the next biggest Scrypt coin, GameCredits. GameCredits has a hashpower of close to 2 TeraHash per second, which is about 0.66% of Litecoin’s hashpower.

This ensured an utter dominance of Litecoin in coins based on Scrypt and gives it additional security, as miners cannot switch to another network after orchestrating an attack. The coin is also protected from attack by ensuring profits for miners. As said by Lee, the miners won’t kill their “cash chikun”.

Twitter user Thomas Harpointner reaffirmed his faith in Charlie Lee and Litecoin, by saying:

“Kudos to @SatoshiLite. I’ve held #LTC through big price swings but through it all, I’ve paid & received payments with #LTC. Each transaction has been super-fast, inexpensive and 100% reliable. Long-term, speed, reliability, security and low-cost will win.

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