Zen Cash 51% Hack!!!
What happened?
Yea, another one bites the hack.. ZenCash (Zen) has suffered a 51% hack. That means that someone highjacked the blockchain by taking over over 50% of the mining power. That is definitely is a weakness in their programming, but it's not that big of a deal. Verge and others have gone through their share of hacks, but it's kind of normal. The blockchain is a new technology so now is a good time to get the kinks out. These hacks usually don't amount to more than 0.5% of the market value of the given coin or token, so it's a contained exposure to a vulnerability. Let's stay focused on the tech and let's be positive.
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Seems if blockchain isnt that safe yet as we were told.... If this goes on people and investors might loose faith in the technique.
Yea I am sure that some of the people that don't truly believe in the technology will stop investing in the tokens but there are a lot that you can take out of that. First off it means that those folks are not invested in the technology but are invested in the financials of the coins/tokens. That's not really helping the technology. And this is a speculative market that is very very young, The market has no precedent or regulation so it will keep on swinging as far as what I'm foreseeing.
Yep. You better fasten your seatbelts.
Zen Cash 51% Hack, Nothing Safe.