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by gh55 1867 days ago
Just so you know, Dogecoin's blockchain is trivial to attack; its ledger can be altered at such low cost it is unlikely several such attacks aren't already underway. Upon publushing of new "longest chains" it will no longer be possible to determine which doge chain is valid, putting all balances in danger until the Proof of Work mechanism is replaced - which will only work briefly before the same problem recurs, due to the nature of how blockchains are secured. This will demonstrate why Bitcoin and Ethereum are valuable. More info: https://www.intuitecon.com/post/why-dogecoin-is-going-to-zer...
1 comments

Most of the other articles I saw when I googled "51% attack doge" said that this was unlikely, and that it had the 3rd most hashing power among crypto, mainly because of it being mined with litecoin. Saying it would be trivial to attack comes off as a hyperbole with that in mind. Litecoins 1 hour attack cost is $29,000, while Bitcoin's and Ethereums are $716,000 and $418,000 respectively, only a magnitude higher.

Those articles also mentioned a lack of incentive due to sending the price to zero, but perhaps that's an incentive now since there are ways to short the price of a coin.

Yes, DOGE can be borrowed and then sold, to be repurchased later (at a possibly lower price); short positions can be opened. Plenty of DOGE is available for shorting. GPUs currently mining Ethereum can be used instead in a 51% attack against DOGE. No such pile of resources exists that can be redirected to attack Ethereum or Bitcoin.