Charlie Lee: Litecoin will Never be Attacked

The hashrate of Litecoin has been increasing steadily, which indicates the improving security standards of the coin. The security issues are the hot topic right now, as a range of minor coins were subjected to 51% attack. Right now Litecoin’s hashrate exceeds the hashrate of Ethereum, which suggest that Litecoin is superior in terms of security.

charlie-lee

Commenting on the recent 51% attack on Bitcoin Gold, Charlie Lee, Litecoin creator, had the following to say:

 “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 line of reasoning led him to believe that Litecoin will never be attacked. But why is having higher hash rate so important for security? To execute a 51% attack, more than half of the hash rate has to be generated. In such case, hackers can reverse transactions and double spend. The growing hashrate makes Litecoin community optimistic, as it expects the coin to bounce back to the $400 mark again.

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