Our Crypto Masterclass features a well-known thought leader or expert in the crypto space. Today, I focus on James Lovejoy of MIT's Digital Currency Initiative, who talks about 51% attacks and how they might not always be evident.
He said that at first glance, blockchains don't always show 51% attacks.
Speaking at the Unitize conference, Lovejoy said there needs to be an active observer monitoring the network to determine whether an attack has occurred. Without the use of a reorganization tracker, a victim may have already suffered the effects of an attack before the market discovers that foul play has taken place on the blockchain, he said. The industry has long relayed on victims to report attacks but victims aren't always willing to come forward if they lose substantial amounts, said Lovejoy.