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Types of Sybil Attacks
The most common type of Sybil attack is a double-spend attack. In a double-spend attack, a malicious actor creates multiple fake identities, or Sybils, and uses them to send the same transaction to multiple nodes on the network. This allows the attacker to spend the same coins multiple times, resulting in a double-spend transaction.
Another type of Sybil attack is a selfish mining attack. In a selfish mining attack, a malicious actor attempts to gain control of the blockchain by creating a large number of Sybils and using them to mine blocks faster than the rest of the network. This gives the attacker a disproportionate share of the network’s mining rewards and reduces the security of the blockchain.
A Sybil attack can also be used to launch a 51% attack. In a 51% attack, a malicious actor creates a large number of Sybils and uses them to control more than 50% of the nodes on the blockchain. By controlling more than 50% of the nodes, they can control all transactions on the network. They can prevent any transactions from being processed, censor specific transactions or double-spend coins. It could also be used to manipulate the blockchain's consensus rules and dictate which changes to the network will be accepted.
Finally, a Sybil attack can also be used to disrupt the network by flooding it with bogus transactions. The attacker can clog the network with fake transactions, making it more difficult to process legitimate transactions.
How to Prevent Sybil Attacks?
- Implement a reputation system that is used to identify and block malicious actors and limit their ability to create multiple identities. Reputation systems can also be used to track user's activity on the network and assign them a score that determines the trustworthiness of their transactions.
- Use cryptographic identity verification to create a secure and verifiable identity for each user on the network. This can help to ensure that malicious actors cannot create multiple identities.
- Implement a proof-of-stake consensus algorithm by requiring users to stake a certain amount of their coins to participate in the consensus process. This means that users cannot create multiple identities to control a majority of the network’s hash power.
#TOTAL MARKET CAP :
#TOTAL gave a good flip over the strong level with a good candle closure. Currently, index moving within, the small channel pattern and a short-term correction might come in case of break. Also, we're at a structural resistance point so chances are higher.
#BTC gave a successful breakout of the strong resistance area and now expected to have a retest now. Daily candle looks healthy and looking for a price to hit $70,000 sooner.
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#GOLD UPDATE :
#GOLD had a break below of the support zone and turns out very quickly. Price again back into the consolidation pattern and again we have to look for a clean breakout or Daily turned bearish and this can be retracement.
here's the Analysis of #OG :
#OG is been discovered the new trading range between the Major Support Zone of $6.66 - $7.18 and Resistance at $10.90 - $11.40. A long setup looks good here with smaller risk and tighter stoploss.
Bitcoin's recent slump has new investors feeling the squeeze. Since late June 2024, short-term holders are underwater (MVRV < 1), nursing losses on paper. But there's a silver lining! These unrealized losses aren't as brutal as the mid-2021 bloodbath or the March 2020 COVID panic. So while newbies are sweating, they're not in full meltdown mode.
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#BTC gave a weekly candle closing a Doji candlestick, which shows an undecided market or more buyers are in. Currently, price is approaching towards the strong resistance area and have to see a Daily candle close above.
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The SSR Oscillator compares Bitcoin's market cap to the total circulating stablecoin supply. A low SSR indicates higher stablecoin "buying power" for BTC, while a high SSR shows less buying power. Currently, the SSR is at a historic low due to a range-bound Bitcoin market cap and growing stablecoin supply, suggesting increased stablecoin-based buying power that could boost future demand.
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#BITCOIN WEEKLY TF UPDATE :
#BITCOIN on Weekly TF, had a rejected closing and current week candle also trying to have even better rejection from the support. We can expected a shallow retracement by next week and a move higher towards the $65,000 mark. Another case can be the market might continue to range in these zones.
#GFT Strong bullish divergence, Don't miss this potential rocket ride! 🚀💥
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#GFT/USDT BUY/LONG CALL
Lying above strong support. RSI is showing a bullish divergence. EMA'S are acting as solid support. Stochastic is giving a buying signal. Expecting a big upward move from here.
Targets: $0.0195 - 0.024 - 0.030 - 0.040
Stop if 1D closes below $0.015
Stablecoins remain the preferred quote currency on both centralized and decentralized exchanges, making their growth a proxy for investor demand. The Aggregate Stablecoin Supply is nearing its all-time high at $160.4B, signaling a buildup of crypto-native, dollar-denominated capital. However, this capital isn't yet rotating into risk assets.
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#BITCOIN DAILY TF UPDATE :
#BITCOIN on Daily TF, rejected sharply from the support zone and approaching the a flip level of $64,500 - $65,000. Its now stuck in a range now, need to see some sort of price movement of the $65,000 again with a Healthy Daily and Weekly Closings.
#WLD nearly dropped into the trendline and getting some sort of buy pressure over there. In case of drop in price, we can have a mid-term buys towards the $1.80 and higher.
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We can gauge short-term holders' reaction to market sentiment shifts by comparing the cost basis of spending new investors to that of all new investors. This difference, when normalized by spot price, highlights periods of overreaction to extreme profit or loss conditions. Recently, investors who bought in the last 155 days have shown more confidence than in previous bear markets, with the magnitude of realized losses remaining relatively low compared to their cost basis. This suggests a more resilient sentiment among newer Bitcoin holders despite the market downturn.
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Binance Will Support the Kaia (KLAY) Rebranding to Kaia (KAIA)
https://www.binance.com/en/support/announcement/f75f933759ee49d0af1dfbce7e32144c
Here's the Analysis of #STMX :
#STMX stuck in a range now between the top zone as resistance around $0.0057 - $0.0060 and Support at $0.0053 - $0.0054. We need to see some sort of breakout of the zone and take the directional move with the trend.
In prolonged downtrends, investors sell at lower prices, pushing the cost basis of newer supply down. We've created an indicator comparing cost bases of 1w-1m and 1m-3m holders to gauge capital flows.
Capital Outflows 🟪: Younger coins' (1w-1m 🟠) cost basis falls faster than older ones (1m-3m 🔴).
Capital Inflow 🟦: Younger coins' cost basis rises faster in uptrends.
Currently, younger coins trade below older ones, indicating net outflows. This might hint at early stages of a market reversal.
#BTC made a very shallow closing over the strong resistance area and swept out the tiny liquidity. Price now retracing a bit here and can retest the $63,600 area. Expecting a new higher high to be formed sooner.
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What Is a Sybil Attack?
In a Sybil attack, a malicious actor attempts to gain control over a network by creating multiple identities and using them to manipulate the network's consensus, such as by voting multiple times on a blockchain. The attacker does this by creating multiple identities, or "Sybils," that will then act together to control the network. These attacks can be used to double-spend coins, disrupt the network, and even prevent transactions from being confirmed.
For example, the attacker may create multiple wallets, each with a different identity, and use these to vote multiple times to gain control of the network. The attacker can also use these identities to manipulate the network's consensus by controlling a large portion of the network’s computing power.
Sybil attacks can be difficult to detect and can be used to gain control of a network without the need for large amounts of computing power. As such, users need to be aware of the risks posed by these attacks and take steps to protect their networks.
#US30 UPDATE :
#US30 gave a strong breakout of the consolidation range and had a retest and printed a new All time highs. Now, once again we have to wait for the retracement and take buys anticipating the new ATH soon.
Here's the Analysis of #ZK :
#ZK is been kept on holding the listing price as support zone of $$0.090 - $0.095 and resistance area of $1.44 - $1.49. Price moving within the channel pattern and kinda bear flag and might push bit lower from here. Taking shorts from resistances will also a good opportunity if market ranges.
#DXY UPDATE :
#DXY gave a clean break and had a good weekly closing too. Dollar getting its strength and market might suffer bit of pain too in next week.
Here's the Analysis of #BSW :
#BSW moving within the large falling wedge pattern and moving below the flip area of $0.068 - $0.070. Price gave a minor breakout but not looking strong enough, so better we need to wait for the price to move above flip zone and take the buy setups.
Buying #GFT here🚀
Chart indicating a strong bounce from weekly support
We can set target for atleast 20-40% from here in short term✍🏻
#GFT/USDT gaining momentum from the demand zone and looks ready for the bullish ride 🚀
Buy on MEXC: https://www.mexc.com/exchange/GFT_USDT
Buy on Binance: https://www.binance.com/en/trade/GFT_USDT
Short term targets: 10%-30%-50%
#ALPINE had a very quick buy after the breakout and had a retest back to the support zone and made a quick 35% move in profit. I hope you took the advantage of the setup. More buys can in case of price dips below.
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Here's the Analysis of #PROS :
#PROS is been sky rocket from the major support zone of $0.25 - $0.27 and rejected from the strong resistance too at $0.65 - $0.67. Currently trying to hodl the price from a key flip area at $0.40 - 0.42. Price cloud drive higher from here, and accumulation looks good here till lower support with TP at high.
#BTC drop to the zone as expected and strongly got its reaction from there. Still market looks bearish and need to see a Daily closure above $62,000, and market was expected to do this week. So Next Week will have a better clarity of the market.
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