51% attack against Bytecoin imminent?

Anon136

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Quote from: simonk83 on April 07, 2013, 02:34:17 AM

Quote from: saigo on April 07, 2013, 02:30:16 AM

Quote from: simonk83 on April 07, 2013, 02:16:06 AM

Quote from: saigo on April 07, 2013, 01:13:46 AM

Quote from: simonk83 on April 06, 2013, 05:29:32 AM

Bytecoin is ridiculous. We all know it, some people are just mining it on the off chance that people's IQ's suddenly drop sharply and this thing takes off.

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has. This community should be smarter than that.

Hmm 'allowed to carry on' , 'allowed' - really dude ?

Fair enough, poor choice of words. I'm not trying to be CryptoHitler or anything Cheesy

I was getting ready to type up my reasoning, but this guy has pretty much said it for me: https://bitcointalksearch.org/topic/m.1756085

Ok, apologies for also sounding harsh, just seems amazing people who champion bitcoin can be against more of the same, why not ?

We don't need to start policing this thing, gov will get there soon enough Undecided

I know where you're coming from, and part of me agrees, but things like this just cheapen Bitcoin in my opinion. For greater adoption, we can't be having a whole bunch of direct copies floating around, and for people to get the idea that they can simply copy the code, change the name, release it out there and make money, is not healthy. Altcoins that innovate I'm fine with, complete copy and pastes I don't agree with at all.

there is no utility for a second copy. there MAY be utility for the first, so some people are speculating.

luffy

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the success of any currency,relegion,etc is trust and faith.
without those.... welll you know

Come-from-Beyond

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Newbie

I'll buy them too. PM me, I may offer better price.

Dabs

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The Concierge of Crypto

Yeah, if you don't like it, then don't get any of the new Bytecoins at all. Don't mine. Don't buy. Just ignore. If you have any Bytecoins, I'll buy them from you.

saigo

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Quote from: simonk83 on April 07, 2013, 02:34:17 AM

Quote from: saigo on April 07, 2013, 02:30:16 AM

Quote from: simonk83 on April 07, 2013, 02:16:06 AM

Quote from: saigo on April 07, 2013, 01:13:46 AM

Quote from: simonk83 on April 06, 2013, 05:29:32 AM

Bytecoin is ridiculous. We all know it, some people are just mining it on the off chance that people's IQ's suddenly drop sharply and this thing takes off.

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has. This community should be smarter than that.

Hmm 'allowed to carry on' , 'allowed' - really dude ?

Fair enough, poor choice of words. I'm not trying to be CryptoHitler or anything Cheesy

I was getting ready to type up my reasoning, but this guy has pretty much said it for me: https://bitcointalksearch.org/topic/m.1756085

Ok, apologies for also sounding harsh, just seems amazing people who champion bitcoin can be against more of the same, why not ?

We don't need to start policing this thing, gov will get there soon enough Undecided

I know where you're coming from, and part of me agrees, but things like this just cheapen Bitcoin in my opinion. For greater adoption, we can't be having a whole bunch of direct copies floating around, and for people to get the idea that they can simply copy the code, change the name, release it out there and make money, is not healthy. Altcoins that innovate I'm fine with, complete copy and pastes I don't agree with at all.

While the interest in Bitcoin is high, I don't think you can stop it happening. The market will decide, if it doesn't want clones of bitcoin, then the clones will be ignored / fade once the excitement of 'this new thing' fades, and folks move onto the next thing. The code is out there, and people can and will do what they want with it, the great thing is you can just ignore the noise if you choose to

simonk83

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Quote from: Come-from-Beyond on April 07, 2013, 02:41:03 AM

Quote from: simonk83 on April 07, 2013, 02:34:17 AM

I know where you're coming from, and part of me agrees, but things like this just cheapen Bitcoin in my opinion. For greater adoption, we can't be having a whole bunch of direct copies floating around, and for people to get the idea that they can simply copy the code, change the name, release it out there and make money, is not healthy. Altcoins that innovate I'm fine with, complete copy and pastes I don't agree with at all.

Shouldn't the Bitcoin Police create a special squad to destroy all clones/alts in this case?

Not alts, just copy and pastes. And I would have hoped that most people were able to realise this on their own. Everyone wants to get rich, I get it, but this isn't the way to go about it.

Come-from-Beyond

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Quote from: simonk83 on April 07, 2013, 02:34:17 AM

I know where you're coming from, and part of me agrees, but things like this just cheapen Bitcoin in my opinion. For greater adoption, we can't be having a whole bunch of direct copies floating around, and for people to get the idea that they can simply copy the code, change the name, release it out there and make money, is not healthy. Altcoins that innovate I'm fine with, complete copy and pastes I don't agree with at all.

Shouldn't the Bitcoin Police create a special squad to destroy all clones/alts in this case?

simonk83

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Activity: 798

Merit: 1000

Quote from: saigo on April 07, 2013, 02:30:16 AM

Quote from: simonk83 on April 07, 2013, 02:16:06 AM

Quote from: saigo on April 07, 2013, 01:13:46 AM

Quote from: simonk83 on April 06, 2013, 05:29:32 AM

Bytecoin is ridiculous. We all know it, some people are just mining it on the off chance that people's IQ's suddenly drop sharply and this thing takes off.

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has. This community should be smarter than that.

Hmm 'allowed to carry on' , 'allowed' - really dude ?

Fair enough, poor choice of words. I'm not trying to be CryptoHitler or anything Cheesy

I was getting ready to type up my reasoning, but this guy has pretty much said it for me: https://bitcointalksearch.org/topic/m.1756085

Ok, apologies for also sounding harsh, just seems amazing people who champion bitcoin can be against more of the same, why not ?

We don't need to start policing this thing, gov will get there soon enough Undecided

I know where you're coming from, and part of me agrees, but things like this just cheapen Bitcoin in my opinion. For greater adoption, we can't be having a whole bunch of direct copies floating around, and for people to get the idea that they can simply copy the code, change the name, release it out there and make money, is not healthy. Altcoins that innovate I'm fine with, complete copy and pastes I don't agree with at all.

saigo

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Activity: 126

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Quote from: simonk83 on April 07, 2013, 02:16:06 AM

Quote from: saigo on April 07, 2013, 01:13:46 AM

Quote from: simonk83 on April 06, 2013, 05:29:32 AM

Bytecoin is ridiculous. We all know it, some people are just mining it on the off chance that people's IQ's suddenly drop sharply and this thing takes off.

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has. This community should be smarter than that.

Hmm 'allowed to carry on' , 'allowed' - really dude ?

Fair enough, poor choice of words. I'm not trying to be CryptoHitler or anything Cheesy

I was getting ready to type up my reasoning, but this guy has pretty much said it for me: https://bitcointalksearch.org/topic/m.1756085

Ok, apologies for also sounding harsh, just seems amazing people who champion bitcoin can be against more of the same, why not ?

We don't need to start policing this thing, gov will get there soon enough Undecided

Come-from-Beyond

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Newbie

Quote from: simonk83 on April 06, 2013, 05:29:32 AM

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has. This community should be smarter than that.

Allowed by whom? The community? Moderators? God?

simonk83

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Activity: 798

Merit: 1000

Quote from: saigo on April 07, 2013, 01:13:46 AM

Quote from: simonk83 on April 06, 2013, 05:29:32 AM

Bytecoin is ridiculous. We all know it, some people are just mining it on the off chance that people's IQ's suddenly drop sharply and this thing takes off.

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has. This community should be smarter than that.

Hmm 'allowed to carry on' , 'allowed' - really dude ?

Fair enough, poor choice of words. I'm not trying to be CryptoHitler or anything Cheesy

I was getting ready to type up my reasoning, but this guy has pretty much said it for me: https://bitcointalksearch.org/topic/m.1756085

saigo

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Activity: 126

Merit: 100

Quote from: simonk83 on April 06, 2013, 05:29:32 AM

Bytecoin is ridiculous. We all know it, some people are just mining it on the off chance that people's IQ's suddenly drop sharply and this thing takes off.

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has. This community should be smarter than that.

Says the person with a pyramining link in his sig

Hmm 'allowed to carry on' , 'allowed' - really dude ?

It will live or die, and the latter probably more likely yes, but don't stop folks experimenting and learning and having some fun.

simonk83

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Quote from: Wekkel on April 07, 2013, 12:57:44 AM

Quote from: simonk83 on April 06, 2013, 05:29:32 AM

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has.

What do you mean with 'allowing to carry on'?

I mean people wasting their time getting all set up to mine it instead of ignoring it and letting it quietly disappear into nothingness. Basically.

Buffer Overflow

legendary

Activity: 1652

Merit: 1016

Quote from: Wekkel on April 07, 2013, 12:57:44 AM

Quote from: simonk83 on April 06, 2013, 05:29:32 AM

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has.

What do you mean with 'allowing to carry on'?

I missed that one as well. "Allowed to carry on", by whom?

The community will decide if it lives or dies at the end of the day. We shall see...

Wekkel

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yes

Quote from: simonk83 on April 06, 2013, 05:29:32 AM

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has.

What do you mean with 'allowing to carry on'?

Impaler

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Quote from: meebs on April 06, 2013, 11:10:21 PM

any new altcoin that starts at diff1 is BS. it needs to be at least 1600 IMO, as diff 1 just lends the insiders and very first folk to suck up WAY to many coins right off teh bat.

This is why I advocate for the BitCoin source-repository be updated with a higher initial difficulty so people can not start at difficulty 1 by mere ignorance of downloading the code, making no changes and starting a chain.

THIS DOSE NOT CHANGE THE BTC BLOCK CHAIN, THE INITIAL DIFFICULTY IN CODE IN A REPOSITORY HAS NO EFFECT ON THE CURRENT BLOCK CHAIN, DO NOT MISUNDERSTAND THIS FOR THE LOVE OF GOD

I suspect most chains that start at difficulty 1 are doing it out of ignorance and it's just a land-mine waiting for people to step on as several alt-chains already have. Likewise the difficulty adjustment code needs improvement, but that is a larger undertaking.

Buffer Overflow

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I disagree.

Yes it was easy to mine a block, but they were being mined so fast (every few seconds) 99% of them were orphaned.

meebs

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Quote from: drawingthesun on April 05, 2013, 09:05:16 AM

Quote from: cedivad on April 05, 2013, 09:00:40 AM

How can they have a 16k difficulty mining at 10% of the bitcoin network when the bitcoin difficulty is orders of magnitude bigger?
Also, didn't they started from difficulty 1? I thought so and that they shared the code with bitcoin . if so, how can they have already had a difficult retarget that brought them to 4000?
I don't know, I don't care.

Whats happened is the difficulty was 1 and because of all the hashing power being pointed towards the Bytecoin network the difficulty is readjusting at the fastest possible amount that it will allow.

So far the difficulty is jumping 4 times on each retarget, and because it can't jump more than 4 times (I think this is true of Bitcoin too, that the difficulty can not retarget more than 4 times the current target) then the blocks end up getting solved far quicker because the retargets are happening as fast a what allowed by the code.

so after 16,000 it will jump straight up to 64,000 and so on before it equalizes and blocks start getting solved in the 10 minutes time span again.

any new altcoin that starts at diff1 is BS. it needs to be at least 1600 IMO, as diff 1 just lends the insiders and very first folk to suck up WAY to many coins right off teh bat.

Anon136

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Quote from: superduh on April 06, 2013, 09:11:04 PM

Quote from: Anon136 on April 06, 2013, 06:08:06 AM

Quote from: simonk83 on April 06, 2013, 05:29:32 AM

Bytecoin is ridiculous. We all know it, some people are just mining it on the off chance that people's IQ's suddenly drop sharply and this thing takes off.

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has. This community should be smarter than that.

when transaction fees begin to become a problem for people they are going to look for an alt chains to use to avoid those fees. Since bitcoin1 worked so well why not a bitcoin2? its familiar, its tried and tested, we know it works we know its reliable we know it has the full weight of the bitcoin development team behind it.

Dont get me wrong im all for innovation, but only legitimate innovation, not changing a few properties just for the sake of it, just so you can say that your altcoin is different. Thats the sort of "innovation" we see in all altcoins (that or they are broken like ppc). If that is the sort of innovation we are being offered than i say no thanks, ill stick with good old bitcoin and since good old bitcoin is going to run out of room eventually, ill move on to good old bitcoin2. Of course that is subject to change if someone does happen to create a cryptocurrency that is legitimately innovative, and a bet on bitcoin2 is a bet on the chance that this doesnt happen, how ever likely that may or may not be.

for someone who has over 600+ posts i would assume you are much smarter than this. i also assume since it doesn't cost much to get in you are gambling on the .0000001% chance that it'll pay off.

This looks awfully adhominemish to me. Either way ill let it slide. I do not expect my investment to pay off, it is in my mind a lottery ticket type investment. With that being said i have already broken even on my initial investment with 5k bte to spare. So no harm done, now i sit and wait and see.

superduh

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Quote from: Anon136 on April 06, 2013, 06:08:06 AM

Quote from: simonk83 on April 06, 2013, 05:29:32 AM

Bytecoin is ridiculous. We all know it, some people are just mining it on the off chance that people's IQ's suddenly drop sharply and this thing takes off.

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has. This community should be smarter than that.

when transaction fees begin to become a problem for people they are going to look for an alt chains to use to avoid those fees. Since bitcoin1 worked so well why not a bitcoin2? its familiar, its tried and tested, we know it works we know its reliable we know it has the full weight of the bitcoin development team behind it.

Dont get me wrong im all for innovation, but only legitimate innovation, not changing a few properties just for the sake of it, just so you can say that your altcoin is different. Thats the sort of "innovation" we see in all altcoins (that or they are broken like ppc). If that is the sort of innovation we are being offered than i say no thanks, ill stick with good old bitcoin and since good old bitcoin is going to run out of room eventually, ill move on to good old bitcoin2. Of course that is subject to change if someone does happen to create a cryptocurrency that is legitimately innovative, and a bet on bitcoin2 is a bet on the chance that this doesnt happen, how ever likely that may or may not be.

for someone who has over 600+ posts i would assume you are much smarter than this. i also assume since it doesn't cost much to get in you are gambling on the .0000001% chance that it'll pay off.

Topic: 51% attack against Bytecoin imminent? (Read 3613 times)