[ANN] Grin | PoW Mining | Electronic transactions for all. Community driven. - page 11.

tromp

legendary

Activity: 990

Merit: 1108

Quote from: mindrust on November 26, 2020, 04:52:09 PM

What makes it a 51% attack if 51% of the network decides to change the network rules?

The attacker amassed more than 50% of total graphrate to perform a reorg.
No network rules were changed. What changed (drastically) was the most-worked branch.

Quote

Isn't it working as intended?

Yes. the longest chain rule worked as intended.

mindrust

legendary

Activity: 3276

Merit: 2442

Quote from: tromp on November 09, 2020, 01:51:24 PM

Grin meets with a 51% attack...

https://grinnews.substack.com/p/122-batten-down-the-hatches-

What makes it a 51% attack if 51% of the network decides to change the network rules?

Isn't it working as intended?

sirazimuth

legendary

Activity: 3388

Merit: 3514

born once atheist

Quote from: sirazimuth on November 14, 2020, 03:58:18 PM

Quote from: tromp on November 09, 2020, 01:51:24 PM

Grin meets with a 51% attack...

https://grinnews.substack.com/p/122-batten-down-the-hatches-

Well that probably explains why my last 5 days of f2 mining payouts never made it to my bitforex account.
I opened a ticket but I think I'm shit outta luck.

Well that was a nice surprise. Almost all the mined coins I lost since attack that I'd written off just arrived in my account.
Sweet.

digital-resistance

newbie

Activity: 2

Merit: 1

A community funded instance of the Grin NiceHash Defender bot

https://grindefender.online/

Need at least 0.01BTC to place minimum defensive orders on both EU and USA markets.

Grinnode.live runs it own instance of grindefender with own budget.

Hueristic

legendary

Activity: 3836

Merit: 4969

Doomed to see the future and unable to prevent it

November 2020 Asset Delistings

https://support.poloniex.com/hc/en-us/articles/360059338333

Quote

Update November 19, 2020

We listed Grin soon after the blockchain launched in January 2019. Since then, we have supported open-source development in the Grin ecosystem by contributing 50% of the revenue Poloniex generated from GRIN trading to the Grin General Fund. Unfortunately, the Grin blockchain has presented significant technical challenges to maintain throughout its lifecycle and has suffered an extended 51% attack on its network. For these reasons, in accordance with our delisting policy, we are adding GRIN to our list of assets being delisted from Poloniex in November 2020.

tromp

legendary

Activity: 990

Merit: 1108

https://grinnews.substack.com/p/124-grin-defender-online-

waya

sr. member

Activity: 582

Merit: 250

Owns of Waya Wolf Coin - WW Supports the Wolf Park

Hello All,

I would like to ask that Unnamed Exchange, https://www.unnamed.exchange/, be considered for listing Grin. This exchange has many features desirable for listing and is relatively inexpensive at only 0.05 BTC for 8 trading pairs. There is a troll box where you can promote and tip and has been used effectively by some. Overall, Unnamed Exchange is a great value!!

Cheers,
Waya

Hueristic

legendary

Activity: 3836

Merit: 4969

Doomed to see the future and unable to prevent it

Quote from: tromp on November 16, 2020, 05:15:20 PM

https://grinnews.substack.com/p/123-full-node-on-mobile-

This looks promising.

https://github.com/bladedoyle/grin_nicehash_defender

tromp

legendary

Activity: 990

Merit: 1108

https://grinnews.substack.com/p/123-full-node-on-mobile-

sirazimuth

legendary

Activity: 3388

Merit: 3514

born once atheist

Quote from: tromp on November 09, 2020, 01:51:24 PM

Grin meets with a 51% attack...

https://grinnews.substack.com/p/122-batten-down-the-hatches-

Well that probably explains why my last 5 days of f2 mining payouts never made it to my bitforex account.
I opened a ticket but I think I'm shit outta luck.

tbct_mt2

hero member

Activity: 2366

Merit: 838

Quote from: cherryganda on November 14, 2020, 01:54:43 AM

The way I can see now with the GRIN token in the market in USD$ pair the volume was around 150, 000$ something while Bitcoin value is between 25 to 26BTC in which is not bad at all, isn't? But I will review this POW mining about this GRIN it seems that has potential in the future,
And also I think I could hold em too in the long term as well.

Coin and token are very different. A coin has its own chain but a token is a derivative product from a chain of a main coin. Example are Ethereum (a coin) and its ERC20 chain that is used as an operation chain for many shit tokens, from ICOs to IEOs and in this year shit DeFi tokens.

Grin has its bad supply scheme, too high inflation and it contributes to the fall of Grin coin on the market. If you want to invest in Grin coin, you need to look at its supply scheme and find a good point to think of entry.

cherryganda

full member

Activity: 728

Merit: 131

The way I can see now with the GRIN token in the market in USD$ pair the volume was around 150, 000$ something while Bitcoin value is between 25 to 26BTC in which is not bad at all, isn't? But I will review this POW mining about this GRIN it seems that has potential in the future,
And also I think I could hold em too in the long term as well.

tbct_mt2

hero member

Activity: 2366

Merit: 838

Quote from: bbc.reporter on November 10, 2020, 10:51:43 PM

This is very bad news for the future of Grin as an alternative for bitcoin. To have the protection through higher hashrate, grin's price must be higher. However, who will buy into grin and bring price higher if it is open to the risk of more future 51% attacks?

If bad news did not make the price down to much, positive things are not yet to come and when good news are here, price can recover. I look at the 1-d chart and GRIN might have 2 recover target prices: $0.37 and $0.5.

Although 51% attacks on small altcoins with small total hashrates on the network are never be expected by developers, miners and investors. If such attacks happen, price will be affected with big loss within a day.

Hueristic

legendary

Activity: 3836

Merit: 4969

Doomed to see the future and unable to prevent it

Quote from: tromp on November 10, 2020, 08:29:18 AM

Quote from: Hueristic on November 09, 2020, 06:42:22 PM

Also could you elaborate on the bolded?

BEAM responded to repeated 51% attacks on their network by adopting an unsound longest chain rule,
where nodes do not switch to another more-work chain if it reorgs too many blocks (unless their chain
is stuck for a long enough time).

See https://medium.com/beam-mw/beam-mitigating-reorgs-1ad001bb08b9 for details.

~~I don't see a definition of "unsound longest chain rule" in that article.~~

Edited: My bad, I just went back and reread the post and found that I was reading it as grin would be changeing where as you specifically stated Grin would rather suffer 51% than adopt a unsound chain method.

So basically what your saying is Grin is going to switch to a similar method where as some check will be done and if there is a measurable reorg density out of the "scope" that is deemed normal then the longest chain rule will be suspended unless the chain is stuck for a pre determined period of time?

The logic for this can of worms will be interesting to read, link me please.

So what will be Grins responce?

bbc.reporter

legendary

Activity: 3010

Merit: 1460

Quote from: tromp on November 03, 2020, 11:41:10 AM

https://grinnews.substack.com/p/121-building-500-

This is very bad news for the future of Grin as an alternative for bitcoin. To have the protection through higher hashrate, grin's price must be higher. However, who will buy into grin and bring price higher if it is open to the risk of more future 51% attacks?

There is also grin's monetary policy that ensures fair distribution first before ensuring higher value.

oryhp

member

Activity: 60

Merit: 89

Quote from: itod on November 10, 2020, 06:12:13 AM

Let me try that: Developers are trying to be smart, and proclaim battle-tested longest chain rule to be somehow "unsound". Innovation is great, but claiming something like that IMHO does not exactly raise confidence in the team.

I guess it could be misinterpreted the way you did it. What it wants to say is that Grin doesn't want to pick a different rule than the longest chain rule because most (all?) modifications of it are "unsound".

tromp

legendary

Activity: 990

Merit: 1108

Quote from: Hueristic on November 09, 2020, 06:42:22 PM

Also could you elaborate on the bolded?

BEAM responded to repeated 51% attacks on their network by adopting an unsound longest chain rule,
where nodes do not switch to another more-work chain if it reorgs too many blocks (unless their chain
is stuck for a long enough time).

See https://medium.com/beam-mw/beam-mitigating-reorgs-1ad001bb08b9 for details.

itod

legendary

Activity: 1974

Merit: 1077

^ Will code for Bitcoins

Quote from: Hueristic on November 09, 2020, 06:42:22 PM

Quote from: tromp on November 09, 2020, 01:51:24 PM

...
The community discussed and solidified its stance regarding 51% attacks back in July when we were warned about the risk when another project was attacked. The position was and remains that Grin would rather suffer a 51% attack than adopt an unsound longest chain rule.
...

...
Also could you elaborate on the bolded?

Let me try that: Developers are trying to be smart, and proclaim battle-tested longest chain rule to be somehow "unsound". Innovation is great, but claiming something like that IMHO does not exactly raise confidence in the team.

Hueristic

legendary

Activity: 3836

Merit: 4969

Doomed to see the future and unable to prevent it

Quote from: tromp on November 09, 2020, 01:51:24 PM

Grin meets with a 51% attack...

https://grinnews.substack.com/p/122-batten-down-the-hatches-

Quote

News

   Grin experienced a network level attack during the night of Nov 7-8, where an entity acquired enough hash power to perform reorg attacks.

   @mcmmike and @deev authored an incident report that gives further details.

   The community discussed and solidified its stance regarding 51% attacks back in July when we were warned about the risk when another project was attacked. The position was and remains that Grin would rather suffer a 51% attack than adopt an unsound longest chain rule.

   It’s not unreasonable to expect further attacks to follow. As for any proof of work mined coin, before accepting a large amount transaction as valid, you should wait for a high number of confirmations.

   On this basis, @energyburn proposes a mitigation with Dynamic TX confirmation times in the wallet.

   Shout out to @joltz, @quentinlesceller, @deev, and @mcmmike who were working through the weekend researching and analysing the incident.

This is light on information, is there a link to the more detailed incident report?

Also could you elaborate on the bolded?

tromp

legendary

Activity: 990

Merit: 1108

Grin meets with a 51% attack...

https://grinnews.substack.com/p/122-batten-down-the-hatches-

Topic: [ANN] Grin | PoW Mining | Electronic transactions for all. Community driven. - page 11. (Read 73784 times)