[ANN] [MINT] Mintcoin (POS / 5%) [NO ICO] [Fair distro, community maintained] - page 483.

deadmanwalking

full member

Activity: 210

Merit: 100

Quote from: Anonymousg64 on March 29, 2014, 01:51:47 AM

Quote from: deadmanwalking on March 29, 2014, 01:47:19 AM

Quote from: Anonymousg64 on March 29, 2014, 01:34:59 AM

Quote from: deadmanwalking on March 29, 2014, 01:32:40 AM

Quote from: coolbeans94 on March 29, 2014, 01:27:55 AM

Quote from: deadmanwalking on March 29, 2014, 01:25:13 AM

He don't know. HE KNOW FUD

If you have more coins you get the blocks sooner, so to do 60 mints in a row is near impossible.

Ya, it doesn't have anything to do with the transactions. The more coins you have, the larger your stake. You would need 51% of coins to take over the blockchain. At which point the coin would become worthless because other people cannot use the coin. Therefore a person would have to be stupid (and rich) to do it.

I really don't know what this guy is talking about. People can google the literature on 51% attack and PoS if they like.

you're just regurgitating what you have been told.

IT DOESN'T MATTER HOW LARGE YOUR STAKE IS FOR BLOCK GENERATION, STAKE SIZE ONLY IMPACTS HOW MANY COINS YOU GENERATE

Here ya go buddy: http://www.peercointalk.org/index.php?topic=401.0

This guy had the same idea as you, but he asked about it before he posted in HUGE RED LETTERS

By the way, if you could post that huge red letter thing over at blackcoin, that'd be great.

that is not the same case

It's exactly what you're talking about. Probably where you got the idea for your FUD. Sorry bruh, I got Google too.

Edit: Some more info http://www.peercointalk.org/index.php?topic=244.0

tl;dr DEBUNKED

stormia

hero member

Activity: 868

Merit: 1000

Quote from: Anonymousg64 on March 29, 2014, 01:52:45 AM

Quote from: stormia on March 29, 2014, 01:50:20 AM

Quote from: Anonymousg64 on March 29, 2014, 01:45:22 AM

looking at the source to double check

Why not inform the other PoS communities. You know, the ones that are worth more and have much more to lose- if you really believe this and you are really doing this in good faith. Also, if this really was a way to attack PoS and you wanted to help WHY WOULD YOU POST HOW TO ATTACK ON A PUBLIC FORUM!? You could simply pm the devs and let them know "how to fix it" as you claim to know how.

less damage asking on smaller coin forum

there should be a few among this community who are well versed with how their coin works right?

Less damage? If you were trying to prevent the most damage than you would PM the devs of the most valuable PoS coins... You would not go shouting out how to attack PoS coins. You would not be spreading uncertainty on a new coin which is most vulnerable to such fud.

Anonymousg64

sr. member

Activity: 392

Merit: 250

Quote from: stormia on March 29, 2014, 01:50:20 AM

Quote from: Anonymousg64 on March 29, 2014, 01:45:22 AM

looking at the source to double check

Why not inform the other PoS communities. You know, the ones that are worth more and have much more to lose- if you really believe this and you are really doing this in good faith. Also, if this really was a way to attack PoS and you wanted to help WHY WOULD YOU POST HOW TO ATTACK ON A PUBLIC FORUM!? You could simply pm the devs and let them know "how to fix it" as you claim to know how.

less damage asking on smaller coin forum

there should be a few among this community who are well versed with how their coin works right?

Anonymousg64

sr. member

Activity: 392

Merit: 250

Quote from: deadmanwalking on March 29, 2014, 01:47:19 AM

Quote from: Anonymousg64 on March 29, 2014, 01:34:59 AM

Quote from: deadmanwalking on March 29, 2014, 01:32:40 AM

Quote from: coolbeans94 on March 29, 2014, 01:27:55 AM

Quote from: deadmanwalking on March 29, 2014, 01:25:13 AM

He don't know. HE KNOW FUD

If you have more coins you get the blocks sooner, so to do 60 mints in a row is near impossible.

Ya, it doesn't have anything to do with the transactions. The more coins you have, the larger your stake. You would need 51% of coins to take over the blockchain. At which point the coin would become worthless because other people cannot use the coin. Therefore a person would have to be stupid (and rich) to do it.

I really don't know what this guy is talking about. People can google the literature on 51% attack and PoS if they like.

you're just regurgitating what you have been told.

IT DOESN'T MATTER HOW LARGE YOUR STAKE IS FOR BLOCK GENERATION, STAKE SIZE ONLY IMPACTS HOW MANY COINS YOU GENERATE

Here ya go buddy: http://www.peercointalk.org/index.php?topic=401.0

This guy had the same idea as you, but he asked about it before he posted in HUGE RED LETTERS

By the way, if you could post that huge red letter thing over at blackcoin, that'd be great.

that is not the same case

stormia

hero member

Activity: 868

Merit: 1000

Quote from: Anonymousg64 on March 29, 2014, 01:45:22 AM

looking at the source to double check

Why not inform the other PoS communities. You know, the ones that are worth more and have much more to lose- if you really believe this and you are really doing this in good faith. Also, if this really was a way to attack PoS and you wanted to help WHY WOULD YOU POST HOW TO ATTACK ON A PUBLIC FORUM!? You could simply pm the devs and let them know "how to fix it" since you claim to know how. I don't know enough about these systems to dispute what you are saying on a technical level- other people on this forum already have that covered, anyways- but I know enough about human behavior to see what is happening here.

deadmanwalking

full member

Activity: 210

Merit: 100

Quote from: Anonymousg64 on March 29, 2014, 01:34:59 AM

Quote from: deadmanwalking on March 29, 2014, 01:32:40 AM

Quote from: coolbeans94 on March 29, 2014, 01:27:55 AM

Quote from: deadmanwalking on March 29, 2014, 01:25:13 AM

He don't know. HE KNOW FUD

If you have more coins you get the blocks sooner, so to do 60 mints in a row is near impossible.

Ya, it doesn't have anything to do with the transactions. The more coins you have, the larger your stake. You would need 51% of coins to take over the blockchain. At which point the coin would become worthless because other people cannot use the coin. Therefore a person would have to be stupid (and rich) to do it.

I really don't know what this guy is talking about. People can google the literature on 51% attack and PoS if they like.

you're just regurgitating what you have been told.

IT DOESN'T MATTER HOW LARGE YOUR STAKE IS FOR BLOCK GENERATION, STAKE SIZE ONLY IMPACTS HOW MANY COINS YOU GENERATE

Here ya go buddy: http://www.peercointalk.org/index.php?topic=401.0

This guy had the same idea as you, but he asked about it before he posted in HUGE RED LETTERS

By the way, if you could post that huge red letter thing over at blackcoin, that'd be great.

Anonymousg64

sr. member

Activity: 392

Merit: 250

looking at the source to double check

dasomsos314

newbie

Activity: 51

Merit: 0

Quote from: coolbeans94 on March 19, 2014, 10:02:30 PM

BC is not secure because it is no longer a hybrid PoW/PoS coin. I don't know why anyone bothers with it.

What kind of demand are what the market!
It is people need it to realize people's transaction!

stormia

hero member

Activity: 868

Merit: 1000

He still hasnt posted this on the other PoS coin's forums yet (the ones that are currently more valuable, established, and have more to lose), even after I reminded him to if he really believes what he is saying. all he has to do is copy and paste his post.

coolbeans94

hero member

Activity: 613

Merit: 500

Mintcoin: Get some

Quote from: Anonymousg64 on March 29, 2014, 01:34:59 AM

Quote from: deadmanwalking on March 29, 2014, 01:32:40 AM

Quote from: coolbeans94 on March 29, 2014, 01:27:55 AM

Quote from: deadmanwalking on March 29, 2014, 01:25:13 AM

He don't know. HE KNOW FUD

If you have more coins you get the blocks sooner, so to do 60 mints in a row is near impossible.

Ya, it doesn't have anything to do with the transactions. The more coins you have, the larger your stake. You would need 51% of coins to take over the blockchain. At which point the coin would become worthless because other people cannot use the coin. Therefore a person would have to be stupid (and rich) to do it.

I really don't know what this guy is talking about. People can google the literature on 51% attack and PoS if they like.

you're just regurgitating what you have been told.

IT DOESN'T MATTER HOW LARGE YOUR STAKE IS FOR BLOCK GENERATION, STAKE SIZE ONLY IMPACTS HOW MANY COINS YOU GENERATE

Then why does a small amount of coins take like 26 days to get block generation, while a large amount will mint on day 20 or 21? It does impact the timing.

stormia

hero member

Activity: 868

Merit: 1000

Quote from: Anonymousg64 on March 29, 2014, 01:31:50 AM

Quote from: coolbeans94 on March 29, 2014, 01:27:55 AM

Quote from: deadmanwalking on March 29, 2014, 01:25:13 AM

He don't know. HE KNOW FUD

If you have more coins you get the blocks sooner, so to do 60 mints in a row is near impossible.

wrong, you generate a PoS block as soon as you hit 20 days condition, the only limiting factor is whether your block is accepted quick enough to not become an orphan, in which case your wallet would try again

If it is an orphan, then you aren't getting the bloack are you?

coolbeans94

hero member

Activity: 613

Merit: 500

Mintcoin: Get some

Quote from: deadmanwalking on March 29, 2014, 01:32:40 AM

Quote from: coolbeans94 on March 29, 2014, 01:27:55 AM

Quote from: deadmanwalking on March 29, 2014, 01:25:13 AM

He don't know. HE KNOW FUD

If you have more coins you get the blocks sooner, so to do 60 mints in a row is near impossible.

Ya, it doesn't have anything to do with the transactions. The more coins you have, the larger your stake. You would need 51% of coins to take over the blockchain. At which point the coin would become worthless because other people cannot use the coin. Therefore a person would have to be stupid (and rich) to do it.

I really don't know what this guy is talking about. People can google the literature on 51% attack and PoS if they like.

No they don't need 51% of the coins, only 51% of the coin days.

Anonymousg64

sr. member

Activity: 392

Merit: 250

Quote from: deadmanwalking on March 29, 2014, 01:32:40 AM

Quote from: coolbeans94 on March 29, 2014, 01:27:55 AM

Quote from: deadmanwalking on March 29, 2014, 01:25:13 AM

He don't know. HE KNOW FUD

If you have more coins you get the blocks sooner, so to do 60 mints in a row is near impossible.

Ya, it doesn't have anything to do with the transactions. The more coins you have, the larger your stake. You would need 51% of coins to take over the blockchain. At which point the coin would become worthless because other people cannot use the coin. Therefore a person would have to be stupid (and rich) to do it.

I really don't know what this guy is talking about. People can google the literature on 51% attack and PoS if they like.

you're just regurgitating what you have been told.

IT DOESN'T MATTER HOW LARGE YOUR STAKE IS FOR BLOCK GENERATION, STAKE SIZE ONLY IMPACTS HOW MANY COINS YOU GENERATE

dasomsos314

newbie

Activity: 51

Merit: 0

Quote from: Collegestudent on March 19, 2014, 12:03:11 AM

I told you guys are the real pumpers and dumpers

just think optimtically and keep buying mints and never sell.

Yes,
Buy when the price bottom, sell when the price is high!
This is a good investment.

coolbeans94

hero member

Activity: 613

Merit: 500

Mintcoin: Get some

Quote from: Anonymousg64 on March 29, 2014, 01:30:07 AM

Quote from: coolbeans94 on March 29, 2014, 01:23:17 AM

Quote from: Anonymousg64 on March 29, 2014, 01:20:36 AM

Quote from: coolbeans94 on March 29, 2014, 01:15:37 AM

Quote from: Anonymousg64 on March 29, 2014, 01:03:45 AM

Quote from: Anonymousg64 on March 29, 2014, 12:51:22 AM

i have discovered a flaw with current PoS implementation

you can easily do a 51% attack with PoS blocks without needing large holdings

since PoS blocks are generated on a coin age basis, you could create TXO's delayed by a time offset at the minimum TXO cost for a future attack period

so after creating 10000 TXO of 1 MINT separated by 0.5 seconds to make sure 60 consecutive blocks are generated at repeated interval by your wallet 20 days in the future, the attack would last 1 hour and 40 minutes

enough to put the security and function of a coin in question

couple that with the fact the difficulty calculation includes PoS blocks, that would mean difficulty would jump to stratospheric levels making it impossible to mine PoW blocks

are people really not concerned about this?

YOU CAN 51% ATTACK ANY POS COIN WITHOUT THE NEED FOR 51% OF SUPPLY OR ANY PoW HASHRATE AT ALL

Not concerned because it is not true. Go ahead and try it if you think it is so easy.

i am not interested in doing an attack, but you should be worried that it is doable.
go over the logic

THIS IS FIXABLE, BUT REQUIRES A HARD FORK

I don't think so, but for arguments sake, what's the fix?

reduce weight of PoS blocks in difficulty calculation
set valid PoS block condition to use coin-days and not coin age, difference being coin-days is ammount of coins * coin age

That is what it uses coin days. It is ammount of coins * coin age. And it doesn't start until after 20 days of waiting.

Anonymousg64

sr. member

Activity: 392

Merit: 250

Quote from: stormia on March 29, 2014, 01:33:03 AM

Quote from: Anonymousg64 on March 29, 2014, 12:51:22 AM

i have discovered a flaw with current PoS implementation

you can easily do a 51% attack with PoS blocks without needing large holdings

since PoS blocks are generated on a coin age basis, you could create TXO's delayed by a time offset at the minimum TXO cost for a future attack period

so after creating 10000 TXO of 1 MINT separated by 0.5 seconds to make sure 60 consecutive blocks are generated at repeated interval by your wallet 20 days in the future, the attack would last 1 hour and 40 minutes

enough to put the security and function of a coin in question

couple that with the fact the difficulty calculation includes PoS blocks, that would mean difficulty would jump to stratospheric levels making it impossible to mine PoW blocks

If you really believed this, then how come you have only told it to the Mint and Zeit community?

because i came to the realization only an hour ago

stormia

hero member

Activity: 868

Merit: 1000

Quote from: Anonymousg64 on March 29, 2014, 12:51:22 AM

i have discovered a flaw with current PoS implementation

you can easily do a 51% attack with PoS blocks without needing large holdings

since PoS blocks are generated on a coin age basis, you could create TXO's delayed by a time offset at the minimum TXO cost for a future attack period

so after creating 10000 TXO of 1 MINT separated by 0.5 seconds to make sure 60 consecutive blocks are generated at repeated interval by your wallet 20 days in the future, the attack would last 1 hour and 40 minutes

enough to put the security and function of a coin in question

couple that with the fact the difficulty calculation includes PoS blocks, that would mean difficulty would jump to stratospheric levels making it impossible to mine PoW blocks

If you really believed this, then how come you have only told it to the Mint and Zeit community?

deadmanwalking

full member

Activity: 210

Merit: 100

Quote from: coolbeans94 on March 29, 2014, 01:27:55 AM

Quote from: deadmanwalking on March 29, 2014, 01:25:13 AM

He don't know. HE KNOW FUD

If you have more coins you get the blocks sooner, so to do 60 mints in a row is near impossible.

Ya, it doesn't have anything to do with the transactions. The more coins you have, the larger your stake. You would need 51% of coins to take over the blockchain. At which point the coin would become worthless because other people cannot use the coin. Therefore a person would have to be stupid (and rich) to do it.

I really don't know what this guy is talking about. People can google the literature on 51% attack and PoS if they like.

Anonymousg64

sr. member

Activity: 392

Merit: 250

Quote from: coolbeans94 on March 29, 2014, 01:27:55 AM

Quote from: deadmanwalking on March 29, 2014, 01:25:13 AM

He don't know. HE KNOW FUD

If you have more coins you get the blocks sooner, so to do 60 mints in a row is near impossible.

wrong, you generate a PoS block as soon as you hit 20 days condition, the only limiting factor is whether your block is accepted quick enough to not become an orphan, in which case your wallet would try again

Anonymousg64

sr. member

Activity: 392

Merit: 250

Quote from: coolbeans94 on March 29, 2014, 01:23:17 AM

Quote from: Anonymousg64 on March 29, 2014, 01:20:36 AM

Quote from: coolbeans94 on March 29, 2014, 01:15:37 AM

Quote from: Anonymousg64 on March 29, 2014, 01:03:45 AM

Quote from: Anonymousg64 on March 29, 2014, 12:51:22 AM

i have discovered a flaw with current PoS implementation

you can easily do a 51% attack with PoS blocks without needing large holdings

since PoS blocks are generated on a coin age basis, you could create TXO's delayed by a time offset at the minimum TXO cost for a future attack period

so after creating 10000 TXO of 1 MINT separated by 0.5 seconds to make sure 60 consecutive blocks are generated at repeated interval by your wallet 20 days in the future, the attack would last 1 hour and 40 minutes

enough to put the security and function of a coin in question

couple that with the fact the difficulty calculation includes PoS blocks, that would mean difficulty would jump to stratospheric levels making it impossible to mine PoW blocks

are people really not concerned about this?

YOU CAN 51% ATTACK ANY POS COIN WITHOUT THE NEED FOR 51% OF SUPPLY OR ANY PoW HASHRATE AT ALL

Not concerned because it is not true. Go ahead and try it if you think it is so easy.

i am not interested in doing an attack, but you should be worried that it is doable.
go over the logic

THIS IS FIXABLE, BUT REQUIRES A HARD FORK

I don't think so, but for arguments sake, what's the fix?

reduce weight of PoS blocks in difficulty calculation
set valid PoS block condition to use coin-days and not coin age, difference being coin-days is ammount of coins * coin age

Topic: [ANN] [MINT] Mintcoin (POS / 5%) [NO ICO] [Fair distro, community maintained] - page 483. (Read 1369778 times)