[ANN] [NAUT] Nautiluscoin - First Coin w/Stabilization Fund - Digishield - page 239.

IncreaseMyT

sr. member

Activity: 406

Merit: 250

Quote from: mdtspain on July 16, 2014, 10:05:44 AM

On this moment my greatest fear are the exchanges. Every time again the BS comes from them. What I don't understand is why they can't or won't make their security up to the level where it should be.

I agree 100%. The exchanges become part of your network, and your only as strong as your weakest link.

I don't know if its possible to have some sort of agreement with them on a standard for how much they need to keep in cold storage all the time, but there should be some guidelines.

Securing these links should be the biggest concern. Anyone ever tried to get Naut on BTCe? A lot of people have bad things to say about them, but I have used all exchanges and they are the most secure.

mdtspain

legendary

Activity: 1076

Merit: 1003

Quote from: IncreaseMyT on July 16, 2014, 09:48:37 AM

Remember the 180k is how much they would have to spend at the current price, but there is no way someone could buy 1.6m naut for that.

Even when the volume was 1k BTC on mintpal, 1.6 was not being traded in 24 hours.

So in reality it's going to cost far more than 180k to acquire 30% of the coins, like 10 or 20 times that amount. Then after spending 2-10 million on naut coin your plan is to dump the price?

It doesn't make sense at all to even make an attempt at buying then all, cause once you get them now who do you dump then on?

Someone acquiring 30% by purchasing them is the last thing we need to worry about with naut.

Theft is the only real concern, the focus should be put security, as Charlie Lee said the strength of a coin is the security of the network.

Do you guys remember when someone stole those BTC and dumped them down to 102 on BTCE?

The order books filled right back up, trust me I wish I got some BTC for hundred bucks this year.

Anyone who has 2 million bucks isn't wasting their time trying to crash naut.

On this moment my greatest fear are the exchanges. Every time again the BS comes from them. What I don't understand is why they can't or won't make their security up to the level where it should be.

There are so many exchanges for stocks, how come that they are secure and the crypto scene has all these problems? Are the exchanges scamming us? Are they really attacked by hackers? To be honest I don't believe that they are, it's an easy excuse and nobody really checks if they where really attacked.

Or am I not allowed to say this? Huh

IncreaseMyT

sr. member

Activity: 406

Merit: 250

Remember the 180k is how much they would have to spend at the current price, but there is no way someone could buy 1.6m naut for that.

Even when the volume was 1k BTC on mintpal, 1.6 was not being traded in 24 hours.

So in reality it's going to cost far more than 180k to acquire 30% of the coins, like 10 or 20 times that amount. Then after spending 2-10 million on naut coin your plan is to dump the price?

It doesn't make sense at all to even make an attempt at buying then all, cause once you get them now who do you dump then on?

Someone acquiring 30% by purchasing them is the last thing we need to worry about with naut.

Theft is the only real concern, the focus should be put security, as Charlie Lee said the strength of a coin is the security of the network.

Do you guys remember when someone stole those BTC and dumped them down to 102 on BTCE?

The order books filled right back up, trust me I wish I got some BTC for hundred bucks this year.

Anyone who has 2 million bucks isn't wasting their time trying to crash naut.

BK_PHI

full member

Activity: 210

Merit: 100

Quote from: PilotofBTC on July 16, 2014, 09:11:52 AM

Quote from: BK_PHI on July 16, 2014, 08:19:16 AM

Any thoughts on what to do if 51% of NAUT staking coins are stolen?

If that occurs can we do anything or is NAUT at the mercy of the 51% holder?

I don't think so. The best way is to set a max coin days for staking to make sure everyone keeps their wallets open. Also, educate people to not hold coins on the exchanges.

Whether you move to POS or not, you have to fix the block times soon. People don't want to way hours sometimes 1/2 day for a single confirm.

That said, I'd favor PoS. Actually, I think the best way to launch a coin is POW for X amount of blocks, then PoS... which is what you would end up with... even if you didn't initially plan it originally.

I just want to be clear - we ARE moving to PoS - there is community support. I just want to make sure we have thought of all the potential hazards and have a plan to deal with them - rather than waiting for it to rain and THEN looking for an umbrella

PilotofBTC

legendary

Activity: 1736

Merit: 1001

Quote from: BK_PHI on July 16, 2014, 08:19:16 AM

Any thoughts on what to do if 51% of NAUT staking coins are stolen?

If that occurs can we do anything or is NAUT at the mercy of the 51% holder?

I don't think so. The best way is to set a max coin days for staking to make sure everyone keeps their wallets open. Also, educate people to not hold coins on the exchanges.

Whether you move to POS or not, you have to fix the block times soon. People don't want to way hours sometimes 1/2 day for a single confirm.

That said, I'd favor PoS. Actually, I think the best way to launch a coin is POW for X amount of blocks, then PoS... which is what you would end up with... even if you didn't initially plan it originally.

hardcoreprime

full member

Activity: 147

Merit: 100

Daily Facebook Advertisement Update. We have had 295 Website clicks and 80,400 impressions.

--------
The Donation period is now over. Thanks for all of your help

BK_PHI

full member

Activity: 210

Merit: 100

Any thoughts on what to do if 51% of NAUT staking coins are stolen?

If that occurs can we do anything or is NAUT at the mercy of the 51% holder?

BTCrawl

full member

Activity: 154

Merit: 100

Quote from: BK_PHI on July 16, 2014, 07:36:51 AM

Quote from: BTCrawl on July 16, 2014, 07:04:06 AM

Quote from: Doging on July 16, 2014, 06:31:11 AM

Quote from: FlyingMongoose on July 15, 2014, 10:12:18 PM

Quote from: drakoin on July 15, 2014, 08:51:01 PM

how was it pumped on July 3rd - 5th and June 25th - 26th
- and when will that happen again?

It's not moving very well on Mintpal right now, but poloniex is > 20k...

I'm guessing there will be some more movement come thursday though with the pos implementation being planned there.

The day after the mintpal hack there was practically no support but it's improving.

Does anyone know who ran the blackcoin multipool? I liked their setup, it was really simple.

Edit: I think this is his email [email protected]

Does anyone think it's worth worth getting in contact?

Yeah, he did the backend and they hired this company http://www.legiondev.co/ to do the frontend. I think it can definitely be a good idea to contact him, although I can't say if he'll be up to help us out. He seems like a very nice guy though (he usually appears on the Blackcoin videopodcasts) so it's worth a shot. I'd still like to know who has started working on the Nautiluscoin multipool though, or if they just put up a website and then forgot about it. It would be a shame if we've got a ton of talented people all working on different multipools.
BK - Do you know who, if anyone, is working on a Naut multipool?

A few things:

PoS - Obviously I am in favor of PoS, especially since I think I can sell the idea of a 'dividend' to professional investors. BUT I do think having the discussion about pros and cons is VERY worthwhile - I would much rather know about the flaws and have a plan ahead of time to address the issues.

The ability to control the staking coins is absolutely a risk to going PoS - $180k is not a lot of money for some people. If someone wanted to destroy NAUT AND their investment buying the coins would be feasible. However, my hope/plan is that the PoS transition will increase market cap and make it more difficult.

With this in mind, the "51%" attack problem is a very real threat in all digital currencies - any feedback on how to prevent it is welcome.

Also - can somebody list other potential flaws/security issues with PoS?

Naut PoS Pool - I am not running that pool and I do not know who is. I think we should have more than one - as decentralization is one of the hallmarks of NAUT

Jon Fitch - I talked to Fitch yesterday and he has some VERY interesting ideas for NAUT, once I get the plans formalized I will need community help to implement. In the interest of not tipping off the competition I may need to keep some ideas quiet until fully built out.

-BK

I think, as you pointed out, that a 51% attack is less likely in a PoS scenario as the attacker would destroy his own investment. The difference is of course when the attackers steals the coins, like in the Vericoin scenario, and if he can't sell them he might hold the network hostage or something. Still, if someone steals 30% of all coins you're going to have huge problems regardless if the coin is PoS or PoW, so it's not something unique to PoS.

The good thing is that PoS has became incredibly popular in the past 6 months or so, and a lot of people are experimenting with ways of improving security. Once PoS is implemented I'm sure we'll have a ton of discussion regarding what new features that can be added at a later date

Edit: Also, damn this thread is becoming long! Great to see so much activity.

BK_PHI

full member

Activity: 210

Merit: 100

Quote from: BTCrawl on July 16, 2014, 07:04:06 AM

Quote from: Doging on July 16, 2014, 06:31:11 AM

Quote from: FlyingMongoose on July 15, 2014, 10:12:18 PM

Quote from: drakoin on July 15, 2014, 08:51:01 PM

how was it pumped on July 3rd - 5th and June 25th - 26th
- and when will that happen again?

It's not moving very well on Mintpal right now, but poloniex is > 20k...

I'm guessing there will be some more movement come thursday though with the pos implementation being planned there.

The day after the mintpal hack there was practically no support but it's improving.

Does anyone know who ran the blackcoin multipool? I liked their setup, it was really simple.

Edit: I think this is his email [email protected]

Does anyone think it's worth worth getting in contact?

Yeah, he did the backend and they hired this company http://www.legiondev.co/ to do the frontend. I think it can definitely be a good idea to contact him, although I can't say if he'll be up to help us out. He seems like a very nice guy though (he usually appears on the Blackcoin videopodcasts) so it's worth a shot. I'd still like to know who has started working on the Nautiluscoin multipool though, or if they just put up a website and then forgot about it. It would be a shame if we've got a ton of talented people all working on different multipools.
BK - Do you know who, if anyone, is working on a Naut multipool?

A few things:

PoS - Obviously I am in favor of PoS, especially since I think I can sell the idea of a 'dividend' to professional investors. BUT I do think having the discussion about pros and cons is VERY worthwhile - I would much rather know about the flaws and have a plan ahead of time to address the issues.

The ability to control the staking coins is absolutely a risk to going PoS - $180k is not a lot of money for some people. If someone wanted to destroy NAUT AND their investment buying the coins would be feasible. However, my hope/plan is that the PoS transition will increase market cap and make it more difficult.

With this in mind, the "51%" attack problem is a very real threat in all digital currencies - any feedback on how to prevent it is welcome.

Also - can somebody list other potential flaws/security issues with PoS?

Naut PoS Pool - I am not running that pool and I do not know who is. I think we should have more than one - as decentralization is one of the hallmarks of NAUT

Jon Fitch - I talked to Fitch yesterday and he has some VERY interesting ideas for NAUT, once I get the plans formalized I will need community help to implement. In the interest of not tipping off the competition I may need to keep some ideas quiet until fully built out.

-BK

BTCrawl

full member

Activity: 154

Merit: 100

Quote from: Doging on July 16, 2014, 06:31:11 AM

Quote from: FlyingMongoose on July 15, 2014, 10:12:18 PM

Quote from: drakoin on July 15, 2014, 08:51:01 PM

how was it pumped on July 3rd - 5th and June 25th - 26th
- and when will that happen again?

It's not moving very well on Mintpal right now, but poloniex is > 20k...

I'm guessing there will be some more movement come thursday though with the pos implementation being planned there.

The day after the mintpal hack there was practically no support but it's improving.

Does anyone know who ran the blackcoin multipool? I liked their setup, it was really simple.

Edit: I think this is his email [email protected]

Does anyone think it's worth worth getting in contact?

Yeah, he did the backend and they hired this company http://www.legiondev.co/ to do the frontend. I think it can definitely be a good idea to contact him, although I can't say if he'll be up to help us out. He seems like a very nice guy though (he usually appears on the Blackcoin videopodcasts) so it's worth a shot. I'd still like to know who has started working on the Nautiluscoin multipool though, or if they just put up a website and then forgot about it. It would be a shame if we've got a ton of talented people all working on different multipools.
BK - Do you know who, if anyone, is working on a Naut multipool?

Doging

hero member

Activity: 1036

Merit: 500

Quote from: FlyingMongoose on July 15, 2014, 10:12:18 PM

Quote from: drakoin on July 15, 2014, 08:51:01 PM

how was it pumped on July 3rd - 5th and June 25th - 26th
- and when will that happen again?

It's not moving very well on Mintpal right now, but poloniex is > 20k...

I'm guessing there will be some more movement come thursday though with the pos implementation being planned there.

The day after the mintpal hack there was practically no support but it's improving.

Does anyone know who ran the blackcoin multipool? I liked their setup, it was really simple.

Edit: I think this is his email [email protected]

Does anyone think it's worth worth getting in contact?

PilotofBTC

legendary

Activity: 1736

Merit: 1001

Quote from: drakoin on July 15, 2014, 08:43:58 PM

Quote from: PilotofBTC on July 15, 2014, 04:25:40 PM

Quote from: drakoin on July 15, 2014, 04:13:24 PM

Quote from: BK_PHI on April 30, 2014, 09:30:03 PM

Block Explorer:
http://explorer.nautiluscoin.com

-->

Quote

Internal Server Error
The server encountered an internal error or misconfiguration and was unable to complete your request.
Please contact the server administrator, [no address given] and inform them of the time the error occurred, and anything you might have done that may have caused the error.
More information about this error may be available in the server error log.
Apache/2.2.22 (Ubuntu) Server at explorer.nautiluscoin.com Port 80

?

Yes, I don't think that one ever works. Check out this one: http://nautinsight.buddylabsapps.com/

Thanks a lot. nautinsight.buddylabsapps.com
What is the API access to read the balance of an address?

Like
http://explorer.nautiluscoin.com/chain/Nautiluscoin/q/addressbalance/NS88NtpMPUaWFaLDtgQEcyUhyWiqZ1Ljn9

http://nautinsight.buddylabsapps.com/address/Nhh5Ndz2GdunwPrZyChYgr2PUj7AoLRtEm

FlyingMongoose

full member

Activity: 238

Merit: 100

Quote from: drakoin on July 15, 2014, 08:51:01 PM

how was it pumped on July 3rd - 5th and June 25th - 26th
- and when will that happen again?

It's not moving very well on Mintpal right now, but poloniex is > 20k...

I'm guessing there will be some more movement come thursday though with the pos implementation being planned there.

drakoin

hero member

Activity: 826

Merit: 1000

see my profile

how was it pumped on July 3rd - 5th and June 25th - 26th
- and when will that happen again?

drakoin

hero member

Activity: 826

Merit: 1000

see my profile

The price just broke down through the next resistance.

For a coin intending to have a "stabilization fund" ... I am loosing surprisingly much of my wealth with this NAUT.

drakoin

hero member

Activity: 826

Merit: 1000

see my profile

Quote from: PilotofBTC on July 15, 2014, 04:25:40 PM

Quote from: drakoin on July 15, 2014, 04:13:24 PM

Quote from: BK_PHI on April 30, 2014, 09:30:03 PM

Block Explorer:
http://explorer.nautiluscoin.com

-->

Quote

Internal Server Error
The server encountered an internal error or misconfiguration and was unable to complete your request.
Please contact the server administrator, [no address given] and inform them of the time the error occurred, and anything you might have done that may have caused the error.
More information about this error may be available in the server error log.
Apache/2.2.22 (Ubuntu) Server at explorer.nautiluscoin.com Port 80

?

Yes, I don't think that one ever works. Check out this one: http://nautinsight.buddylabsapps.com/

Thanks a lot. nautinsight.buddylabsapps.com
What is the API access to read the balance of an address?

Like
http://explorer.nautiluscoin.com/chain/Nautiluscoin/q/addressbalance/NS88NtpMPUaWFaLDtgQEcyUhyWiqZ1Ljn9

baby222

hero member

Activity: 1008

Merit: 501

This coin deserves more attention.
Stay strong

chocobo

hero member

Activity: 540

Merit: 500

Just remember that you need 51% of staking coins, not 51% of the total. Blackcoin made an improvement to PoS so once we see what type of PoS BK is doing we could vote to go for a PoS v2.

whatdidshedo

sr. member

Activity: 448

Merit: 250

i'm for POS in case you guys are pooling that, if we don't transition what's the point of holding cause pow creates to much supply and there is not enough demand and price will fall and it is evident in pow coins.

hokus_pokus

member

Activity: 113

Merit: 10

Quote from: HKBvM on July 15, 2014, 06:40:42 PM

Quote from: hokus_pokus on July 15, 2014, 06:32:22 PM

Quote from: HKBvM on July 15, 2014, 06:24:27 PM

Quote from: hokus_pokus on July 15, 2014, 06:18:39 PM

Quote from: HKBvM on July 15, 2014, 06:10:32 PM

Quote from: hokus_pokus on July 15, 2014, 05:56:50 PM

Can we get a vote on whether to go PoS?

I dont think so. For once the active community here is clearly in favour of POS, there was no one to raise any concerns. I believe BK wants NAUT as an investment, with investors getting rewarded for holding the coins. If that is the intention of NAUT, POS is clearly the way to go. POW is not exactly a benefit for early buyers, as new coins are constantly generated and devalueing investments. The community is dicsussing changing to POS since weeks now, most of the work is done, we wont go back.

POS has some disadvantages, no question. What happened to VRC would have been pretty severe for any coin, POW or POS, and what happened to NAV and C2 was bad, but could have been prevented if people were staking their coins.

So what's to stop some "big" investor buying a ton of NAUT...Not very decentralized..is it? We know Bryce has over 100,000 of them. When it comes time to stake with PoS, does he control the network? Really guys...come on'

Nothing really. Its hard to say exactly how many coins you would need for an 51% attack, that would depend on how many coins are staling and coin maturity. 30% might be a good estimate. That means one has to buy roughly 1.6M NAUT at todays prices that would be an investment of 180.000 USD, in reality much much more as the price would start moving up. 100k coins is not nearly enough to attack the network.

Ok, Sorry. Forget the 100k coins. Bad math on my part. But like you said. 1.6M NAUT @ roughly $180,000 could be an issue for the network. We have also seen other coins such as C2 where most of the coins were stuck on exchanges and some "big whale" was able to run some attack on it.

Personally I would love to see this coin PoW X11 with DGW or a Digishield fix. But whatever, if PoS has been decided. So be it

I was hit by the C2 attack myself. I lost a considerable amount (indirectly through increased money supply there), though I still support C2 as they have dedicated devs that are really trying hard to succeed, sometimes they run into troubles, but they deserve my support I think.

Anyway, as I wrote there are pros and cons. If you want to read a really lengthy discussion, have a look at the nobl thread (page 380+) or emc2, they are currently discussing the switch to POS and have indeed a Poll about it.

Thanks for your thoughtful response. I lost some on C2 myself. I will definitely look at the nobl and emc2 threads. Have a good one!

Topic: [ANN] [NAUT] Nautiluscoin - First Coin w/Stabilization Fund - Digishield - page 239. (Read 901856 times)