Topic: [ANN][BSTY2] Community Takeover of GlobalBoost-Y, following 51% attack - page 3. (Read 4049 times)

looks like takeovers are now "in"...

Another community takeover...

I have recently demonstrated a 51% attack on GlobalBoost-Y.
( Orignial Thread: https://bitcointalksearch.org/topic/globalboost-y-bsty-globalboost-yescrypt-social-networksmanager-775289 )

This was possible because of the extremely low hashpower the coin currently has.
Note that I did not perform any double spend. This was just to demonstrate the vulnerability.

The coin lost most of it's miners after the block reward dropped from 347 directly to 50.  This is a masked premine.

Immediately after launching the attack I asked the developers to increase the block reward, to serve as incentive for miners, so that the coin would no longer would be exposed to this attack. They categorically refused. Then I cancelled a few small transactions (about 3000 BSTY in total) and Bittrex immediately delisted the coin.

I am starting this thread in hopes that we can mount a community take over, to salvage the coin.

If you hold BSTY, or you are interested in mining it, please post your comments here.

BSTY original thread is self-moderated and began deleting some of my messages.
This is not. I cannot censor any messages here.


MY BLOCK REWARD PROPOSAL

https://github.com/bstymaster/GlobalBoost-Y

Please note that I haven't yet updated the checkpoints. This is just a preliminary proposal. Awaiting feedback, and then will set the checkpoint pubkey.

Before block 29200, the rewards will remain the same.
After that, valid block reward will be 1024, and it will be halving every 240000 blocks.

This will fix the 51% attack vulnerability as it will give adequate incentive to miners.


int64 static GetBlockValue(int nHeight, int64 nFees)
{
    int64 nSubsidy = 1024 * COIN;

    if (nHeight <17291)
    {
        nSubsidy = 347 * COIN;
    }
    else
     {  
        if(nHeight < 29200 )
        {
           nSubsidy = 50 * COIN;
        }
          else
       {
          int halvings = (nHeight-29200) / 240000;
     // Force block reward to zero when right shift is undefined.
       if (halvings >= 64)
      return nFees;
   
       // Subsidy is cut in half every 240,000 blocks which will occur approximately every 4 years.
       nSubsidy >>= halvings;
       }
     }
    return nSubsidy + nFees;
}