Ok here is the unofficial plan....we need input.
The problem:
On April 7th 2014, Coin2 was 51% attacked and a double spend was successful. This means that someone sent coins to another wallet from their own wallet. They then mined their own blockchain that did not include those transactions. In this case, the recipients of this attack were Bittrexx(about 200,000 C2), Bter.com(unknown amount right now), Nxt-e(unknown amt) and Poloniex(unknown amount). In return, people who bought Coin2 with BTC may or may not receive real coins. This was probably the issue we have been having with Bter in the last few days. They had coins sent to them, then those same coins "disappeared" I was unaware of this until Bittrex and Poloniex contact my team and told them what was going on. We immediately had everyone freeze transactions. The problem is that if you bought C2 with BTC you might end up buying the "fake" coins. That is a problem and I will not let this happen.
The fix:
1. We could roll back the blockchain to before it happened(like Worldcoin did), and make a new blockchain from that point on. However, any transactions after that time will not exist. So if someone bought Coin2 after the attack, they would no longer have their Coin2 or the BTC they used to pay for it. This is not an option and is unfair. It also leaves us open to a 51% attack in the future.
2. We start a new Coin2 with a Proof of Stake(POS) proofing system and exchange "old Coin2" with "new Coin2" <---THIS IS THE METHOD WE ARE USING
How this will work:
Bittrex was the first exchange to help in this situation and they have a knowledgeable staff and are quick to respond. SO we are going to use them for this transition.
1. I am going to ask all exchanges to return Coin2 to their owners. If it "gets stuck" we will manually note it.
2. We will issue the new wallets for "new Coin2"
3. I am going to set a specific date in the future. (A secret for now to prevent attack)
4. All C2 users will have to send in their C2 to Bittrexx in those two days. Once all 50 million "old Coin2" are collected, this blockchain and all related files will be destroyed.
5. Bittrexx will keep a record of the amount of "old C2" in each wallet. They will start "new Coin2" wallet and will replace balances.
6. All users will now have Coin2 POS without any fear of "fake" coins or transactions. The blockchain will then be secure and correct.
What we learned:
1. POW coins do not work without a block reward. People will not spend hashes on a coin with no reward, its human nature.
2. Community is more important to any coin than the coin itself. I am overwhelmed with how amazing everyone has been through this. The first day of the attack, I almost had a heart attack. However, now I think this was a blessing in disguise. We stuck together as a tight knit group and I couldn't be happier.
3. There are cheats in everything. The key is to fix the problem in a professional and fair way.
In conclusion, this is only the unofficial plan. I need feedback. Please ask away, I will do my best to answer as quickly as possible. Thank you and I apologize for any inconvenience and thank the community for keeping the faith.
The problem:
On April 7th 2014, Coin2 was 51% attacked and a double spend was successful. This means that someone sent coins to another wallet from their own wallet. They then mined their own blockchain that did not include those transactions. In this case, the recipients of this attack were Bittrexx(about 200,000 C2), Bter.com(unknown amount right now), Nxt-e(unknown amt) and Poloniex(unknown amount). In return, people who bought Coin2 with BTC may or may not receive real coins. This was probably the issue we have been having with Bter in the last few days. They had coins sent to them, then those same coins "disappeared" I was unaware of this until Bittrex and Poloniex contact my team and told them what was going on. We immediately had everyone freeze transactions. The problem is that if you bought C2 with BTC you might end up buying the "fake" coins. That is a problem and I will not let this happen.
The fix:
1. We could roll back the blockchain to before it happened(like Worldcoin did), and make a new blockchain from that point on. However, any transactions after that time will not exist. So if someone bought Coin2 after the attack, they would no longer have their Coin2 or the BTC they used to pay for it. This is not an option and is unfair. It also leaves us open to a 51% attack in the future.
2. We start a new Coin2 with a Proof of Stake(POS) proofing system and exchange "old Coin2" with "new Coin2" <---THIS IS THE METHOD WE ARE USING
How this will work:
Bittrex was the first exchange to help in this situation and they have a knowledgeable staff and are quick to respond. SO we are going to use them for this transition.
1. I am going to ask all exchanges to return Coin2 to their owners. If it "gets stuck" we will manually note it.
2. We will issue the new wallets for "new Coin2"
3. I am going to set a specific date in the future. (A secret for now to prevent attack)
4. All C2 users will have to send in their C2 to Bittrexx in those two days. Once all 50 million "old Coin2" are collected, this blockchain and all related files will be destroyed.
5. Bittrexx will keep a record of the amount of "old C2" in each wallet. They will start "new Coin2" wallet and will replace balances.
6. All users will now have Coin2 POS without any fear of "fake" coins or transactions. The blockchain will then be secure and correct.
What we learned:
1. POW coins do not work without a block reward. People will not spend hashes on a coin with no reward, its human nature.
2. Community is more important to any coin than the coin itself. I am overwhelmed with how amazing everyone has been through this. The first day of the attack, I almost had a heart attack. However, now I think this was a blessing in disguise. We stuck together as a tight knit group and I couldn't be happier.
3. There are cheats in everything. The key is to fix the problem in a professional and fair way.
In conclusion, this is only the unofficial plan. I need feedback. Please ask away, I will do my best to answer as quickly as possible. Thank you and I apologize for any inconvenience and thank the community for keeping the faith.
Appreciate your efforts to get all work, but I have one question （maybe stupid question）：
Actually now in the block chain, there exists more than 500 million c2. And
how you guys can assure that the hacker will not send their stolen c2 to Bittrex. If they did, the mount of c2 in Bittrex will be more than 500 million, am I right?
