[ANN]Faircoin - MULTIPOOL PAYS --- 20%--- BONUS! for the next week!! - page 188.

y3804

sr. member

Activity: 406

Merit: 250

Quote from: fair-cointeam on March 29, 2014, 03:51:37 PM

you are correct about the attack, the attacker mined in secret and replaced the chain
that is how they got the coins
this is no longer possible as we have a hard checkpoint

Did you implement automatic checkpointing? How did you fix it?

jcarl987

sr. member

Activity: 392

Merit: 250

Quote from: NubRevealer on March 29, 2014, 03:37:23 PM

yeah we could go on with life on poloniex, but the thing is there's a few million of our coin stuck there on nxte. yes they never say they wont give back our coins, but they never say they will give back also.

Yeah of course, it's absolutely unacceptable to still be withholding legit coins.

fair-cointeam

member

Activity: 70

Merit: 10

you are correct about the attack, the attacker mined in secret and replaced the chain
that is how they got the coins
this is no longer possible as we have a hard checkpoint

NubRevealer

newbie

Activity: 29

Merit: 0

yeah we could go on with life on poloniex, but the thing is there's a few million of our coin stuck there on nxte. yes they never say they wont give back our coins, but they never say they will give back also.

jcarl987

sr. member

Activity: 392

Merit: 250

Well they wanted to merge the forks, adding an extra 50 mil coins into the system and devaluing the coins held by the majority of people who have absolutely nothing to do with this.

On a better note, trading at poloniex seems to be at about the same price as before the problems.

NubRevealer

newbie

Activity: 29

Merit: 0

Quote from: y3804 on March 29, 2014, 02:25:08 PM

Here is my theory, please read below!

Quote from: Bitcoin Wikipedia #1

An attacker that controls more than 50% of the network's computing power can, for the time that he is in control, exclude and modify the ordering of transactions. This allows him to:

Reverse transactions that he sends while he's in control
Prevent some or all transactions from gaining any confirmations
Prevent some or all other generators from getting any generations

The attacker can't:

Reverse other people's transactions
Prevent transactions from being sent at all (they'll show as 0/unconfirmed)
Change the number of coins generated per block
Create coins out of thin air
Send coins that never belonged to him

It's much more difficult to change historical blocks, and it becomes exponentially more difficult the further back you go.
As above, changing historical blocks only allows you to exclude and change the ordering of transactions.
It's impossible to change blocks created before the last checkpoint.

Quote from: Bitcoin Wikipedia #2

The client accepts the 'longest' chain of blocks as valid. The 'length' of the entire block chain refers to the chain with the most combined difficulty, not the one with the most blocks.

Quote from: NXT-E

The deposited coins were created out of the genesis block. Therefore the dev is the scammer, and the 50M were never distributed.

Therefore, if the quoted above is true, the attacker mined an entirely different fork using the same genesis block (i.e. simply not updating his config to update to the current fork), allowing him to own the coins from the premine.
This entirely different chain had the most combined difficulty (not the most blocks, see quote #2), allowing it to take over the current one (which had a very low diff.)

This means he could have rented a 300mh/s rig on betarig for 0.5 BTC and mined 6 hours to take over the current chain.

This allowed him to have control over all the 50M coins, and therefore deposit coins, reverse transactions (see quote #1), and deposit again, and so on. This is pretty much the only possibility IMO.

and nxte wanted us to stay on that forked version, the version in which the attacker got 50Mil??? so fishy

truerue

full member

Activity: 156

Merit: 100

Quote from: y3804 on March 29, 2014, 02:25:08 PM

The attacker mined an entirely different fork using the same genesis block (i.e. simply not updating his config to update to the current fork), allowing him to own the coins from the premine.

Thanks you for answering, it seems to be true.

Rraider

full member

Activity: 180

Merit: 100

Quote from: busoni on March 29, 2014, 01:57:38 PM

FAC market resumed on Poloniex.

I would like to point out that the developer was very responsive and helpful, and even covered half of the losses. Clearly dedicated to the coin.

And once again Busoni shows how to handle a problem !!!

nightwishx

hero member

Activity: 900

Merit: 500

Quote from: busoni on March 29, 2014, 01:57:38 PM

FAC market resumed on Poloniex.

I would like to point out that the developer was very responsive and helpful, and even covered half of the losses. Clearly dedicated to the coin.

good job！

NXT-E=shit

y3804

sr. member

Activity: 406

Merit: 250

Here is my theory, please read below!

Quote from: Bitcoin Wikipedia #1

An attacker that controls more than 50% of the network's computing power can, for the time that he is in control, exclude and modify the ordering of transactions. This allows him to:

Reverse transactions that he sends while he's in control
Prevent some or all transactions from gaining any confirmations
Prevent some or all other generators from getting any generations

The attacker can't:

Reverse other people's transactions
Prevent transactions from being sent at all (they'll show as 0/unconfirmed)
Change the number of coins generated per block
Create coins out of thin air
Send coins that never belonged to him

It's much more difficult to change historical blocks, and it becomes exponentially more difficult the further back you go.
As above, changing historical blocks only allows you to exclude and change the ordering of transactions.
It's impossible to change blocks created before the last checkpoint.

Quote from: Bitcoin Wikipedia #2

The client accepts the 'longest' chain of blocks as valid. The 'length' of the entire block chain refers to the chain with the most combined difficulty, not the one with the most blocks.

Quote from: NXT-E

The deposited coins were created out of the genesis block. Therefore the dev is the scammer, and the 50M were never distributed.

Therefore, if the quoted above is true, the attacker mined an entirely different fork using the same genesis block (i.e. simply not updating his config to update to the current fork), allowing him to own the coins from the premine.
This entirely different chain had the most combined difficulty (not the most blocks, see quote #2), allowing it to take over the current one (which had a very low diff.)

This means he could have rented a 300mh/s rig on betarig for 0.5 BTC and mined 6 hours to take over the current chain.

This allowed him to have control over all the 50M coins, and therefore deposit coins, reverse transactions (see quote #1), and deposit again, and so on. This is pretty much the only possibility IMO.

bitcoinsservice

newbie

Activity: 55

Merit: 0

Quote from: busoni on March 29, 2014, 01:57:38 PM

FAC market resumed on Poloniex.

I would like to point out that the developer was very responsive and helpful, and even covered half of the losses. Clearly dedicated to the coin.

The devs really care about coin , I trust them.

phreakmac

jr. member

Activity: 56

Merit: 10

Quote from: jiangkand1 on March 29, 2014, 02:15:08 PM

This coin recent performance good or bad Huh

708 satoshi - not too bad for me

jiangkand1

newbie

Activity: 42

Merit: 0

I hardly understand how retarded some people like you can be.

DO YOU REALLY THINK HE WOULD HAVE RISKED TO DUMP IT ALL AND KILL THE OCIN WHILE WE ARE FIRST IN MINTPAL?

MORON!

bbeikoff

member

Activity: 109

Merit: 10

nxt-e.com is crazy.... i think poloniex.com is more responsible!!

altj

newbie

Activity: 16

Merit: 0

Quote from: ?? on ??

Therefore, if the quoted above is true, the attacker mined an entirely different fork, up to block 2500ish, by HIMSELF, allowing him to own the coins from the premine.
This entirely different chain had the most combined difficulty, allowing it to take over the current one (which had a very low diff.)
This allowed him to have control over all the 50M coins, and therefore deposit coins, reverse transactions (see quote #1), and so on. This is pretty much the only possibility IMO.

That's what I think happened. It wouldn't have been too difficult to do with the low PoW difficulty of the coin. Someone with a decent mining rig could probably have done it in a few days.

LeancyInvest

member

Activity: 80

Merit: 10

Exchange in poloniex is back on track.

ITGeniusGuru

sr. member

Activity: 264

Merit: 250

Quote from: ?? on ??

Here is my theory, please read below!
Therefore, if the quoted above is true, the attacker mined an entirely different fork, up to block 2500ish, by HIMSELF, allowing him to own the coins from the premine.
This allowed him to have control over all the 50M coins, and therefore deposit coins, reverse transactions, and so on. This is pretty much the only possibility IMO.

This sounds like a very plausible conspiracy theory.
Time to call the Interpol.

sanbashiyi

legendary

Activity: 895

Merit: 1001

Quote from: nxt-e.com on March 29, 2014, 12:00:11 PM

最新爆料！ Fair和 Comm 全是一个黑心团队干的。

我花了4个小时来解释目前的情况。

我提出要捐助 1个 BTC 做 Fair 2.0 没想到。他们一手策划了事情。我无需解释了。
，
之后，我接到了这个聊天记录！去你们的吧。
---------------------------------------------------------------------

NXT-E 永远和骗子斗争到底！

村长
2014-03-29 23:01:42
大家刷起来
村长
2014-03-29 23:01:50
公平那边累死了
村长
2014-03-29 23:01:52
不看了
雨歌
2014-03-29 23:02:05
放弃公平吧
村长
2014-03-29 23:02:08
也就2个btc而已
雨歌
2014-03-29 23:02:16
修好了也没用了
村长
2014-03-29 23:02:16
还有几波
村长
2014-03-29 23:02:19
行情
村长
2014-03-29 23:02:12
看看吧
雨歌
2014-03-29 23:02:23
都残了
村长
2014-03-29 23:02:23
别急
村长
2014-03-29 23:02:25
有庄
六条命
2014-03-29 23:02:21

村长
2014-03-29 23:02:36
残不残没关系
六条命
2014-03-29 23:02:34

村长
2014-03-29 23:02:51
我只要确保别死就行了
油鸡
2014-03-29 23:02:48

村长
2014-03-29 23:03:09
群主难当
村长
2014-03-29 23:03:14
希望comm让我省点心
雨歌
2014-03-29 23:03:16
这个comm刷完了
雨歌
2014-03-29 23:03:23
谁当领导人啊
村长
2014-03-29 23:03:33
你们选
23:03:37
六条命
2014-03-29 23:03:37
谁刷的多谁当

wow is so cool .nxt-e why say that fac and comm are the same team?

ITGeniusGuru

sr. member

Activity: 264

Merit: 250

Quote from: nxt-e.com on March 29, 2014, 12:41:28 PM

The whole thing is pretty straightforward. The FAC team dump more than 5 million coins to our exchange, traded with btc and withdrew it.

Who is the "FAC team" and where did they get 5 Million coins?

sanbashiyi

legendary

Activity: 895

Merit: 1001

evidence

Topic: [ANN]Faircoin - MULTIPOOL PAYS --- 20%--- BONUS! for the next week!! - page 188. (Read 341962 times)