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Topic: [ANN][XRB]Cryptocurrency's killer app: RaiBlocks micropayments - page 169. (Read 775150 times)

newbie
Activity: 107
Merit: 0
I am very much looking forward to it, thank you.
Ckg
newbie
Activity: 1
Merit: 0
legendary
Activity: 1232
Merit: 1001
member
Activity: 109
Merit: 10
Hi everyone... I haven’t looked at XRB in awhile.

For all of you holding.... congratulations !

I thought I was holding XRB on yapriwallet.space.

Did they dissolve?

Kind regards,
Kings
newbie
Activity: 12
Merit: 0
Why RaiBlocks is not secure.

In this article I will try to explain why RaiBlocks is not secure and why its technology is any better neither comparable than the Bitcoin technology.

1. Decentralized payments
Decentralized payment networks are, in opposite of centralized payment network like banks, a way to secure your money without having the risk that a central authority could steal your money or manipulate the money in the market. Decentralized payment networks use asymmetric cryptography to ensure that you are the only one who can spend your money.
When you create a cryptocurrency wallet you are given a public key and a private key. The public key allows other people to send you money, while the private key allows you to spend them.  

But how other users know how many money do you have?
To accomplish this, every user of a decentralized payment network must download the entire transaction database which is replicated on the entire network. When you send a payment over the network, it is received by all the users connected on the network allowing them to know your updated wallet balance and allowing them to discard that payment if you don’t own enough funds.

2. Double Spending
The main problem that afflicts decentralized payment networks is double spending: the ability of an user to spend his money multiple times. In the real world, when you pay someone you give him the real cash. In a centralized payment network, like VISA, the central database is updated every time you make a payment, and they will not allow you to spend more money than your balance.
In a decentralized payment network what happens if you send the same amount of money on two users of the network in the same time? Since their database takes time to update for a small amount of time they both will receive the payment and accept it. In a later moment, when the network tells them that you double spent your money, they will cancel the payment, this is possible because every payment is broadcasted to the entire network, not only the receiver.
Without any other security layer, if a malicious user double spends his money and succeeds to block a payment receiver to know that he sent the same money to someone else (or even better, to another wallet of his own), the payment receiver will accept the payment and ship the good. This is so bad, since even a network connection problem could temporarily lead a payment receiver to undetect double spendings.

3. The Bitcoin Solution
To solve this problem, Bitcoin relays on the fact that after you receive a payment you need to wait a confirmation block, the confirmation block tells you that the payment you have received has been accepted by the entire network and you are allowed to spend it. To create a confirmation block, the miners create a list of all the pending unconfirmed transactions and solve a very difficult mathematical puzzle. The miner who solves the puzzle first, sends the block he found with all the list of confirmed transaction and the solved puzzle to the network, the users of the network will check if the puzzle solution is valid and then reward him with some free coins plus the sum of all the payment fees of each transaction in the block. The miners must create a valid list of payments to be accepted by the network, so double spend attempts are just discarded.

In Bitcoin an attacker,  to make a succesful double spending, should not just stop you from receiving a double spend attempt message, but he should also solve the puzzle to create a confirmation block in a reasonable time frame. Currently solving that puzzle with a single computer would take years; at writing time to solve that puzzle a network of thousands dedicated hardware is used, an attacker would require a billionaire investment to replicate that network. Moreover, it would not only need to create one confirmation block but six of them (6 confirmation blocks are required in the Bitcoin network to trust a payment).

Critics of Bitcoin say that all the computation power used to make the Bitcoin network secure is just a waste of energy because there are other reliable and better technologies. Is that true?

4. What is RaiBlocks?
RaiBlocks is a crypto currency that advertises itself as a fast, fee-less and secure currency, unlikely Bitcoin which is currently slow and high-fee (usually requires 1 hour to a full payment confirmation).
But the key point is that Bitcoin has been made that way to guarantee his users a certain amount of security to prevent double spendings. 
 
RaiBlocks completely ignores the Bitcoin technology and relies on a special version of the Proof Of Stake concept.
When you receive a payment in the RaiBlocks network you have to wait a certain amount of time to be sure that a double spending has not been attempted (and remember the first problem, if an attacker stops you from receiving the double spend you would never know!)
When a double spent is detected, the RaiBlocks network starts a vote. Every peer connected to the network vote to accept the payment A or payment B; every user vote is weighted with the amount of his balance. Usually each peer votes for the first transaction he receives. The transaction which the sum of votes reaches the 51% of online amount of currency wins. The winning transaction is accepted by the network and the other one is discarded. (Reference https://github.com/clemahieu/RaiBlocks/wiki/Double-spending-and-confirmation)

The payment receiver, if his network has not been compromised, will then know if he can trust the payment or not, and will ship the good accordingly. This system leads to an unsolvable problem.

5. The Man in the Middle attack.

If an attacker succeeds to put himself between a merchant and the RaiBlocks network he can just filter the double spending payment packets, and the merchant will never know that he is receiving a double spending. The Raiblocks network will discard that payment while the merchant will accept it.

https://s18.postimg.org/7pnm6yweh/doublespend.png

6. Solutions proposed by the RaiBlocks team

a) The merchant should ask a vote for each payment he receives and wait for the confirmation. 
The problem is that the attacker could manipulate the vote by telling the merchant that only his peers are connected to the network thus he will win the vote by filtering only his votes. Plus, asking a vote for each payment would cause a huge increment of bandwidth usage that many peers could not handle.

b) The merchant should have a remote node verifying the payment.
The attacker could just attack that network too.

c) The merchant should ask the RaiBlocks.net website if the payment has been accepted.
The attacker can hack the RaiBlocks.net website. Also if you have to rely on a website you can no longer consider RaiBlocks a decentralized network.

Other solutions

1) A payment to be accepted should require a vote with a minimum weight quorum.
It's difficult to establish a correct quorum, and if that quorum is offline no payments will be processed.

2) A payment need to be accepted by some trusted representatives.
This will stop the network on being decentralized. Also, if those representatives are offline the payments are not processed.

7. Why Bitcoin is not vulnerable to this type of attack
Simply because an attacker, to be trusted by a merchant, would require to solve a very difficult puzzle for six times. An attacker cannot alter the difficulty of that puzzle.

8. Other observations

a) RaiBlocks is just Bitcoins without the Bitcoin securing algorithm. The creator of Bitcoin, Satoshi Nakamoto, describes the double spending problem in the original Bitcoin paper: https://Bitcoin.org/Bitcoin.pdf. The developer of RaiBlocks just thinks to solve the problem by ignoring the problem.

b) The official representatives of the RaiBlocks network own more than 52% of total voting weight, allowing the developer to manipulate every vote on his will.
Source: https://dev.RaiBlocks.net/page/representatives.php


9. References
https://RaiBlocks.net/media/RaiBlocks_Whitepaper__English.pdf
https://github.com/clemahieu/RaiBlocks/wiki/Double-spending-and-confirmation
full member
Activity: 350
Merit: 100
XRB is on Binance Voting Competition


https://www.binance.com/vote.html

Voting is from 31st Dec 2017 to 4th Jan 2018!

Please vote for XRB and lets get this on the biggest exchange out there and lets start the new year with a BANG.

To vote, you need 0.1 BNB coin (around $1).
Please spend this small amount and in return the price will speak for itself
In case you dont have BNB on Binance but have XRB, send some XRB to BitGrail, withdraw ETH to Binance, trade ETH to BNB and make a vote!


Everybody please vote!!
XRB is in the lead by a good margin.  Everyone keep voting and this coin can FINALLY be added to a large exchange like it deserves.

Before i was anxiousing because xrb behind of XP, but finally XRB can go ahead and surpassed XP. There are 4 days remaining before this vote ends, so i hope XRB still on the first place and we can win
legendary
Activity: 2562
Merit: 2640
The current price is @0.00089888 BTC in this time, I have bought it in 0.00110000 yesterday, what happen in this coin?  Cry

nothing happen
it's just correction after bullish for almost 1 month

it will surely rise after the more than healthy correction. thought about a deeper drop though



Seriously mate, what's your deal? I know for a fact that you're not a fan of this project and you're no way here to be a part of the community, so why are you here mate? Why are you still here posting all this nonsense?, how can you tell it's fake news though? How do you know that this is not a healthy correction? Seeing the bullish trend that happened the past couple of weeks, the current price drop is normal, it's not even a really low drop, it's just went down around 20,000 sat which is a really good correction and in a analyst point of view this is healthy for the market, this just means that this project is maturing and we're going to reach a new all time high soon, I just checked your previous posts and it seems like when the price was just around 90k sat you said "enjoy the collapse" but the collapse never happened mate just hours after you post that the price went as high as 120k satoshi, it seems like you were wrong about that, next time you say something about the market price, backed it up mate, because with what you're doing it looks like you're just here to spread FUD.

How come there is nobody moderating this thread?
Yes, fracas (among others) is not here to be part of the community, he's just posting nonsense.
Will he stop? NO. He's been doing this since a few days now.

Your attitude is very wrong mate. There are a couple of things you seem to be missing here:

1. The community is this forum. If he is in the forum then he is part of the community. This is not a cult, nor private XRB forum. We discuss things openly here.
2. There are no influencers in this forum. Nothing said here will change the fate of any coin. If it's meant to succeed it will despite anything said here, if it's meant to fail it will.
3. We as investors and potential investors have only to gain if problems are discussed. See #2. Nothing changes for the coin, but it does for us. Even if there is a 1% chance he is right, I want to hear about it and I alone will decide if he is right or not. Depending on that I might be in or out, or change my mind at any time. I'm following a large number of coins, I might or might not be invested in it. One thing that I definitely want to hear about everywhere are the potential problems. Lets not turn this forum in an echo chamber.

+1
and I say this as a strong xrb supporter, but despite this I strongly wish to hear everyone's opinion
member
Activity: 252
Merit: 11
The current price is @0.00089888 BTC in this time, I have bought it in 0.00110000 yesterday, what happen in this coin?  Cry

nothing happen
it's just correction after bullish for almost 1 month

it will surely rise after the more than healthy correction. thought about a deeper drop though



Seriously mate, what's your deal? I know for a fact that you're not a fan of this project and you're no way here to be a part of the community, so why are you here mate? Why are you still here posting all this nonsense?, how can you tell it's fake news though? How do you know that this is not a healthy correction? Seeing the bullish trend that happened the past couple of weeks, the current price drop is normal, it's not even a really low drop, it's just went down around 20,000 sat which is a really good correction and in a analyst point of view this is healthy for the market, this just means that this project is maturing and we're going to reach a new all time high soon, I just checked your previous posts and it seems like when the price was just around 90k sat you said "enjoy the collapse" but the collapse never happened mate just hours after you post that the price went as high as 120k satoshi, it seems like you were wrong about that, next time you say something about the market price, backed it up mate, because with what you're doing it looks like you're just here to spread FUD.

How come there is nobody moderating this thread?
Yes, fracas (among others) is not here to be part of the community, he's just posting nonsense.
Will he stop? NO. He's been doing this since a few days now.

Your attitude is very wrong mate. There are a couple of things you seem to be missing here:

1. The community is this forum. If he is in the forum then he is part of the community. This is not a cult, nor private XRB forum. We discuss things openly here.
2. There are no influencers in this forum. Nothing said here will change the fate of any coin. If it's meant to succeed it will despite anything said here, if it's meant to fail it will.
3. We as investors and potential investors have only to gain if problems are discussed. See #2. Nothing changes for the coin, but it does for us. Even if there is a 1% chance he is right, I want to hear about it and I alone will decide if he is right or not. Depending on that I might be in or out, or change my mind at any time. I'm following a large number of coins, I might or might not be invested in it. One thing that I definitely want to hear about everywhere are the potential problems. Lets not turn this forum in an echo chamber.
hero member
Activity: 784
Merit: 506
XRB is on Binance Voting Competition


https://www.binance.com/vote.html

Voting is from 31st Dec 2017 to 4th Jan 2018!

Please vote for XRB and lets get this on the biggest exchange out there and lets start the new year with a BANG.

To vote, you need 0.1 BNB coin (around $1).
Please spend this small amount and in return the price will speak for itself
In case you dont have BNB on Binance but have XRB, send some XRB to BitGrail, withdraw ETH to Binance, trade ETH to BNB and make a vote!


Everybody please vote!!
XRB is in the lead by a good margin.  Everyone keep voting and this coin can FINALLY be added to a large exchange like it deserves.
full member
Activity: 546
Merit: 102
If XRB is going to win the vote, when is Binance going to list them?

as soon as possible
since raiblocks is using new tech i think it will take a time to available there
legendary
Activity: 1764
Merit: 1012
Interesting coin, i can't believe something reaches 2-3 billion market cap just with bitgrail and mercatox.

But the thing is it reached there with low volume. It only has good volume for the last 6 days.

I think the pumps reason is binance voting. It would be interesting the see if it got listed on binance.

It can pump very hard but also people holding for bigger exchanges can dump huge too.

So do you think we should buy now until it's added, I recently noticed railblocks stil need to read white paper but this project looks and seems better than IOTA even it might be good to get into it.

I think he is saying it can go both ways.

And he may be right. Yes, demand will increase but also people made 100x in short-term want to sell with high volume. It can pump big but also can dump big.
member
Activity: 124
Merit: 10
I have never seen anything like this in my year in cryptocurrencies. I am now a holder of 23.2 btc worth of xrb after originally investing 0.76 which was more than half of my savings less than 2 month ago, I cannot believe it you have changed my life developers. I wish you all true happiness in your lifetimes.
full member
Activity: 486
Merit: 102
You do a great job with this project devs and team. Keep do it the same and will grow more.

Happy new year!!!
sr. member
Activity: 574
Merit: 261
XRB on Binance!

https://www.binance.com/vote.html

Vote now! Smiley
Voted !
Looks like XRB will be competing with XP/REDD and ZEN

after 8 hours of voting:
DragonChain (DRGN)   189
Blocknet (BLOCK)   1
Storm (STORM)   68
Ubiq (UBQ)   15
Civic (CVC)   20
ZenCash (ZEN)   24
WeTrust (TRST)   5
Augur (REP)   7
Aventus (AVT)   7
Experience Points (XP)   1377
BLOCKv (VEE)   24
ReddCoin (RDD)   34
Rise (RISE)   30
DeepBrain Chain (DBC)   125
RaiBlocks (XRB)   981
SIBCoin (SIB)   7


I was expecting the XRB community to be the most active, it's an amazing opportunity to get listed on Binance, XP is probably a legit coin but how come they get so many vote with so few pages on their announcement thread...

EDIT: After checking XP thread actually they offer bounty for voting and all this story doesn't sound very legit, i suspect the whales or owner to manipulate the vote.

Whatever XP were doing it didn't work. When I checked earlier today voting was as such:
XP= 52.77%
XRB = 27.95%

When I check just now the voting was so:
XP = 30.74%
XRB = 52.06%

It looks like it's pretty much a two horse race at the moment, unless fans of the other coins decide to splash out there BNB.

legendary
Activity: 1960
Merit: 1022
This coin will go easy 10X at Poloniex an Bittrex.
newbie
Activity: 56
Merit: 0
Interesting coin, i can't believe something reaches 2-3 billion market cap just with bitgrail and mercatox.

But the thing is it reached there with low volume. It only has good volume for the last 6 days.

I think the pumps reason is binance voting. It would be interesting the see if it got listed on binance.

It can pump very hard but also people holding for bigger exchanges can dump huge too.

So do you think we should buy now until it's added, I recently noticed railblocks stil need to read white paper but this project looks and seems better than IOTA even it might be good to get into it.
sr. member
Activity: 980
Merit: 276
$CYBERCASH METAVERSE
Interesting coin, i can't believe something reaches 2-3 billion market cap just with bitgrail and mercatox.

But the thing is it reached there with low volume. It only has good volume for the last 6 days.

I think the pumps reason is binance voting. It would be interesting the see if it got listed on binance.

It can pump very hard but also people holding for bigger exchanges can dump huge too.
newbie
Activity: 48
Merit: 0
If XRB is going to win the vote, when is Binance going to list them?
member
Activity: 139
Merit: 10
Volume is drying up.  MACD indicates more downside ahead.  Short-term bearish.

New All Time High with low volume. Still no legit exchange even if they are winning at Binance.


What is low volume ? Yesterday the volume was 50m +, and then the bitgrail exchange went down for 0ver 8 hours. Now its 35m and going up

You know coins in top 10 often do just 50m a day? Look at historic volume of NEM and some other coins, they do very low volume of many times but no one seems to "scream" at them for low volume?

Exchanges are coming, its not easy to add XRB like it is for BTC or ECR20. Exchanges need time to add this coin

I say wait for https://rai.exchange its launching in the coming week 

He's a troll, just ignore him.
full member
Activity: 322
Merit: 101
Volume is drying up.  MACD indicates more downside ahead.  Short-term bearish.

New All Time High with low volume. Still no legit exchange even if they are winning at Binance.


What is low volume ? Yesterday the volume was 50m +, and then the bitgrail exchange went down for 0ver 8 hours. Now its 35m and going up

You know coins in top 10 often do just 50m a day? Look at historic volume of NEM and some other coins, they do very low volume of many times but no one seems to "scream" at them for low volume?

Exchanges are coming, its not easy to add XRB like it is for BTC or ECR20. Exchanges need time to add this coin

I say wait for https://rai.exchange its launching in the coming week 
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