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Topic: Litecoin 51% attacked? (Read 10246 times)

donator
Activity: 1218
Merit: 1079
Gerald Davis
December 31, 2011, 11:46:16 AM
Which IMHO is why CPU only chains are dubious.   The largest botnets are in the hundreds of thousands of nodes range.  Currently LTC is too small to attract that kind of attention but if it did gain any traction profitability for anyone without free electricity and hardware would be crushed to zero by progresssively larger and larger and larger botnets.

Bitcoin isn't GPU "friendly" it is an open algorithm.  Today it happens to be AMD GPUs.  Tomorrow it might be FPGA.  As CPU gain more stream processing capabilities and potentially even encryption/hashing specific instructions they could move past FPGA and GPU.  In time we may see dedicated encryption processors being used or even custom chips (sASIC, ASICS, etc).

By keeping the algorithm open the network will always become more and more efficient.  Some people might think it isn't fair that their favorite hardware can't mine Bitcoins but "fairness" is a dubious value.  Efficiency is what matters.
hero member
Activity: 518
Merit: 500
December 31, 2011, 11:12:42 AM
#99
Both were to be expected. Difficulty was going to explode because of how easy it is for a botnet, or even just some IT guy in a large company to have 100s or 1000s of cpus mining for him. Im surprised ltc difficulty stayed so low for so long.  Price was also more or less predictable,  you cant use litecoins for anything, far less even than bitcoins, and the supply is increasing quite rapidly.

Anyway, litecoin mining has been relatively profitable for some time. But now; havent done the math yet, but it looks like its pointless today. And thats a problem for litecoin I think; if only botnets are worthwhile...
hero member
Activity: 540
Merit: 500
The future begins today
December 31, 2011, 11:04:38 AM
#98
Seems like some botnet operator just discovered litecoin. Difficulty more than doubled.  Ouch.

Ouch.. And Litecoin value is low atm ...
hero member
Activity: 518
Merit: 500
December 31, 2011, 06:12:15 AM
#97
Seems like some botnet operator just discovered litecoin. Difficulty more than doubled.  Ouch.
legendary
Activity: 1204
Merit: 1000
฿itcoin: Currency of Resistance!
December 29, 2011, 12:24:43 AM
#96
Soon the difficulty drops, the Litecoin hashrate rises up like a rocket!!
I would love to control a botnet... Just for fun... lol
But I have no idea how to do that... Damn lucky bastards...  ^_^
legendary
Activity: 889
Merit: 1000
Bitcoin calls me an Orphan
December 28, 2011, 10:24:56 PM
#95
Botnets will drive all cpu chains into the ground by chain-hopping. They'll mine one chain, driving the difficulty up slowly, while the difficulty on the other chains drop. Then, they'll switch to the lower difficulty chains and wait for the non-mined chains to drop in difficulty. All the cpu-chains are very chain-hopper friendly.

Not sure how its going to run it into the ground.. only reason they hope is because of coin value.. if a coin doesnt have any value then it wont be mined. So its up to people that buy it.
legendary
Activity: 3878
Merit: 1193
December 28, 2011, 08:30:24 PM
#94
Botnets will drive all cpu chains into the ground by chain-hopping. They'll mine one chain, driving the difficulty up slowly, while the difficulty on the other chains drop. Then, they'll switch to the lower difficulty chains and wait for the non-mined chains to drop in difficulty. All the cpu-chains are very chain-hopper friendly.
sr. member
Activity: 392
Merit: 250
December 28, 2011, 10:01:08 AM
#93
Now that it's the holidays and people have turned off their computers, the botnet has collapse by 33% and now only makes up 50% of the hashing power  Grin
Or maybe it's just that for some reason the botnet switched to FBX Grin
http://allchains.info/
donator
Activity: 1218
Merit: 1079
Gerald Davis
December 28, 2011, 08:29:04 AM
#92
I really like the idea of a CPU-only coin, but, do we really need it right now?!

There are very few people who know and are interested in Bitcoin, and even fewer people who are interested in Litecoin but, there are many people wanting to destroy the good things as Litecoin (aka CH).


GPU hostile chains are a wet dream for botnets.  Bitcoin isn't a GPU chain.  It is an open chain.  It happens to be that AMD GPU currently rule the kingdom but that will change.  In time FPGA will replace GPU.  The specialization in hardware means the average botnet is competing at a significant disadvantage. 
legendary
Activity: 1484
Merit: 1005
December 25, 2011, 09:21:17 AM
#91
Now that it's the holidays and people have turned off their computers, the botnet has collapse by 33% and now only makes up 50% of the hashing power  Grin

http://pool-x.eu/net
legendary
Activity: 1204
Merit: 1000
฿itcoin: Currency of Resistance!
December 25, 2011, 02:15:55 AM
#90
I really like the idea of a CPU-only coin, but, do we really need it right now?!

There are very few people who know and are interested in Bitcoin, and even fewer people who are interested in Litecoin but, there are many people wanting to destroy the good things as Litecoin (aka CH).
legendary
Activity: 1204
Merit: 1000
฿itcoin: Currency of Resistance!
December 25, 2011, 01:56:26 AM
#89
Well... I hate to admit but, now, the Litecoin total haspower is "10.16 MH/s" but, sometimes, it reaches 30MH/s!!
Can be nothing but, how to identify a blockchain split (51% attack?!) automatically if it happen?!
sr. member
Activity: 574
Merit: 250
December 19, 2011, 12:54:02 AM
#88
Ain't hostile... they drove the FUD short bus over here and started broadcasting fear and loathing about a non-issue, non-event load of silliness, when they really could have spent the time far more usefully fixing their own business. Ah, but why deliver on your incessant promises, ridiculous statements, and deluded ego-maniacal boasts when you can try and create an "Issue" to deflect attention from your own shortcomings.

We just pointed to the simple minded folks, and reminded them that they forgot to fact-check, think or reason anything out before giving birth to their little FUD-baby.
sr. member
Activity: 322
Merit: 250
We are bees, and we hate you.
December 19, 2011, 12:04:07 AM
#87
Always good to see the community still acting hostile to Scamcoin... I always get a kick out of these threads...  Cheesy
legendary
Activity: 2492
Merit: 1473
LEALANA Bitcoin Grim Reaper
December 18, 2011, 11:08:11 PM
#86
Hmm interesting thread.
sr. member
Activity: 341
Merit: 250
December 18, 2011, 09:27:19 PM
#85
so as a solo miner does that mean i am a member of "the dark pool"? that is soo awesome! do i get to kill innocent ppl or anything like that? or at least corrupt more cpu's into quitting pools and coming over to "the dark pool"? i'm not really sure what a 51% attack is, i think maybe it has to do with politics?
legendary
Activity: 1876
Merit: 1000
December 18, 2011, 08:51:49 PM
#84


I agree with this..  I am personally ~1% of the 'other', or 'unknown' with 230Mhash.  There are probably plenty like me.



HAHA, 230MH, wow you litecoin donkeys can really type with shit on your fingers Wink

yep...  fat finger fred here.....  should be 230 Khash
hero member
Activity: 504
Merit: 502
December 18, 2011, 06:30:22 PM
#83


I agree with this..  I am personally ~1% of the 'other', or 'unknown' with 230Mhash.  There are probably plenty like me.



HAHA, 230MH, wow you litecoin donkeys can really type with shit on your fingers Wink
legendary
Activity: 1876
Merit: 1000
December 13, 2011, 10:14:46 AM
#82


I agree with this..  I am personally ~1% of the 'other', or 'unknown' with 230Mhash.  There are probably plenty like me.

hero member
Activity: 770
Merit: 500
December 13, 2011, 08:52:18 AM
#81
I wonder if the recent drop of price has anything to do with the fact it was revealed that a sizeable part of the hashrate is composed of huge solo miners like BigCpuMiner...
If it is the case, it is good news because that means we have just got rid of our most  short-sighted speculators.

In retrospect, Litecoin is bound to attract the business of large CPU pools like owners of cybercafes, idle data centers, botnets, reseach clusters and cloud operators.
While having one single such large CPU pool control most of the hashpower would be worrisome, having several is a huge advantage for the safety of the coin as it will grow the hashrate to record high, and make E2C-style attacks pretty futile.

If my understanding is correct, BigCpuMiner, while he has a sizeable chunk of the hashrate, doesn't control the majority of it.
It is likely that we already have two or three such large solo miners, in which case we are already safer than without them.

That's a great thing. I am looking forward to seeing other CPU pools join the party.
Thanks BigCpuMiner for choosing Litecoin!
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