Powercoin 51% Attack | Bitcointalksearch.org

bonsai99

member

Activity: 112

Merit: 10

Official statement from NWO

Quote from: NWO on June 21, 2013, 06:32:32 AM

Just an official statement that PowerCoin PWC did suffer a 51% by an individual from a Chinese IP. I just wanted to clarify the rumours and to thank the community for their continued support over the months. What a journey it has been! Grin

From this point forward PowerCoin will cease to exist. I will be in talks with Paul (BigVern) about a resolution for funds in cryptsy.

Let it be known that this was not only an attack on PowerCoin, but an attack on the crypto community. Who are we to dictate which coin lives or dies, the markets and the people will determine a future online currency. Just how Bitcoin is an experiment for something even greater to stand upon it.

crazy_rabbit

legendary

Activity: 1204

Merit: 1002

RUM AND CARROTS: A PIRATE LIFE FOR ME

Quote from: anderl on June 21, 2013, 06:52:03 AM

Quote from: temor on June 21, 2013, 05:21:06 AM

Quote from: NWO on June 21, 2013, 05:06:06 AM

No one should be blaming Paul or anyone else at Crypsty, it is the individual in China who thought it would be funny to fuck with people's lives. He is attacking not only PowerCoin but the whole crypto community and I would hate to see someone else's work fall victim to this guys power trips since he obviously lacks it in his own life.

What you on about lol? Destroying these shitcoins one by one is the only way to stop this altcoin-pandemic. We can't have 65 new coins popping up every day stealing money from unsuspecting gold diggers. These coins are nothing but a scam.
They come out of nowhere and their prices shoot sky high, so that the ones who jumped on early can trade them in for actually valuable currencies and then they die, and everyone stupid enough to invest in it gets nothing.

It's happened too many times to count now, so I welcome this 51% attack, and hope there is many, many more to come.

idiot. you don't realize what you are asking for and how much damage it will do to crytos and LTC specifically.

I think it will do negative damage. Negative as in it will make serious coins like Litecoin and Bitcoin look even Better and more secure. These sort of attacks will only go on to prove how important reaching network effect is. I'm generally against destroying people's work, although I start to warm up to the darwinian perspective that someone people profess.

Oldminer

legendary

Activity: 1022

Merit: 1001

Quote from: anderl on June 21, 2013, 06:52:03 AM

Quote from: temor on June 21, 2013, 05:21:06 AM

Quote from: NWO on June 21, 2013, 05:06:06 AM

No one should be blaming Paul or anyone else at Crypsty, it is the individual in China who thought it would be funny to fuck with people's lives. He is attacking not only PowerCoin but the whole crypto community and I would hate to see someone else's work fall victim to this guys power trips since he obviously lacks it in his own life.

What you on about lol? Destroying these shitcoins one by one is the only way to stop this altcoin-pandemic. We can't have 65 new coins popping up every day stealing money from unsuspecting gold diggers. These coins are nothing but a scam.
They come out of nowhere and their prices shoot sky high, so that the ones who jumped on early can trade them in for actually valuable currencies and then they die, and everyone stupid enough to invest in it gets nothing.

It's happened too many times to count now, so I welcome this 51% attack, and hope there is many, many more to come.

idiot. you don't realize what you are asking for and how much damage it will do to crytos and LTC specifically.

Meh, there's a Bitcoin bagholder troll in every alt-coin thread.

anderl

hero member

Activity: 714

Merit: 500

Quote from: temor on June 21, 2013, 05:21:06 AM

Quote from: NWO on June 21, 2013, 05:06:06 AM

No one should be blaming Paul or anyone else at Crypsty, it is the individual in China who thought it would be funny to fuck with people's lives. He is attacking not only PowerCoin but the whole crypto community and I would hate to see someone else's work fall victim to this guys power trips since he obviously lacks it in his own life.

What you on about lol? Destroying these shitcoins one by one is the only way to stop this altcoin-pandemic. We can't have 65 new coins popping up every day stealing money from unsuspecting gold diggers. These coins are nothing but a scam.
They come out of nowhere and their prices shoot sky high, so that the ones who jumped on early can trade them in for actually valuable currencies and then they die, and everyone stupid enough to invest in it gets nothing.

It's happened too many times to count now, so I welcome this 51% attack, and hope there is many, many more to come.

idiot. you don't realize what you are asking for and how much damage it will do to crytos and LTC specifically.

jackjack

legendary

Activity: 1176

Merit: 1280

May Bitcoin be touched by his Noodly Appendage

Quote from: NWO on June 21, 2013, 05:06:06 AM

He is attacking not only PowerCoin but the whole crypto community

Absolutely not.
He proved that a shit coin can't be sold higher than a shit price. Otherwise someone will fuck with it.
So he didn't attack Bitcoin.
So he didn't attack "the whole crypto community".

Snail2

legendary

Activity: 1512

Merit: 1000

Some cleanup would be useful indeed but such attacks could be damaging for the entire cryptocurrency "industry". So, carefully with that axe mate

.

temor

full member

Activity: 168

Merit: 100

Quote from: NWO on June 21, 2013, 05:06:06 AM

No one should be blaming Paul or anyone else at Crypsty, it is the individual in China who thought it would be funny to fuck with people's lives. He is attacking not only PowerCoin but the whole crypto community and I would hate to see someone else's work fall victim to this guys power trips since he obviously lacks it in his own life.

What you on about lol? Destroying these shitcoins one by one is the only way to stop this altcoin-pandemic. We can't have 65 new coins popping up every day stealing money from unsuspecting gold diggers. These coins are nothing but a scam.
They come out of nowhere and their prices shoot sky high, so that the ones who jumped on early can trade them in for actually valuable currencies and then they die, and everyone stupid enough to invest in it gets nothing.

It's happened too many times to count now, so I welcome this 51% attack, and hope there is many, many more to come.

NWO

sr. member

Activity: 392

Merit: 250

No one should be blaming Paul or anyone else at Crypsty, it is the individual in China who thought it would be funny to fuck with people's lives. He is attacking not only PowerCoin but the whole crypto community and I would hate to see someone else's work fall victim to this guys power trips since he obviously lacks it in his own life.

CaptainPicard

newbie

Activity: 42

Merit: 0

Quote from: crazy_rabbit on June 21, 2013, 04:23:08 AM

Quote from: CaptainPicard on June 21, 2013, 03:33:15 AM

What does this mean for coin holders? Is Cryptsy going to be covering the losses, or are they still solvent?

Why would cryptsy cover the loses? Powercoin holders took the risk of dealing in something so unstable. They are the ones that 'cover' the losses.

Well they did give the all-clear and started trading Powercoin again after it was known that a 51% attack had taken place. They were exchanging coins that didn't even exist.

crazy_rabbit

legendary

Activity: 1204

Merit: 1002

RUM AND CARROTS: A PIRATE LIFE FOR ME

Quote from: CaptainPicard on June 21, 2013, 03:33:15 AM

What does this mean for coin holders? Is Cryptsy going to be covering the losses, or are they still solvent?

Why would cryptsy cover the loses? Powercoin holders took the risk of dealing in something so unstable. They are the ones that 'cover' the losses.

CaptainPicard

newbie

Activity: 42

Merit: 0

Quote from: austins on June 21, 2013, 03:40:10 AM

Quote from: bonsai99 on June 20, 2013, 08:51:00 PM

"BigVern @cryptsy
It appears there was in fact a 51% attack on powercoin around the 15th/16th. The individual responsible came from a China IP address"

Wow, I'm glad I sold my Powercoins when I did!

May I know where to sell Powercoins ?

No exchange lists powercoins. It apparently suffered a 51% attack.

austins

sr. member

Activity: 388

Merit: 250

Quote from: bonsai99 on June 20, 2013, 08:51:00 PM

"BigVern @cryptsy
It appears there was in fact a 51% attack on powercoin around the 15th/16th. The individual responsible came from a China IP address"

Wow, I'm glad I sold my Powercoins when I did!

May I know where to sell Powercoins ?

CaptainPicard

newbie

Activity: 42

Merit: 0

What does this mean for coin holders? Is Cryptsy going to be covering the losses, or are they still solvent?

noel

full member

Activity: 168

Merit: 100

lol I never got on this one so I guess someone has TURN off the power and left the miners in the dark [if you have coins I would keep them... why?? one word BQC power may bounce back]

bonsai99

member

Activity: 112

Merit: 10

"BigVern @cryptsy
It appears there was in fact a 51% attack on powercoin around the 15th/16th. The individual responsible came from a China IP address"

Wow, I'm glad I sold my Powercoins when I did!

Topic: Powercoin 51% Attack (Read 986 times)