proud of you, ntime 51% dude ? | Bitcointalksearch.org

manface

full member

Activity: 126

Merit: 100

Quote from: Limie on April 11, 2013, 09:52:25 AM

if he did this, the trc would be worth ZIP as soon as the chain gets 51% since he would be controlling other peoples TRC and they will turn it off with the quickness.

I think you misunderstand 51% attack.

The way to profit from 51% attack on the alt coins is to send the exchange say 100000 TRC you've already mined. You then trade it on the exchange for BTC and then withdraw the BTC. You then reverse the chain with a longer version which no longer has that transaction you sent with 100000 TRC in it and basically the exchange doesn't have the TRC or the BTC anymore. The people who lose out are the legitimate customers of the exchange.

celkaris

full member

Activity: 148

Merit: 100

Quote from: crazy_rabbit on April 11, 2013, 09:58:11 AM

Quote from: celkaris on April 11, 2013, 09:48:31 AM

he's indeed abusing the diff because he has enough power to do it (enough power to be sure to be able to mine consecutive blocks when needed).

having twice the network hashrate or more ensures this, hence the 51% name (you finally handle more than 50% of the total network hashrate in your hands)

You're fundamentally misunderstanding how bitcoin works. Best thing to do is start here to understand 51% better: https://bitcointalk.org/index.php?topic=52388.40

iwas not saying this is the classic "i build the longest chain faster than you, then i connect my client to the net" attack, just that the current faked difficulty increase is possible because the attacker uses enough mining power.

bowen151

hero member

Activity: 658

Merit: 500

Caveat Emptor

Pardon my french: But these fucking guys need taken out the back and shot. Why fuck things up for a few "extra" coins. Everyone will figure it out before they can sell anything and then the rates will change leaving them with a bunch of useless coins, they are obviuosly only interested in a quick payday, they wouldnt be hoarding them would they? Does that seem logical to stop mining BTC right now to horde a pretty low(under in my eyes) valued altcoin by extending the chain faster than anyone else are able to keep up?

crazy_rabbit

legendary

Activity: 1204

Merit: 1001

RUM AND CARROTS: A PIRATE LIFE FOR ME

Quote from: celkaris on April 11, 2013, 09:48:31 AM

he's indeed abusing the diff because he has enough power to do it (enough power to be sure to be able to mine consecutive blocks when needed).

having twice the network hashrate or more ensures this, hence the 51% name (you finally handle more than 50% of the total network hashrate in your hands)

You're fundamentally misunderstanding how bitcoin works. Best thing to do is start here to understand 51% better: https://bitcointalk.org/index.php?topic=52388.40

manface

full member

Activity: 126

Merit: 100

Quote from: mr_random on April 11, 2013, 09:49:41 AM

Quote from: manface on April 11, 2013, 09:47:00 AM

Quote from: crazy_rabbit on April 11, 2013, 09:45:12 AM

If it was 51%, we wouldn't see anything. It's more that he's just messing the diff up alot (I think). More likely he is *selling* those coins.

We would see something, in our debug logs... like I said BTC-e only react to forum threads, not to what is happening right now in the chain of the alt currencies. A guy who is 51%ing TRC can deposit TRC into BTC-e , trade it, withdraw BTC, 51% the chain and get his TRC back.

Are you suggesting we should make BTC-e.com aware of this thread? Does this have implications in terms of TRC being safe to trade on BTC-e.com or is it safe?

I have no proof of TRC being 51% it's just what I've heard on IRC. BTC-e should have their own protections against 51% but it seems they do not going on past history. You should probably advise them of the warning if you are trading there I guess. It's up to exchanges to handle these attacks and protect themselves and their customers.

phrozenspite

sr. member

Activity: 266

Merit: 250

check some of the sites for yourself. Like I said I don't know if theres a 51% going on or something weird but the Ghashes on Terracoin just more than doubled. they're up to 2,948.5381

Limie

member

Activity: 70

Merit: 10

Quote from: manface on April 11, 2013, 09:47:00 AM

Quote from: crazy_rabbit on April 11, 2013, 09:45:12 AM

If it was 51%, we wouldn't see anything. It's more that he's just messing the diff up alot (I think). More likely he is *selling* those coins.

We would see something, in our debug logs... like I said BTC-e only react to forum threads, not to what is happening right now in the chain of the alt currencies. A guy who is 51%ing TRC can deposit TRC into BTC-e , trade it, withdraw BTC, 51% the chain and get his TRC back.

if he did this, the trc would be worth ZIP as soon as the chain gets 51% since he would be controlling other peoples TRC and they will turn it off with the quickness.

Limie

member

Activity: 70

Merit: 10

BTC-E and Vircurex dont need 51 percent protection.. they are EXCHANGES! Im pretty sure yall dont know what the hell your talking about. Terracoin wasnt even attacked, it is just broken in general.

mr_random

legendary

Activity: 1260

Merit: 1001

Quote from: manface on April 11, 2013, 09:47:00 AM

Quote from: crazy_rabbit on April 11, 2013, 09:45:12 AM

If it was 51%, we wouldn't see anything. It's more that he's just messing the diff up alot (I think). More likely he is *selling* those coins.

We would see something, in our debug logs... like I said BTC-e only react to forum threads, not to what is happening right now in the chain of the alt currencies. A guy who is 51%ing TRC can deposit TRC into BTC-e , trade it, withdraw BTC, 51% the chain and get his TRC back.

Are you suggesting we should make BTC-e.com aware of this thread? Does this have implications in terms of TRC being unsafe to trade on BTC-e.com or is it safe?

celkaris

full member

Activity: 148

Merit: 100

he's indeed abusing the diff because he has enough power to do it (enough power to be sure to be able to mine consecutive blocks when needed).

having twice the network hashrate or more ensures this, hence the 51% name (you finally handle more than 50% of the total network hashrate in your hands)

manface

full member

Activity: 126

Merit: 100

Quote from: crazy_rabbit on April 11, 2013, 09:45:12 AM

If it was 51%, we wouldn't see anything. It's more that he's just messing the diff up alot (I think). More likely he is *selling* those coins.

We would see something, in our debug logs... like I said BTC-e only react to forum threads, not to what is happening right now in the chain of the alt currencies. A guy who is 51%ing TRC can deposit TRC into BTC-e , trade it, withdraw BTC, 51% the chain and get his TRC back.

crazy_rabbit

legendary

Activity: 1204

Merit: 1001

RUM AND CARROTS: A PIRATE LIFE FOR ME

Quote from: manface on April 11, 2013, 09:41:57 AM

Quote from: celkaris on April 11, 2013, 09:11:17 AM

someone's messing up with TRC, i can't say much now i think, but it looks like they have enough power to play right now Sad

i'm amazed by the efforts people put in attacking such small altchains, especially when this really works just because you have twice or more the hashrate of the overall network

Yeah its weird but they can probably make some money by taking BTC from the exchanges and getting their TRC back. I don't think BTC-e or Vircurex have 51% protection in built. BTC-e seem to react to forum threads only.

If it was 51%, we wouldn't see anything. It's more that he's just messing the diff up alot (I think). More likely he is *selling* those coins.

crazy_rabbit

legendary

Activity: 1204

Merit: 1001

RUM AND CARROTS: A PIRATE LIFE FOR ME

wow, if I understand that right- there is a new block every second even at difficulty 8135.856.

That's a lot of power.

manface

full member

Activity: 126

Merit: 100

Quote from: celkaris on April 11, 2013, 09:11:17 AM

someone's messing up with TRC, i can't say much now i think, but it looks like they have enough power to play right now Sad

i'm amazed by the efforts people put in attacking such small altchains, especially when this really works just because you have twice or more the hashrate of the overall network

Yeah its weird but they can probably make some money by taking BTC from the exchanges and getting their TRC back. I don't think BTC-e or Vircurex have 51% protection in built. BTC-e seem to react to forum threads only.

celkaris

full member

Activity: 148

Merit: 100

someone's messing up with TRC, i can't say much now i think, but it looks like they have enough power to play right now Sad

i'm amazed by the efforts people put in attacking such small altchains, especially when this really works just because you have twice or more the hashrate of the overall network

crazy_rabbit

legendary

Activity: 1204

Merit: 1001

RUM AND CARROTS: A PIRATE LIFE FOR ME

celkaris- what are you guys talking about?

phrozenspite

sr. member

Activity: 266

Merit: 250

I'm still not sure what happened either but i was on vircurex and I think the Ghash of the terracoin chain went from like 800 to 300 and now down to like 60. I'm not sure if it's because of what people are talking about here or if its that weird difficulty adjustment but yeah i've refreshed a few times and there are huge shifts in the Ghash on terracoin right now too

celkaris

full member

Activity: 148

Merit: 100

lol .. it's like many people leagued against that chain ....

gogogo men ! bring 4Th/s in !! you're real men

WeTradeCoins

full member

Activity: 168

Merit: 100

give us a screenshot for the lolz

manface

full member

Activity: 126

Merit: 100

Terracoin

Topic: proud of you, ntime 51% dude ? (Read 1482 times)