Re: About the MidasCoin locked thread & New Thread

BTCspoon

full member

Activity: 238

Merit: 100

Quote from: Multicoin on September 20, 2014, 05:06:48 PM

Logs of my chat with Icanprogram:
http://pastebin.com/TVAXxY07

also, a note after my rather large notice to him:
<9.20.14><16.52.32.pm> I am not in a discussion with you, and I am not part of the midascoin company

Scamcoin is a scam.

And if anyone wants to agree with me, please join me in that channel (#bountyhunterXX) for a 'third party' review.

It should be noted that icanprogram stated that it is now centralized (as if it wasn't already.)

You did a great job too. As said earlier in that thread, Icanprogram is only a dev, "the car manufacturer", paid by Midas to do and manage the technical part, what Midas LTD do with it, is not his concern, definitely not the one to blame (My POV). Icanprogram know the coin is centralized and so are we (even if he struggle to not bite the hand who pay him 90€/h).

Anyway, the Midas guy have no word, we knew that since day one.

Little reminder : https://twitter.com/MidasPay/status/509471382871494656

Multicoin

newbie

Activity: 33

Merit: 0

Logs of my chat with Icanprogram:
http://pastebin.com/TVAXxY07

also, a note after my rather large notice to him:
<9.20.14><16.52.32.pm> I am not in a discussion with you, and I am not part of the midascoin company

Scamcoin is a scam.

And if anyone wants to agree with me, please join me in that channel (#bountyhunterXX) for a 'third party' review.

It should be noted that icanprogram stated that it is now centralized (as if it wasn't already.)

BTCspoon

full member

Activity: 238

Merit: 100

Quote from: Yuzu on September 19, 2014, 04:06:06 PM

I'm still getting emails from Midascoin though I told them not to spam my email. Useless scam coin with zero value.

About the spam, yes they still do it..., collected from who know where..., they have no words or limits. The interesting part is when they'll bail out (without paying the 10TC they owe, or buying back the coins as they said), the email they collected from the pool will probably be their payback. Be ready to see tones of unwanted emails soon.

The bright and funny part is, they collected and spammed the wrong emails from the start, the DB they got was labelled "Warning! don't use these".

Yuzu

sr. member

Activity: 368

Merit: 250

I'm still getting emails from Midascoin though I told them not to spam my email. Useless scam coin with zero value.

BTCspoon

full member

Activity: 238

Merit: 100

So let's summarize a little for the sake of it:

- Totally Centralized coin.
- 1% Transaction Tax! (Even worst than premine)
- They use 90%+ of your Hashpower to mine some random coin with value (LTC and other scrypt, but basically LTC).
- Then They Pay you back with a coin Midascoin, with no market value (at best 1/2 of the value, you would have if you were mining LTC directly).
- With 1 market/exchange, 1 Pool, only till the end of time (theirs of course).

Something missing?

BTCspoon

full member

Activity: 238

Merit: 100

Quote from the midascoin thread #67:

Quote from: earlz on September 18, 2014, 08:29:12 PM

I have been given early preliminary access to the code for Midascoin. The following is my review:

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA512

Verify this review at https://keybase.io/verify

midascoin (relaunch) https://github.com/MidasPaymentLTD/midascoin

Heritage: LTC (confirmed by coin author)

NOTE: This coin contains radical features. No review by me is guaranteed to be 100% accurate and catch all possible problems.

Problems:

* MAJOR: This coin is centralized by design. This means, if you don't trust the coin authors, then you should not trust this coin. They have complete control over the blockchain, and can attack it at will if desired.
** This is achieved by requiring an RSA signature on each block accepted into the network.
* MODERATE: Signatures sign an SHA1 hash of the block. SHA1 is not recommended for any cryptographic uses due to known theoretical weaknesses.
** This probably couldn't be attacked even with known collisions because it relies on sha256 as well
* MINOR: floating point operations used in protocol critical code

Notes:

Despite the complete control of the blockchain the founders have, this actually eliminates many common attacks, such as double spends and orphan blocks.
The coin authors can do all these attacks, but no one else can.
The other big concern is that if the key is ever leaked, a signficant amount of damage could be done and would require a retroactive hard fork to fix. Clients have basic fork detection, but nothing that prevents a huge fork take over.

Blockchain not analyzed. This is based on preliminary code. Commit hash f1a3d1f1e996ce9b4fc753bd814ec5b1ecd1474f

This could've been kept random if script parsing (for the output address) would've been done.
- - // Insert change txn at random position:
- - vector::iterator position = wtxNew.vout.begin()+GetRandInt(wtxNew.vout.size()+1);
- - wtxNew.vout.insert(position, newTxOut);
+ // Note: This makes change obvious, which leads to loss of privacy.
+ // However, it's necessary to make the distinction here, since not making it would mean the change would be taxed too.
+ // Insert change txn at the end
+ wtxNew.vout.push_back(newTxOut);

Watermarks: uint64
-----BEGIN PGP SIGNATURE-----
Version: Keybase OpenPGP v1.0.5
Comment: https://keybase.io/crypto

wsFcBAABCgAGBQJUG4ZgAAoJEAKXMK2l7Ra+Z9sP/RXQPP3KpkIhWHsInMElBeMn
WU4s/vqLkOgeFxMmfQIMUtwqJzrG+tOdCOeAzOfvGGhiU1ZeBf5X/Xln9g+e9wPs
1ac6vsXI1Y4H0whom/MhXgmPBabD+k5ArGgIE0Rq+U0V+qrIEhcy0sDsIoFg0N1d
jYjgJYOeF01H8kPiX6iMlSId0q5FiB8qBjDxGx/0Jr3ItIIZM9dq37GV4VNjqwfo
AGObdZikwB4wkaOQ3JTj+gFxU/UK+xkou14KPhK47ug79FYGHdBw1inQrRjw+PNo
EMpH1LPCpjQfBqb/TGnwtpVTXSwkMMUXT0adq9UxoIm8HDqjPiALLIzTiMgfRMXQ
mKO8a/hYI5XHWvi/X/x6yuUtB7AYvxWRtifnM2YOmMG3L8zKqQ/VxH+v7fvP82/G
OXc/pkDnat4mrew1ZqQX6pa2RMNmg+OLS2bcBXKH22tgkv39luBZXsP/cknMNBI5
T97RIrmUXP5noN4HwUppYrUQbTEKBlVjV1P+K6ziHQXt6/20Xb7HolxcT65REz8d
QnhJD8TiEbSjN/h1f3CnWdjJ7PsZJGNmDPl94MAQw/6MgKiNwaowMjsGZIZGaYc/
0e9z4OAbIvQKmKNyjVzn7XncD+moKe8tSnja6XJSj3EXVZxt8IYJ9rspGK0urwd+
nWa9itq0vZEKviHcfYHl
=UbWX
-----END PGP SIGNATURE-----

at which Midas answered #68:

Quote from: MidasCoin on September 18, 2014, 08:34:33 PM

Seem that customers and exchange can sleep with the reopening.
No double spend anymore with crypto using #midascoin, never again.

I think, again, by saying that, you (Midas) miss all the point of cryptocurrency: No trust and decentralized is the rule. as pointed numerous times in the old thread.

earlz did a pretty nice review.

Nxtblg

legendary

Activity: 924

Merit: 1000

Quote from: ocminer on September 11, 2014, 04:48:30 AM

This happens when some people without technical knowledge try to start something they can't handle..

I can certainly see why you say that. In the quoted part of the OP, midascoin's claim of woe clearly describes a Sybil attack - yet he doesn't seem to know it.

BTCspoon

full member

Activity: 238

Merit: 100

Quote from: Multicoin on September 16, 2014, 10:50:22 AM

Quote from: BTCspoon on September 16, 2014, 10:26:51 AM

@Multicoin:

I claimed the 10 BTC too some few posts before you did, proving the "centralized part" with another manner, of course the 10 BTC was a no show, pretending that they have no premined to pay with. Well i wasn't expecting them to be honest and pay anyway. That prove exactly what you can expect from Midas.

@ocminer

Yes, 90€ an hour is something, but for 50€ they will use your name too...as they did in their previous thread..."We are legit, because a well known user worked for us" (Icanprogram didn't signed for that). daaaaa

He did sign with it.
Both of the 'whitepapers' on the Midas site were written by him.
The block tax and the transaction tax.

Yes he did indeed, more like a technical howto included in the "prog" package, i guess.

*Keep in mind that the new midascoin thread is self moderated, a lot of messages disappeared.

Multicoin

newbie

Activity: 33

Merit: 0

Quote from: BTCspoon on September 16, 2014, 10:26:51 AM

@Multicoin:

I claimed the 10 BTC too some few posts before you did, proving the "centralized part" with another manner, of course the 10 BTC was a no show, pretending that they have no premined to pay with. Well i wasn't expecting them to be honest and pay anyway. That prove exactly what you can expect from Midas.

@ocminer

Yes, 90€ an hour is something, but for 50€ they will use your name too...as they did in their previous thread..."We are legit, because a well known user worked for us" (Icanprogram didn't signed for that). daaaaa

He did sign with it.
Both of the 'whitepapers' on the Midas site were written by him.
The block tax and the transaction tax.

ocminer

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Activity: 2688

Merit: 1240

Quote from: BTCspoon on September 16, 2014, 10:26:51 AM

@ocminer

Yes, 90€ an hour is something, but for 50€ they will use your name too...as they did in their previous thread..."We are legit, because a well known user worked for us" (Icanprogram didn't signed for that). daaaaa

Interesting.. I missed that part with icanprogram .. Thanks for your heads up

Multicoin

newbie

Activity: 33

Merit: 0

Well, I just got booted from the channel...
Might as well release the full logs of the channel and the queries with Midas.

Will edit post when ready.

Channel log: (small snipbits of me disconnecting and misc highlights removed.) http://pastebin.com/0rsfS3VC
Querys with Midascoin: (again, small snipbits of me disconnecting removed.) http://pastebin.com/2G8v1xtb

BTCspoon

full member

Activity: 238

Merit: 100

@Multicoin:

I claimed the 10 BTC too some few posts before you did, proving the "centralized part" with another manner, of course the 10 BTC was a no show, pretending that they have no premined to pay with. Well i wasn't expecting them to be honest and pay anyway. That prove exactly what you can expect from Midas.

@ocminer

Yes, 90€ an hour is something, but for 50€ they will use your name too...as they did in their previous thread..."We are legit, because a well known user worked for us" (Icanprogram didn't signed for that). daaaaa

ocminer

legendary

Activity: 2688

Merit: 1240

Quote from: Multicoin on September 16, 2014, 10:09:00 AM

It should be noted that I have failed to receive the 10 BTC bounty placed on 'Prove that block generation is centralized.' To which my answer is here: https://bitcointalksearch.org/topic/m.8753420

Midas keeps disagreeing with me, and has nothing to say on WHY I'm wrong. So he has to call in the developer, who of course will say that it isn't centralized.
I was given a timeline of 24 hours once I made the support ticket for the bounty, and it has been pushed back and back and back... Now it's at 96 hours that I should expect a conversation with the actual dev about this.

Midas does not know how a coin works and keep saying that it wasn't a 51% attack.

Again, he doesn't know what he is talking about:
"All BlockChains of MidasCoin used during development will be destroyed, with a fresh genesis block created for the release."
of which the whole 'accounting' stuff means nothing and https://bitcointalksearch.org/topic/m.8845038 is just outright.

Another outright lie is this gem from the IRC channel:

Quote

<9.14.14><09.53.06.am> <@MidasCoin> *We already received contacts by 6 different exchanges, asking to list us, and without contactin em first. The comparison with coin that never reach exchange for lack of interests doesn't fit very will on this situation Wink

<9.14.14><10.05.35.am> <@MidasCoin> *very well
<9.14.14><10.25.02.am> A lot of exchanged don't list in the first few days, let alone contact a coin if very little has changed around the coins code. :S I highly doubt that 6 different changes have contacted you.
<9.14.14><10.25.41.am> add in the fact that some exchanges don't care what you say and will list it anyway, without prior contact, makes that wole statemnt look really odd and not believable
<9.14.14><10.26.12.am> <@MidasCoin> You are "strangely" forgetting
<9.14.14><10.26.35.am> <@MidasCoin> 1- Listing our coin need details on how transaction tax are implemented
<9.14.14><10.26.52.am> <@MidasCoin> 2- If you want to be added as "approved" exchange, we require an audit
<9.14.14><10.27.12.am> <@MidasCoin> about security procedure and other things

I find it funny... Not only do they not have interest in an exchange (them reaching out or otherwise) apparently they have to be audited, which we can all see how much security Midas has with a 51% attack in the past.

See my post from above

I can ony +1 your post..

Quote

Apparently they spent 15k Euro developing the 'merchant API,' and are paying icanprogram 90 Euro an hour.

90 € per Hour ?! WOW ! I'd take 50 €

Multicoin

newbie

Activity: 33

Merit: 0

It should be noted that I have failed to receive the 10 BTC bounty placed on 'Prove that block generation is centralized.' To which my answer is here: https://bitcointalksearch.org/topic/m.8753420

Midas keeps disagreeing with me, and has nothing to say on WHY I'm wrong. So he has to call in the developer, who of course will say that it isn't centralized.
I was given a timeline of 24 hours once I made the support ticket for the bounty, and it has been pushed back and back and back... Now it's at 96 hours that I should expect a conversation with the actual dev about this.

Midas does not know how a coin works and keep saying that it wasn't a 51% attack.

Again, he doesn't know what he is talking about:
"All BlockChains of MidasCoin used during development will be destroyed, with a fresh genesis block created for the release."
of which the whole 'accounting' stuff means nothing and https://bitcointalksearch.org/topic/m.8845038 is just outright.

Another outright lie is this gem from the IRC channel:

Quote

<9.14.14><09.53.06.am> <@MidasCoin> *We already received contacts by 6 different exchanges, asking to list us, and without contactin em first. The comparison with coin that never reach exchange for lack of interests doesn't fit very will on this situation Wink

<9.14.14><10.05.35.am> <@MidasCoin> *very well
<9.14.14><10.25.02.am> A lot of exchanged don't list in the first few days, let alone contact a coin if very little has changed around the coins code. :S I highly doubt that 6 different changes have contacted you.
<9.14.14><10.25.41.am> add in the fact that some exchanges don't care what you say and will list it anyway, without prior contact, makes that wole statemnt look really odd and not believable
<9.14.14><10.26.12.am> <@MidasCoin> You are "strangely" forgetting
<9.14.14><10.26.35.am> <@MidasCoin> 1- Listing our coin need details on how transaction tax are implemented
<9.14.14><10.26.52.am> <@MidasCoin> 2- If you want to be added as "approved" exchange, we require an audit
<9.14.14><10.27.12.am> <@MidasCoin> about security procedure and other things

I find it funny... Not only do they not have interest in an exchange (them reaching out or otherwise) apparently they have to be audited, which we can all see how much security Midas has with a 51% attack in the past.

Apparently they spent 15k Euro developing the 'merchant API,' and are paying icanprogram 90 Euro an hour.

BTCspoon

full member

Activity: 238

Merit: 100

How funny is that, just got that in my PM after replying to the user podizzle:

Moderated by Midascoin here https://bitcointalk.org/index.php?topic=784286.20 :

Quote from: podizzle on September 15, 2014, 10:03:13 PM

my postts containing important information that investors should know are being deleted. i'd give the information again but it would just be deleted.

as a snr member you would think i would get a little FUCKING RESPECT

Feel free to post your informations here: https://bitcointalksearch.org/topic/m.8844904

Cheers.

Topic: Re: About the MidasCoin locked thread & New Thread (Read 4077 times)