Time SCAM - or how you trick even hero members with legit premine

JohnnyBTCSeed

hero member

Activity: 882

Merit: 1000

Quote from: lordoliver on July 05, 2015, 08:25:05 AM

I am not writing coin names here, but everyone can guess, what I mean...

Lets say I made a coin, started it to mine myself in a heavy premine and made the block timings so, that it looks like its 2 years old.
Then I come here and proudly present a coin, that is 2 years old.
I mean. Timestamps can be faked, if you do it right and start from beginning and can write all blocks yourself...
but do you believe me, that my coin is 2 years old?

OK and further: lets say we even don't matter, if its really 2 years old or not:
Do you think its legit, if it was not presented at all? Completely hidden for years??
Is this considered to be decentralized then?

Ah yea. I made a wiki and a website to pretend it was not hidden. But noone will see, that this website was not online before anyway.
So noone can proof anything to me ;-)

And then a year later I celebrate my 3 year old coin. WOW! I have 90% mined a year ago already, but celebrate with me!
We want to push the price a bit, so that I can dump a few. And by the way I have a new roadmap of my features now after 3 years!
Before I didn't do anything the first 2 years ... not even a gui, but anyways...
Do you think its legit?
Do you think that this coin can have actually a market cap of millions? Unbeliveable...

You mean bytecoin? Weird that its 90% scam ninja mined and yet has higher marketcap then monero. apparently the bots that trade it dont care

Zetacoin Express

member

Activity: 68

Merit: 10

Quote from: tiggytomb on July 05, 2015, 08:51:00 AM

To be fair people don't need to put in any effort at all as we can see recently, if somebody actually put all this effort In I might buy in lol

LOL

True, but some of the more recent altcoin mine and dump schemes look like there was some degree of effort put in. It takes time to make those pretty graphics and copy/paste those wallets. Especially when releasing one after another as a source of income.

tiggytomb

legendary

Activity: 1848

Merit: 1000

To be fair people don't need to put in any effort at all as we can see recently, if somebody actually put all this effort In I might buy in lol

lordoliver

legendary

Activity: 1666

Merit: 1020

expect(brain).toHaveBeenUsed()

Quote from: Zetacoin Express on July 05, 2015, 08:42:35 AM

Possible, but very difficult.

The time stamps could indeed be 'faked' and you could use the time warp exploit that is inherently present in all Bitcoin derived cryptos. Depending on the difficulty re-adjustment algorithm the exploit can be magnified.

Problem is, the difficulty would rise high enough that you would need to spend a large amount of time finding a block solution before it can drop low enough to re-attempt the same exploit.

In the end, you could spend a few months trying to make a coin look like it was 2 years old. I can't imagine such a thing is worthwhile for just a few BTC. Anyway, I think it would be immediately obvious when there is no BTC thread dating back that far and the Github source code is only a few months old.

Not completely writing off the possibility since stranger things have happened.

Possibly you need to run a few months with very strong hardware. But still its better to come out 20 Months earlier instead of showing old tech, isn't it?
And its easy to manage. Just let your time on the mining computer run 5 or 10 times faster and pretend I used lower hardware... and you can remove all decentralisation code. Noone checks you yet...

And btw: we are talking here about more than a few btc...

Zetacoin Express

member

Activity: 68

Merit: 10

Possible, but very difficult.

The time stamps could indeed be 'faked' and you could use the time warp exploit that is inherently present in all Bitcoin derived cryptos. Depending on the difficulty re-adjustment algorithm the exploit can be magnified.

Problem is, the difficulty would rise high enough that you would need to spend a large amount of time finding a block solution before it can drop low enough to re-attempt the same exploit.

In the end, you could spend a few months trying to make a coin look like it was 2 years old. I can't imagine such a thing is worthwhile for just a few BTC. Anyway, I think it would be immediately obvious when there is no BTC thread dating back that far and the Github source code is only a few months old.

Not completely writing off the possibility since stranger things have happened.

lordoliver

legendary

Activity: 1666

Merit: 1020

expect(brain).toHaveBeenUsed()

I am not writing coin names here, but everyone can guess, what I mean...

Lets say I made a coin, started it to mine myself in a heavy premine and made the block timings so, that it looks like its 2 years old.
Then I come here and proudly present a coin, that is 2 years old.
I mean. Timestamps can be faked, if you do it right and start from beginning and can write all blocks yourself...
but do you believe me, that my coin is 2 years old?

OK and further: lets say we even don't matter, if its really 2 years old or not:
Do you think its legit, if it was not presented at all? Completely hidden for years??
Is this considered to be decentralized then?

Ah yea. I made a wiki and a website to pretend it was not hidden. But noone will see, that this website was not online before anyway.
So noone can proof anything to me ;-)

And then a year later I celebrate my 3 year old coin. WOW! I have 90% mined a year ago already, but celebrate with me!
We want to push the price a bit, so that I can dump a few. And by the way I have a new roadmap of my features now after 3 years!
Before I didn't do anything the first 2 years ... not even a gui, but anyways...
Do you think its legit?
Do you think that this coin can have actually a market cap of millions? Unbeliveable...

Topic: Time SCAM - or how you trick even hero members with legit premine (Read 421 times)