Topic: Tycho cheating every miners & soon destroy total bitcoin network completely. - page 2. (Read 20710 times)

Screaming "cheater!" without backing up with some solid proof should be a ban-able offence!

I think someone needs to take off the tinfoil hat. I agree with moving away from DeepBit, but this is pure speculation. If I pass you on the street I could shoot you in the face, but there's no advantage to doing so. Tycho makes bank as it is.

just checked block explorer and most of my deepbit coins are mint.
if they commanded a premium i highly doubt any of them would be mint

dishwara i am not a fan of tax coin, however your banker etc scheme seems a bit far fetched.
tycho has his servers at hetzner, a provider that is very reliable but mostly known to it professionals in germany. so lets assume tycho is an it professional in the know from germany.
he possibly realized the potential of bitcoin early on and decided to start a pool service with features desireable to avg joe miners who want instant gratification.
you talk about bankers etc to back this initial startup process, however you seem to toally ignore, that an investment into btc, say for 2000 euro, and another 500 for hardware is well within easy reach for anyone in germany it industry.
so please keep your conspiracy theory out of the logic.

cool story bro

Oh sweet Shiva, the monthly dishwara "someone is cheating" rant. (Ever hear of the boy who cried wolf? How am I supposed to take you seriously when you do this so often?)

While there is a valid concern over Deepbit's size and I have been very vocal about it, your post is simply... laughable.

Three to four times the price for new coins you say? Amazing...

You go on to make some more wild accusations without any proof what-so-ever. Maybe the problem is you think like a thief, so you assume everyone else does as well?

I'm not pretending mint coins aren't more valuable, rather that given the market capitalization and their availability right now, I doubt anyone is interested in these just yet. At least not enough to pay exorbitant fees for it. That private key trading idea applies to used coins too anyways, since there won't be any transaction log in the block chain.

We are agreeing that small miners will slowly be forced to join pools. On Tycho's end, if he had those 500 Gh/s, he'd be better off taking them off of his pool, so the likes of me wouldn't scare away new comers from joining his pool.

There was guy selling them on [you-know-where] for 10.6 BTC for 10.

Oh... remembering that this forum isn't a place for jokes, I'll try to answer seriously even if it's not that easy :)

1) There is a stats page with all the blocks minted today (more history may be available later as CSV export).
You can click on a date/time link and it will take you to the history.
Also you can trace most of your pool payouts up to one of those blocks.

2) I didn't knew that uncirculated coins are that valuable. If someone needs them, I can just sell openly and this will be somehow good for all the pool users too.

3) When I created my pool, one of my friends (not a banker, but a programmer) did a investment, so we had enough money to pay without waiting for confirmation. Now just a pool's fee gives me enough for insurance.
We had at least 2 invalid blocks, one some days ago.

4) I can't remember if I answered to your PM about april fool's joke or not. I thought that message was a joke too, sorry.

5) Some days ago my pool was attacked with a >1 Gbps flood so all the users were switched to hot spare server. Also someone tried to hack the site with acunetix vulnerability scanner at least twice (unsuccessfully).

6) My own hashrate is only 2 GH/s at this moment.

To whose wondering about the purpose of mintcoins:   http://forum.bitcoin.org/index.php?topic=5788.20

Also, small time miners not always know they are better without the pool, and your "small" to work outside the pool, still need to be big enough to get BTC generated before difficulty change (otherwise he risk never getting BTC), Vladmir explained that in the topic about deepbit being a security problem.

Not really. Small time miners are better off in a pool, and Tycho's would still be #1 if you take 500 Gh/s, so people would join his regardless. As a matter of fact, he'd still be bigger than slush's and BTCmine combined...

I don't really see why. If you want to buy such coins for anonymity reasons, you'll have to conduct the trade in an untraceable fashion. If you do that, what do you care where the coins have been before? They can't be linked to your real name either way.

The fact that pool owners advertise the pool size, means that to miners it is a important stat (the bigger the pool, the most regular is the payouts), thus throwing your own ghash on it at least has some marketing value.

Several people I know on IRC have been selling freshly mined BTC at a small premium. There is a market for BTC with no transaction history.

dishwara, thank you for this. I haven't had a good laugh in a long time.

That's doesn't work IMO. If Tycho really had 500 Gh/s and had buyers for "minted" coins, he could just as well solo, and it wouldn't change squat to his profit, besides the fact that people like me wouldn't be bitching at the size of his pool and give him a bad rap for that.

he's mainly outraged by poll scale contribution/impact to complexity increase, i guess.
and correctly pointing that pool ensurance make its exploitable to cheat pool, IMO.
but in theory, pool manager cheating was possible as with anything else, manageable. but thats usual for anything - from banks/governments to stars. no warranties/refunds[words don't count. at all]. if you so paranoid - wait for glbse to write complete[with gui, without pythoon and other depndencies(including MS VC dll')]client and direct trading-transfer implementation and mine DIRECTLY to stock market -)
pool hardly destroy anything, but someone big hopes, maybe.

Although dishwara is sounding very paranoid what he writes is perfectly possible...

Also I noticed that deepbit has a 500 ghash variation those last days, some other people mentioned it before, but I did not paid attention because I did not knew what 500 ghash meant until I saw the bizarre variations in the bitcoinwatch graphics ie beside the obvious graph that goes up and down a lot, I noticed that refreshing bitcoinwatch pizza graph, deepbit sometimes is 25%, and sometimes is almost 50%, and this repeat for a while, suggesting that each time the 500 ghash thing fails to connect, reboot or whatever, deepbit loses half of its computing power, and that computing power is 25% of the network computing power, making me finally realize that the numbers on the graph are in ghash, thus the entire network is around 2000 to 3000 ghash, someone alone has 500 ghash means that this someone can do some serious stuff...

I dunno if that someone is Tycho though.

I want to go in more details about one part of your post: why would people want to buy more for "new" bitcoins?

"Used" bitcoins have a transaction history that is publicly visible. But unless you know who is hiding behind the various addresses, you're not much with that information. Even if you know for instance every address used by MtGox, you can see that yes, someone did transfer bitcoins out of MtGox to another bitcoin address and you could force MtGox to reveal who that person is from payment details. But after that, you can't do much more: you can see money leaving from that address, but have no idea where: it could be to someone else, it could be to a shop to buy something, it even could be to another address owned by the same person.

Freshly generated bitcoins will have the same problem, except there are fewer of them so it's even worse: there are a lot of ways to get bitcoins in exchange of another currency. But with generated bitcoins, there are only a certain amount generated every hour. The chance of it being generated by a pool is relatively high, so it's just a matter of checking who the pool owners (there aren't that many) did transactions with to find out who holds those bitcoins now. And then you're stuck again like earlier as you don't know where they're going.

I suspect not, but if there is, I too have some freshly minted blocks I would be willing to part with for $2000 (50*$40). Please PM me :-D