Topic: Why do coins encourage early adoption? (A lot) - page 2. (Read 1884 times)

that why I say any problem add new rules to the wallet and I do have the recommendations here somewhere

That doesn't protect against 51%, all it does or even tries to do is lower the chance of selfish mining being used to allow even less than 50% to sucessfully attack.

-MarkM-

here is some other info while I find my source
http://arxiv.org/abs/1311.0243v1
http://bitcoinmagazine.com/7953/selfish-mining-a-25-attack-against-the-bitcoin-network/
http://motherboard.vice.com/blog/bitcoin-isnt-broken-despite-a-potential-flaw

I am trying to find the link about the modifications to reduce issue of 51% I was only reading it about a week ago

here is Gavin talking about it but not the paper yet
http://gavintech.blogspot.co.uk/2012/05/neutralizing-51-attack.html

You can? I didn't know that. Link to the whitepaper?

-MarkM-

this would be less of a problem if the hashing algorithm was faster, scrypt is just awful for mining and can only lead to a slow death for the coin especially if the typical block reward is reduced after x blocks etc..

it is just such a shame that when I develop something new like Blakecoin it get buried in a sea of joke/fake/scam coins  

you don't need Asic against 51% can set rules in wallet

Expect more different types of hashing, it was extremely predictable that the scammers / crooks would start adapting to the "if there are two using the same hash it is extremely unlikely that neither of them has less than half the hashpower" argument by routinely changing the hashing type or even using combinations, sequences, and so on in order to increase the number of different hashings so they can continue to churn out many new scams a day yet still have them all use different hashing.

That has been happening since way back with Quark for example, of course, but day by day the IQ a scammer needs in order to finally catch on goes down so expect even the most stupid scammers to catch on eventually.

It doesn't so much matter which hash or hashes are used as whether they can get more than half of the hardware that is capable of doing that type of hashing to secure their chain.

Which basically means they each need an ASIC unique to their chain.

-MarkM-

Good explanation. These shortcuttters really hurt general coin economy. General trust dies slowly.

yeah one of the biggest things I don't like about Bitcoin is the block reward reduction and its in almost all the other coins

I left it out for Blakecoin as it just feels wrong I want to be able to mine for many many years  

also the pre/insta mine type coins are a joke but so many take it as "most profitable" which is crazy as after a few months some of them only offer 1 coin block reward, who is going to mine 1 coin block reward when at the beginning it was 1 million or something 

Have you never put a bag over someones head and have them agree to whatever plan you have knowing that they want to be a part of whatever it is your doing? This is just about how I view crypto currency, all of them, bitcoin and all of its bastards, some very intelligent cryptography experts have sold the rest of the early adopters a chance to come out ahead of the Jones's with "new" (untested) currency for peer to peer trade, with some economic theory that makes all early adopters rich cause it is easy to obtain while in its infancy but will become more difficult and therefore more valuable as it grows, such a truly beautiful design it has Wallstreet sold on it (crooks) and thousands of people worldwide.
It only makes sense to follow in the steps of the most successful coin, the parent coin, and adopt the same rules that it started with and attempt to climb to its same status, give early adopters (supporters) a chance of great wealth, knowing that people talk and it will spread further, spread the information of the new and great currency so the few founder's attain great wealth.
Greed, i think so, or maybe it can be summed up as capitalism , not necessarily greed Per Se, but a personal drive to obtain wealth.
The philosophy behind bitcoin has been disguised and hidden from the masses and has also become directed by the greedy (capitalist)  community, the proof is that the common person cannot easily obtain a fair share of the currency without possibly falling victim to the volatile market, pretty sure everything I read 7 months ago was against people becoming victims of a market and crypto currency was meant to become a fair trade means of bartering peer to peer, when bitcoin became difficult to obtain greed set in, and developers of other coins followed the best path to success.

my 2 cents

thats why I say Blake-256 gives 2-3x the hash power on same device (ex asic) so your theory would have Blakecoin as more secure maybe just needs 4 years?

once the block reward drops again lets see your love for Bitcoin then unless you have a huge pile you are sitting on

all crypto coins are very volatile including Bitcoin

Edit:
there are work arounds out and recommendations about modification to the wallet to avoid the 51% attack I could always implement them if needed, but like I said they could only do 20 blocks before the retarget

I was adding to previous post, please re-read.

-MarkM-

why do you say that?

Asic's are a scam without a mega huge market cap?

you can always sell an FPGA and the hashing power of 20nm FPGA's are not much diffrent to ASIC anyways  

Oh well then just another toy coin too insecure to store serious value in.

Too bad.

Even worse, all these toy coins might be why bitcoin failed to stay more valuable than the coins that moved away from blockchains into Open Transactions due to blockchains being too insecure to store serious value.

Look at the plots at http://galaxies.mygamesonline.org/digitalisassets.html

See how bitcoin dropped from being the most valuable asset?

By rights none of the others should ever have been able to even catch up with bitcoin, let alone surpass it, because bitcoin was and is the only blockchain having enough hashing power that it is pretty much impregnable even to all the supercomputers in the world all put together.

-MarkM-

I don't have that kind of investment it costs huge amounts to develop an ASIC and I have no plans to BFL people  

all my FPGA's and GPU are on Blakecoin so any attacker would need more than that (which is possible) but the 20 block retarget sorts that out very quickly reacting large pumps in network rate

oh and 20nm FPGA are better investment as they are re-usable

are you going to lend me the 200k for a hardcopy batch?

That just makes it even more vulnerable, as even people with FPGAs can attack it.

Design an ASIC as soon as possible.

You should have designed one before even considering such a coin, ideally even actually had them on the shelf ready to sell to the initial miners. But failing that, start designing one already before the chain is valuable enough to be worth attacking!

Take the damn FPGA firmware/design and hardcopy it (make a "hardcopy" ASIC) for starters just as a stop-gap to help try to discourage attack long enough to get a good well designed 20 nanometre or 28 nanometre ASIC made for it.

-MarkM-

its on FPGA and GPU  

not seen a faster more efficient hash than Blake on the GPU or FPGA

ex Bitcoin FPGA's: Lancelot, ztex 1.15y, cairnsmore 1 already have ports of Blakecoin  

some time in 2014 I will release a merged coin to go along with Blakecoin them maybe people will understand that a new better algorithm is on the scene 

There is only one coin that uses Blake hashing anyway.

But, get ASICs as soon as possible, otherwise you are screwed because you are insanely unlikely to get half the GPUs in the world hashing Blake instead of hashing some other type of hash that GPUs are also capable of.

Heck you are quite unlikely even to get half of only those GPUs that are actively used to do mining of one kind or another, or even just half of the multi-GPU rigs that do mining or even half of the huge farms of many many many GPUs that do mining of one kind or another.

-MarkM-

I am less worried about network hashing power as Blakecoin has 100GH/s+ due to the fast and efficient Blake-256 algorithm

• 5.1GH/s on a AMD ATI Radeon 7990
• 2.2GH/s on a AMD ATI Radeon 7970
• 1.4GH/s on a AMD ATI Radeon 6970
• 1.3GH/s on a AMD ATI Radeon 5870
• 1.6GH/s on a ZTEX USB-FPGA 1.15y Quad Spartan-6 LX150 Development Board

with the higher hash rate should make for better mean averages for block finds (larger set)

They deliberately design it to be insanely high risk, notice for example that they prefer to use scrypt even though as soon as there are two scrypt coins in existence it is very very unlikely that neither one of them has less than half of the scrypt hashpower and as soon as there are three or more scrypt coins in existence it is mathematically inevitable that all but possibly maybe one of them has less than half the hashing power.

So basically it is not "risk" except in the sense that deliberately playing a ponzi game aka gold-game is a "risk": the gamble aka risk is that you might not manage to get the hell out of there fast enough so will be one of the bag-holders aka losers aka victims.

-MarkM-

Blakecoin has a fair reward that increases over time based on difficulty and did not give any extra reward early just lower difficulty

most coins have no long term plan apart from dump the huge pile of coins devs got from the awful reward system they coded in the wallet and very often they only mine their own coin for a few days at the beginning then find a way to get listed on the exchange quickly so they can dump it  

it is greed and they are not trying to create anything useful but people seem to love it as long as it has a catchy name plenty of hype and maybe a few joke images

I failed to read the book on how to con people before I made Blakecoin