Bitcoin Forum

This explains more than all coins in existence being traded in the last two days!  PWC got killed and apparently more to follow.

https://bitcointalk.org/index.php?topic=236498.0

Well yeah that is the whole problem with blockchains, they are insanely expensive to secure.

Even with merged mining it isn't easy, without merged mining the total hashing power available gets divided too thin (so they are all jokes) or the vast majority of scamcoins are just jokes, playthings for anyone to attack at will, because only one or maybe two have enough hashpower to temporarily resist attack (until some profitability site claims some other coin is more profitable so the miners leave it to be attacked while they follow the myth of higher profits, a myth that is probably already out of date by the time they see it on a website).

-MarkM-

Lol.  He has over 500,000 PWC in his wallet.

He's claiming to have more than enough hashing power than needed to 51% DGC.  Will be interesting to see what happens - but I see exchanges going bust very quickly with this going on!

Say bye bye to normal miners. I have not mined shit because honestly a person with only one card aint gonna waste the time to get a return of 30 bucks a month.

Then cryptos stall. Enjoy your circle jerk trading among yourselves.

I'm all for it.  I support his position but not for his reason.  His actions will weed out the weaker coins and developers.  Hazard coins will be wiped out because the developers are not skilled enough to manage their coins.  The rest will implement merge mining to secure their networks.  DGC and ARG are already implementing this.  So all in all he's making the alt network better.

He probably thinks that the recent LTC weakness is due to the alts and it clueless that its ASIC owners dumping BTC/LTC to get their hardware investment back.

+1 to that , and now there is a wave of alternatives coming that are not  even in the ballpark , I.e don't even work from gpu but can't be bot'd .

These idiots either have no interest in crypto or are just pee brains planning to sell out asap . Question is idiot's how long will you hold for , until you figure out what you are hold is FUD ?

Having said that if they can do it I'm sure they will its in human nature , and it helps the whole evolution , so just as we need maggots , we kinda need these guys to keep the ecosystems working.

Altcoin = scam.

Only BTC and LTC might (eventually) not fail (for a short period of time)

lol, lot of asterisk comments there fanboy.

So BTC and LTC is as good as we are ever going to get?  No more innovation in the crypto-world?  That is kind of depressing.

Brewcrew all that will happen is the market  will split , individual with smaller interests will trend towards new innovations , if they stay in the Cryptocurrency game , the large investors will be taking more and more risk , as the individuals seek to find an equitable base .

I tried to explain this to the FPGA guys , not because I'm anti FPGA , but because I explained that with scrypt the lead time to ROI on an FPGA is going to be so much longer the risk is higher anyhow .

Then add to that this vector , I explained simply that C code or any variant can evolve faster than hardware.

I have seemed to be proven correct .

So this guy is heavily invested in gpu , I dont buy the botnet crap , if POW goes out , so goes that investment .

And how will anyone know ?none of it will be developed on this forum ?

I could easily solo 51% PXC and FRK right now but why bother.  The cost to do so would be high, not just in the electrical expense but the opportunity cost as I'm not mining at the time of the attack.  Have you seen the order books on those 2 coins.  There's a few hundred dollars in BTC there.  I'm pulling that a day.  So really the effort is not there. 

But there it is the balance.  Risk vs. reward.  People are risking more but in smaller amounts for coins that have low network hash rates.  as you climb up the alt coin ladder you see the valuations increase with hashrate. 

Cryptsy has stopped trading PWC...  :o

we could learn from this to further the safety of other coins - namely BTC, LTC and PPC, which are so far only currencies which make any sense

Anyone feel the POWERRRR yet?

Haha NWO, serves you right.

yeah , ah power hmm , what was the hash rate? -

couldn't pull off an attack on FTC something called (Feathercoin),

had to go for something like this.

kind of like beating up on the fat retarded kid then posting it on Facebook , and telling people you are though.

like i said, we need maggots,  we need you guys as well.

WTF.

Anyone wanna buy ~150k PWC cheap?  ::)

as feathercoin proved, you can have a 51% attack and still come back.

The attacker of FTC didn't accumulate almost 50% of all coins in existence during their attack though.  This guy got ~540k PWC

>implying PWC was ever at any good 'stage' l it can 'come back' to

Is PWC killed? I just sync'd my PWC wallet, and it is in sync with 29945 blocks downloaded, there's no issues at all. All my previous transactions are there, and balance is intact.

So it does not look to be that it is killed.

And I can see people still mine it, no problem at all.

If you don't mind the fact that now one guy has more then half of all PWC coins and thus can crash any exchange market at any time for as far in the future as you could imagine- then by all means. Enjoy.

Anyway, it is not killed, no records/transactions are altered, all balances are fine, and you see the blocks are increasing at about the block time, meaning people are still mining it. No sign at all it is killed.

How does he have that much? Or he is on different fork?

If you're mining PWC, you're pretty much the attacker's bitch.  If you work hard and somehow bring up the value of PWC now, he'll be the one reaping all the benefits.

And how would you know that anyway? :-)

in your LAN, you can do whatever you like, the key is that your chain needs to be accepted by the others. Apparently this is not the case. Anyone can open a PWC client, wait a few minutes (not many people there, but I waited 5 mins and have 4 active connections), and sync the wallet and see. PWC is not dead at all.

My question how does he got that amount? No altered transactions on my client. I own more powercoin than him.  :)

No, the main-net is now his more or less. Half the currency is in his wallet on the mainnet chain. So, do what you want. You can only make him rich.

I just withdraw 100k from cryptsy before they close without problems.

God damn 200MH/s?

How many GPU's does he have?

Exxxactly.

The burden of prove is on the attacker.  I can fork the coin myself from the source  and run it locally and build up a nice fat wallet to put in a screenshot.  hell I can photoshop it Iran-style.  I don't see the attack, show me the proof.

Proof is in the blockchain.

where burden is on the OP to post it here. 

Funny. Isn't this life? Doesn't the old guard erect barriers around their world, passing laws and taxes and launching wars to keep the status quo - the world they worked so hard to build and treasure?

Doesn't it always fall to the younger generation to find the disruptive technology to unseat the old guard?

I just found it amusing how life imitates life.

This is a shame. PWC was not likely to ever go anywhere and it would be laughable to view it as a threat to Bitcoin. Don't hold any myself but it's unfortunate because some people out there definitely spent their hard earned money buying these coins, or their precious hash power mining them.

Luckily Litecoin would require 17GH of hash power to 51% it. No way someone is going to do that. Plus I expect the hash power to hit 30Gh in the next two months with the ASICs finally shipping.

funny, crypto currencies aren't even a few years old and the snake is eating its own tail.

Google translate?  :o

FIFY

Is that assuming most of the major pools are taken down ahead of time?

lol that was funny.  what would the difficult by on LTC if it was running a 30Gh network?  How much would LTC need to appreciate by just so miners could break even on it?

I can see this coin is still alive and fine, not dead at all.

Looks like pwc is back on trading now.

Nothing is wrong with PWC. Clear FUD and attention seeking from an individual.

Why would anyone interested in attacking powercoin? Does powercoin a threat to litecoin and powercoin? Does powercoin does anything wrong to you? Its no honor attacking powercoin you are like 500 pound wrestler attacking 1 month infant.

Yeah pretty much.

resumed trading at cryptsy, so it was not 51% killed.

+1

ha ha chasing after their precious little Bitcoins - all the while 80% of them (I know some do ;)  ) not understanding that all the words wealth is caught up in a system of which many many indicators are showing signs that would/should alarm many many people ,  but , then, when you have such a backward view and no understanding of basic economics , what should we expect?

in case the news hasn't gotten out the market is infinitely big enough for lots of Cryptocurrency - 

so here is the kicker :  (wait for it)


attackers only normally attack when at their weakest, so now than i have educated you about the basics of economics,  and you understand that the market for Crypto is very large - now when you view these attacks - how do they end up making the BTC market look ?

weak and prone to failure ? , due to centralization and corruption ?

I'm not making that statement , I'm just giving you information .

wow all these new accounts commenting on here , that seem to be so educated about all things Cryptocurrency  ha ha   ; )

its great to see all this involvement from all these newbie ! lol

lol at all the scammers in this forum trying to dumb down a coin value. Today is zomg PWC 51% sell sell sell, tmr is ZOMG DGC 51% sell sell sell. May be next week, ZOMG LTC 51%.   

Alt coin are made to divide the hash power to the diff on BTC and LTC wont skyrocketed while price is still low. Yet scammer are trying to get some quick buck and kill off the whole crypto including btc and ltc.

Meh, it was so close.
It would be so nice to see one of this shit coins getting killed in 51% attack.
Hope all you morons are aware that you are actually pumping out money from BTC and LTC economy, everytime you create another useless coin

I hope we continue to pull BTC and LTC down like you think. and when the attacks do occur I cant wait for the 6GHashs processing shit coins to move to and LTC to kill mining over there.  Think your plans at least 2 steps ahead moron.

I disagree with that. There will always be innovation. The issue with some of these coins is that the owners apparently created them solely to do a quick pump-n-dump to earn quick cash and move on.

that's of course completely true , but if miners mine them and are left holding the bag , that's the market as well.

attacking something is just really honestly going to harm the attackers interests long term. - i promise that .

except if they literally have no interests - in which case , it is what it is.

I think some attackers do it just because they want to show off; I'm sure some don't even care about cryptos, and it's a way to be a bully and show "power" by exploiting systems.

says some thread spammer with a 3 month old account

He does not "says", he defecate. The only thing an illiterate ignorant can do. Maybe some day he will learn how to write, or talk.

 :'(

Not just for DNS. it is also one of the methods you can use for a top level identity behind Open Transactions nyms, so you can change nyms, retire nyms and so on while still having a secure basis of identity behind them all showing they are all controlled by the same namecoin address.

-MarkM-

Hard to believe you when all your last posts are pumping PWC. 

So it really was killed by a 51% attack apparently.

I can verify PWC was 51% attacked. Trading has halted at Crypsty and I am unsure if we will be able to revive the coin.

We had a good run. Thank you all for the support over the last month or so.

RIP PowerCoin

 :'(

MarkM...could you elaborate?  I searched keywords to get a handle on how this might be, or if there is an explicit service.  Or perhaps you mean inherently this is possible by using NMC to purchases .bit urls?  I'm genuinely curious what you mean...