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Title: Successful Attacks on 100% POS-coins Post by: human on June 29, 2014, 03:17:10 PM Hi there!
Have there been any successful attacks on 100% POS-coins like Blackcoin, Vericoin or NXT? Has somebody tried to attack them? What experience did you make while doing it? Title: Re: Successful Attacks on 100% POS-coins Post by: human on June 29, 2014, 03:33:44 PM NxT was attacked multiple times but it was mostly ddos There have been many successful attacks on POW-coins already. I am interested in POS-coins only in this thread.So far the only successful attack was on a pow coin "Worldcoin" this is what i know. How did NxT overcome those DDoS-attacks? Title: Re: Successful Attacks on 100% POS-coins Post by: reRaise on June 29, 2014, 03:34:22 PM Someone try this
[HOWTO] kill any 100% PoS coins owning less than 1% of all coins. https://bitcointalk.org/index.php?topic=604716.0 Title: Re: Successful Attacks on 100% POS-coins Post by: reRaise on June 29, 2014, 03:40:07 PM Someone try this [HOWTO] kill any 100% PoS coins owning less than 1% of all coins. https://bitcointalk.org/index.php?topic=604716.0 Pure Fud and buzz words, Op of that thread don't even code so he is not understanding the fundamentals of pos. Do you code? Title: Re: Successful Attacks on 100% POS-coins Post by: human on June 29, 2014, 05:02:45 PM If it is not secure, the earlier we hack it, the better for the cryptocoin community. We just move on.
If it is secure, than 100% POS-coins and their holders have nothing to fear. That simple it is. Title: Re: Successful Attacks on 100% POS-coins Post by: ChuckOne on June 29, 2014, 08:21:57 PM If it is not secure, the earlier we hack it, the better for the cryptocoin community. We just move on. If it is secure, than 100% POS-coins and their holders have nothing to fear. That simple it is. +1 Title: Re: Successful Attacks on 100% POS-coins Post by: EvilDave on June 29, 2014, 09:58:24 PM I would really, really like it if some serious BTC/LTC whales could pool all of their funds and launch a 51% attack on NXT....please, do it for the kids.
Make the nasty NXT go away....... ::) Title: Re: Successful Attacks on 100% POS-coins Post by: Spoetnik on June 29, 2014, 10:22:18 PM I would really, really like it if some serious BTC/LTC whales could pool all of their funds and launch a 51% attack on NXT....please, do it for the kids. Make the nasty NXT go away....... ::) or just ignore it.. that is what i do and as far as the topic is concerned i always though no but honestly i am not sure.. hmm i will scroll down and see how many more topics had the keyword NXT slipped in lol Title: Re: Successful Attacks on 100% POS-coins Post by: counter on June 29, 2014, 10:37:34 PM If it is not secure, the earlier we hack it, the better for the cryptocoin community. We just move on. If it is secure, than 100% POS-coins and their holders have nothing to fear. That simple it is. Not sure it is quite that simple but you do have a point about testing the security of PoS. There is still the matter of finding a coin not monopolized by the mining industry. Title: Re: Successful Attacks on 100% POS-coins Post by: human on June 29, 2014, 11:01:52 PM If it is not secure, the earlier we hack it, the better for the cryptocoin community. We just move on. If it is secure, than 100% POS-coins and their holders have nothing to fear. That simple it is. Not sure it is quite that simple but you do have a point about testing the security of PoS. There is still the matter of finding a coin not monopolized by the mining industry. Title: Re: Successful Attacks on 100% POS-coins Post by: Magic8Ball on June 29, 2014, 11:14:12 PM NxT was attacked multiple times but it was mostly ddos So far the only successful attack was on a pow coin "Worldcoin" this is what i know. If you are talking of PoW, FTC was attacked multiple times but they never managed a double spend. So basically wasted hashpower. Title: Re: Successful Attacks on 100% POS-coins Post by: TheMage on June 30, 2014, 12:09:48 AM NxT was attacked multiple times but it was mostly ddos So far the only successful attack was on a pow coin "Worldcoin" this is what i know. If you are talking of PoW, FTC was attacked multiple times but they never managed a double spend. So basically wasted hashpower. Either Chinacoin or Whitecoin was 51% attacked successfully a few months ago (I think it was Chinacoin). Caused Crypsty all kinds of headaches cause thats who the hackers went too in order to double spend (not that I care, with amount that crypsty screws other people lol). Title: Re: Successful Attacks on 100% POS-coins Post by: human on June 30, 2014, 10:54:11 AM NxT was attacked multiple times but it was mostly ddos So far the only successful attack was on a pow coin "Worldcoin" this is what i know. If you are talking of PoW, FTC was attacked multiple times but they never managed a double spend. So basically wasted hashpower. Either Chinacoin or Whitecoin was 51% attacked successfully a few months ago (I think it was Chinacoin). Caused Crypsty all kinds of headaches cause thats who the hackers went too in order to double spend (not that I care, with amount that crypsty screws other people lol). Title: Re: Successful Attacks on 100% POS-coins Post by: XbladeX on June 30, 2014, 11:11:49 AM NxT was attacked multiple times but it was mostly ddos So far the only successful attack was on a pow coin "Worldcoin" this is what i know. If you are talking of PoW, FTC was attacked multiple times but they never managed a double spend. So basically wasted hashpower. Either Chinacoin or Whitecoin was 51% attacked successfully a few months ago (I think it was Chinacoin). Caused Crypsty all kinds of headaches cause thats who the hackers went too in order to double spend (not that I care, with amount that crypsty screws other people lol). Attack 51% was when POW part was going on with 0 reward... for 7days in WC. They ddos-ed main pool and lunched 51% attack. Title: Re: Successful Attacks on 100% POS-coins Post by: devphp on June 30, 2014, 12:42:32 PM If you can ddos the pool and then perform a 51% attack, it's still a vulnerability of the design. PoW pools are vulnerable.
Title: Re: Successful Attacks on 100% POS-coins Post by: counter on July 10, 2014, 11:12:23 PM If it is not secure, the earlier we hack it, the better for the cryptocoin community. We just move on. If it is secure, than 100% POS-coins and their holders have nothing to fear. That simple it is. Not sure it is quite that simple but you do have a point about testing the security of PoS. There is still the matter of finding a coin not monopolized by the mining industry. That is good to know because I've been reading some negative posts about proof of stake being a joke but not sure exactly what the issue was some have with it. With PoW it is clear what the problems are to me and that is the 51% attack. I guess with PoS it can be hard to verify the work down? I'm really unsure but I can't help but feel PoS is a superior option in many was to PoW. Title: Re: Successful Attacks on 100% POS-coins Post by: smalltimer on July 11, 2014, 12:51:00 PM If it is not secure, the earlier we hack it, the better for the cryptocoin community. We just move on. If it is secure, than 100% POS-coins and their holders have nothing to fear. That simple it is. Not sure it is quite that simple but you do have a point about testing the security of PoS. There is still the matter of finding a coin not monopolized by the mining industry. That is good to know because I've been reading some negative posts about proof of stake being a joke but not sure exactly what the issue was some have with it. With PoW it is clear what the problems are to me and that is the 51% attack. I guess with PoS it can be hard to verify the work down? I'm really unsure but I can't help but feel PoS is a superior option in many was to PoW. pos can be a huge mess in case someone manages to own 51% of coins at one point. 51% pow takes a lot of hashpower, 51%-attack pos is very profitable and doesn't need much equipement. Buy 51%, sell maybe for a gain, then fork and sell 51% again, then fork again. No need for expensive mining-equipement. In case of succesful attack coins in peoples wallets become invalid. Maybe people wouldn't even realize it's a 51% attack and just wonder why they have invalid coins. Could have happened already with xbc and others. The attack can be carried out over and over again with no additional costs. Now they mine those pos-coins in a week or less. They are not good distributed. I wouldn't buy a pos-coin with such a short pow-mining-timeframe. To introduce pos the coin needs to be very well distributed to limit the ability of someone to gain 51% All those pos-coins with those very short pow-phases are really ultra-risky investement. Title: Re: Successful Attacks on 100% POS-coins Post by: devphp on July 11, 2014, 01:03:24 PM Buy 51% of coins, yeah right, a clear case of completely flunking math at school.
Title: Re: Successful Attacks on 100% POS-coins Post by: spazzdla on July 11, 2014, 01:06:10 PM Do you even code bro?
Title: Re: Successful Attacks on 100% POS-coins Post by: counter on July 13, 2014, 11:08:02 PM If it is not secure, the earlier we hack it, the better for the cryptocoin community. We just move on. If it is secure, than 100% POS-coins and their holders have nothing to fear. That simple it is. Not sure it is quite that simple but you do have a point about testing the security of PoS. There is still the matter of finding a coin not monopolized by the mining industry. That is good to know because I've been reading some negative posts about proof of stake being a joke but not sure exactly what the issue was some have with it. With PoW it is clear what the problems are to me and that is the 51% attack. I guess with PoS it can be hard to verify the work down? I'm really unsure but I can't help but feel PoS is a superior option in many was to PoW. pos can be a huge mess in case someone manages to own 51% of coins at one point. 51% pow takes a lot of hashpower, 51%-attack pos is very profitable and doesn't need much equipement. Buy 51%, sell maybe for a gain, then fork and sell 51% again, then fork again. No need for expensive mining-equipement. In case of succesful attack coins in peoples wallets become invalid. Maybe people wouldn't even realize it's a 51% attack and just wonder why they have invalid coins. Could have happened already with xbc and others. The attack can be carried out over and over again with no additional costs. Now they mine those pos-coins in a week or less. They are not good distributed. I wouldn't buy a pos-coin with such a short pow-mining-timeframe. To introduce pos the coin needs to be very well distributed to limit the ability of someone to gain 51% All those pos-coins with those very short pow-phases are really ultra-risky investement. Something tells me that it isn't quite so easy to fool a whole community dedicated to seeing a coin last long term. Maybe who aren't paying attention and are apart of a pump and dump. It' is an interesting type of scam none the less. I think like you suggested that if the coin is well distributed then this type of thing is not a big issue, I'm thinking we are basically on the same page. Thanks for the detailed reply. |