The genesis account passphrase was spectacularly weak, although long.
The opening line of 1984 ?
I'm surprised it wasn't cracked in December, TBH.
So, there's no real surprise here, DoctorEvil has simply highlighted a known issue. Password security needs to be ramped up, either by making users choose better passphrases or by beefing up password security in the client. or both...
Security is obviously not a top priority for Nxt. Explains why there is a demand for NEX. |
|
|
|
Newbie, I apologize for my brash tone.
There are a few rare old miners who accumulated a substantial amount of coins back in 2011. Guys like BCX got 200,000 with no issues. Rare but possible. I'm just the paranoid type I guess. I'm gonna go back and delete my provocative posts as to not discourage any other newbies from joining our thread.
Sorry and thanks for your concerns, we'll try to address them one by one.
But I would be curious to see your wallet ID if you wanna post it. Mine is in cold storage so I can't.
Here's the think about those 200,000 shares that you claim they got with 'no issues'. Back in 2011, you could have acquired a lot of BTC with 'no issues'. In short, those holder already made the decision back then those 200,000 IXC coins were worth equivalently to some BTC and did not trade those for BTC. |
|
|
|
I wonder why the pump and dumpers don't pick up this coin?
Is it because it is too difficult to acquire coins before a pump?
I just started pumping it to the Pumpers on Twitter. I think they haven't pumped it cause it's generally seen as a dead coin or a coin nobody would wanna buy. I've pointing out to them that we have a new logo, new website and a new dev team and most all, a very low float and IXC would probably pop 10 fold if they pumped it cause it's so hard to find coins. Accumulating coins wouldn't be a problem, it would just take them 2 weeks instead of 2 days but it would be worth it. Just 5 BTC can make IXC go up 5 fold so imagine 50 BTC at once. It needs a shock to its heart, then IX will come alive again on the markets Precisely. This exactly why I'm trying to convince these organized Pumpers to pump IXC. They don't yet understand what a low float means and how much they can make on IXC. I think they are aware of a low float. That is why they pick on very new coins. IXCoin is crazy because it has a low float, been around forever and you can't mine a lot of coins without breaking the bank. That is the perfect coin! |
|
|
|
Here's my new twitter pumper account. In 24 hours I've has nearly 15 pumper guys follow me and some are big Pumpers. So I think it's possible I've brought IXC to their attention cause before it was simply not even on their radar.
This twitter thing is kind of nice. Very instant. I've got another account as well I use to tweet high end tech CEO's (ie. Elon Musk, Barry Silbert, Carl Icahn, Patrick Byrne of Overstock, etc.) and industry titans like Cameron Winklevoss cause a pumper alias would not look too good.
I truly believe that if any of these guys would just look at IXC they would see what I see but so far I think my tweets go straight in their trash basket.
What we really need is some bounties to fully rebrand IX with a new launch thread and everything. No one is putting up an incentive for someone to spend time doing these things. A full-scale relaunch to the public Isn't this exactly what Luke said he would pay for and facilitate? How frustrating waiting on the invisible man. But I agree, I don't want a pump and dump, I'm here for ultra long term but a pump and dump would bring a lot of attention and most of all, some much needed liquidity and my hope is that it would stick around after the pump as it will bring on new investors (increased volume) out of which some will stick around. All I am saying is that the speculators need to be informed of the activities of IXcoin. The only missing equation for iXcoin in its fundamentals is the lack of liquidity. Vlad, you should know this. Where is the liquidity coming from? A lot of these new coins get it somewhere. Find that source! |
|
|
|
I wonder why the pump and dumpers don't pick up this coin?
Is it because it is too difficult to acquire coins before a pump?
I just started pumping it to the Pumpers on Twitter. I think they haven't pumped it cause it's generally seen as a dead coin or a coin nobody would wanna buy. I've pointing out to them that we have a new logo, new website and a new dev team and most all, a very low float and IXC would probably pop 10 fold if they pumped it cause it's so hard to find coins. Accumulating coins wouldn't be a problem, it would just take them 2 weeks instead of 2 days but it would be worth it. Just 5 BTC can make IXC go up 5 fold so imagine 50 BTC at once. It needs a shock to its heart, then IX will come alive again on the markets I am sure there are a lot of boards like this and I think this is something that folks should discover and promote. It is clear, nobody at IXC is at those boards so we don't get a lot of liquidity for IXC trading. |
|
|
|
Fun fact: the genesis account http://www.mynxt.info/blockexplorer/details.php?action=ac&ac=1739068987193023818 that credited all the original stakeholders used this passphrase: Quote from: 1984 - George Orwell It was a bright cold day in April, and the clocks were striking thirteen. As I've pointed out in my first post https://nextcoin.org/index.php/topic,3608.msg34002.html1.5% of NXT accounts are trivially crackable with a 15 line script and a widely-available passphrase list (the rockyou leak dataset). I've let my script keep running on more lists since then and at current measure have recovered the passphrases of a little more than 3% of all accounts that have ever been used. Since genesis ~8M NXT has been sent to these "weak" accounts. As I pointed out in my original post, my motivation for doing this was to investigate the root cause of the rash of thefts that had been reported (since I suspected weak passphrases) as well as prod the devs to drop the brainwallet-based key management scheme as the default option. I actually cracked the genesis account a few days ago but originally thought my code was just buggy when I saw it's balance was negative ... LOL. As a side note, I should point out that widespread knowledge of the genesis account key isn't a security issue per se. Although I'd advise devs to be defensive moving forward about the possibility of integer overflow/underflow whenever dealing with amounts/fees now that the whole world has access to an account with a negative balance. Breaking news... Nxt genesis account compromised. 3% of all Nxt accounts already compromised. Breaking news...FCs spread their usual FUD. And don't acknowledge the source: https://nextcoin.org/index.php/topic,3752.0.htmlIn other words, don't worry too much. I really don't thing you understand by the statement: I've let my script keep running on more lists since then and at current measure have recovered the passphrases of a little more than 3% of all accounts that have ever been used. Since genesis ~8M NXT has been sent to these "weak" accounts. What he said was that after running his 15 line script since January 27th, he has discovered the secret phrase for 3% of all Nxt accounts. He is saying that 8million NXT has been compromised by his simple 15 line script. He has of course said that he has not drained those accounts. However, he did publish the code, so someone else could do so. Furthermore, a more sophisticated script running longer could compromise over time even more Nxt accounts. If the genesis account can be compromised in such a short time, then almost every Nxt account can be compromised. |
|
|
|
|
I wonder why the pump and dumpers don't pick up this coin?
Is it because it is too difficult to acquire coins before a pump?
|
|
|
|
Fun fact: the genesis account http://www.mynxt.info/blockexplorer/details.php?action=ac&ac=1739068987193023818 that credited all the original stakeholders used this passphrase: Quote from: 1984 - George Orwell It was a bright cold day in April, and the clocks were striking thirteen. As I've pointed out in my first post https://nextcoin.org/index.php/topic,3608.msg34002.html1.5% of NXT accounts are trivially crackable with a 15 line script and a widely-available passphrase list (the rockyou leak dataset). I've let my script keep running on more lists since then and at current measure have recovered the passphrases of a little more than 3% of all accounts that have ever been used. Since genesis ~8M NXT has been sent to these "weak" accounts. As I pointed out in my original post, my motivation for doing this was to investigate the root cause of the rash of thefts that had been reported (since I suspected weak passphrases) as well as prod the devs to drop the brainwallet-based key management scheme as the default option. I actually cracked the genesis account a few days ago but originally thought my code was just buggy when I saw it's balance was negative ... LOL. As a side note, I should point out that widespread knowledge of the genesis account key isn't a security issue per se. Although I'd advise devs to be defensive moving forward about the possibility of integer overflow/underflow whenever dealing with amounts/fees now that the whole world has access to an account with a negative balance. Breaking news... Nxt genesis account compromised. 3% of all Nxt accounts already compromised. |
|
|
|
I like a steady increase on price per share during the pre-sale, like Pn=Pn-1r , where each subsequent share price Pn is a fractional (or percentage) increase over the previous share price Pn-1. I'd prefer that shares may be resold at any time on the open market.
There should be a board of elected directors to disburse funds to pay for development, marketing, and other costs. Voting should be PoS with stakeholder designated proxy as a default if not overridden on a particular vote by the stakeholder. Proxies may be chained or forwarded to other proxies. The presale may be terminated with advance public notice by a majority vote of the stakeholders, or run for a set time or to a set limit of total investment.
Before the pre-sale launches, there should be a short pre-launch sale where everyone can invest and be awarded shares proportional to investment, maybe one week. The share price is equal to what it would be if the same amount of total investment were made to reach that point according to the power law used for pre-sale.
A matching pool of development shares should be created to fund development in some proportion of the pre-sale shares sold, to be used later as the initial funding is used.
I would leave it to the community to agree on the actual numbers used in the fractional price per share increase, the proportion of development shares, the amount to be raised, the length of the pre-launch sale, and length of the pre-sale. Here, launch means start of pre-sale.
This is similar to conventional start-up funding except that there is a continuous ramp in share price as value increases and risk decreases instead of discrete jumps in share price at different funding rounds. Also, the opportunity for the general public to enter at the seed stage is new.
The term IPO is not really accurate since these pre-sales are actually seed funding.
Looks extremely complicated to set up. Particularly the one that involves proxy voting and boards of elected governors. |
|
|
|
The model of "fund now and develop later" doesn't seem to be working too well.
Develop first, show proof of concept, distribute thru proof of burn.
Then, if necessary, gather funds for particular purposes, from funders, who have skin in the game and are therefore motivated to scrutinize development and cover (or refuse to cover) additional expenses. This way funders continuously participate in project development , voting with money, instead of relying on devs decisions in distribution of ipo funds.
I could not agree more, very well said Sound like a good approach. Concurrent fund raising and development can work, based on progress. This is how most start-ups are funded, with seed funds coming in in stages. I lost a coin in this, and knew very well the risk I was taking, posting red flags here all along. A number of us are interested in continuing this project. The last thing I want to see is other people deciding whether or not I have this option or dictating how a pre-sale is to be handled. I've come to crypto assets to escape that kind of crap. We are trying to figure out the best way to fund our NEX project. We are wondering if you had any insights on this. |
|
|
|
The model of "fund now and develop later" doesn't seem to be working too well.
Develop first, show proof of concept, distribute thru proof of burn.
Then, if necessary, gather funds for particular purposes, from funders, who have skin in the game and are therefore motivated to scrutinize development and cover (or refuse to cover) additional expenses. This way funders continuously participate in project development , voting with money, instead of relying on devs decisions in distribution of ipo funds.
I could not agree more, very well said Sound like a good approach. |
|
|
|
There is a revolution to the horizon, due to to the fact now we have Frictionlesscoin (the only one really supporting iXc during the last two months) and LukeConnell, plannning to relaunch the image if iXcoin, along with markering and apps.
The next two months? Well, if LukeConnell and and Frictionlesscoin (not two people, but two different teams) are going to work together for the greater good: this coin survived for two years without any kind of development and marketing, you tell me what it can achieve a coin closely mirroring Bitcoin's updates.
Sorry, but this coin is only for the bravest ones.
If Luke ever returns Well I'm certainly hoping that he will deliver the dev. resources to build mobile clients for iXcoin. I think that's the specialty of his consulting company. |
|
|
|
I am not a sock puppet man, look at my last posts. Or give me your email, phone number and I'll call you. You nxt guys are just silly!!  I doubt the'll give you their personal info. They've got a plenty of reasons to remain anonymous. |
|
|
|
Thank you for your competent opinion! Btw, which great work?  Have fun guys, keep it going. Entertainment is important and healthy for all of us! U r talking to FC's sockpuppet account. Date Registered: January 29, 2014, 01:25:30 PM That's just curious. Why is the main developer of Nxt trolling this thread? |
|
|
|
This morning, the genesis account for Nxt was compromised: Fun fact: the genesis account http://www.mynxt.info/blockexplorer/details.php?action=ac&ac=1739068987193023818 that credited all the original stakeholders used this passphrase: Quote from: 1984 - George Orwell It was a bright cold day in April, and the clocks were striking thirteen. As I've pointed out in my first post https://nextcoin.org/index.php/topic,3608.msg34002.html1.5% of NXT accounts are trivially crackable with a 15 line script and a widely-available passphrase list (the rockyou leak dataset). I've let my script keep running on more lists since then and at current measure have recovered the passphrases of a little more than 3% of all accounts that have ever been used. Since genesis ~8M NXT has been sent to these "weak" accounts. As I pointed out in my original post, my motivation for doing this was to investigate the root cause of the rash of thefts that had been reported (since I suspected weak passphrases) as well as prod the devs to drop the brainwallet-based key management scheme as the default option. I actually cracked the genesis account a few days ago but originally thought my code was just buggy when I saw it's balance was negative ... LOL. As a side note, I should point out that widespread knowledge of the genesis account key isn't a security issue per se. Although I'd advise devs to be defensive moving forward about the possibility of integer overflow/underflow whenever dealing with amounts/fees now that the whole world has access to an account with a negative balance. |
|
|
|
Fun fact: the genesis account http://www.mynxt.info/blockexplorer/details.php?action=ac&ac=1739068987193023818 that credited all the original stakeholders used this passphrase: Quote from: 1984 - George Orwell It was a bright cold day in April, and the clocks were striking thirteen. As I've pointed out in my first post https://nextcoin.org/index.php/topic,3608.msg34002.html1.5% of NXT accounts are trivially crackable with a 15 line script and a widely-available passphrase list (the rockyou leak dataset). I've let my script keep running on more lists since then and at current measure have recovered the passphrases of a little more than 3% of all accounts that have ever been used. Since genesis ~8M NXT has been sent to these "weak" accounts. As I pointed out in my original post, my motivation for doing this was to investigate the root cause of the rash of thefts that had been reported (since I suspected weak passphrases) as well as prod the devs to drop the brainwallet-based key management scheme as the default option. I actually cracked the genesis account a few days ago but originally thought my code was just buggy when I saw it's balance was negative ... LOL. As a side note, I should point out that widespread knowledge of the genesis account key isn't a security issue per se. Although I'd advise devs to be defensive moving forward about the possibility of integer overflow/underflow whenever dealing with amounts/fees now that the whole world has access to an account with a negative balance. Not like this is news. |
|
|
|
|
Why do people prop up from no where questioning the 2015 end of mining subsidy.
Meanwhile when we talk about developing the coin, they are nowhere to be found.
Just curious where all these people are coming from.
|
|
|
|
Btw, why NRS shows genesis account's balance as -5 ?
Is that for real? The genesis address/account got cracked? What are the implications? Anyone can create and assign Nxt to himself? No. You can't send coins from account with non-positive balance. Am I seeing this correctly? A lot of transactions of zero value are coming out. Is that going to blow out the memory of Nxt nodes? |
|
|
|
Btw, why NRS shows genesis account's balance as -5 ?
Is that for real? The genesis address/account got cracked? What are the implications? Anyone can create and assign Nxt to himself? |
|
|
|
|
Show Posts
