pinball, that's quite a theory there.
you left out one aspect. when hashrate goes low enough i will be waiting there and take over the network.
then you will have to mine with 0 reward against me until maybe you can overpower me. until then other miners will get 0. explain the economics of this. why it should work
You get 51%, we request delisting from the exchanges - you have all the burst that can't be traded anywhere. You just killed the coin. congrats. then im out of .15 btc a day. i will be crushed. i'd love to see that actually. you will crush the holders, then it's time for a better clone |
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pinball, that's quite a theory there.
you left out one aspect. when hashrate goes low enough i will be waiting there and take over the network.
then you will have to mine with 0 reward against me until maybe you can overpower me. until then other miners will get 0. explain the economics of this. why it should work
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Your investment in plotted hardware must be kinda on the high side, or perhaps you are bluffing, who knows.
Can you document somehow the size of the total plots that you control?
feel free to inspect the blockchain If you get to near 51% we could ask the exchanges to suspend burst due to risk of an attack, then it becomes a waiting game. How much does it cost you per day to have those disks spinning? My cost is in the single digit dollars for my 60TB or whatever, but i gather 50 times more is an annoying cost.. I can afford to wait for a while until we update the software to throw you out. people can of course choose (i am a voulentarist, will not force anything upon anyone) between a version that will trade with a guy that openly threthens a 51% attack, and then a version that blocks him out. You would likely have to replot, the exchanges would likely choose the wallet that exludes your plotted addresses. re-plotting will add to your expenses. While we can use our old plots.
I can always replot. And if you all decide to kill the coin, I think my point is well made. You are in the process of killing it as of now. Again don't blaim me. YOU CHOSE not to have hashpower. I just deliver the consequences of your actions. And don't be concerned with my costs, that's my own business, and I chose not to make it public knowledge. And don't speculate of the costs of a replot either. Ban my address, then you will see how fast I can replot. Oh wait, the only person who knows how to do that and still is active on this thread is me. |
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But don't force change onto the community using a 51% attack. Or be prepared to have to fend off a lot of people who believe you are a thief and a criminal, especially if you ever change a transaction. With anyone in control, burst degenerates to a normal centralized bank. The one in control will have governments and thugs all trying to go come steal his control away, to tax him, to claim protection money, whatever.... Perhaps even users who find that the attack is a violation of NAP and thus find it morally okay to come after you, will start to hunt you down. You will not be safe. ( this is not a threat, i would not come after you, i'd just start an originalBURST starting from somewhere on the chain before the attack). My money would then be in both BURST and originalBURST but originalBURST would probably have a list of burst addresses banned for generating blocks due to involvment in the 51% attack.
That's what you get for not having hashpower. Don't blaim me, I'm just the messenger. Yet, these are the rules of the cryptogame. As such you should encourage decentralized hashpower. Which requires financial incentive. You have to understand that the whole security of your funds relies on the hashpower. This is in the whitepaper of bitcoin. Not something I'm making up. P.S. I just realized what you said. HAHAHA. haven't they already "hunted" me down all this time? I can assure you that my identity is very well concealed. But don't take my word for it, give it a try, uncover me. It's fun though, you are technically threatening authority intervention on a DECENTRALIZED currency. You have to see the irony in this. Furthermore, it is my understanding that the crypto community opposes - not necessarily illegally - but opposes the authorities. |
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From bitcoin wiki https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_computing_powerAssuming ( this might not be the case ) that a burstcoin blockchain 51% attack would work about the same way as a bitcoin blockchain 51% attack, all you can do is to double spend your burst, so we would probably have to stop using burst until we make a new wallet that ignores your ip addresses, your burst addresses etc. for a period of time. Then we'd go on with the chain from just before you attacked, and you will have to replot your devices cause we know what burst address was baked into the plot files used in the attack. good luck plotting all that disk space again, it's costly in power and time. we all have a copy of the blockchain on our harddisk as it looked before your attack, when your ips and burst addresses have been "banned" in a new release of mining software, we will start at that latest uncompromized block, and you would have to re-attack using drives plotted to other addresses than the ones you have used previously. We might not be able to figure all the burst addresses you use, but it will probably be easy enough to figure most of them. Perhaps you have been clever and plotted each TB to a new address, but at least we can take out all the ones you used to generate blocks. You don't fully understand, but you are on the right track. You understand that in order for the attack to be performed, all blocks are mined by the same miner. Yes? This means that I still have the same hashpower, but the network only accepts my blocks and rejects the other blocks. During such attack it appears that the network hash halved its size, because the other half gets rejected. Nobody is talking about changing historic blocks. It's not my intent to double spend either. Though I could, and it would mean you getting BURST suspended from the exchanges. DEATH! I would do such thing only if the rewards become laughably low. You have no way to "cancel" my blocks. I will have dumped the coin before exchanges update to your "revised" version of the wallet. Thus they can never accept such change, for obvious reasons. Nor would this stop me from receiving my money. Then I can simply change ip and replot. But then again the exchanges would already be at the impossibilty of accepting your updated wallet. And there's a small technicality too. Who's gonna do the wallet modifications? Your dev has quit. And yes, I have done this before. |
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I am also proposing a 10% dev donation of each block's value. This will go to an address controlled by a trusted member of your community.
Your dev has quit. You do need to develop this coin. This is the perfect solution to this problem.
And it scales well. If the coin becomes popular, it will generate a massive dev fund, that you can use to do all sorts of funky things.
There is a problem, there is no "trusted member". However, BURST has the feature of ESCROW, with that we could manage "trust". Then a multisig, requiring multiple signatures to release funds. Not sure if burst has the option, will have to check |
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There's one thing I must say, MINERS ARE IMPORTANT! If we don't make the network big enough, we must worry about things that we wouldn't have to with a larger network.
I still think we need to make BURST more attractive to miners, not less. Sitting doing what's been going on lately is not great, indecision causes nothing to get accomplished.
No matter what you feel of bitladen... He's right about the things he's said, and getting miners and usage for the coin are very important.
I used to believe the model of BURST was perfect, but the more I see things happening and the more I think about it, the more I think it's in great planning, but only in a perfect scenario could it work as intended.
I fear that without changes and attraction of miners, the network will continue to shrink. As we've seen, there are miners quitting due to POWER, which is crazy with a coin that barely uses more power than PoS. This trend cannot continue.
If security is important to anyone, they're going to understand why miners are important.
Even the fact that someone getting 51% at all is possible, should be concerning. The next steps we take to resolve this are critical, what are they?
I want to hear suggestions, then I'll post mine. I know the idea may not be extremely popular, but I challenge anyone to come up with a counter proposal. We will gladly look at all options.
I take it you refer to my solution, as being the only one proposed thus far. I request the reward increase and it's proportionality to the hashpower. Currently, the incentive is to mine here FIRST. As you would get lots of coin for cheap, and so did the first miners. As a result, there is no incentive to mine here one year later (NOW). So even if you did mine here first, and held to the coin, hoping its value will go 100x - which it didn't, it went more like (1/10)x - there will soon not be enough hashpower to guarantee your funds, so you will end up holding ZERO. This will fix the following. 1. miners will have incentive to mine here ANYTIME - including NOW. And not just at coin launch. Therefore hashrate will go up, and the holdings will be protected 2. price could go down (but it's going down right now anyway), but as far as miners dumping are concerned, they will not want to dump below their mining costs. Should it go below that, it is safe to say that the holders are dumping. The cheap coin released in the first months of this coin is to blame, or in other words your reward structure. But we will have to see how this unfolds. BTW, considering current mining costs, does it make any sense that miners could be dumping right now. I get a lot of accusations of this. But do the math. Would it make any sense for me to dump at this price? It is the holders that are dumping, no doubt. 3. volume will go up. which the healthy thing to have. If you don't like my solution, then you holders should pump the price, it will have the same effects as above. But if you are going to do it, what are you waiting for? What have you been doing for the past year? I find it hard to believe that you ever will, as long as you're the only ones holding this coin. I am also proposing a 10% dev donation of each block's value. This will go to an address controlled by a trusted member of your community. Your dev has quit. You do need to develop this coin. This is the perfect solution to this problem. And it scales well. If the coin becomes popular, it will generate a massive dev fund, that you can use to do all sorts of funky things. Finally, I am volunteering to make the above mentioned changes to the daemon, should you ever agree to them. And possibly further development and promotion of this coin. And just to make it clear, I do not require any payment for this. Yes, I do mine it, and the changes will hopefully cover my costs. But keep in mind, I still only have 25% of the hashpower. 75% of the rewards will go to the rest of the mining community. And it's expected that as a result I will no longer hold 25%, but less. Not due to my capacity shrinking, but due to network size growing. PS: I would throw in my other projects involving this coin, namely a highly efficient pool, new mining protocol (similar to stratum - even better, i'd have to say), client code for this protocol, and a dcct port for windows. That is if you accept my proposal. Thus far you've only been hostile towards me, you cannot expect any contribution from me before I see an act of good faith on your behalf. Yes, don't bother to remind me that I'm an egomaniac, who thinks it's superior to everybody else. As far as this coin is concerned, this is true. 25% of the hashpower says I am. and 51% would make it's all mine. Now if you'd rather be against me, suit yourself. |
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With 51% hashrate you would be creating 51% blocks, not all, and you would be getting the same reward per block as everyone else, not double. And you can cancel transactions as much as you like but other 49% hashrate would be including them in blocks. Also, at certain point your mining would be very unprofitable with us buyers still buying more coins than you can mine so, all in all, STFU.
How about you google 51% attack before you open your mouth? After you google it, you will see that it is EXACTLY as I say it is. If you are smart enough (which btw I bet you're not), you could even test it on the testnet.
This thread is full of imbeciles like yourself.Not all of the users. But most of them.
I will no longer reply to idiotic comments (comments that are proven wrong).
Instead I caution everyone to do research and not take everything said here for granted.
You cannot determine if a post is correct simply by the fact that is to your liking. |
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bin, did you read my post before with my two ideas?
what do you say, or will you only talk and talk about a 51% attack as month ago and nothing will again happen?
I haven't yet had 51% of the hashpower. As soon as I do I will attack. 1. Ok the clone I might make it at anytime. But don't expect that I will move all my hashpower over there  2. Pause mining for a week, so we can do a test attack. Not exactly sure what you mean by that. If all pool stop what am I to attack. If only one pool remains, everybody will move there. In fact is there is other hash outside public pools, I can defeat that, I would do a test run for a few hours, if the pools agree |
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Sad this coin had such great potential. It wasnt just another scamcoin or copy coin. Problem is development by the devs was not carried out as it should have been. I give major props to the few that helped boost it up (crowetic, etc). Hopefully this coin can be salvaged I am still holding onto every coin I ever mined with my HDD but stopped actually mining with 75% of my HDD space a while ago.
Held it all?... my point exactly, that's why it dies, everybody held. No volume on the market, so you get this slow death. It happened exactly as I predicted. And you are very demanding about the devs, I can see. I am amazed they did anything at all, before they quit. Programming is hard work, but they got nothing out of this, so go figure. And while paying nothing, you still expect that somebody will come out and do all this work for you. You don't pay devs: devs quit You don't pay miners: miners quit You hold everything: investors are not interested. These are the facts |
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So you double your reward once you have 51% of the network, congratulations. Do you think there will be any value left in the coin once that happens? BURST is pretty low right now, I think one way of guaranteeing that your coins are worth zero is to continue on your path.
this way it will continue to die, no doubt, I'll just be making double the money until it does. but this is not my first option. my first option is that you listen to me and save this coin. it's been 6 months, and my theory then came true now. it's no longer a theory, it's a fact. you ought to listen None of this does anything for utility. GUI's are nice, PR is great, but their is no use for the coin. You mentioned back in march that you had ideas for implementing a trust-less exchange. That sounds like a great utility that would help increase investment into the BURST blockchain.
so, then you believe that I am capable of doing something useful. good, that's a start. I think the bottom line is, you can receive 100K coins as a block reward or you can received 1 coin as a block reward. The only thing that matters is how much investment is flowing into the blockchain. Right now there is no utility and miners and investors are nervous about the lack of forward progress on utility, hence the market drop.
you did not read all of my posts regarding the issue. The problem is simple, the coin is still overpriced as of now now. In the beginning a lot of coin has been mined at extremely low costs (low hashrate, high reward) and never dumped. There are hundreds of millions of burst that can be dumped below 10 sat easily. increasing the reward would balance this distribution. there are 2 ways to save this coin 1. pump the price strong. I would think the holders who hold the 1 billion burst should be interested, but apparently they're not. 2. increase rewards, as I proposed, so those holders will no longer be able to hold us back. Your method of 51% attacks and messing with this reward system does nothing to bring investors into the system.
How about 1 billion burst that can dump at 10 sat with profit. I wonder if that might be holding the investors back, to begin with. You've noticed yourself, any gui, pr, improved miner, anything you tried didn't help. By now, you should consider the possibility that I am being correct. p.s. I'm not being mean.
That is correct. You're just being stupid. |
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I was hoping you would then continue the conversation by explaining the 51% attack justification.
I'm sure you don't realize this, but once I 51% attack, with 51% of the hashrate I am getting all the blocks, hence doubling my reward. Of course there's always the possibility that I would cancel transactions as I please, should I chose to. So at that point, you would really have to have complete confidence in me. What do I get in return
You get a coin that will increase in value and you get to make a profit.
And you make this statement, based on what? You already tried all kinds of GUI's websites, PR, price still is falling. I have to disagree with your conclusion. |
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What motivation do you have to play the hostile miner card on a blockchain that is roughly one year old?
I am not hostile. Burst community is hostile towards me. I am honestly trying to help. I see no reference to "Honestly trying to help". All I see is a miner who will purposely attempt a 51% attack. Maybe I am remembering incorrectly but I recall you wanting the rewards structure changed, more rewards per block or something. I fail to see any reasoning behind changing reward structure to manipulate coin price. The price will be dictated by blockchain utility and investment. Trying to manipulate the reward structure to increase short term gains is just silly. When the price dips, should the reward structure be modified again? The definition to "Honestly Trying to Help" would be... 1.) Not trying to 51% the network 2.) Using your skill set to help improve the network a.) Release a version of your optimized mining code. b.) Share your mining knowledge and skill set. Performing 1 & 2 might help build peoples confidence in the system, which would bring investment back into the blockchain, and in return the price would rise, the end result is that your BURST would be worth more, actually making you a profit. Very demanding! What do I get in return, should I meet your demands? I will not go over it again, read my old posts from February, it explains why reward increase is needed, my reasoning behind it. It should be an interesting read, because I actually predicted this crash. Now everything is going to hell and certainly not to the moon. And the very demanding burst community, still does nothing about it. Rest assured, the situation will not improve by itself. You have to do something about it. You are doing nothing. So, the burst community must have a deathwish. Alright! I am here to help. |
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What motivation do you have to play the hostile miner card on a blockchain that is roughly one year old?
I am not hostile. Burst community is hostile towards me. I am honestly trying to help. |
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This is fuckin great! Look at the market! WTF is that. Keep holding to your bags till the bitter end. Right?
BURST is crashing. I have held my bag far too long.
But that's it, I'm gonna dump my 20 million, burst is hopeless.
I hope y'all are happy now.
There you have it, the end of bitladen.
What made you change your mind? I didn't change my mind, I dumped everything back then. Of course you mean, why not the end? Because I am getting close to 51% apparently, and I'm excited. To boba and the other guy, you make it sound like getting 1 PB is an easy thing, that anyone could do it. I can assure you that it is not so. In fact if it were any easier I would have 10PB now. Right? Well it's not as complicated as it is expensive. That's why people are backing out. Soon you will be stuck with me as the only miner, if mining profitability does not increase. And from a reward and/or price increase I would only have 25% of the benefit, the rest of 75% will go to the other miners, as of now. Of course, if you don't want to pay them, they will leave and once I reach 51% I can double my reward on my own. So you see, reward increase does not help me reach 51%, quite on the contrary, miners would be joining back if it were so. So it is in your best interest. I'm fine either way. |
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I must apologize, for making no posts for such a long time.
I know y'all missed me, but I've been busy with other projects. Sorry!
Now I'm back! And I can see that you guys decided to let me have 51% after all.
You see, mining costs are greater than the returns, so miners will keep quitting, as price keeps dropping.
Oh, and I'm thinking of adding another PB to my pool, just to be on the safe side.
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This is fuckin great! Look at the market! WTF is that. Keep holding to your bags till the bitter end. Right?
BURST is crashing. I have held my bag far too long.
But that's it, I'm gonna dump my 20 million, burst is hopeless.
I hope y'all are happy now.
There you have it, the end of bitladen.
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deal me in! https://swcpoker.eu/ for BTC PS: if y'all wanna play against me, I'm up for the challenge. -[Announcement of fun shit!]-We're gonna be doing some fun poker games with FullTiltPoker, we're going to start off with free stuff, then we're eventually going to start doing BURST tournaments when we can get someone to make a BURST powered poker setup. But, for now, let's play on FullTiltPoker! http://www.fulltilt.com/pokerI will post the tournament info when I get it setup. Nice initiative, I'll probably be there giving away money  Which form of poker will it be? By the way, are there legit sites for playing with BTC? |
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You know what? I think I'll actually do this. I'll start one for the mixer. And what's the Dev's address, so I can start another one for Dev? It's in his sig.....BURST-QHCJ-9HB5-PTGC-5Q8J9 Also, please don't make it so that if it is successfully funded it goes to your account, i think a lot of people would just plain not be happy to donate to that. Rather make it also to send funds to dev, or some other trusted member(mczarnek, corwetic or xizmax) perhaps? I'll just use dev's account. also I want to start a CF for AT team, please give me an address for that. And I will start on my address CF for mixer. CF for mixer will be in a few stages. First stage will be for 3M burst, it goes to my address, and I will award it to the first one that comes up with some code for the mixer, after I review it. It will not require need a complete mixer implementation, just an outline of the idea and some code towards implementing it. Then we move to stage 2,3... etc as more code gets written, until it's completed. |
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You know what? I think I'll actually do this. I'll start one for the mixer. And what's the Dev's address, so I can start another one for Dev? |
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