The problem is the difficulty adjustment algorithm is exploitable, and that's what someone is doing.
....something else is going on as well |
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I've been watching it pretty closely the past 48 hours.
The price has remained completely stable and pegged to BTC. .002-.0025 or so.
There are big buy walls forming on BTC-e. Which indicates to me that people are about to take advantage of this low price.
As far as the difficulty swings go, it looks like they are flattening out a bit. I haven't seen the super low or the super high difficulty. It's staying relatively quiet.
Looks like the storm may have been weathered. Sure there's more work for the devs to do, but I'm not as worried about the survival of this coin anymore. It could use more miners though, especially since it's more profitable to mine TRC than BTC (on average more profitable. Sometimes it will dip slightly under.)
But see the threads DEV has announced by email he is giving up? or something?  |
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The thing is the 2 billion is confusing a lot of people as to supply also I understood that almost no new coins were being made right now, from the link I used. There are a few points to note - ppcoin inflation rate is currently close to or lower than litecoin
- inflation is regulated by Moore's Law and will approach very low level in the future regardless of adoption
- short term coin production fluctuates a lot. last week there were quite a number of coins produced due to heavy mining. this week not so much.
- forget about the 2 billion figure, it's only used for consistency checking, has nothing to do with future money supply.
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I agree with dreamwatcher that it's rather premature and weak to quit at this moment.
By all means terracoin hasn't even tried ppc's adjustment yet. ppcoin itself should be pretty safe from this because of proof-of-stake protection. As for a pure proof-of-work implementation, I think even with some ASIC miner exploiting it, at worst it could probably extend the block spacing from 2 minute to maybe 20 minutes sometimes. Given a reasonably long averaging window it shouldn't be all that intolerable.
The problem is DEV for terracoin is so taciturn... the comments are all gone from git hub, but all the code remains last time I checked... something is realllly of here.... I note that Crazy Rabbit mentioned having and Asic at some...stage...and that he could consider using it on the TRC chain (in support of the chain I inferred). Crazy Rabbit can you clear this up? ? |
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I can confirm that the email was terracoin dev's, I have communicated with him before on that email.
The email is real, according to Sunny King. I'm not sure why the lead dev of a coin would announce the shutdown of his project to drive the price down. Real or not, the TRC dev has lost what little credibility was ever had. yes saw that but it doesn't mean this was spoofed or hacked email Also exactly what are the various parties involvement in this it all looks to convient I'd love to believe the email was hacked but Occam's razor applies here. The network had been under attack for the last +24 hours but there is to much collusion 'co incidence' going on here... |
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I can confirm that the email was terracoin dev's, I have communicated with him before on that email.
Have you seen crazzy rabbit going on about terra wallet and how coins are "lost" some alternate block chain..... but you can see the coins in the blockchain from TRC explorer, and not just a few then he puts terrawallet up for sale.... he keeps going on about them being locked up etc etc but they are just fine on the real blockchain (by real I mean the one everyone kept going on with) Terra coin dev has been working away on fixes, and it was smoothing out he %'s his account could have been hacked Terrawallet doesn't open bro. Site is down. [/quote] Yes this is true but the whole description of forked blockchain by Crazy Rabit was wrong and he had access to the private keys to refund the amounts.... |
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I can confirm that the email was terracoin dev's, I have communicated with him before on that email.
The email is real, according to Sunny King. I'm not sure why the lead dev of a coin would announce the shutdown of his project to drive the price down. Real or not, the TRC dev has lost what little credibility was ever had. yes saw that but it doesn't mean this was spoofed or hacked email Also exactly what are the various parties involvement in this it all looks to convient |
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EDIT::TRC DEV has admitted guilty to FUD.....SEE END OF THREAD, but like Lost it just raises more questionsConsolidated events- DEV (a team apparently), FUD's to the extent "we are closing TRC" (could not be a bigger fud if you tried, DEV telling they are closing down and all is fail)
- The email address from DEV was verifiable as legit by members such as SunnyKing
- Just in case we missed it BTCe FUD's in here alt crytpos on DEV's behalf
- Chains locked down so it looks coins cannot be moved from VirCurex to BTCe
- Chain under attack (by ?) so it looks like several different chains and coins cannot be sent
- DEV deletes all comment removes REPO's in GitHub, looks consistent with closing down
- see big sell of then omnom nom eat all those cheap TRC,
- DEV then release a real patch that they had all along, stabilize then sell high
- People getting banned in BTCe for mentioning any issue with TRC
- BTCe Remain Quiet now despite making momentus FUD about Coin they list
- DEV with full knowledge waits 20 HRS later then releases that one of their programs an inside job, they admit they FUD
TRC DEV FUD broad cast by BTCehttps://bitcointalk.org/index.php?topic=175162.0TerraCoin < terracoin76@gmail.com> Will close the terracoin project before announcing this on our mailing lists, we first wanted to let suggest you stop exchanging terracoins IMMEDIATELY. A few hours ago (2013-04-12 19:26:32, block 103799), the terracoin blockchain was successfully forked by an attacker. 10 blocks were injected into the blockchain while the regular users where mining one block. (the attacker had at least 10 times the total network speed at this time). We've been warning users multiple times regarding the fact that if they really wanted to protect their coins, they should participate in mining, but we were never heard. In order to prevent you from receiving massive sell orders, we first wanted to suggest you to immediately close your TRC service. To prevent other merchants, users or services from loosing real money, we have the regret to close the Terracoin project. Binaries from our mirrors, sourcecode and repositories are going to be removed, the seednodes required to join the network were stopped. Attached text file contains the block hases involved in this fork ; at a glance, it appears 7k+ TRC were manipulated. Also we catched a few ip addresses first-relaying the concerned blocks, we have no real proof of the attacker's identity. In a few hours we'll announce the project closure via our mailing lists. regards. [DEV]
> let me clarify the situation regarding this email :
>
> developer overreacted after a week of pressure spent trying to
> frequently patch the terracoin difficulty algorithm, in response to
> hashing power spikes seen recently on the network.
I suspect this thread was derailing the likely hood of thier plan a bit, ie nervous that faith would be lost, so they have broken cover with an *explanation* the most unbelievable ever. see end of thread for their *full explanation* When they give TRC back from their hoard I will believe them ---------------------------------------------------------------------------------------------------------------------------------------------- OK this is from earlier as it happened ---------------------------------------------------------------------------------------------------------------------------------------------- I confirm Publicly that Crazy Rabbit has refunded the entire amount to me through BTCE-code.Crazy_rabbit closes terrawallet claims there was neg balances, but I can see a large-ish balance on one of the address used to clear the wallet service, that's far form negligible Crazy_rabbit puts Terralwallet for sale Then this Spam? email from DEV? of TRC While the comments section of DEV is down DEV's code is all there and its backed up anyway, and dev was actively deving just a little time ago the % look much more stable on dustcoin over Last 2 days.... Is this maybe an attempt to force TRC price down capitalizing on recent TRC info/events....or something else?
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I can confirm that the email was terracoin dev's, I have communicated with him before on that email.
Have you seen crazzy rabbit going on about terra wallet and how coins are "lost" some alternate block chain..... but you can see the coins in the blockchain from TRC explorer, and not just a few then he puts terrawallet up for sale.... he keeps going on about them being locked up etc etc but they are just fine on the real blockchain (by real I mean the one everyone kept going on with) Terra coin dev has been working away on fixes, and it was smoothing out he %'s his account could have been hacked |
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SPAM This is SPAM the TERRACOIN SOURCE FILES ARE ALL THERE https://github.com/terracoin/terracoin/commits/masterand ANYWAY I CLONED THEM HERE https://github.com/jubalix/terracoin-masterfork?source=crsee AND THAT IS NOT THE TERRACOIN DEV's EMAILTerraCoin <terracoin76@gmail.com>
Will close the terracoin project
before announcing this on our mailing lists, we first wanted to let
suggest you stop exchanging terracoins IMMEDIATELY.
A few hours ago (2013-04-12 19:26:32, block 103799), the terracoin
blockchain was successfully forked by an attacker.
10 blocks were injected into the blockchain while the regular users
where mining one block.
(the attacker had at least 10 times the total network speed at this time).
We've been warning users multiple times regarding the fact that if they
really wanted to protect their coins, they should participate in mining,
but we were never heard.
In order to prevent you from receiving massive sell orders, we first
wanted to suggest you to immediately close your TRC service.
To prevent other merchants, users or services from loosing real money,
we have the regret to close the Terracoin project.
Binaries from our mirrors, sourcecode and repositories are going to be
removed, the seednodes required to join the network were stopped.
Attached text file contains the block hases involved in this fork ; at a
glance, it appears 7k+ TRC were manipulated.
Also we catched a few ip addresses first-relaying the concerned blocks,
we have no real proof of the attacker's identity.
In a few hours we'll announce the project closure via our mailing lists.
regards. spam |
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I wi Someone can correct me if I'm wrong but the way I understand it is this:
Wallet is on a fork. The coins that are received on each address are then put into the SHARED wallet of the site. These coins then get mixed with all the other users coins. So when for example coins are sent out from your account, they are not sent from only your address, they are collected from all the addresses on the server. So you might deposit on your address, but when you withdraw- it comes from any combination of addresses. Hence the idea that in an instawallet you don't own your private key.
With the terrawallet you also have Instacodes- which allows users to transfer their balances from one account to someone else's account. These transactions do not occur on the blockchain, thus if you put 100 TRC on your "address", and then send 100 TRC to another account with an instacode, no coins actually move with the private key of that address. Instead the balance is just moved. Additionally, the cold wallet sends coins automatically off the server to a different wallet entirely, not all the coins but only partially.
I am unable to determine accurately when we started being on the fork, and what transactions took place while being on the fork (indeed perhaps even which fork! As the software was updated multiple times due to errors) including instacodes and thus the remaining balances. If anyone else has problems, contact me and I will see what I can do.
But I can see exactly where you cleared the TRC to, using he TRC block chain eplorer
No THIS is not how block chains or forks of block chains work wallets do not Fork just for a start IT IS IRRELEVANT WHEN THE FORK TOOK PLACE, Or that a Fork even took place. Collect all you addresses for cold and hot storage, and list them here, then we can see what balance is there on the real block chain, DO NOT DELETE ANY PRIVATE KEY OR ADDRESS YOU HAVE for instance I can see 82 TRC on
http://cryptocoinexplorer.com:3750/address/16DEAoRSC3Dpe4QTrv6PRZyG22ZsGdoFeAand this was the address you were clearing wallets to as my wallet was completely cleared including to that address, but not by me You can then get access to them by using the debug console of any TRC client All that happens to the Forked block chain is eventually those are new coins that people may or may not chose to reconise.
All the original coins on the accepted Block Chain all still exist.Your description on what happened does not make sense....no one could be withdrawing to a legitimate chain from the forked chain...if you were running that some how Further I read through your links and it appears there was no "fork" or 51% attack In any even every coin is preserved in the real blockchain!!! I need mine back, and your holding the private keys l will sort this out but your missing the point about how shared wallets work. You deposit coins on your address, an the wallet keeps track of your wallet, however when you SEND coins they can come from any address on the wallet- the dont come just from yours. Hence you can't play games like satoshi dice with a special transaction. Because your coins are tracked by a database, NOT by the blockchain. All instawallets and all exchanges, you can not track your balance by the blockchain. Will some else please chime in here to help explain what I mean? Your coins are not keep on a private key. Hence you can't check your deposit address at btce or gox with the blockchain to discover your balance. Try it- you will see I am right. But I can see exactly where the TRC was cleared, to, and you then say that the TRC are stuck on a Forked chain. They are not, when you fork a chain, You clone all the coins but as no one else support the chain, they do not accept the cloned coins on that chain On the real chain you can still see all the address and and the amounts they contain. Let me put it this way, [1] You claim there was a negligible amount of TRC left anyway [2] In your sell wallet thread you are going to delete all the data, keys private infor etc [3] SO give me all the private keys to this "negligible amount" I will even pay you 100 TRC for the private keys to the neglible amount and let me sort this out because I can see how much TRC is there right now. |
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It seems there is a lot of misunderstanding about PPC that I would like cleared up. Now I may be wrong but one very bit misunderstanding is the number of coins. As things stand I think there are around 18 m PPC and if you look at the graph it appears very very few as effectively negligible new coins are now being created, eg 5 a day, 14 a day 0 a day? http://www.proofofstake.com/so while there is hard cap of 2 Billion, in fact after a certain miner uptake/hash or something like usage, no more coins are made or coins are rarely made. it seems that a slight new number of coins seem to be made to account for reduce circulation Anyway I hope sunnyking comes and explains this but the Take home is, there are about 3 Million less coins in PPC than there will be in BTC and PPC is now rarely makeing any new coins since about 25 MARCH Everyone seems to think PPC is pumping out new coins but it seems quite the opposite |
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Someone can correct me if I'm wrong but the way I understand it is this:
Wallet is on a fork. The coins that are received on each address are then put into the SHARED wallet of the site. These coins then get mixed with all the other users coins. So when for example coins are sent out from your account, they are not sent from only your address, they are collected from all the addresses on the server. So you might deposit on your address, but when you withdraw- it comes from any combination of addresses. Hence the idea that in an instawallet you don't own your private key.
With the terrawallet you also have Instacodes- which allows users to transfer their balances from one account to someone else's account. These transactions do not occur on the blockchain, thus if you put 100 TRC on your "address", and then send 100 TRC to another account with an instacode, no coins actually move with the private key of that address. Instead the balance is just moved. Additionally, the cold wallet sends coins automatically off the server to a different wallet entirely, not all the coins but only partially.
I am unable to determine accurately when we started being on the fork, and what transactions took place while being on the fork (indeed perhaps even which fork! As the software was updated multiple times due to errors) including instacodes and thus the remaining balances. If anyone else has problems, contact me and I will see what I can do.
No THIS is not how block chains or forks of block chains work wallets do not Fork just for a start IT IS IRRELEVANT WHEN THE FORK TOOK PLACE, Or that a Fork even took place. Collect all you addresses for cold and hot storage, and list them here, then we can see what balance is there on the real block chain, DO NOT DELETE ANY PRIVATE KEY OR ADDRESS YOU HAVE for instance I can see 82 TRC on
http://cryptocoinexplorer.com:3750/address/16DEAoRSC3Dpe4QTrv6PRZyG22ZsGdoFeAand this was the address you were clearing wallets to as my wallet was completely cleared including to that address, but not by me You can then get access to them by using the debug console of any TRC client All that happens to the Forked block chain is eventually those are new coins that people may or may not chose to reconise.
All the original coins on the accepted Block Chain all still exist.Your description on what happened does not make sense....no one could be withdrawing to a legitimate chain from the forked chain...if you were running that some how Further I read through your links and it appears there was no "fork" or 51% attack In any even every coin is preserved in the real blockchain!!! I need mine back, and your holding the private keys |
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The Terrawallet has been updated after much effort, all the coins are there.
I *highly* recommend that users withdraw any non-trival balances that are left on the server. I am refilling the hotwallet as we speak, so you should have no problems getting your coins.
I'm having trouble keeping up with the releases and there is a very real worry of getting caught on a fork. Everything is fine currently I have had the wallet off so users did not move funds, but it's a real worry.
Hopefully things with TRC get sorted out. Sorry to everyone that it's been such a rough ride.
(That said I am NOT the DEV!)
NOTE: I guess withdrawing your coins has to be your call. I realize the last time people did a bunch of panic withdrawls in the middle of the slowdown they got stuck in the lurch for a long time. I can't make any promises which way it's going to go.
CR I just saw this thread I have TRC there and cant get them out? what gives how do I get them? so I can see that you cleared out transactions to 16DEAoRSC3Dpe4QTrv6PRZyG22ZsGdoFeA and it still has a balance of 82 TRC http://cryptocoinexplorer.com:3750/address/16DEAoRSC3Dpe4QTrv6PRZyG22ZsGdoFeASO that is definitely available to you as a refund for my outstanding amount then there is the remaining 408 TRC Even If I wanted to get the coins, they were in cold storage it seems...(as your safety mechanism) I mean, I can't even withdraw them if as they seem to be locked up again??? And this does not make sense you just use the private key and you will have access to all the coins on the real blockchain as they were you go to the debug console in the TRC client and enter it and it rebuild your whole acount .... so all the coins are still there at that point there. It does not matter that you did a whole load of things on a forked block chain I know your not a technical guy, ask the TRC dev or me...or if you really beleive there is no value, send me the public address of the TRC wallet, I can look at it in the TRC block explorer and see, and get it out with the PRIV key what you saying makes no sense whats going one here? |
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No no no no no. Do not mess with Bitcoin to accommodate fiat.
That's like saying to the banksters, "You win. We'll play."
The markets are def being manipulated, but tying Bitcoin with fiat is a baaaad idea. Then you just manipulate fiat and BTC will follow along.
Someone mentioned tying Bitcoin (colored coin?) to gold; I still don't think that's a good idea. Bitcoin should be its own thing.
this x 10 |
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except the housing bubble in Australia lives on....apparently the longest bubble in history now |
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Oh no it dropped to over 105 from 266, after rising 1000%, and it bounced well......its all a storm in a teacup that will look like a blip on a curve in a years time
I advise you to read the OP another say 10 times. Let it sink in. Yeah, big diff is no Helicopter Ben Printing billions a day to bail out the companies. he is doing that for me! You repeat the same narrative I've seen over and over on this forum. no rebuttal, merely recital |
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[/quote]
Mark Karples is a good man, but he is not a good business man. He basically got this situation thrown into his lap, and as you say, this could've been handled differently - perhaps denying new accounts until their current systems got upgraded. Then users would seek out other exchanges, and Gox would lose market share, but as it is now, they wanted everything, and may end up with a lot less than everything - it seems like many people are very discontent with the current situation. But then, speak with your wallets, and move to another exchange.
A class action will not lead anywhere though.
[/quote]
here on the front page of Gox is a core issue they hold out
We're always on. Buy and sell Bitcoin 24/7/365 with the world's most sophisticated trading platform.
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WWMTPOD?
what would Make? T? P? ? Do? Look at sunnykings repo code to re-target, |
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