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Ok, I understand why this attack cannot be done against bitcoin.
Is Dogecoin the only one in danger?
Will we have an exciting day where hundreds of altcoins will die from this attack, one after the other?
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Each blockreward is 25BTC=$11,000
It would cost at least $55,000 for someone to unspend a txs that is buried 5 blocks deep.
What if Satoshi decided to move $1,000,0000,000 of coins at once?
It would take 90,909 blocks of confirmations before we could trust the blockchain again, 631 whole days.
Before then, it would still be profitable for satoshi to buy massive amounts of computers, and to build a fake chain from before he spent the money.
If satoshi did build this fake chain, it would undo every transaction.
If someone spends a massive amount of money, it leaves bitcoin in an unsecure state for a long time.
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How about using POB for the mining.
The blockreward would be negative.
Have the ratio satoshis/bitcoin re-adjust every block, to maintain 21,000,000 bitcoin total. People who invest in coins will watch the number of coins they own magically grow.
Blocktime is now dependent upon demand. If lots of people are trying to send txs at once, then blocks go faster.
The miner should demand enough fees from customers to pay the negative blockreward, and make a small profit.
instead of caring about number of confirmations, you care about how many coins were burned since your txs was included. If you are accepting 1000 coins, then you should wait for the transaction to be at least 1000 coins deep before shipping the product.
I think that this coin would require no POW, except for anti-spam.
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It is possible to build a new chain from the genesis to 300,000 in just 5 minutes with a terahash computer. When new nodes join the network, it is not possible for them to distinguish the real chain from fake chains. terahash computers only cost $3000
Minimum difficulty to mine blocks is 00000000ffffffffffffffffffffffffffffffffffffffffffffffffffffffff or so.
When building your own chain, you can carefully select the time to write on the block so that difficulty stays at a minimum.
If someone created thousands of chains like this, would bitcoin survive?
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I am working on this goal now. I think including a messanger is a bad idea. Users should trade addresses for an otr-XMPP chat, to securely talk about illegal activities. https://github.com/zack-bitcoin/NewsCoinIt has a built-in reputation system, and NxM addresses for easy escrows of all types. It uses Slasher instead of POW. Miners have an incentive to do networking so that they can collect transaction fees. |
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The interface looks really nice. Purple is a good color.
You said: "No, neither are particularly useful on our case. Our prototype coins + a storage application will be launch very soon." in reference to proof-of-burn for initial distribution of coins, and slasher for ongoing coin distribution.
Do you care to elaborate at all?
How are you going to distribute the initial coins, if not by proof-of-burn?
Giving out free money to whoever happens to own the best hardware on your release date?
If you do POW like bitcoin, then your inflation rate will be around the same 15% that bitcoin is looking at.
If holding StorJcoins always has 15% inflation, then it wont be very popular as an investment vehicle.
What do you think of the concept of "bonds", like US financial bonds that the government sells?
Bonds help stabilize the value of the currency in a huge way.
Slasher-style POS would mimic bonds.
I can't think of a single benefit of POW over slasher...
If you do not implement these things, then I think I am more excited for alt-StorJcoins than I am for Storjcoins.
Any advice on how to fork your project? Should I wait longer for it to get more developed?
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https://github.com/zack-bitcoin/CryptGominers verify transactions, and moves in the games. 1 block is mined per minute, 1171 blocks were mined at the time I wrote this. The block reward is 1 coin. You need at least 0.25 coins in order to play a game of go. You can bet coins against your partner on the outcome of the game. You can send coins to other users. an address looks like this: 044da006f958beba78ec54443df4a3f52237253f7ae8cbdb17dccf3feaa57f3126da0a0909f1199 8130c2d0e86a485f4e79ee466a183a476c432c68758ab9e630b Here is a picture of its gui interface: http://imgur.com/StCFuSWThe program is all python, and it is very quick to install. I am working on an exchange to trade these coins against bitcoin. I have only played 2 games on this chain so far, there is a high probability it will break soon.
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https://github.com/zack-bitcoin/go-coinThis is a cryptocurrency which I wrote in python. It is around 700 lines. move in a game are a type of transaction, which the miner has to verify. Using zeroth confirmation transactions, you don't have to wait long for each move, you can play 10+ moves per block. Very few people are mining right now, you can make a lot of money. I will help you install if you need.
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This is NOT a bitcoin copy. I did not re-use any bitcoin code (except SHA256). This is an early version of the currency. It is not expected to become valuable. It is very insecure, you money will get stolen. In a few months I will finish enough updates to release this as a real currency. We need beta testers. https://github.com/zack-bitcoin/go-coin/tree/master |
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I am on the last step of building an escrow system. The user has a shared 2x2 address, and the user knows both public keys and both private keys. How can they build a transaction to move money from the shared address to somewhere else? My current solution involves sending the user to https://coinb.in/multisig/ to try and build the transaction, and that works, but it is not a very stream-lined process. Electrum is able to find unspent transactions associated with an address without having to download the entire blockchain, so I know that this is possible. Whoever answers this question best will get the prize after I get it to work. |
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I wrote an open source exchange. It is VERY minimal. Would probably struggle with a ton of users, but it is ideal for selling new altcoins. It is pure python, and you can install it very quickly. Feel free to use this software to make money, or do whatever you want. https://github.com/zack-bitcoin/X-change |
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https://github.com/zack-bitcoin/X-changeI am working on an open-source exchange. It has not been tested thoroughly yet. It is a very simple exchange, all in python. Probably can not handle more than a few thousand users. I took a different strategy on security, I think that it is WAY simpler this way, and there is much less risk. Please take a look at it, and tell me what you think.
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I noticed that there were no open source exchanges, so I tried to make one. https://github.com/zack-bitcoin/X-changeMy goals in posting this here: *PLEASE beta test for me. Perhaps I will put money in the exchange, and anyone who manages to steal it can keep it? I would really like a way to make this secure. *Advice. Would you recommend any changes? What features do people want in these exchanges anyway? *Users! If you want to start making money and run an exchange, today is your lucky day! |
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I noticed that there were no open source exchanges, so I tried to make one. https://github.com/zack-bitcoin/X-changeMy goals in writing this were: *readability. I did everything in python to make sure that everyone can read it. *simplicity. The ENTIRE server is less than 400 lines of python. My goals in posting this here: *PLEASE beta test for me. Perhaps I will put money in the exchange, and anyone who manages to steal it can keep it? I would really like a way to make this secure. *Advice. Would you recommend any changes? What features do people want in these exchanges anyway? *Users! If you want to start making money and run an exchange, today is your lucky day! If anyone needs technical support with this software, or to have similar code written, I will work for the highest bidder. |
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