So - you, fonship, are not even able to click on a link, to read the article and to understand, I am posting it for you, my little not knowing newbie:


51% Attack

A 51% attack is a potential attack on the bitcoin network whereby an organization is somehow able to control the majority of the network mining power (hashrate). Bitcoin is secured by having all miners (computers processing the networks transactions) agree on a shared ledger called the blockchain. Bitcoin nodes look to each other to verify what they're working on is the valid blockchain. If the majority of miners are controlled by a single entity, they would have the power to (at least attempt to) decide which transactions get approved or not. This would allow them to prevent other transactions, and allow their own coins to be spent multiple times - a process called double spending.
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However, hitting 51% network control is not a guarantee of success, just the point where success is likely. In fact, you could attempt this sort of attack with much less network control, but your odds of success would be very low.

Additionally, a 51% attack doesn't give you full power over the bitcoin network. The farther back in the blockchain transactions are, the more secured they are against this kind of attack. Realistically, an attacker would only be able to modify transactions within the past few blocks. They would also not be able to make new coins out of thin air - except those received as block mining rewards as usual.

It is an interesting concept because it is theoretically possible; the network is free and open, so if someone were to have enough computational power (which would cost a huge amount by itself), there is no bitcoin authority to stop them from doing so. In the event that such an attack successfully takes place, it is likely confidence in the currency would be lost and it’s value as a currency would decline rapidly.

In reality a 51% attack is feasible – especially with the rise of mining pools (groups of people mining together as a single unit). However the potential damage one could cause is small – though enough that it cause a panic that would seriously threaten bitcoin’s use as a currency. At current network mining difficulty levels, not even large-scale governments could easily mount a 51% attack.

You need further information, uninformed being?

https://bitcoin.stackexchange.com/questions/29861/how-does-cryptonote-prevent-a-51-attack-and-double-spending

And because I know you cannot click on a link to inform yourself, here is the text:

How does CryptoNote prevent a 51% attack and double-spending? I’m interested to know what is the mechanism that protects CryptoNote coins from 51% and double-spending attacks.



The debates still remain whether 51% should be cause for concern. CryptoNote is protected against it in the same way Bitcoin deals with the issue. One difference is in that CryptoNote-based coins, especially the first ones such as Bytecoin (BCN), use egalitarian PoW (CryptoNight) which makes the coin CPU-minable and ASIC resistant

[own note: NOT any longer the case here due to Baikal Giant N ASIC and the idea of CPU-mining is torpedoed due to the existence of only 1 pool. thats completely insane and dumb].

CryptoNight allows for fairer hashrate distribution among individual miners and ensures smooth currency emission.

[own note: NOT the case here, because there is ONLY 1 Pool here and this pool is often offline but it uses the hashpower of its miners nevertheless to mine blocks but these blocks are kept in the pool owners wallet because they were not distributed to the miners]

When it comes to mining pools, in theory, having comprised more than 50% of the coin’s network one might be able to affect the next few blocksdefinitive true here with sikka, launching a double-spendingouch, must be the motive here attack by holding on to enough power to confirm the majority of transactions. However, this would take a huge amount of expense

[own note: NOT the case with a network hashrate of only 10 KH/s ]

and the data about the double-spending taking place would likely appear on the block chain for all to see.

[own note: are you able to see it? NO? Then shut up!]

Moreover, such an attack could possibly destroy the integrity of the system as a whole

[own note: probably done here with sikka],

causing the price to crash.

[own note: what price? thats why sikka has no price, NOT yet]

This is not something anyone with a vested interest in the affected coin would want.

[own note: e.g. sikka founder or/and pool owner. who is pool owner? if you cannot answer: stfu!]

As for the double-spending problem, CryptoNote deals with it by employing ring signatures

[own note: LOL ring signatures with sikka? ha ha sikka does not even have a gui wallet]

and key images. If a rogue user creates more than one ring signature using the same private key, these signatures will be linked together which indicates a double-spending attempt.

In order to provide linkability, CryptoNote introduced a special key image which is created by a user while signing a transaction. It is the value of a cryptographic one-way function of the secret key, or in other words it is actually an image of this key. It is computationally infeasible to find a collision (two different private keys, which have the same image). In case of double-spending attempt the system immediately reject any new ring signature with a duplicate key image. It won’t be able to pinpoint a misbehaving user, but it does prevent any double-spending attempts.

There was never a documented occasion of a double-spending attack in the history of Bytecoin (BCN) or any other CryptoNote -based coin.

Read this for more details https://cryptonote.org/inside/


51% attack was made with Electroneum:

electroneum_is_probably_under_a_51_attack_right

https://www.reddit.com/r/Electroneum/comments/88wbkv/electroneum_is_probably_under_a_51_attack_right/


Further, "First, pool pay every few minutes so no question of pool owner keeping coins."

You, fonship, are not informed again. Did you miss again more than 24 hours while pool was generating blocks but did not pay out the blocks to miners? Formerly the pool was out of order for more than 4 days.

The outputs of these blocks must be somewhere. So they are in the wallet of the pool owner. That´s so evident. The blockchain was not halted. So, that´s a pure fraud. Very obvious.

You troll !

Cancel "Why this coin was invented first in 09/2017 when prices of bitcoin was nearly 20.000,00 US Dollar? Thats revealing"

Put in "Why this coin was invented first in 09/2017 when prices of bitcoin was nearly 4.000,00 US Dollar? Thats revealing"

Its still revealing. Or does greed have a limit? LOL - Nope ! 4,000 US Dollar for a digital artificial coin. Are you kidding me? But hey. ppl in 1637 also paid the price of a house, would be 500,000.00 US Dollar today, for the precious tulip in those days. So, you can bet, 4K US Dollar for a digital unit that has no use except it is the medium for speculation and some status symbol among investment banker is just insane and you can count it to the rubric "greed".

You look total idiot here, sept BTC rate was around $4000, so stop making false claims. <= Thats the sentence I wanted to give back to yourself. It fits perfectly to you.

"I am also miner and not happy with Sikka, but i do not talk shit. I do not know what motivates you to create new account and do such misinformation."

Not to be happy is an very euphemistic expression for this situation of a completely BLACK OUT. Or would you use the same words to describe a situation where you couldnt use the cash machine nor go to the bank to withdraw or transfer money from your account? I guess, no.

If you are a miner then you would know about the pool dysfunction. if you would know a little bit, you would know about the 51% attack.

But I know what motivated YOU to do such misinformation. You probably are connected to the pool owner. If not the same person as the dev. Or you, the dev and the pool owner are 1 person - YOU.

Doublespending is FRAUD! or is it also just an unhappy situation?

Ok - its not unhappy for the one who is doing this fraud. Ok. Ok. I understand ... FBI is calling ...

If you are not able to explain a 51% attack with your own words or give any other reliable response, stfu you poser. But you can explain that the price was not 20,000 but 4,000 bucks in 09/2017. Now you open your mouth. Yes, you clown, that´s not complicated to explain. Your status as a full member only means that you posted a lot of garbage and bs up to now and nothing else.

Due to low network hashrate of sikka network. Who is able to check if a 51% attack was already made here? In this way double spending is possible. So a multiple of 1 billion sikka coins could be already in circulation. Right? At least such an attack could be made in the future? That´s ugly. This project is a stillbirth. Definitively.

https://learncryptography.com/cryptocurrency/51-attack

1 year chart? are you kidding me? a bubble does not evolve in 1 year. it needs several years, also tulip bubble began in 1620s and was bursting first in 1637. crypto coins are digital tulips. 1:1 - a medium for speculation. anything can be a medium of speculation. first you only can recognize a bubble AFTER it was bursting. not before and not while bursting. so judging a 1 year chart is - with all respect - nonsense. and a bubble can have an echo. it does rise in value again. if the underlying was a real invention the prices will rise beyond the peak prices of the first bubble. look for amazon stock price and others. but if not then not. and amazon stock only increased in value because they only sold books as they began but today they sell almost everything and do not only offer goods but also services like cloud services. thats why amazon soared again. but here? i do not see any benefit for crypto coins. for governments and justice its a threat.

and the media do play a significant role. the more ppl know from these crypto coins the more ppl bought them. with no media no demand. and with no exchanges no demand. the hurdles for exchanges become higher. demand is decreasing. the technique is not advancing. fees are rising. transactions per time unit are limited. a nightmare for every currency you want to pay with. the usage must be easy like paying with a credit card. a grandma must understand what a bitcoin is and how to use it. then you have attained the goal. but actual its not the case. private key, tracking key, wallet key, spend key, view key. cold storage - lol - for a unit that is somewhere in a cloud. WHAT the heck? not even me can handle this and know what exactly I am doing.

but if i could make money with it i would not care about the fact that i only trade garbage. if someone would pay me more than i paid for it. a classic ponzi scheme. it only works if more idiots come into play. and the attitude to be keen on money is obviously a part of a lot of ppl. otherwise they would not buy something that has no actual value or benefit. you cannot pay with it. theoretically you can do it but it will not become widely accepted. maybe in silkroad x.0 but illegal usage is not the aim but in contrast - a threat. but no coin has a real benefit. and if the price of a currency is rising you do not spend it but hold it. and if you hold it, you do not spend it. a currency can hardly satisfy 2 functions at the same time. especially not if its price is fluctuating heavy.

so it cannot be a medium to pay with but a medium to save with.

Is it a scarce source? theoretically yes. like an image from a famous painter. you also cannot use this picture, but its scarce. and somehow some ppl think its beautiful and therefore valuable. is bitcoin the original and any other crypto coin a copy? can only the bitcoin have some value? it would be logical if you betray it as an analogon. its absurd but it works in the world of art. and it works with gold which is also scarce and unique.

Ok - and how do banks slave the world? there some problems with banks. ok. but all together without banks human kind would still be in the middle age. first the banking system created wealth for human kind. without a credit and a bank huge projects that need a lot of capital cannot be realized. And now you want to be your own bank? but the task of a bank is to accumulate money and to lend it. this is clear to you, issnt it? and why someone would lend his money if he does not get a reward for it? in cryptoworld there is no interest and this IS the PLUS IF you want to have a scarce medium. If you introduce interest you are on the same level like usual currencies. the value will be deflated due to more units. in real world new goods and services are created with credits and therefore the value stays almost constant. and with the interest you can buy the goods and services which have been created you financed with your lending of money. but such a system needs management by a central bank. but ppl buy cryptos - why? partly not to be dependent from central bank policy, issnt it? not only. also for other reasons.

the money system is complex.

if you want to imitate, you need a management but management of sikka can not even beware its miners from baikal giant N and co. so hash rate will rise in future exorbitant.

management of sikka can also not create a properly gui wallet or solo mining. and this should be a decentralized network? 1 pool? are you serious? sometime NO pool? this is like you could not draw money from cash machine or make a cash remittance. absolutely not tolerable. you think time will solve this problem? the solution is: step by step. otherwise to be realistic: sikka is a dead coin. i ve seen a lot of projects. and no progress is the death of the project. of ANY project.

An active dev would make a fork like monero to be ASIC resistant. Not so here. So good luck with mining this coin. Its a waste of resources. I recognized it finally. Late but nevertheless with only a small loss. Thank God! ACISs will accumulate huge percentages of this currency. I have the feeling the dev wants to tell us this currency is worthless - no progress - and so on - so no one is mining this. he is HOPING this at least. LOL. he is not even able to manage a gui wallet. An evidence of incapacity.

Monero is much more clever. So the best crypto coin could have a chance to survive. Its a competition of currencies. And sikka is a stillbirth. dev installed a cryptonote coin and now its running. thats all. he is not willing and not able to develop.

its not a dev, its just another greedy person on this planet.

Personally I stay away from these guys.

They are only lazy and did not realize that only hard work can make you rich.

do you think, the whole project of all crypto coins is done or is it only this one here? market capitalization of crypto coins valued in us dollar actually looks like a bubble. maybe its really over. and these coins do not have any actual use. mining what for? if someone asks me that question i have to admit: only for speculation and nothing else. so yes, maybe turn off the mining rig and i ll invest my resources in real goals. maybe it really was only a revival of the tulip bulb and it never was more. it was so obviously. and many ppl denied that, blind because they were so greedy. they all drowned during their escape from poverty like Spanish conquerors. anyway the devs are fraudulent if they do not implement solo mining and no stable pool and no progress is observable. in every corporation these people would have been fired already due to lack of work. it was stupid to mine these coins. and why i did it? because people bought tulips again so prices took off.   

What happens to the coins brought to the surface by the pool, which have not been distributed over the last 24 hours?

Could the pool operator not manually transfer the mined coins to the miners manually. Anything else would be a REAL fraud. The pool operator = user sikka ist cashing in all the hash power from the pool miner and is NOT distributing the coins. And this coin should be a fair mined coin? This coin should be one day valuable?

NO WAY !!!

THATS A PURE FRAUD !!!!

The survey told us that a second pool should be installed. But nothing happens.

The only thing you can read from the so called dev here: "The miner are greedy." What an insult. What the heck? Why this coin was invented first in 09/2017 when prices of bitcoin was nearly 20.000,00 US Dollar? Thats revealing. Only because of high prices this coin was made. Only thats why the developer who cannot develop was creating this coin and now as he states that other people are much more greedy and more clever than himself he accuses them to be greedy. What a gamesmanship. Not to develop is one thing but not to care for a constant existence of a pool is another fraudulent thing if NO pay-out happens. THATS SIMPLY A PURE FRAUD AND NOTHING ELSE. This coin is the work of scammers.

Could the developer not install a second pool that works reliably or at least offer a solo mining? Because the pool was often unable to distribute the coins in the past, I would like to ask if you can also mine on your own.

Could not anyone who designed the CLI wallet integrate it into it? That would be super nice of him. He should be rewarded with some sikka AFTER delivery of work. But already a first semester student also should be able to do that within 1 or 2 days.

have also problems to join the poolsite 

where is the dev to manage this problem?

we need a reliable pool.

sikka to the MOOOOOOOOOOOOOOOOOOOOOOOOooooooooooooooooooooooooooooooooooooonnnnnnnnnnnnnnnnn nnnNNNNNNNNNNNNNNNNNNNNNNNNN


 

ps: have sold 10.000 sikka for 1 $ each to my friend last week.

hi guys,

i ve mined for 5 month and now my wallet is corrupt ?

"remote connection closed"

balance: 0

where are my 5 million sikka now ?? 

i am fed up to the back teeth with this coin. bye. i will mine monero again. this is at least working and not fraudulent.