in reality that is what did NOT happen though.. the markets died off big time and most people scattered and left !
look around you & see what happened..
I see many shitcoins down 99-100% and bitcoin down 75% from its very brief (obviously overextended) peak but up over the period of a year, and up a LOT over two years. I see roughly the same number of alts at non-trivial valuations as there were six months ago, and only a few more than last year. I see fewer shitcoin launches even getting out of the gate, because the market has gotten tougher and more discriminating. So yes it is doing exactly what I suggest. I completely agree with this analysis. Generally, it seems as if the marketplace/community for cryptocoins in general has started to mature into realism a bit. That's one way too put it, but i think the reality is that the market is just saturated with fluffy, useless coins. realism indeed |
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I would like to share with you a vulnerability in the Bitcoin protocol I've been thinking of which might have impact on the future of Bitcoin. Please criticize it!
The Freeze on Transaction Problem
The freeze problem occurs if someone publishes a transaction with fees much higher than the block subsidy. I don’t remember who described the attack first. Suppose that, by mistake, a transaction is published with 50 BTC in fees. The transaction is included in a block at height n. If everyone acts rationally in his own interest, then the best choice for the remaining miners is to try to mine a competing block at the same height n including the high-fee transaction, to collect the fee for themselves. All the miners having solved the block at height n, now move on mining at height (n+1). But they won’t choose each other branches until one branch is sufficiently longer so that it is better to switch to it and abandon their own branch rather than try to keep the block with the high fee. This case is different from the real block competition case we see periodically on the blockchain, where the miners are generally split between two branches. Here there are multiple branches competing. If there are 10 “top” miners each having 10% of the network hashing power, then 10 different branches will compete. The analysis for this case is similar to the Gambler’s Ruin problem analysis present in the Satoshi paper, but with a fixed constant monetary incentive not to switch. Since the incentive to switch grows exponentially with the branch length difference, any initial constant is diluted. In the special and rare case that all the miners have exactly the same hashing power, then the network diverges, and this is equivalent as having two miners having exactly 50% of the hashing power each. So in principle the freeze on transaction problem is just a temporary disruption in the network, but not a fatal halt. Nevertheless, since during the freeze period each miner is mining on his own branch, it also means that moving forward with blocks is a lot slower. Assuming 10 miners having 10% of the total hashing power each (+/- 3%), the network becomes 10 times slower. I simulated it with a 50 BTC tx freeze fee, and 10 miners, and it takes approximately 6 blocks to converge, so the freeze time is approximately 60 times the block interval, or 10 hours. If the distribution is approximately 25% of the hashing power for each top miner, the freeze time is 4 hours.
Obviously what’s needed for the freeze problem to occur is that miners are 100% rational, greedy and prepared. They need to have a modified version of bitcoind which can automatically detect a high-fee transaction and prevent adding to the best chain a not-owned block containing such transaction. There will be no time for the miners to patch bitcoind if such transaction is manually spotted. Also the latest versions of bitcoind have preventions not to allow high fees by mistake. So the freeze problem is currently non-existent, but may pop up in the future in form of a state-sponsored attack.
The Freeze problem as an Attack
If an attacker plans to repeat such attack periodically at the expense of wasting a lot of BTC, there is little the current protocol can do, because miners will be prepared to take advantage of the attack. If the attacker issues a new fee burning transaction before the network converges, then the attacker can maintain incentives to keep every miner separated in his own branch. So wasting 50 BTC every 4 hours, an attacker can maintain the network frozen forever. Even if we restrict the maximum fee per transaction, the scripting system has infinite ways to create transactions whose output can be taken by anyone, and the attacker can announce the method miners can use to collect those BTC and even prepare and publish the bitcoind patches to automate collecting those transaction outputs.
The best thing the community can do is act together and cooperate to share the high transaction fee. This will neutralize the attack completely and allow miners to earn extra bitcoins. But cooperation in the Bitcoin community has never been easy. There is a technical solution which is to modify the Bitcoin protocol so that every transaction output has a maturity time of 6 blocks, and if a transaction output is redeemed multiple times in a 6 block interval, then the BTC amount is split between all redeemers, and also fees would be automatically shared in a 6 block sliding window. At a first glance, this provides a way for miners to cooperate even anonymously and there is no immediate drawback, but an in depth analysis is necessary. If i understand this correctly, this would take an deleberate, orchestrated and very costly attack in order to exploit the vulnerability. Personally, it does not weaken my belief in bitcoin at all; Many of crypto's greatest minds have already drafted proposed fixes for this theoretical vulnerability. Unfortunately, the best solution will make transactions in the bitcoin network even slower. What say ye? |
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DDOS and Hacking are not the answer. instead, we lobby the staff to ban releases in the alt section or even posting about the releases in the alt section. that eliminates the problem from this board. let the scammers release their coins somewhere else. we can all enjoy a better community as a result.
I think as posted earlier a great idea would be to ban newbie account from new coin ann, even make it having a decent period of say 6 month before you can make a new coin ann. Allowing anon newbie account to ann new coins is basically an open invitation to scammers. that idea is good too and you're basically right. it's like an open invitation to scammers. |
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DDOS and Hacking are not the answer. instead, we lobby the staff to ban releases in the alt section or even posting about the releases in the alt section. that eliminates the problem from this board. let the scammers release their coins somewhere else. we can all enjoy a better community as a result.
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Rule No 1: "know thy enemy"
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i never even seen what you are claiming so i can not say anything about it which is why i didn't advocate or speak out against it..
and forking a coin or threatening to fork a coin is not extortion and hacking.
you guys are defending a scam coin that work precisely like a ponzi scheme and your shifting the attention to what random people may or may not have said
then that is a nice diversion tactic nothing more .. stick to the subject at hand please.
I never said forking was the same as extortion. Asking for a fee so that a group won't fork you, however, is extortion. I apologize if I sometimes misspeak and include those who support educating people about scamcoins as being complicit, although I do find it odd that more haven't spoken out against ddosing and extortion tactics ... such as yourself. Then they change the subject and act like everyone is pro scam coin. I have suggested several times, and if I recall correctly, even to you, in that thread, that education would be a good route to go. Post articles, thread, blog... whatever, about what coins are worth investing in, and which are scams. As for what people may or may not have said, just go look yourself in the threads. They said it, right there. Ok, at first i was with you. but those last two sentences are unnecessary. you act as if people must confine themselves to one point of view, with no hope or reason to ever change their stance on a topic. Sometimes, your logic defeats you on what was already an intelligent, and well thought out post. this is a perfect example. I agree with you though. there needs to be some sort of scamcoin education, but how do we accomplish it? noobies will still see the sockpuppet activity in the scamcoins and be fooled into investing. it's been happening here for a long time now. how can we defeat this? i fear the only solution is to ban the release of coins on this forum. let them flood cryptocoin talk and other places with their nonsense. if a truly innovative coin is released, the mods would likely allow it to be posted anyway. |
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BTW! I got email back from cryptorush... they gave me a few IP adresses of "people" who logged in my account the last month... Ip Address: 183.171.163.28 First Login: 2014-03-09 16:56:38 Ip Address: 183.171.164.255 First Login: 2014-03-19 17:09:54 Ip Address: 183.171.171.133 First Login: 2014-03-19 18:20:42 Ip Address: 183.171.169.185 First Login: 2014-03-21 20:17:32 Ip Address: 183.171.173.147 First Login: 2014-03-22 05:59:38 This motherfucker stole my coins... As you can see this "person" logged in my account once in a while... probably to check my balance... mofo... The last one is when he took my money... This actually proves Cryptorush lack of security features... you cant even see the last IP adress that logged in on your dashboard... Then it would ring a bell to me the first time i would see it...  dude thats an awesome idea. every exchange should have that feature! |
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i don't recall seeing anyone say anything about ddos'ing or extortion at all (prove it) so pinning that on ALL of us that support the idea that shit coins are out of control is silly.
BCX has made several posts about killing coins and SERVICES: In the liberation thread: Just to give you some feed back, a pool is being built at this time that will allow miners to join the "Kill Pool" anonymously and it warms my heart for people like you to call me Facist LOL...
Not only will we fork coins but will also attack services that support them.
Operation Shitcoin Cleanup underway.
~BCX~ There are a number of extortion posts in that shitcoin thread too, just look at the last page. No idea how serious it is, or who that puppet belongs to. Just the fact that the OP and other key members don't speak out against it, is somewhat odd ... unless they are complicit. Quote from that shitcoin thread, last page: We are getting close to getting operational, Pools being setup and other various attack vectors.
Soon we will be in a position to take applications and fees from coin developers who are legit and do not want to be attacked!
Probably need to put up a website and application process / quiestionarie and Attack list at this point. Textbook extortion. i never even seen what you are claiming so i can not say anything about it which is why i didn't advocate or speak out against it.. and forking a coin or threatening to fork a coin is not extortion and hacking. you guys are defending a scam coin that work precisely like a ponzi scheme and your shifting the attention to what random people may or may not have said a nice diversion tactic nothing more .. stick to the subject at hand please. There you go. attack the flawed argument without descending into trolling. Refute the points of the enemy, make him your mental bitch, and fully discredit his opinion. You sir are the smartest person posting in either of the threads, but you get carried away and descend into trolling, making it easy for me to side with the other guy. |
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i don't recall seeing anyone say anything about ddos'ing or extortion at all (prove it) so pinning that on ALL of us that support the idea that shit coins are out of control is silly. All it would take is one of you shit coin supporters to pretend to side with us with some new account and post some ludicrous attack idea and then the rest of you can parade it around as though we ALL advocate some form of extremist digital terrorism. The REAL fact is a lot of people have expressed there is a growing problem and we're tired of it and have for the most part used that topic as a place to discuss what to do about it.. and your ranting here seems inaccurate to say the least and at best childish and what in gods name is motivating you to be so militant about supporting shitcoins no matter how bad they are ? The answer is simple.. you either are a holder of some pretty bad scummy shit coins and/or you are posting/making them.
the fact you refuse to admit there is any kind of problem and you refuse to address anything i or other have said directly proves you have no leg to stand on
except to to single out one or two of the guys supporting the clean up idea by changing the subject and attacking them personally
and as far as Rewt and Mudda goes.. they have acknowledged any past wrong doing if applicable and have admitted many times if their coins they have released or made for others
falls within the criteria for a forking they will gladly put themselves on the chopping block but you seem to be deliberately overlooking this part ..to make them look bad.
i think your a naive child by your tone and content on this matter.. you are obviously unaware most of these coin cloners have done so
because they were asked to and paid for it. So why are you now crucifying ONLY the guys who made a coin and not who bought a coin to post here ?
do you know how many times that goes on ?
the point is we (some of us with a brain anyway) acknowledge there is a problem and we are looking at ways to address the problem. (This forum seems unwilling to do anything)
you deny there is a problem at all and your seem entitled to make a mess of our scene we started long before most of you came along and ruined it.
ever heard of a real-estate listing that mentions it's in a good neighborhood ?
Well our neighborhood stinks and its affecting our property values (Bitcoin and other legit alts)
You are taking food off our tables and we have had enough and you need to take your scam coins and leave. period. get out !
You sir Need to take a "chillpill". He's misspeaking by including those in support as a whole(maybe he's doing it on purpose, but thats besides the point). He's just saying that in the thread there were some people suggesting extortion/ddos and attacking coins, and how that can be very bad for the community. Next time, take a deep breath before posting. junkcoins are bad, we all know that. but its like the old addage says, "Two wrongs don't make a right". We have to eliminate these junkcoins through diplomacy and 100% legal methods, else we are no better than the people who make them. |
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Hmm. he seems pretty "honest" for a scammer. I have a question though.
Some things i noticed:
He gets very angry when people question him, which is dumb. he is the owner of the website, we demand answers.
One thing that confused me, he claimed 34 btc was stolen, then a couple pages later he posts a link to a pastebin containing the supposed "hackers account", which shows a bunch transactions. it looks like there was nothing in place to stop the same transaction inserted over and over with a bunch of zeros wrapped around the hash. this is a critical flaw, and should never have been allowed to happen. if you know how to contact r3wt by email, send me a pm. i've seen things like this happen before, and i'm wondering if his server might be compromised.
Afraid I have no idea what his email is. I emptied my OpenEx acct a long time ago, as the exchange always felt super shaky to me. Although I had some coins on CoinEx instead... which obviously wasn't a good idea. I am not sure if the btc was stolen, or lost... or whatever. He seems to say several things. I just find it odd that he came out with his own shitcoin, had a failed exchange, and then supported the shitcoin cleanup thing. At the very least, there may be some who would question his sincerity. I agree. he needs to stop wavering, tally the amount and post it. its not that hard. |
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i don't recall seeing anyone say anything about ddos'ing or extortion at all (prove it) so pinning that on ALL of us that support the idea that shit coins are out of control is silly. all it would take is one of you shit coin supporters to pretend to side with us with some new account and post some ludicrous attack idea and then the rest of you can parade it around as though we ALL advocate some form of extremist digital terrorism. the REAL fact is a lot of people have expressed there is a growing problem and we're tired of it and have for the most part used that topic as place to discuss what to do about it.. and your ranting here seems inaccurate to say the least and at best childish and what in gods name is motivating you to be so militant about supporting shitcoins no matter how bad they are ? The answer is simple.. you either are a holder of some pretty bad scummy shit coins and / or you are posting them.
the fact you refuse to admit there is any kind of problem and you refuse to address anything i or other have said directly proves you have no leg to stand on
except to to single out one or two of the guys supporting the clean up idea by changing the subject and attacking them personally
and as far as Rewt and Mudda goes.. they have acknowledged any past wrong doing if applicable and have admitted many times if their coins they have released or made for others
falls within the criteria for a forking they will gladly put themselves on the chopping block but you seem to be deliberately overlooking this part ..to make them look bad.
i think your a naive child by your tone and content on this matter.. you are obviously unaware most of these coin cloners have done so
because they were asked to and paid for it. So why are you now crucifying ONLY the guys who bought a coin to post here ? do you know how many times that goes on ?
the point is we (some of us with a brain anyway) acknowledge there is a problem and we are looking at ways to address the problem. (This forum seems unwilling to do anything)
you deny there is a problem at all and your seem entitled to make a mess of our scene we started long before most of you came along and ruined it.
ever heard of a real-estate listing that mentions it's in a good neighborhood ?
Well our neighborhood stinks and its affecting our property values (Bitcoin and other legit alts)
You are taking food off our tables and we have had enough and you need to take your scam coins and leave. period. get out !
i have a similar take on the situation, however i would like to point out that r3wt has no place involving himself in this type of subject right now. he needs to focus on making things right with his exchange users. i do not know alot about muddafudda but it seems like he may have some type of history with r3wt and "BitcoinXpress" and "igotSpots", who were also posting in the thread. the rest of the posters seem to be sockpuppets of both sides of the argument. having said all of this, i do agree that there is an altcoin problem. many solutions have been proposed, all of them flawed in one way or another, so i say both sides need to take a moment to catch their breath. forking the coins might lead to some negative pr in the media. I see great minds on this forum in the other sections. i say these topics needs to be moved to the bitcoin discussion where we can have some long term members weigh in on the situation. ther'e gotta be a way to solve these problems without cyber terrorism and hacking. |
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Hmm. he seems pretty "honest" for a scammer. I have a question though. Some things i noticed: He gets very angry when people question him, which is dumb. he is the owner of the website, we demand answers. One thing that confused me, he claimed 34 btc was stolen, then a couple pages later he posts a link to a pastebin containing the supposed "hackers account", which shows a bunch transactions. it looks like there was nothing in place to stop the same transaction inserted over and over with a bunch of zeros wrapped around the hash. this is a critical flaw, and should never have been allowed to happen. if you know how to contact r3wt by email, send me a pm. i've seen things like this happen before, and i'm wondering if his server might be compromised. |
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Forking coins isn't illegal. its abusing the protocol at best, but lets face it. if a coins protocol allows it to be forked via 51% attacks, how is it supposed to be a viable form of currency in the digital age, so i argue your bubblegum leave it to beaver logic discredits you, and the opposition of that thread.
ddosing pools and services, that's an entirely different matter.
I don't mean forking, I am talking about extortion. And if I remember right, ddosing pools were also discussed in that shitcoin thread as an extra bonus. They discuss charging devs a 'fee' if they don't comply with them, and if they don't, they will ddos them. That is the illegality I am talking about. where did r3wt mention extorting people? you keep mixing your accusations between r3wt and "they", so i have to ask. are you high, or does everyone from hollywood parade about in this manner, throwing out accusations without being able to back them up? |
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i'm gonna laugh when the idiot gets sued by r3wt for spreading blatant lies.
Feel free to educate me on where I am incorrect. On his own thread, r3wt admitted to a btc discrepancy, a loss of around 34 btc, if I remember correctly. If I repeat what r3wt himself says, where is the lie? can i have a link to the thread? i will read this for myself and be the judge. i've saw a lot of situations where a hack occurs, and the initial estimates are far worse than the actual amount missing. i'll be the judge. |
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You seem hell bent on ruining r3wts name. i saw several times where he stated he would not participate in the group, but supported the message of the OP. I'm not sure what part of his post you consider false. It's all in the shitcoin thread itself.
Only the parts that are lies in order to make you and the op look credible. Huh? The only time I have even posted r3wts name is in association with the shitcoin thread, because, as you say, he supports it. If a person supports illegal activity, I am not so sure anyone else can ruin his name ... he sort of managed to do it to himself. Forking coins isn't illegal. its abusing the protocol at best, but lets face it. if a coins protocol allows it to be forked via 51% attacks, how is it supposed to be a viable form of currency in the digital age, so i argue your bubblegum leave it to beaver logic discredits you, and the opposition of that thread. ddosing pools and services, that's an entirely different matter. |
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Muddafudda owns Memecoin.
If he destroyed the competition, Memecoin could raise a bit higher.
I love how some fools don't realize that some of those people in that operation our coin owners. They simply just think the section is junked, and support every 'effort' to clean it. Jeez. Do your research people.
I wonder how many people who support this shitcoin idea are actual, well, non-scammers. There are a ton of puppets on that thread. I just find it bizarre that Muddafudda thought it was a good idea that he start this 'revolution'. He made a lot of shitcoins himself. The owner of OpenEx supporting that thread is also bizarre, seeing as he 'lost' a lot of people's money on his exchange. It's a revolution set up by thieves and conmen. So, again, I wonder if they are really fooling anyone, or if those they get aboard are simply other scammers and/or puppets. quoted for future purposes. i'm gonna laugh when the idiot gets sued by r3wt for spreading blatant lies. |
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pro tip: don' t release anymore coins r3wt. you're better than that now.
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I am curious... what are the baseless accusations?
Muddafudda certainly made his own shitcoins ... everyone knows this.
True(he also scammed r3wt and extorted r3wt and other coin "devs" who paid him to work on their coins.) I wasn't aware R3wt also made a shitcoin, but he did... amp, or something like that.
Also True(and Nanotokens(a collaboration with muddafudda, who scammed r3wt with a huge premine and easily forkable parameters), and Jcoin back in the day(windows only client, no source code, not opensource, never really took off). He also ran OpenEx, which failed, and a lot of coins were 'lost'.
I hear he's working on a new exchange already do not confuse the poor coding of justin(the codeveloper of openex) with the work of r3wt. I highly doubt he stole anything. the code quality of openex was terrible at best. like taking candy from a baby. They publicly claimed they wish to ddos other coins, and extort devs illegally for money, if they don't comply. It's in the thread, posted by the members themselves.
You seem hell bent on ruining r3wts name. i saw several times where he stated he would not participate in the group, but supported the message of the OP. i did notice a user attempting to start a service where they were charging to get coins "white listed". I'm not sure what part of his post you consider false. It's all in the shitcoin thread itself.
Only the parts where he lies/misspeaks. |
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ALL STARSBitcoinThe Original, you can't go wrong with bitcoin. Such a cool innovation i couldn't create a list like this without giving it a mention. You rock bitcoin! LitecoinLitecoin uses the scrypt algorithm, the first of its kind. It deserves a mention here as well. PPcoinA coin before its time, PPcoin is a modern innovation that allows us to explore beyond the end of proof of work mining. An awesome coin that deserves recognition. NovacoinThe first coin to take the PoS algorithm introduced by PPcoin and apply it to a scrypt algorithm, Novacoin has since went on to solve many bugs in the original PPcoin source, such as the floating point math in Stake calculation which was flawed. PrimecoinA totally new proof of work, offering pseudo scientific value by computing cunningham chains or prime chains. Another great innovation in the cryptoworld. This one has been slowly fading, however it could blow at any moment. Honorable MentionsMegacoinIntroduction of the Kimoto Gravity Well algorithm keeps this borderline scrypt coin squarely atop the Honorable Mentions list. This coin would have more interest if it wasn't for its shameless reward of early miners with the majority of coins in circulation. Other than this small gripe, this coin is a winner with a large community and overall proffessional team. DatacoinThis rising star in the crypto community is able to store files in the blockchain at a price of 50 Datacoins per megabyte. Look for Datacoin to make a bigger splash in the coming months as the crypto world slowly opens their minds to this exciting new technology. Best case scenario the moon, worst case scenario Namecoin, which isn't exactly bad company. Sign me up. OpenSourcecoinOut of all the coins i have mined, this one has been the hardest next to bitcoin. After digging, it appears to be a clone of something called Bounty coin, and also there are mentions of PPcoin and "minerscoin" in the source code. On oct 18th, this coin was at 50 gh/s and was hit with an attack of 3.3 th/s, yet yielded only 1449 blocks during the 24 hour period, which is a testament to the strength of ppcoin, which this coin is ultimately derived from. After googling this coin, i'm surprised how much info is out there about it. One gripe i have is that it was premined(this is not fud, it even says so in the source code). I would like to see something done with this coin along the lines of what Devcoin is supposed to be, being that it should atleast attempt to align its self with the greater opensource community as a whole. Could be a good marketing strategy and could help the coin carve out a useful niche. Memorycoin--No website This coin was once a very promising coin, with a grant system where coin holders could vote for grants to be awarded. Think of it as a Devcoin with a Parliament/Congress/Committee controlling the projects the coin could be used to support. I've been hearing rumblings that this coin could be relaunching soon with a few tweaks. If it does, this is one to definitely keep an eye on. well, thats my list! thanks for reading. if you enjoyed my delusional ramblins, BTCeam me up scotty! 18LXhfxgbJpaW343uTALmrayvVGg9MkRmZ Did i miss a coin thats notable? let me know! i will consider your suggestions. 
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