|
1143
|
Alternate cryptocurrencies / Marketplace (Altcoins) / Re: bter hacked and lost 50m nxt
|
on: August 17, 2014, 02:42:45 PM
|
The hacker just returned 12 1/3 Million additional NXT to BTER.
I am wondering what make him return 20% of what he stole. Did NXT developer threaten to rollback the transaction? He returned 42 M NXT because BTER made a deal with him and apparently paid him 440 BTC A good deal for BTER. 42M NXT worth around 1.3M dollars and 440 BTC only worth around 220k dollars. Still, won't it be cheaper to convince NXT developers to rollback the transaction and threaten to pass the cost back NXT investors? No...it wouldn't... You can't rollback the blockchain every time someone drops the ball on a big pile of NXT. We're playing by big boy rules now. |
|
|
|
|
1145
|
Alternate cryptocurrencies / Marketplace (Altcoins) / Re: bter hacked and lost 50m nxt
|
on: August 17, 2014, 12:26:21 AM
|
I am impressed that the forgers made the right choice.
I feel bad for Bter, especially considering that they helped someone from the Nxt community by freezing someones acct.
I am even more impressed that in the near future it will take 90% to make a fake ledger. I don't ever see 9 out of 10 people choosing a fake ledger unless the life of the coin was actually on the line.
So everything turned out ok for Nxt. It passed a very big test and showed the world that it is the real deal.
+1 Thanks. And to everyone else: Yeah, it's going to hurt NXT in the short term, just not fatally. But a re-org/rollback would have hurt a lot more..... IMHO: NXT devs did the right thing: a minority of the community (and BTER) wanted the rollback option, and so the devs made the software available to try to push a rollback. It's not the devs responsiblity to make a decision for the community, and denying that minority the option to try to force a rollback would have been wrong. Very happy that NXT made the right choice, though. There is a plan on the table (from James/Lee) to keep BTER afloat and repaying the losses, so if BTER accepts it, people could get their money back in the long term, over 1-3 years. |
|
|
|
|
1146
|
Alternate cryptocurrencies / Marketplace (Altcoins) / Re: bter hacked and lost 50m nxt
|
on: August 16, 2014, 10:12:36 AM
|
While this is still an ongoing event, bter updates its twitter releasing the news that it will not rollback, but similar information has not been released on its weibo, keeping the Chinese in dark. 8btc chose to publicze the information to the Chinese. The lack of crisis PR has been exposed, which also provides a good lesson to other peers. Now btc38 still allow NXT/BTC/CNY trades with 60% volume.  Gotta point out here that although BTER asked for a rollback, the decision to attempt to rollback or not lay with the NXT community. It would take a lot of work to actually co-ordinate enough NXT forgers (same as a BTC/LTC miner) to get a majority onto the 'revised' blockchain. In this case, a small minority attempted to get a rollback going, but they never gained any traction and everyone is now on the 'official' blockchain, including the theft, sadly. So, no rollback. Strangely, the hack seems to be having little effect on NXT value. There are a lot of other cryptos losing more even without having 5% stolen.......  NXT will survive this and hopefully people will get a little bit more serious about their password security from now on. Really.....  |
|
|
|
|
1147
|
Alternate cryptocurrencies / Marketplace (Altcoins) / Re: bter hacked and lost 50m nxt
|
on: August 15, 2014, 09:27:34 PM
|
If I have learned anything in the world of crypto. It's just when you think nothing can get worse just when you think everythings at an all time low Mark Karpeles will walk his fat fucking ass into the room and spill a boiling hot frappucino all over your computer. Mark my words thinks are about to get worse.
Thanks, cryptopaths, way to cheer me up, mate  Nxt pass-phrase security system is not working well ? Hacking really hurts.I think this incident will harm the reputation of the coin.
No, in this case it had nothing to do with NXT itself. BTER's security was lax. Any detail on how it was stolen? The idea that an exchange can rollback a cryptocoin "blockchain" is very damaging to the confidence -- that's not something anyone should fiddle with. I think some people are just seeing the word rollback and reacting to that, so to set the record straight a little: About 6 hours after the hack, the NXT devs created a modified client that would allow a majority of NXT nodes/forgers to reset the transaction record for the BTER account. This was never going to be a full rollback, but just a reset on the one account. Hopefully no others would be affected. The modifed client was made available, much arguing ensued, and in the end a small minority of NXT forgers chose to run with the blockchain mod (no more than 5-10%, I guess). The remaining 95% of the NXT community/nodes/forgers stayed with the 'real' blockchain, and allowed the theft to continue to exist, accepting all the consequences of that decision. (BTW: The remaining 5% are mostly back on the official line, I'm seeing almost no-one with the modded client anymore.) So here we are: 45 million NXT poorer but at least we're honest (mostly)  Anyone got some NXT for a cup of tea?I'd also like to express my sympathies to BTER, and all the poor sods (including me) who had funds on there. Lets carry on working on this, and with a bit of luck we should be able to recover some/all of the stolen NXT. All NXT exchanges have been alerted to it, so its not really going anywhere. Thats the joy of the blockchain.....you can see exactly where your stolen stuff is. Try that with dollars...... Anyway, my last words: There is no rollback....... |
|
|
|
|
1148
|
Alternate cryptocurrencies / Marketplace (Altcoins) / Re: bter hacked and lost 50m nxt
|
on: August 15, 2014, 06:39:38 PM
|
I don't care if they roll it back or not. It just made more widely known the problem that there is, with difficulty, the possibility of a rollback.
I hope our crypto innovators will make rollbacks an impossibility, or near impossibility in the future. Like the way I can't use brute computing force to get your private keys to an address without the help of a quantuum computer from 40 years in the future.
When Transparent Forging is implemented within NXT, the timeframe for a rollback will be only 10 blocks/minutes. Right now, its 720blocks/12 hours, so even that window is now effectively closed. |
|
|
|
|
1149
|
Alternate cryptocurrencies / Marketplace (Altcoins) / Re: bter hacked and lost 50m nxt
|
on: August 15, 2014, 06:37:04 PM
|
Now we will see if NXT is decentralized or not  rollback = centralized This ^. I think it is so funny how coins like Vericoin and now NXT tout themselves as a "DECENTRALIZED" currency. But when a large hack occurs ... "oops can we just roll back the chain this one time?"lol Except that you're not listening.....NXT is not going to do a rollback on this, the power to make the decision lies with the community. not the devs. The timeframe for a partial rollback is going to be over soon, so we can then move on to chasing the thief in the old-fashioned way..... |
|
|
|
|
1150
|
Alternate cryptocurrencies / Altcoin Discussion / Re: Ask me anything about NXT!
|
on: August 15, 2014, 06:31:04 PM
|
Are nxt supporters encouraged to spread FUD about other coins in order to try and steal their portion of market share?, as this practice might seem profitable in the short term the caustic atmosphere it creates will do damage in the long run by making the whole CryptoCurrency sector look like its just full of crypto-slugs slithering around not very attractive for anyone new.
FUD spreading sucks, but NXT is much more the victim than the perpetrator usually. Give me some examples of NXT supporters FUDding, please...... |
|
|
|
|
1151
|
Alternate cryptocurrencies / Altcoin Discussion / Re: [POLL] Should NXT Rollback the Blockchain after the BTER Hack ?
|
on: August 15, 2014, 06:26:35 PM
|
Spoetnik, thanks for the poll, bro. Heres a very brief summary of the situation so far: BTER was compromised in my early AM, round 12-13 hours ago. It appears that BTER used a common passphrase for multiple applications within BTER, including wallets. 50 million NXT was lifted, BTER appealed to the NXT community for help. A full rollback (ie all transactions from the theft onwards reversed) was considered, and rejected. Because of NXT's Proof of Stake forging architecture, there was also the possiblity (within a short time frame) to carry out a partial rollback, which would in theory only affect the compromised BTER account. Software to carry out this partial rollback was created, and made available so that the commmunity could decide to opt in or out of the partial rollback. Right now it appears that the NXT community has decided not to implement the rollback in any form.The funds in question are now here: http://www.mynxt.info/blockexplorer/details.php?action=ac&ac=1244396688755618309There was a short negotiation with the thief, but that only resulted in the return of 5 million NXT so far, here are the AMs on the subject: https://nxtblocks.info/#section/blockexplorer_messagesand search for: NXT-8WJ7-8A2H-MBYN-3W9K4 You can see the whole story. More info soon.... |
|
|
|
|
1153
|
Alternate cryptocurrencies / Altcoin Discussion / Re: Ask me anything about NXT!
|
on: August 14, 2014, 12:26:14 PM
|
Okay, I have a genuine question:
What is NXT doing in terms of community outreach? Admittedly I've fallen behind on my research and don't know much about the upcoming digital goods store, but aside from that, what steps is the NXT team taking to encourage interest from the general public?
Also, is there an android app available?
Thank you.
To be honest, we're fairly crap at marketing NXT, right now we're more focused on getting the business and financial world on board with NXT than the general public. Head on over to the NXT official forum: www.nxtforum.orgAnd take a look around...... There are plans to set up a 'NXT Guide for Newbies' and all of the individual projects within the NXT eco-system are doing their own marketing: https://nxtforum.org/nxt-projects/but we don't really have a centralised marketing campaign. Android app should be available soon, AFAIK there are 2 app projects in the pipeline. When do you think NXT will be = $0 ?
I'm going for never on this one. Take a look at CMC today: NXT seems to be breaking free of the link to BTC that is killing many other all-coins: NXT is rising hard aginst BTC, and maintaining/increasing slightly in fiat value. Good place to be right now. |
|
|
|
|
1155
|
Alternate cryptocurrencies / Altcoin Discussion / Re: Ask me anything about NXT!
|
on: August 13, 2014, 11:20:08 PM
|
ok i am going to TRY again LOL Why did the dev team feel this coin had to be made considering there was so many out all ready ? and learn to read please i never said anything about not liking it etc. you also you said " ask" if ANYONE has any questions so i figured my questions was a good one AND if you were smart you would have used it to your advantage but so far your two replies pretty much sum it up LOL Wasn't there enough already?
No
If you were smart you would have seen i gave you the perfect way to advertise your coin and convince new guys to get on-board ..but you failed miserably LOL So sorry, no thanks.. I'll pass on NXT Come on, Spoetnik, join the dark side.... Seriously, though, is it about time to maybe grudgingly admit that possibly NXT might not actually be a scam ? The NXT community, and there are a lot of us ( ) have been working our skinny little asses off for the last 8 months to build NXT up to where it is now, and it's all starting to pay off. Take a look at CoinmarketCap and see how many NXT Assets we have in the Top 50, look at the forums and see all the tech we have coming up, count the number of clones trying to grab just a little bit of the NXT magic..... NXT 2 da MOOOONNN! |
|
|
|
|
1158
|
Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread
|
on: August 12, 2014, 10:19:32 AM
|
Heres my 3 cents for today: Transaction fees: Will be lowered/changed soon. I agree that a 1NXT fee to change an AE order could be seen as being too high, but the AE is not intended as a high frequency trading platform and, right now, thats the way it is. On exchanges:We've just had two new exchanges come on board with NXT: www.ccedk.comwww.hitbtc.comBoth are fairly new, but very professional, and both offer a range of fiat transfer possibilities, which is cool. They obiously suffer from the chicken and egg problem : need to get volume to get users, need users to get volume. But: if you want to have a trading option that isn't BTER or Cryptsy, put your money where your mouth is and start trading with them. I've been doing most of my NXT trading on CCEDK recently, and I've also traded some BTC and NXT on HitBtc, They both work very well. On the price:Shit.....but NXT is not the only alt that's suffering. It's August, people want to cash out for holidays and summer toys. Look at the current alt-coin slaughter as a damn good buy-in opportunity...... |
|
|
|
|
1159
|
Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread
|
on: August 10, 2014, 10:50:21 PM
|
Time for a swift kick, for NXTs latest client update: Version 1.2.3 is a go!-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 Release 1.2.3 https://bitbucket.org/JeanLucPicard/nxt/downloads/nxt-client-1.2.3.zipsha256: 238970cd7c1b5699e95dfbc6fa17d8ecf7805f71a22cd180a617ea038af5faea Change log: Everyone should upgrade to 1.2.3 before block 213000. Those upgrading from the previous stable release, 1.1.6 or earlier, should also consult the changelogs for 1.2.0e, 1.2.1e and 1.2.2e for important changes introduced in the 1.2 branch. Minor bugfixes. ParseTransaction, signTransaction, and broadcastTransaction API can now accept transaction in JSON format instead of transaction bytes. Moved DGS block forward, will be enabled at 213000 instead of 210000. Or you can go to : http://nxtrelease.info/The new features are: Alias Transfer Encrypted Messaging Digital Goods Store (from block 213,000) When DGS goes live, you'll be able to buy and sell pretty much anything you can imagine through the NXT client, check this lot out: https://nxtforum.org/digital-goods-store/Buy your music here........ https://nxtforum.org/digital-goods-store/project-melodius/and if you happen to be a musician, think about selling your tunes thru Melodius/DGS |
|
|
|
|
1160
|
Alternate cryptocurrencies / Altcoin Discussion / Re: What are the basic features of 2nd gen cryptocoins?
|
on: August 08, 2014, 11:18:51 AM
|
|
Heres a simple definition:
First generation crypto currencies have very limited functionality, you can store and transfer tokens in a secure and stable manner, using the blockchain as a simple transaction ledger.
Examples are Bitcoin, Litecoin, DOGE.....and pretty much all of their clones.
Second generation crypto-currencies use the blockchain as not only a means of storage and transfer, but also to offer extra functionality, such as marketplaces, financial apps, colored coins......
Examples are NXT, Counterparty, Mastercoin,.....
Second gen currencies are more like financial eco-systems, built on a blockchain, using their own currency as fuel for their application systems.
|
|
|
|
|
Show Posts
