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Alternate cryptocurrencies / Altcoin Discussion / Re: I0Coin is a SCAM
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on: August 17, 2011, 01:56:21 PM
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The fact that there was a major tier 1 pool set PRIOR to the official launch should have told you something. You weren't going to compete with the pool on even ground, it's just technically wasn't feasible.
This is not true, a lot of solo mines made a lot of coins. The pool can't operate at 100% at these low difficulties, probably it got like 99% or even more duplicate share submissions during the first thousand blocks. So all these pool miners capacity was wasted, they should have tried there luck with solo mining. |
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Alternate cryptocurrencies / Altcoin Discussion / Re: New Ixcoin fork -> I0coin
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on: August 17, 2011, 10:04:14 AM
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that still doesn't answer the question why he's just hitting 100 i0coins after 9 hours and I hit 100 i0coins in an hour at half the hashrate xD
why would someone of much lower hashrate be ABLE to get shares in and someone with much higher hashrate NOT BE ABLE TO get shares in? xD
plus.. even with %75 stales the whole time mining I've still made 5 times what he's made and it should be the complete opposite he should make 50-100 times MORE then me..
Revenue = HashingPower * MiningSkills ;-) |
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Alternate cryptocurrencies / Altcoin Discussion / Re: New Ixcoin fork -> I0coin
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on: August 16, 2011, 04:43:49 AM
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Having a transparent amount of coins purely to bootstrap adoption is key as well as bounties that late adopters can still claim, maybe by a hardcoded bounty royalty where extra coins are generated to be awarded over the life of the currency.
Who should pay the bounties if no coins are premined? ;-) |
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Bitcoin / Mining / Re: What's to stop this type of cheating when using pools?
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on: August 15, 2011, 08:55:29 AM
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you correctly mention the transactions, and their order.
however you forgot some other things
1. which transactions pool decided to include. he could have his own rules like eligius has. Also, how exactly would you determine the correct order?
2. you want to replace the wallet public key to receive reward with your own, correct? but that would change the transaction that gives out the reward (yes it's also in the block, along with all the regular transactions, surprised?) and hence the merkle root. you can't submit any results generated for different merkle root than you was given by the pool! pool would ignore them even if they constitute a share for YOUR merkle since it would not even know what merkle root you had in mind, and if it did, it would not know which transactions you had in mind - in fact, the fact that he does not remember giving away your new merkle root is enough for your cunning plan to fail.
Ah ok, didn't think about the blockreward-transaction. Thx for your answer  |
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Bitcoin / Mining / Re: What's to stop this type of cheating when using pools?
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on: August 15, 2011, 07:28:13 AM
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Ok the merkle root is coming from hashing the different transactions. What if I hack the client so, that it just connects to a single pool and gets all the transactions just from this single node. So it could be possible to get the same transactions as the pool node. If the same transactions are in the same order on the two clients, they should get the same merkle root. Now the only remaining variable is the timestamp, but their the client could just try out the last x seconds. Now you can try out all the found shares against these parameters, and the correct nonce should also win on the second (mirror) client.
So the question is, if the clients add some random reordering when forwarding transactions or when a new transactions is incoming.
Also if the number of transactions per block is very low, ex. at IXCoin, you can just try all the different transaction orders to find the same merkle root.
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295
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Alternate cryptocurrencies / Altcoin Discussion / Re: IxCoin is a SCAM
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on: August 13, 2011, 06:56:44 PM
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All I was saying is that sooner or later people will buy ixcoins with REAL money instead of bitcoins and some will lose just like as with bitcoins. But I guess you were too dumb to read between the lines and discern what I was saying.
The money is not lost, just someone else has it. The same argument applies also to BTC. |
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANNOUNCE] Ixcoin - a new Bitcoin fork
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on: August 13, 2011, 04:48:41 PM
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A friend of mine did the same thing he sent some ix coins to a bitcoin address and the coins were deducted and sent/converted to a different ixcoin address, how is that possible  Shouldnt the client have rejected the bitcoin address ? and where were the coins sent ? And can they be recovered ? He can try to move the ixcoin wallet.dat, copy the bitcoin wallet.dat into the ixcoin directory... then sending the ixcoins back with the ixcoin client from the bitcoin wallet ^^ |
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANNOUNCE] Ixcoin - a new Bitcoin fork
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on: August 13, 2011, 03:13:20 PM
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I find it interesting that if you search the term 'ixcoin' on this forum it finds not matching results yet an hour ago it worked fine and found lots of results?
It is call "forum censorship". The bitcoin early adopters don't like ixcoin for the most part because it is a competing block chain. A good "product" doesn't fear competition... Maybe they know, BTC is not as good as they make us think? ;-) |
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Alternate cryptocurrencies / Altcoin Discussion / Merged mining and the price developement
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on: August 13, 2011, 08:43:20 AM
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There is the theory, that the price follows the difficulty. Let's now assume, merged mining is build into the current blockchains, lets say BTC, NMC and IXC. If the price is bound to the difficulty, the miner will mine an equivalent amount in every currency. Now with the hashrate being equal on all blockchains, the lower difficulties will raise and reach some level near below the top difficulty blockchain. If still the price follows difficulty, the exchange rate could reach nearly 1 in the long term.
I think, merged mining will come sooner or later, so the remaining question is: Will the price follow difficulty? And if yes, why?
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So that would be a blockchain with a small group of early adopters...
