[ANN] [PPC] PPCoin Released! - First Long-Term Energy-Efficient Crypto-Currency

[AMD FTW]

Whoever help me figure out how to get this running, I'll send them a free steam activation key for supreme commander and forged Alliance.

I installed the client and can created my ppcoin.conf file in my roaming/ppcoin folder. I'm pretty sure the ppcoin.conf file is setup wrong and that's why it can't connect or start mining. My 7950's are remaining idle.

[punin]

Whoever help me figure out how to get this running, I'll send them a free steam activation key for supreme commander and forged Alliance.

I installed the client and can created my ppcoin.conf file in my roaming/ppcoin folder. I'm pretty sure the ppcoin.conf file is setup wrong and that's why it can't connect or start mining. My 7950's are remaining idle.

Your ppcoin.conf file should look like this:

rpcuser = anyusernameyoulike
rpcpassword = anypasswordulike
server = 1
rpcallowip = 127.0.0.1


Then start your cgminer and add a pool:
URL: http://127.0.0.1:9902
username: same as set above for rpcuser
password: same as set above for rpcpassword

[killerstorm]

The fundamental problem is that stakeholders can mount double-spending attacks effortlessly.

I'm not convinced of that. True, they didn't release much information on this, but to me it looks like you only have the chance to use your stake to mine a block once in a blue moon.

It doesn't matter that it's rare. You can get access to a steady flow of double-spend transactions via a kickback mechanism:

You, a wealthy hacker, would implement a "ppcoin-double-spend-edition" client. It works exactly like a regular client, except there is an additional "double spend lottery" button. When user clicks that button client creates a double-spend transaction for a recent user's transaction and it submits this transaction to you.

This double spend txn will spend 90% of input to user and 10% as a kickback to you.

Now I assume that this client will get popular since users have a chance to buy products for 10% of their cost.

If this client is popular, you get a constant stream of double-spend transactions with kickbacks to you.

You include these double-spend transactions into your proof-of-stake blocks, aiming to trigger a reorg. If you successfully mine it and reorg is successful, you earn kickbacks. If reorg doesn't work, you lose nothing since your coin-days are not consumed and you can try again.

Alternatively, you can use proof-of-work and send-to-self to increase coin-days consumed in your transaction. Quote from the ppcoin paper:

The protocol for determining which competing block chain wins as main chain has been
switched over to use consumed coin age. Here every transaction in a block contributes its
consumed coin age to the score of the block. The block chain with highest total consumed
coin age is chosen as main chain.

Apparently, it doesn't matter whether coin-days are consumed in proof-of-stake blocks as a stake or in proof-of-work blocks in transactions.

So you can mine proof-of-work blocks which include double-spend transactions and aim to do a reorg. You can easily check whether it's currently possible and how much of an opportunity do you lose in terms of interest and power spent on hashing. Thus you mine only when there is a chance of profit, and on average this operation will be profitable.

Even if you own just 1% of hashing power you have a chance of double-spend once in 100 blocks, which is significant.

[NothinG]

I've got a pool setup if anyone wants to help test it, create an account @ http://46.166.138.142/

[killerstorm]

Actually a large stash of coins is not even necessary to perform double-spends: you can get extra coin-days-destroyed for your block by paying people to send you their send-to-self transactions privately. As proof-of-stake based mining earns 1% per year, you can pay like 2% per year to make it profitable for them.

Once you have access to transactions which consume a lot of coin-days (relatively to normal spending activity) you can add them to your block and cause a large reorg.

So, basically, what is required is enough hash-power to mine block once in a while, say, once in a hour. And double-spend is pretty much guaranteed.

[Luceo]

I tried to get the client running but it says something about RPCpassword and such
Anyone care to help me?
//DeaDTerra

you need to make ppcoin.conf

in ./ppcoin folder

I have made on in the roaming/PPcoin it's called ppcoin.conf
and it contains
rpcuser=bitcoinrpc
rpcpassword=
but it doesn't work
//DeaDTerra

You need to give it a password.

I gave it a password, still didn't work. Must the pass have certain characteristics.
//DeaDTerra

Most likely you have bitcoind already running so you have to set rpcport

[FuzzyBear]

I've got a pool setup if anyone wants to help test it, create an account @ http://46.166.138.142/

Most excellent, have created an account and will try tonight to point and mine in ur pool .... I have a GUI Miner setup that i will test it on may even have to run home at lunch and see if it works!!

[Rubberduckie]

just pointed one of my miners your way

[FuzzyBear]

I've got a pool setup if anyone wants to help test it, create an account @ http://46.166.138.142/

Most excellent, have created an account and will try tonight to point and mine in ur pool .... I have a GUI Miner setup that i will test it on may even have to run home at lunch and see if it works!!

Ran home at lunch... all excited... had 2 mins to get it working.... failed to connect will have to try again after work .... Just for the record... if i have GUI miner setup mining BTC successfully... do i have to change any settings like what coin i am mining ?? never been able to get the guiminer mining LTC either.. but this could be because my pools do not like guiminer?? urgh sorry this digressing into other Guiminer issues i'm sure and all i probably did was put the wrong port number in.

will have a play and if sucessful will start a nice new thread explaining all to others for Mining PPcoins as there are a few people in similar situations.... http://46.166.138.142/workers.php

Best of luck with the pool and any idea how long it will take to potentially solve a block in the pool... hope i get on board before the first block is solved!! but best of luck to you all

[AMD FTW]

Whoever help me figure out how to get this running, I'll send them a free steam activation key for supreme commander and forged Alliance.

I installed the client and can created my ppcoin.conf file in my roaming/ppcoin folder. I'm pretty sure the ppcoin.conf file is setup wrong and that's why it can't connect or start mining. My 7950's are remaining idle.

Your ppcoin.conf file should look like this:

rpcuser = anyusernameyoulike
rpcpassword = anypasswordulike
server = 1
rpcallowip = 127.0.0.1


Then start your cgminer and add a pool:
URL: http://127.0.0.1:9902
username: same as set above for rpcuser
password: same as set above for rpcpassword

Punin I sent you a PM

[DeaDTerra]

Whoever help me figure out how to get this running, I'll send them a free steam activation key for supreme commander and forged Alliance.

I installed the client and can created my ppcoin.conf file in my roaming/ppcoin folder. I'm pretty sure the ppcoin.conf file is setup wrong and that's why it can't connect or start mining. My 7950's are remaining idle.

Your ppcoin.conf file should look like this:

rpcuser = anyusernameyoulike
rpcpassword = anypasswordulike
server = 1
rpcallowip = 127.0.0.1


Then start your cgminer and add a pool:
URL: http://127.0.0.1:9902
username: same as set above for rpcuser
password: same as set above for rpcpassword

Punin I sent you a PM

I have done the above and the mining works fine, when do I know if I have found a block?
//DeaDTerra

[DeaDTerra]

I've got a pool setup if anyone wants to help test it, create an account @ http://46.166.138.142/

I started mining on your server but I started with a negative balance which leads me to think that you are doing something wrong with your calculations for rewards and that you might be taking some of the rewards for the miners
I hope this is not the case and that it's simply a mistake but please look it over.
//DeaDTerra

[AMD FTW]

Whoever help me figure out how to get this running, I'll send them a free steam activation key for supreme commander and forged Alliance.

I installed the client and can created my ppcoin.conf file in my roaming/ppcoin folder. I'm pretty sure the ppcoin.conf file is setup wrong and that's why it can't connect or start mining. My 7950's are remaining idle.

Your ppcoin.conf file should look like this:

rpcuser = anyusernameyoulike
rpcpassword = anypasswordulike
server = 1
rpcallowip = 127.0.0.1


Then start your cgminer and add a pool:
URL: http://127.0.0.1:9902
username: same as set above for rpcuser
password: same as set above for rpcpassword

Punin I sent you a PM

I have done the above and the mining works fine, when do I know if I have found a block?
//DeaDTerra

Open up another command prompt

type (after each line hit enter) This is my example for Windows 7 X64 bit
cd..
cd..
cd program files (x86)
cd ppcoin
cd dameon
ppcoind getinfo



Mine shows a 0 "balance" but I have some "newmint" . I'm assuming once this is verified on the network it will move over to my balance field. Not sure if I'm wrong someone corrrect me.

[AMD FTW]

Whoever help me figure out how to get this running, I'll send them a free steam activation key for supreme commander and forged Alliance.

I installed the client and can created my ppcoin.conf file in my roaming/ppcoin folder. I'm pretty sure the ppcoin.conf file is setup wrong and that's why it can't connect or start mining. My 7950's are remaining idle.

Your ppcoin.conf file should look like this:

rpcuser = anyusernameyoulike
rpcpassword = anypasswordulike
server = 1
rpcallowip = 127.0.0.1


Then start your cgminer and add a pool:
URL: http://127.0.0.1:9902
username: same as set above for rpcuser
password: same as set above for rpcpassword

Punin I have another question for you. I have 2 other computers on my local home network that I'd like to point over to this one.

Lets assume PC #1 is my host running the PPCOIN client and running CGMINER
PC #2 assuming IP is 10.0.0.2
PC #3 assuming IP is 10.0.0.3

I should be able to run CGMINER on PC2 and PC3 and have them show up in my CGMINER on my main host PC which has the PPCOIN client installed. If this is correct, how do I go about doing this. This way I have only 1 wallet on my main PC and I could see all the cpus running on my main PC under CGMINER

Thanks in advance

[Sunny King]

Wait, does this post imply that you are trying to hold back information about how this is actually implemented, and instead want to serve the people backing your project with that kind of vague "don't worry" response?
Not very trustworthy at all... Why not answer my questions with six simple yes/no responses? I'm a bit worried now...

We encourage folks to read the code and understand the details of the inner workings. Looks like you've been doing it quite well, I would say most of your observations are quite right. We apologize for our current lack of resources.

Double spending is indeed a weakness in the design and that's one of the reasons why checkpoint is needed. I think we have been clear about that in our paper. We will look for other reasonable solutions within our power although that should not be construed as some sort of guarantee.

[Sunny King]

Wait.  That is the whole purpose of the "proof".  It is to prevent a double spend.  It would be like saying this vault is a great design except for people being able to steal money trivially is one of the weaknesses.

If you need to rely on centralized checkpointing then there is no point to mining.  You could just make a centralized server and issue coins, handle redemptions, and validate tx by destroying old coins and issuing new ones as part of every tx at a tiny fraction of the cost of mining.

Decentralized transaction processing is very expensive (the entire daily tx volume of Bitcoin could be handled by a single low end VPS) but it is the cost of decentralization.   Having that cost combined with reliance on a central authority to protect the value of coins is the worst of both worlds.

None of this should be considered an attack on proof of stake, the problem is PPCoin isn't proof of stake.  It is centralized auditing with pretend mining thrown on top to make it look decentralized.

We are certainly aware of this viewpoint. But we don't agree that with centralized checkpointing the minters are useless as you claim because:
1) minters provide decentralized minting service and transaction processing
2) checkpoint master is not considered reliable so minters provide high availability

Furthermore we are not fully convinced that decentralization requires massive consumption of energy. We shall see how far we can go along our design.

[killerstorm]

It would be like saying this vault is a great design except for people being able to steal money trivially is one of the weaknesses.

I would liken PPCoin's security to that of a hot dog stand. You cannot simply steal money as dude who sells hot dog is guarding it, but if you overpower the dude (which is almost trivial) you can grab the money. BUT that dude brings money to bank from time to time (like each 4 hours), and once money is in bank it's much harder to steal it from there. (But if bank itself wants to steal the money, that's another story.)

So, well, hot dog stand dude provides high availability and convenience. But, well, he's not very secure...

HotDogCoin

[Acejam]

Can someone compile this for Mac OSX? I tried using the QT SDK and MacPorts, but received about ~6 build errors in QT. Based off MacPorts, I either need to downgrade Boost, and upgrade Bitcoin.

Thoughts?

[Transisto]

It would be like saying this vault is a great design except for people being able to steal money trivially is one of the weaknesses.

I would liken PPCoin's security to that of a hot dog stand. You cannot simply steal money as dude who sells hot dog is guarding it, but if you overpower the dude (which is almost trivial) you can grab the money. BUT that dude brings money to bank from time to time (like each 4 hours), and once money is in bank it's much harder to steal it from there. (But if bank itself wants to steal the money, that's another story.)

So, well, hot dog stand dude provides high availability and convenience. But, well, he's not very secure...

HotDogCoin

Any HDC / BTC exchange planned ?

Report after 18hrs at 700mhs

Code:

"balance" : 0.00000000,
"newmint" : 4366.01000000,
"stake" : 0.00000000,
"blocks" : 1487,
"connections" : 25,

[luffy]

you are lucky!
after 24h with 660MHash
i have found only 2 blocks with 2700 coins!