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Author Topic: Novacoin attacks keeping the NVC price up  (Read 3050 times)
bushstar
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February 22, 2013, 09:01:52 AM
 #1

I presume the Novacoin attacks intend to suppress the coin until people move away to something else. This is perhaps having the opposite effect as since the price has been pushed very high probably by an artificial pump, the miners are generally unable to mine the coins that would have otherwise pushed the price back down.

BTC-e took a risk on Novacoin. They released the coin on their site which has a large Litecoin user base. They must have anticipated a backlash but decided that it out weighs the benefit of launching a GPU only coin at a time when ASICs are coming online. Now anyone coming over from Bitcoin mining will look at the price of Litecoin and Novacoin and decide to go Novacoin. A lot of these people do not even need the pools as they have enough hashing power to go solo. As the miners coming over from BTC will be looking trade any altcoins back to BTC they will not care about the history of coins but just see what is best for day trading at that current time.

If the attacks stop we can get back to dumping Novacoin and hopefully win the battle against how ever much money there is behind the pump.

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February 22, 2013, 09:30:42 AM
 #2

Interesting theory. I agree that btc-e is running a higher risk than they think they do. I assume that the smaller and smaller gains from ltc- and nmc trading in the past months has led them to adopt a new coin with high volatility in order to up their fee income. I can understand why they did it.

Wouldn't be surprised if a Russian millionaire is behind the pump n dump of nvc. While I think we might need a new major ltc-exchange and it's possible for btc-e to lose a large base of its ltc-traders, I am a bit shocked at how opportunistic some ltc-miners are. Will they will jump on the next train, no matter the destination?

A lot of people could lose a lot of money, so be careful when buying nvc. I certainly won't.
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February 22, 2013, 09:49:48 AM
 #3

Or someone is taking out the pools so that they don't have so much network power to worry about and can try 51% the chain. If it's really CPU only that means it would be possible to do with a botnet.

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bushstar
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February 22, 2013, 10:20:44 AM
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Wouldn't be surprised if a Russian millionaire is behind the pump n dump of nvc. While I think we might need a new major ltc-exchange and it's possible for btc-e to lose a large base of its ltc-traders, I am a bit shocked at how opportunistic some ltc-miners are. Will they will jump on the next train, no matter the destination?

It would make sense for LTC miners to move over to NVC just to trade for about 4-5x the amount of LTC they would normally get. LTC users buying into NVC would be a bit strange!

Crazy Rabbit, I assume you mean GPU only Smiley

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February 22, 2013, 10:31:58 AM
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Or someone is taking out the pools so that they don't have so much network power to worry about and can try 51% the chain. If it's really CPU only that means it would be possible to do with a botnet.

One botnet it's not possible. To do 51% attack, they need at least 50000+ CPUs. Do you think it's possible for only one botnet?
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February 26, 2013, 04:38:06 PM
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Or someone is taking out the pools so that they don't have so much network power to worry about and can try 51% the chain. If it's really CPU only that means it would be possible to do with a botnet.

One botnet it's not possible. To do 51% attack, they need at least 50000+ CPUs. Do you think it's possible for only one botnet?

I've heard about botnets with over 10k CPUs
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February 26, 2013, 05:14:10 PM
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I presume the Novacoin attacks intend to suppress the coin until people move away to something else. This is perhaps having the opposite effect as since the price has been pushed very high probably by an artificial pump, the miners are generally unable to mine the coins that would have otherwise pushed the price back down.

BTC-e took a risk on Novacoin. They released the coin on their site which has a large Litecoin user base. They must have anticipated a backlash but decided that it out weighs the benefit of launching a GPU only coin at a time when ASICs are coming online. Now anyone coming over from Bitcoin mining will look at the price of Litecoin and Novacoin and decide to go Novacoin. A lot of these people do not even need the pools as they have enough hashing power to go solo. As the miners coming over from BTC will be looking trade any altcoins back to BTC they will not care about the history of coins but just see what is best for day trading at that current time.

If the attacks stop we can get back to dumping Novacoin and hopefully win the battle against how ever much money there is behind the pump.

Well said, and if you search my post history here you will find out that i said some times (as other members too) that if ppl were simply ignored it it would be nothing. Those attacks made it to be something, and everyone tries to (kinda) "blame" (or have someone to laugh at) me because i was saying on the trollbox that im mining it.. Well... Guess who lost some of the profits here... (even though most of those ppl joined too)

I support and will keep on supporting altcoins while they make me profit. That said i dont care what anybody says Wink

Edit: another thing i would like to say is that since most of you support cryptos, you dont have to see anything new as an "enemy, that you have to win a battle against of"
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February 26, 2013, 05:36:28 PM
 #8

I've heard about botnets with over 10k CPUs
I seen 67k botnet, on our bitcoin pool at 2012 winter.

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February 26, 2013, 05:53:49 PM
 #9

I presume the Novacoin attacks intend to suppress the coin until people move away to something else. This is perhaps having the opposite effect as since the price has been pushed very high probably by an artificial pump, the miners are generally unable to mine the coins that would have otherwise pushed the price back down.

Given the result of these attacks maybe you should reassess who's likely to be behind it.  Seems to me the main beneficiary of any attempt to disrupt mining would be those already holding a significant amount of coins and/or those with significant NVC mining power.  So why are you so fast to presume the attacks are done by someone else?
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February 27, 2013, 02:15:31 AM
 #10

Am i the only chump in here with NO mining equipment??

I don't have any mining equipment (obviously I own some PCs but don't mine at all) - last time I mined anything was LTC about a year or so ago.
CoinHoarder
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February 27, 2013, 04:38:58 AM
Last edit: February 27, 2013, 05:25:19 AM by CoinHoarder
 #11

Shittt...

i thought they were only a few weeks old.

I ignored the BTC when i heard of them a year ago, kicked myself 2 months ago and what not..

now i see ;

LTC

NVC

TRC

FRC

XRP

& probly a dozen more ive not noticed yet.

are these ALL worth acquiring or is it still early days?

Early days... however Litecoin is further along than its competitors. LTC actually has a decently large community, with stores, exchanges, etc... Most other ALTs have no or very little ways to use them.

At the end of the day, ALT coins are pure speculation. No one really knows whether they will fail, barely survive, or thrive in the years to come. But, the same could be said for Bitcoin in its infancy.
Atruk
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February 27, 2013, 05:26:59 AM
 #12

Shittt...

i thought they were only a few weeks old.

I ignored the BTC when i heard of them a year ago, kicked myself 2 months ago and what not..

now i see ;

LTC

NVC

TRC

FRC

XRP

& probly a dozen more ive not noticed yet.

are these ALL worth acquiring or is it still early days?

Early days... however Litecoin is further along than its competitors. LTC actually has a decently large community, with stores, exchanges, etc... Most other ALTs have no or very little ways to use them.

At the end of the day, ALT coins are pure speculation. No one really knows whether they will barely survive or thrive in the years to come. But, the same could be said for Bitcoin in its infancy.

Having a small amount of LTC and XRP probably wouldn't hurt. NVC and FRC are probably safe to ignore. TRC is a decent alternative to bitcoin testnet if you just want something to mess around with, holding a few might be worth it if access to the bitcoin testnet becomes more restrictive in the future. NMC are definitely worth it if you are tired of The Man telling you what you can and can't use as a TLD, or if you want to give torrents you track an easy to remember name. NMC are barely worth anything, but they have so many uses.

Shittt...

i thought they were only a few weeks old.

I ignored the BTC when i heard of them a year ago, kicked myself 2 months ago and what not..

now i see ;

LTC

NVC

TRC

FRC

XRP

& probly a dozen more ive not noticed yet.

are these ALL worth acquiring or is it still early days?

Early days... however Litecoin is further along than its competitors. LTC actually has a decently large community, with stores, exchanges, etc... Most other ALTs have no or very little ways to use them.

At the end of the day, ALT coins are pure speculation. No one really knows whether they will barely survive or thrive in the years to come. But, the same could be said for Bitcoin in its infancy.

What Litecoin needs desperately are more and better client apps. The whole Litecoin (and most alt-coin) ecosystems are too mining focused. Where's the SPV Android and Desktop clients. If someone can chop up the reference Bitcoin client to make an alt-coin they ought to at least chop up BitcoinJ to make a light client and preferably build Android wallets and Multibit forks. Any new altcoins probably at least should have these two alternative clients available, preferably they should have better versions of these clients.

iHeartSmartArt
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February 27, 2013, 05:38:08 AM
 #13

Am i the only chump in here with NO mining equipment??


lol i feel the same way. i just got into BTC but see its at an all time high. then started trading btc for ltc because there atleast there im an early adopter.

You are just in time for the first anonymous digital currency. https://darkcointalk.org/
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