51% attack against Bytecoin imminent?

[pandemic]

I'm not going to take this april fools currency seriously. One day before or after and I'd be on it. I think this currency is a trolls work.

[Buffer Overflow]

I just noticed a checkpoint has been placed at Bytecoin's block 12305.

[Amitabh S]

Lets take down BTE, and while we are at it, lets also destroy LTC

[Buffer Overflow]

Will you take down the Euro as well?

I think it doing that itself without our intervention.

[drawingthesun]

I just noticed a checkpoint has been placed at Bytecoin's block 12305.

How does one set a checkpoint?

[Buffer Overflow]

I just noticed a checkpoint has been placed at Bytecoin's block 12305.

How does one set a checkpoint?

Hard coded into project code.

[Anon136]

Ok i expect that this is wrong but here is a theory. (ive never mined an alt coin before this one)

perhaps since bytecoin is a clone of bitcoin it is very easy for miners to adapt their current setup with very little extra effort, where as with mining litecoin for example they would have reconfigure a lot of stuff and they dont see it as worth their time.

This is true,.

Well it looks like the hashrate as gone down a bit. I'm really curious if this will still be around in a months time.

I think a lot of people might have switched to mine a few coins just incase :p

i think it has a lot of potential. One single blockchain can not hold every transaction in the world for long and since bitcoin1 worked so well, why mess with a good thing, just use bitcoin2 to hold the overflow, and bitcoin3 if it ever comes to that ect....

So would btc 1,2,and 3 be priced near the same?

almost certainly not. the original will always be most valuable and number 2 would almost certainly be more valuable than number 3 ect...

[simonk83]

Bytecoin is ridiculous.  We all know it, some people are just mining it on the off chance that people's IQ's suddenly drop sharply and this thing takes off.

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has.  This community should be smarter than that.

[Anon136]

Bytecoin is ridiculous.  We all know it, some people are just mining it on the off chance that people's IQ's suddenly drop sharply and this thing takes off.

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has.  This community should be smarter than that.

when transaction fees begin to become a problem for people they are going to look for an alt chains to use to avoid those fees. Since bitcoin1 worked so well why not a bitcoin2? its familiar, its tried and tested, we know it works we know its reliable we know it has the full weight of the bitcoin development team behind it.

Dont get me wrong im all for innovation, but only legitimate innovation, not changing a few properties just for the sake of it, just so you can say that your altcoin is different. Thats the sort of "innovation" we see in all altcoins (that or they are broken like ppc). If that is the sort of innovation we are being offered than i say no thanks, ill stick with good old bitcoin and since good old bitcoin is going to run out of room eventually, ill move on to good old bitcoin2. Of course that is subject to change if someone does happen to create a cryptocurrency that is legitimately innovative, and a bet on bitcoin2 is a bet on the chance that this doesnt happen, how ever likely that may or may not be.

[superduh]

Bytecoin is ridiculous.  We all know it, some people are just mining it on the off chance that people's IQ's suddenly drop sharply and this thing takes off.

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has.  This community should be smarter than that.

when transaction fees begin to become a problem for people they are going to look for an alt chains to use to avoid those fees. Since bitcoin1 worked so well why not a bitcoin2? its familiar, its tried and tested, we know it works we know its reliable we know it has the full weight of the bitcoin development team behind it.

Dont get me wrong im all for innovation, but only legitimate innovation, not changing a few properties just for the sake of it, just so you can say that your altcoin is different. Thats the sort of "innovation" we see in all altcoins (that or they are broken like ppc). If that is the sort of innovation we are being offered than i say no thanks, ill stick with good old bitcoin and since good old bitcoin is going to run out of room eventually, ill move on to good old bitcoin2. Of course that is subject to change if someone does happen to create a cryptocurrency that is legitimately innovative, and a bet on bitcoin2 is a bet on the chance that this doesnt happen, how ever likely that may or may not be.

for someone who has over 600+ posts i would assume you are much smarter than this. i also assume since it doesn't cost much to get in you are gambling on the .0000001% chance that it'll pay off.

[Anon136]

Bytecoin is ridiculous.  We all know it, some people are just mining it on the off chance that people's IQ's suddenly drop sharply and this thing takes off.

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has.  This community should be smarter than that.

when transaction fees begin to become a problem for people they are going to look for an alt chains to use to avoid those fees. Since bitcoin1 worked so well why not a bitcoin2? its familiar, its tried and tested, we know it works we know its reliable we know it has the full weight of the bitcoin development team behind it.

Dont get me wrong im all for innovation, but only legitimate innovation, not changing a few properties just for the sake of it, just so you can say that your altcoin is different. Thats the sort of "innovation" we see in all altcoins (that or they are broken like ppc). If that is the sort of innovation we are being offered than i say no thanks, ill stick with good old bitcoin and since good old bitcoin is going to run out of room eventually, ill move on to good old bitcoin2. Of course that is subject to change if someone does happen to create a cryptocurrency that is legitimately innovative, and a bet on bitcoin2 is a bet on the chance that this doesnt happen, how ever likely that may or may not be.

for someone who has over 600+ posts i would assume you are much smarter than this. i also assume since it doesn't cost much to get in you are gambling on the .0000001% chance that it'll pay off.

This looks awfully adhominemish to me. Either way ill let it slide. I do not expect my investment to pay off, it is in my mind a lottery ticket type investment. With that being said i have already broken even on my initial investment with 5k bte to spare. So no harm done, now i sit and wait and see.

[meebs]

How can they have a 16k difficulty mining at 10% of the bitcoin network when the bitcoin difficulty is orders of magnitude bigger?
Also, didn't they started from difficulty 1? I thought so and that they shared the code with bitcoin . if so, how can they have already had a difficult retarget that brought them to 4000?
I don't know, I don't care.

Whats happened is the difficulty was 1 and because of all the hashing power being pointed towards the Bytecoin network the difficulty is readjusting at the fastest possible amount that it will allow.

So far the difficulty is jumping 4 times on each retarget, and because it can't jump more than 4 times (I think this is true of Bitcoin too, that the difficulty can not retarget more than 4 times the current target) then the blocks end up getting solved far quicker because the retargets are happening as fast a what allowed by the code.

so after 16,000 it will jump straight up to 64,000 and so on before it equalizes and blocks start getting solved in the 10 minutes time span again.

any new altcoin that starts at diff1 is BS. it needs to be at least 1600 IMO, as diff 1 just lends the insiders and very first folk to suck up WAY to many coins right off teh bat.

[Buffer Overflow]

I disagree.

Yes it was easy to mine a block, but they were being mined so fast (every few seconds) 99% of them were orphaned.

[Impaler]

any new altcoin that starts at diff1 is BS. it needs to be at least 1600 IMO, as diff 1 just lends the insiders and very first folk to suck up WAY to many coins right off teh bat.

This is why I advocate for the BitCoin source-repository  be updated with a higher initial difficulty so people can not start at difficulty 1 by mere ignorance of downloading the code, making no changes and starting a chain.

THIS DOSE NOT CHANGE THE BTC BLOCK CHAIN, THE INITIAL DIFFICULTY IN CODE IN A REPOSITORY HAS NO EFFECT ON THE CURRENT BLOCK CHAIN, DO NOT MISUNDERSTAND THIS FOR THE LOVE OF GOD

I suspect most chains that start at difficulty 1 are doing it out of ignorance and it's just a land-mine waiting for people to step on as several alt-chains already have.  Likewise the difficulty adjustment code needs improvement, but that is a larger undertaking.

[Wekkel]

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has.

What do you mean with 'allowing to carry on'?

[Buffer Overflow]

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has.

What do you mean with 'allowing to carry on'?

I missed that one as well. "Allowed to carry on", by whom?

The community will decide if it lives or dies at the end of the day. We shall see...

[simonk83]

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has.

What do you mean with 'allowing to carry on'?

I mean people wasting their time getting all set up to mine it instead of ignoring it and letting it quietly disappear into nothingness.  Basically.

[saigo]

Bytecoin is ridiculous.  We all know it, some people are just mining it on the off chance that people's IQ's suddenly drop sharply and this thing takes off.

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has.  This community should be smarter than that.

Says the person with a pyramining link in his sig

Hmm 'allowed to carry on' , 'allowed' - really dude ?

It will live or die, and the latter probably more likely yes, but don't stop folks experimenting and learning and having some fun.

[simonk83]

Bytecoin is ridiculous.  We all know it, some people are just mining it on the off chance that people's IQ's suddenly drop sharply and this thing takes off.

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has.  This community should be smarter than that.

Hmm 'allowed to carry on' , 'allowed' - really dude ?

Fair enough, poor choice of words.  I'm not trying to be CryptoHitler or anything

I was getting ready to type up my reasoning, but this guy has pretty much said it for me:  https://bitcointalk.org/index.php?topic=168814.msg1756085#msg1756085

[Come-from-Beyond]

To be honest I'm a little embarrassed that it's been allowed to carry on as long as it has.  This community should be smarter than that.

Allowed by whom? The community? Moderators? God?