51% attack against Bytecoin imminent?

[drawingthesun]

51% attack against Bytecoin imminent?

The network hashing power of Bytecoin is now over 2% of Bitcoin, this could mean someone is trying to take over the network for a 51% attack.

Its unlikely this worthless coin would actually be growing at this rate (in terms of hashing power) naturally right?

EDIT:
Hashing power is currently 6 times TRC and over 50% of PPCoin

EDIT: updated numbers

[cedivad]

Stupids are mining it while the difficulty is still 1.
Stupids because its a scam and its worthless.

[drawingthesun]

Stupids are mining it while the difficulty is still 1.
Stupids because its a scam and its worthless.

Maybe, although the difficulty is over 4000 at the moment. The re-target will be at 16,000 diff, maybe people will drop of then?

[cedivad]

Stupids are mining it while the difficulty is still 1.
Stupids because its a scam and its worthless.

Maybe, although the difficulty is over 4000 at the moment. The re-target will be at 16,000 diff, maybe people will drop of then?

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.

Anyway, I really don't like that a currency with a name so similar to bitcoin came out.

[Anon136]

Yea you are probably right but if we get 20 minute or even 40 minute blocks for a while until the next next re-target than that isnt really a big deal. If this thing catches on than it will all come out in the wash.

[drawingthesun]

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.

[ajareselde]

buying bytecoins with btc-e code USD, to the best offer for 10 $.

offers in PM please.


cheers

[cedivad]

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.

Interesting, thank you. I was missing the way time elapses for bitcoin

[MyZhre]

BTE hash rate almost 1.1T, thats crazy 

[flound1129]

Maybe, although the difficulty is over 4000 at the moment. The re-target will be at 16,000 diff, maybe people will drop of then?

WHAT 4000

[drawingthesun]

Bytecoin now running at over 1TH/s vs Bitcoins 49TH/s

This means bytecoin is now running at a hashrate 2% of Bitcoin.

This must be unprecedented right? A alt coin growing this fast?

If the price is set as a function of computing power then Bytecoins, once the difficulty has caught up (It can't retarget quick enough at the moment because so much power has been added) should be worth 1/50 of a Bitcoin which makes a Bytecoin worth about $2

Which is obviously insane.

What this tells us is either someone is trying for 51% or people are just speculating with their mining rigs to see what happens.

[ingrownpocket]

Bytecoin now running at over 1TH/s vs Bitcoins 49TH/s

This means bytecoin is now running at a hashrate 2% of Bitcoin.

This must be unprecedented right? A alt coin growing this fast?

If the price is set as a function of computing power then Bytecoins, once the difficulty has caught up (It can't retarget quick enough at the moment because so much power has been added) should be worth 1/50 of a Bitcoin which makes a Bytecoin worth about $2

Which is obviously insane.

What this tells us is either someone is trying for 51% or people are just speculating with their mining rigs to see what happens.

Where do you get those numbers?

[drawingthesun]

I think I figured it out!

Because the retarget has a maximum limit of *4 times current difficulty, many people are going to mine this coin until their is a equilibrium because this is the only time people will be able to make more coins than they should because blocks are going to be mined faster than the 10 minutes until the retargets are correct and the block time is back to what is should 10 minutes.

For example, if 10 times the computing power was added to Bitcoin right now, the difficulty cannot be 10 times for the next retarget, but 4 times and then the network has to wait until another retarget before it can be at the right value.*


*I heard the max retarget in regards to bitcoin was 4 times current difficulty, this stops the network growing out of control to fast. and because Bytecoin is a duplicate, I imagine this will be the same.

[drawingthesun]

Bytecoin now running at over 1TH/s vs Bitcoins 49TH/s

This means bytecoin is now running at a hashrate 2% of Bitcoin.

This must be unprecedented right? A alt coin growing this fast?

If the price is set as a function of computing power then Bytecoins, once the difficulty has caught up (It can't retarget quick enough at the moment because so much power has been added) should be worth 1/50 of a Bitcoin which makes a Bytecoin worth about $2

Which is obviously insane.

What this tells us is either someone is trying for 51% or people are just speculating with their mining rigs to see what happens.

Where do you get those numbers?

Bytecoin network Hashrate at the bottom
http://pool.bytecoin.in/

Bitcoin network Hashrate
https://vircurex.com/
http://blockchain.info/stats

Details about largest allowed retarget jumps
https://en.bitcoin.it/wiki/Target

[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.

[legend]

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.

I think you may be right.
You don't really need to change anything except the pool.

[drawingthesun]

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

[twelph]

The network hash rate is back down to 186 GH/s. The asic(s) must have moved on.

[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....

[rampone]

Yawn Bytecoin