51% "attack" on Bytecoins and Terracoins.

[twelph]

Both of these alt-currencies seemed to be hit by ASIC machines recently that had well over the 51% needed for a blockchain attack. It was interesting to see how each of these currencies reacted to this kind of unprecedented use of ASIC's on an alt currency. As we all know, Terracoin didn't do very well.

[legend]

I hope bytecoins survive

[nameface]

LTC = faster processing
PPC = proof of stake implementation
NMC = different concept altogether

What differentiates TRC and Bytecoin from bitcoin? Why should I care?

[twelph]

LTC = faster processing
PPC = proof of stake implementation
NMC = different concept altogether

What differentiates TRC and Bytecoin from bitcoin? Why should I care?

I didn't say you should care about the coins, but what's interesting is witnessing these currencies go through an event that did not have a chance to happen with Bitcoins.

[Come-from-Beyond]

Both of these alt-currencies seemed to be hit by ASIC machines recently that had well over the 51% needed for a blockchain attack.

We have checkpoints. Don't worry, bro.

[Vorbane]

What are the person(s) with avalons agenda? Are you attacking TRC simply for the money, or do you have some vested interest in it failing?

[celkaris]

i'd say nobody attacked TRC, just miners following the various 'profitability' indicators out there, jumping in when the difficulty is low, jumping out when it increases, leading to a point where almost nobody mines, while diff .. stays high..

Unfortunately, the BTC-e TRC integration came up after the first averaging update, leading to more miners jumping in, increasing the diff even more

[FuzzyBear]

What are the person(s) with avalons agenda? Are you attacking TRC simply for the money, or do you have some vested interest in it failing?

sigh.... an ASIC being pointed at one of the alt currencies DOES NOT MEAN THE CHAIN WAS ATTACKED.

I actually did the logic in this myself....

What if You were one of the first people to get ur ASIC from Avalon.  Great gtz and rolling in BTC on a price valuation that has you paying for the device basically in 2 days at most, more over the ones at the start have well and truely paid for themselves and then some.  

The miner then decides to not cash out any more BTC as the price rising and worthwhile holding onto the BTC to ride the price up high b4 selling...

Low and behold the ASIC miner thinks that he/she will be kicked out of the mining game anytime soon as BFL are constantly supposed to be delivering next week for the last 6 months... and ASIC miner being switched on bit by bit it would seem and just waiting for 50TH to take a massive dump on the BTC earnings through mining...

So the miner has a choice.... speculate on the alts that the ASIC can mine and mine the fuck outta them till u have a stupidly nice hoard of coins and just sit on them for a few years till enough ASICs fully protect the networks, all manner of services have caused the coins to be worth a Lot more than they are now.... for one days / one weeks work.... you speculate and the gain is massive, as opposed to the lost revenue of mining BTC which is somewhat negligable especially as the coins are more profitable to mine than BTC atm...

Just my thoughts..... don't like them? don't read it

[mr_random]

What are the person(s) with avalons agenda? Are you attacking TRC simply for the money, or do you have some vested interest in it failing?

There was no attack. TRC actually crumbled just by the avalan guy doing mining, that's how weak the TRC network is.

[bootlace]

Both of these alt-currencies seemed to be hit by ASIC machines recently that had well over the 51% needed for a blockchain attack. It was interesting to see how each of these currencies reacted to this kind of unprecedented use of ASIC's on an alt currency. As we all know, Terracoin didn't do very well.

So how did they react for those of us not following this closely?

[VforVictory]

What are the person(s) with avalons agenda? Are you attacking TRC simply for the money, or do you have some vested interest in it failing?

There was no attack. TRC actually crumbled just by the avalan guy doing mining, that's how weak the TRC network is.

It's more how the coin was designed, than the network...so to speak.

[glitch003]

What are the person(s) with avalons agenda? Are you attacking TRC simply for the money, or do you have some vested interest in it failing?

There was no attack. TRC actually crumbled just by the avalan guy doing mining, that's how weak the TRC network is.

And, this is why alt-coins have no real future.  Would you keep your money somewhere where a single person can take down the network?  Imagine if a gov wanted to attack an alt coin, they would laugh at how easy it is.

[FuzzyBear]

What are the person(s) with avalons agenda? Are you attacking TRC simply for the money, or do you have some vested interest in it failing?

There was no attack. TRC actually crumbled just by the avalan guy doing mining, that's how weak the TRC network is.

And, this is why alt-coins have no real future.  Would you keep your money somewhere where a single person can take down the network?  Imagine if a gov wanted to attack an alt coin, they would laugh at how easy it is.

give it 6 months and see what network looks weak and which secure.... only looks insecure as fewer ASICs out there and effect soo much greater in currencies infancy