51% attack on all altcoins since Feathercoin happening.

[AltCoinPwner]

Time for some people to wake up.

I do want to say that while I am a big supporter of crypto's and am heavily invested in both Bitcoin and Litecoin, this is not why I'm doing this.  Not many seem to be catching on that almost all the latest alt-coins are being attacked, or are susceptible to a 51% attack - well here you go.

http://i40.tinypic.com/2potapi.jpg

For example Elacoin's blockchain has been longer than reported by the explorer for some time and no one has said a thing about it.  Without closely following a real-time explorer, you have no idea what's going on.

It's unbelievable how money is being thrown into coins that can be so easily attacked.  How can you feel safe investing in a coin (ie. Powercoin) that can be manipulated with less than 5 MH/s?  If you were using GPU's to do this, you would need less than 8x 7950's.  Lots of people have far more.

My personal advice is not to even think about investing in a coin with less than a 2-3 GH/s network hash rate.  I myself get nearly 200 MH/s on a good day, and collectively with my mates we can achieve nearly 1 GH/s.  I don't see any coins surviving unless everyone mining the latest alt-coins jump on one coin to secure it.  I see exchanges making some changes!

Cheers.

P.S. Let's see how many devs actually create a checkpoint now. 

[1714681413]

1714681413

[1714681413]

1714681413

[Sebacious]

Excellent post, be sure to post it again outside of the noob ghetto.

[AltCoinPwner]

And, oh yes, I think that is almost half of all Powercoins in existence in my wallet.  Waiting for my mates hash power to come online then on to the next coin.   

[BrewCrewFan]

Hate to call you a looser but I am anyways. Hope you enjoy watching yourself kill other peoples money.... May the same happen on your end.

Then you wonder why Cryptos will never catch on. Small miners WILL NEVER mine, then you lose a majority of your base, and when that happens the retailers give you the middle finger. If its not accepted by the community, retailers will follow suit.

BTW you say that lots of people have more than x amount of GPUs... only here that do mining. These are not the people you need... you need to normal people.

[eule]

Luckily Yacoin has a good dev and nicely high hashrate.  

[nearmiss]

As mentioned, whats the point?  Your not helping bitcoin or litecoin in any way by destroying other alt-coins.  All its going to take is for you to affect enough people's money for it to gain a tiny bit of mainstream attention, and all crypto-currency will be labeled with the same brush.

[usahero]

This could be helpful, so people actually stop investing in (mostly premined) shitcoins.

Why do you people even invest in shitcoins? For me, it was logical that price will be dropping, and it is dropping.

[shaunb]

This is crazy, but good.  This just shows how easy it is to kill a coin that just doesn't have the hash power. 

I wonder what the exchanges are doing to protect themselves...I see a lot of angry customers not being able to withdraw coins.

[eule]

There is a point, if he wouldn't (try to) do it publicly, someone else would (try to) do it secretly...

So is PWC dead already?
BTW: Sounds like OP is operating a botnet... ("on a good day i get 200Mh", this indicates variable hashrate, i.e. he's not-GPU mining)

[nearmiss]

This could be helpful, so people actually stop investing in (mostly premined) shitcoins.

Why do you people even invest in shitcoins? For me, it was logical that price will be dropping, and it is dropping.

Its not the case at all. People need to wake up and stop fighting against each other.  It doesn't matter whether coin X succeeds or coin Y, if ANY single coin fails and it gets any mainstream media attention, you've destroyed any chance for any crypto-currency to ever truly make it.

People outside this forum don't care if its scamcoin-X or scamcoin-Y or BTC, they don't understand the differences. They'll see "crypto-currency is unreliable" or "I lost thousands in crypto-currency hack", and they are all sunk.

[shaunb]

There is a point, if he wouldn't (try to) do it publicly, someone else would (try to) do it secretly...

So is PWC dead already?
BTW: Sounds like OP is operating a botnet... ("on a good day i get 200Mh", this indicates variable hashrate, i.e. he's not-GPU mining)

I think it's dead.  More than twice the total coins in existence got sold on Cryptsy in the last two days.

[crazy_rabbit]

Bitcoin Testnet as an altcoin. Seriously.

[pontiacg5]

Someone with lots of GPUs set up for mining probably has no interest in destroying an altcoin. You make no money destroying a coin, but you sure do loose out on coins that could have been mined elsewhere.

But if 200Mh can bring down one of those altcoins then it's obviously doomed to failure. I can get 200Mh without even touching my mining rigs  

[eule]

I think it's dead.  More than twice the total coins in existence got sold on Cryptsy in the last two days.

oO

Just noticed he's also targeting BBQcoin. It's way older than Feathercoin, leave BBQ alone!
http://cdn.memegenerator.net/instances/300x300/38821482.jpg

[anderl]

might be some FUD in the OP's threats

You can't just magically create coins out of thin air and you can't change the block chain history.

https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_computing_power

An attacker that controls more than 50% of the network's computing power can, for the time that he is in control, exclude and modify the ordering of transactions. This allows him to:

Reverse transactions that he sends while he's in control
Prevent some or all transactions from gaining any confirmations
Prevent some or all other generators from getting any generations
The attacker can't:

Reverse other people's transactions
Prevent transactions from being sent at all (they'll show as 0/unconfirmed)
Change the number of coins generated per block
Create coins out of thin air
Send coins that never belonged to him
It's much more difficult to change historical blocks, and it becomes exponentially more difficult the further back you go. As above, changing historical blocks only allows you to exclude and change the ordering of transactions. It's impossible to change blocks created before the last checkpoint.

Since this attack doesn't permit all that much power over the network, it is expected that no one will attempt it. A profit-seeking person will always gain more by just following the rules, and even someone trying to destroy the system will probably find other attacks more attractive. However, if this attack is successfully executed, it will be difficult or impossible to "untangle" the mess created — any changes the attacker makes might become permanent.

[eyfa]

all altcoins is nothing to Bitcoins.

[shaunb]

I think it's dead.  More than twice the total coins in existence got sold on Cryptsy in the last two days.

oO

Just noticed he's also targeting BBQcoin. It's way older than Feathercoin, leave BBQ alone!
http://cdn.memegenerator.net/instances/300x300/38821482.jpg

I would say if he doesn't, someone else will.  It's too easy to perform a 51% attack, I'd be surprised if it's not already rampant.

[shaunb]

might be some FUD in the OP's threats

You can't just magically create coins out of thin air and you can't change the block chain history.

https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_computing_power

An attacker that controls more than 50% of the network's computing power can, for the time that he is in control, exclude and modify the ordering of transactions. This allows him to:

Reverse transactions that he sends while he's in control
Prevent some or all transactions from gaining any confirmations
Prevent some or all other generators from getting any generations
The attacker can't:

Reverse other people's transactions
Prevent transactions from being sent at all (they'll show as 0/unconfirmed)
Change the number of coins generated per block
Create coins out of thin air
Send coins that never belonged to him
It's much more difficult to change historical blocks, and it becomes exponentially more difficult the further back you go. As above, changing historical blocks only allows you to exclude and change the ordering of transactions. It's impossible to change blocks created before the last checkpoint.

Since this attack doesn't permit all that much power over the network, it is expected that no one will attempt it. A profit-seeking person will always gain more by just following the rules, and even someone trying to destroy the system will probably find other attacks more attractive. However, if this attack is successfully executed, it will be difficult or impossible to "untangle" the mess created — any changes the attacker makes might become permanent.

It's easy to double your money on each attack.  Send to an exchange, reverse transaction, withdraw.  Or, send to exchange, trade for bitcoin, reverse the transaction.

Edit:  By the way, that last paragraph in your post is only true for currencies with significant hash rates.

[usahero]

This could be helpful, so people actually stop investing in (mostly premined) shitcoins.

Why do you people even invest in shitcoins? For me, it was logical that price will be dropping, and it is dropping.

Its not the case at all. People need to wake up and stop fighting against each other.  It doesn't matter whether coin X succeeds or coin Y, if ANY single coin fails and it gets any mainstream media attention, you've destroyed any chance for any crypto-currency to ever truly make it.

People outside this forum don't care if its scamcoin-X or scamcoin-Y or BTC, they don't understand the differences. They'll see "crypto-currency is unreliable" or "I lost thousands in crypto-currency hack", and they are all sunk.

Exactly. So people should stop investing into shitcoins, because they are losing money and spreading bad PR about the coin. There were orders of magnitude higher money loses on premined coins than there will be on attacking weak coins with 51% attacks.

[nearmiss]

This could be helpful, so people actually stop investing in (mostly premined) shitcoins.

Why do you people even invest in shitcoins? For me, it was logical that price will be dropping, and it is dropping.

Its not the case at all. People need to wake up and stop fighting against each other.  It doesn't matter whether coin X succeeds or coin Y, if ANY single coin fails and it gets any mainstream media attention, you've destroyed any chance for any crypto-currency to ever truly make it.

People outside this forum don't care if its scamcoin-X or scamcoin-Y or BTC, they don't understand the differences. They'll see "crypto-currency is unreliable" or "I lost thousands in crypto-currency hack", and they are all sunk.

Exactly. So people should stop investing into shitcoins, because they are losing money and spreading bad PR about the coin. There were orders of magnitude higher money loses on premined coins than there will be on attacking weak coins with 51% attacks.

Sure, they should.  But attacking them isn't the way to do it.  And its not bad PR about the scam-coin you have to worry about. As I said, most outside this forum will NOT distinguish between 'scam-coin X' or 'Bitcoin'.  Its all just crypto-currency.