51% attack on all altcoins since Feathercoin happening.

[anderl]

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.

Pulled it from the bitcoin wiki.  But I see your point about the exchanges.  It's a catch 22 then, in order to create innovation you need to start with a new coin  but you have people who will 51% attack the coin to suppress it only to protect their bitcoin and litecoin investments or out of greed to get more bitcoins and litecoins.  So older but flawed networks are protected by their size.

I see a few things coming out of this.

protection networks.  developer can rent the services of miners to maintain a certain hash rate on the network to reduce the chance of a 51% attack.
merge mining.  coins banding together to consolidate hashing power to reduce 51% attack risk.
improved trust.  actively developed coins gaining more support and lift their price per coin.

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[shaunb]

I openly invite you to try your best with DGC. 

Is there a real-time block explorer for DGC somewhere?  I want to see this.

[MagicBit15]

Alto's will always be pump and dump. Period. Only exception might be litecoin, and maybe some other random one that isn't made yet that has a decent distribution algorithm.

Besides that Nope...

[naphto]

Alto's will always be pump and dump. Period. Only exception might be litecoin, and maybe some other random one that isn't made yet that has a decent distribution algorithm.

Besides that Nope...

This!!!!

[crazy_rabbit]

I openly invite you to try your best with DGC. 

Is there a real-time block explorer for DGC somewhere?  I want to see this.

Oh no, and I don't have any popcorn!

[usahero]

Blockchain explorer is usually here

http://dgc.p2pool.nl/chain/Digitalcoin


But it doesnt work at the moment.

[jasonslow]

How to know if powercoin is dead? I withdraw 180k powercoins just now . I also found powercoin blocks every 10 minutes.

[shaunb]

How to know if powercoin is dead? I withdraw 180k powercoins just now . I also found powercoin blocks every 10 minutes.

Well if this guy has over 500,000 PWC and has sold more than twice the amount of all coins in existence in the last two days, I'd say it's dead. 

[ohiwastedmylif]

Are you going to hit feathercoin for a 5th time? Maybe people will stop buying it and giving money to the FTC mafia.

[diatonic]

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.

I think your post is mostly FUD, but I'd love to see you clarify this.

When I check http://elc.webboise.com/chain/Elacoin - Which is just Abe scraping blocks from a live daemon, it shows block height at 21890. My other elacoin wallets show the chain at the same height, so where are you seeing the blockchain longer than reported?

Elacoin is one of the coins that had a hard fork and I'm sure there are old outdated clients in the wild. I will say that a lot of the alts don't have proper developer attention to keep attacks at bay. ELC devs had been pretty aggressive at putting updated checkpoints in source to fend off attacks. FWIW, I set up the ELC block explorer and that is my site, so I'm curious how you think it's wrong. It seems to jibe with all other ELC info I see online.

[cp1]

It would be nice if attackers only went after coins that had premines.

[larem]

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.

This is so true! The majority of the people who would invest in coins don't know or care about the technical specifics. To them Bitcoin, Litecoin, BBQCoin, etc. are all the same. If one goes down, you are effectively destroying all of them. The only value any coins have is what is perceived by investors. If they aren't comfortable, the prices drop; it's that simple.

[shaunb]

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.

This is so true! The majority of the people who would invest in coins don't know or care about the technical specifics. To them Bitcoin, Litecoin, BBQCoin, etc. are all the same. If one goes down, you are effectively destroying all of them. The only value any coins have is what is perceived by investors. If they aren't comfortable, the prices drop; it's that simple.

Which is better?  Let people blindly throw their money at crypto's they know nothing about or educate people on the value of choosing a secure vehicle for their investment.  I don't think most people don't even know what a 51% attack is and what it can do.

[solracx]

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.

This is so true! The majority of the people who would invest in coins don't know or care about the technical specifics. To them Bitcoin, Litecoin, BBQCoin, etc. are all the same. If one goes down, you are effectively destroying all of them. The only value any coins have is what is perceived by investors. If they aren't comfortable, the prices drop; it's that simple.

Agree, all this trash talking of other coins and attacks on coins is just pulling the entire industry down.

Pretty, soon,  mining coins will become completely restricted to trusted parties.

[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.

This is so true! The majority of the people who would invest in coins don't know or care about the technical specifics. To them Bitcoin, Litecoin, BBQCoin, etc. are all the same. If one goes down, you are effectively destroying all of them. The only value any coins have is what is perceived by investors. If they aren't comfortable, the prices drop; it's that simple.

Which is better?  Let people blindly throw their money at crypto's they know nothing about or educate people on the value of choosing a secure vehicle for their investment.  I don't think most people don't even know what a 51% attack is and what it can do.

Its mostly irrelevant.  You aren't going to educate the masses on something as technical as BTC, or why it may be safer than other choices out there.  Because of this fact, if you kill one coin and it happens to get media attention, you're pretty much killing them all.  (I'm not talking about the market of people that are currently into crypto, or at the least investing in it even if they have little knowledge of it.  I'm talking about the media outlets that started talking about BTC when it spiked over $200 earlier.) All it takes is for them to run a story with "$XXX,XXXUSD lost due to crypto-currency hack".  99.99999% of people reading it won't know or care whether it says coin X, coin Y, LTC, BTC ect. 

[larem]

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.

This is so true! The majority of the people who would invest in coins don't know or care about the technical specifics. To them Bitcoin, Litecoin, BBQCoin, etc. are all the same. If one goes down, you are effectively destroying all of them. The only value any coins have is what is perceived by investors. If they aren't comfortable, the prices drop; it's that simple.

Which is better?  Let people blindly throw their money at crypto's they know nothing about or educate people on the value of choosing a secure vehicle for their investment.  I don't think most people don't even know what a 51% attack is and what it can do.

Its mostly irrelevant.  You aren't going to educate the masses on something as technical as BTC, or why it may be safer than other choices out there.  Because of this fact, if you kill one coin and it happens to get media attention, you're pretty much killing them all.  (I'm not talking about the market of people that are currently into crypto, or at the least investing in it even if they have little knowledge of it.  I'm talking about the media outlets that started talking about BTC when it spiked over $200 earlier.) All it takes is for them to run a story with "$XXX,XXXUSD lost due to crypto-currency hack".  99.99999% of people reading it won't know or care whether it says coin X, coin Y, LTC, BTC ect.  

Yep! Pretty much spot on with what I said. Cryptos are universal to most people. Much like when we hear about a car that had a recall due to problems (like the Crown Victorias and their gas tanks exploding). To a lot of non-technical people (that don't know about cars) that was a sign to stay away from Ford itself, not just CV's. The same goes for cryptos. They group them all together.

[BurtW]

I have to disagree with all those that think alts are/can be/will be lumped together with Bitcoin.

In fact I think the opposite is true:  most people see Bitcion and that is it.  Very few people even know of the alts at all.  If an alt is destroyed it is not even news worthy.  If they know about alts then they have "Bitcoin" and "all those others I do not care about".

All the alts can burn each other to the ground and the general public will not care or even know about it.

Even within this forum, which is not Bitcoin, most people totally ignore all the alts and are only upset by having to skip over all the alt threads when scanning over what interests them.  You expect the public at large to care about them?

I think not.

[nearmiss]

I have to disagree with all those that think alts are/can be/will be lumped together with Bitcoin.

In fact I think the opposite is true:  most people see Bitcion and that is it.  Very few people even know of the alts at all.  If an alt is destroyed it is not even news worthy.  If they know about alts then they have "Bitcoin" and "all those others I do not care about".

All the alts can burn each other to the ground and the general public will not care or even know about it.

Even within this forum, which is not Bitcoin, most people totally ignore all the alts and are only upset by having to skip over all the alt threads when scanning over what interests them.  You expect the public at large to care about them?

I think not.

I agree 100%.  Thats why I said "If it happens to make mainstream media that person X lost amount Y".   Its an outside shot, but all it takes is it to happen once.  Maybe someone with friends in the media, or someone with enough cash to cause a stir, or any other number of reasons.  Sure, its not likely anyone outside this forum knows of or gives a shit about PWC, but that doesn't mean it will be the case for the next coin on the list.  Eventually someone who perhaps took some advice on investing in an alt instead of btc, would get burned by this, and that'd be enough.

Would it be their own fault for not being knowledgeable enough about their own investments? Obviously, but the PR about a crypto-currency being hacked is what would count.

[Fuserleer]

It's a good/bad double edged sword.

The OP is displaying how easy it is, which is good, and yes destroyed some peoples money, but in the hope that a lot more peoples money is saved.

Personally I always thought the design of the current block chain tech is too wobbly and I invite all to test out eMunie's once we are close to launch and try it for weakness.  Considering it's a new design completely, can't be GPU'd, cant be ASIC'd, isn't based on "mining" you are going to need some SERIOUS server horsepower to get anywhere near overloading it to the same level as a 51% attack.

[Fredrick]

I openly invite you to try your best with DGC. 

As someone who is invested into DGC why would you invite something like this? Totally confused why you would make a statement like this