51% attack on all altcoins since Feathercoin happening.

[bitorious]

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. 

Nice post!

[larem]

Can anyone read the address that the coins were sent to in the OP? You can look that up on the blockchain to see if it's even legit. Watch you find out that he just used a memory editor or photoshopped it, lol.

[JasperParsons]

Should be easy to find.  The blockchain isn't huge and 500k+ transactions should stick out.

[lmontrose]

Can someone explain to me what a 51% attack is?  does it steal coins?  how so

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.



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. 

[JasperParsons]

Very simply it allows someone with 51% of the total network hashing power to send you coins, then essentially take them back later.

[BurtW]

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  

Agreed, DGC is based on BTC blockchain design, so it will suffer the same fate if enough hashing power is pointed at it.  Hell, point the latest Cray supercomputer at BTC, and you'll suffer the same fate, you just need more HP

The fact you made this ignorant statement does not bode well for your new "revolutionary" coin design.  If you do not understand Bitcoin fundamentals then I expect your new coin to be just about as good as all the other alts and do just about as well.

[BurtW]

I openly invite you to try your best with DGC.  

Do you challenge me with the same?


~BCX~

Dear BCX,

Please do take out let's say the weakest half of the alts for starters so I don't have to wade through all these darn alt threads in order to find something interesting to read.

Thanks!

EDIT:  Nevermind, I just found the "Ignore Boards Preferences" setting and discovered that I can ignore the entire alt board.  Learn something new every day.  Carry on...

[TsuyokuNaritai]

Hell, point the latest Cray supercomputer at BTC, and you'll suffer the same fate

No. The top 500 supercomputers in the world combined couldn't do it now.

[r32godzilla]

Sure ddos the crappy coins if you must, but no need to have a go at dgc. Its a great new alt coin and deserves to succeed long term given its services, great dev and strong community support now

Peace out

[TsuyokuNaritai]

A coin crashed would be perfect.


It would make total sense for a foundation member or other Crypto expert to then take a stand on national media and clarify things.


Like this, for example:

"Yes, alternative coin projects have sprouted, but to create a cryptocurrency, you need calculating power. With Bitcoin, we have the total calculation power of a whole city of supercomputers. It is so strong, you just can't take it over. The problem with the new innovation currencies is that attackers have enough power to take them down in an instant. Innovation, as we all know, needs to take place. But at the current time if a new currency comes out, it might not survive an attack, something we HAVE to think about in the future. We have had this success with Bitcoin and Bitcoin by now, is completely secured, the costs of attacking this network are so tremendous,even the preisdent would have default on this one. We have to see the new currencies as experiments, and some experiments will tremendously fail. Unlike Bitcoin, that until now, has survived and thrived through all attacks it has taken."

Next day's headline...

Funny money "might not survive", Bit-Coin boss admits. "Attack so tremendously costly, Obama will default."

[jcharles]

How did you amass such a huge sum???
What type of computer must you have?
How do you have half of the market, there must be someone with a bigger and better computer than you.

[Badabing]

Just to inform everybody , Big Vern found nothing wrong with pwc and powercoin is back on trading on Cryptsy now.

[bongwater]

51% attack will never happen.

[macintosh]

Why bring up feathercoin

[jasonslow]

Why would anyone interested in attacking powercoin? Does powercoin a threat to litecoin and powercoin? Does powercoin does anything wrong to you? Its no honor attacking powercoin you are like 500 pound wrestler attacking 1 month infant.

[ASICMining]

This seems to be a problem with many alt-coins lately.

[b!z]

Most alt-coins are doomed to fail.

[1Lef]

Only life and trust can support one coin or another. Things like 51% attack are too 'sophisticated' for regular user, outside of IT/mathematics area.

How many sides has a triangle?
Topology says 2, inside outside.
Simple maths says 3, the edges.

 

[Buffer Overflow]

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.

A 51% cannot change blockchain history. But it can fork back in history creating a new chain. The old chain containing previous people's transactions, disappears.

[investorbitcoin65]

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.

Will the same happen to bitcoin?