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The block chain is the main innovation of Bitcoin. It is the
first distributed timestamping system.
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markm
Legendary
 Offline
Activity: 2940
Merit: 1090
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June 17, 2013, 02:26:40 PM |
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Well yeah that is the whole problem with blockchains, they are insanely expensive to secure.
Even with merged mining it isn't easy, without merged mining the total hashing power available gets divided too thin (so they are all jokes) or the vast majority of scamcoins are just jokes, playthings for anyone to attack at will, because only one or maybe two have enough hashpower to temporarily resist attack (until some profitability site claims some other coin is more profitable so the miners leave it to be attacked while they follow the myth of higher profits, a myth that is probably already out of date by the time they see it on a website).
-MarkM-
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shaunb
Newbie
Offline
Activity: 42
Merit: 0
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June 17, 2013, 02:44:34 PM |
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Lol. He has over 500,000 PWC in his wallet.
He's claiming to have more than enough hashing power than needed to 51% DGC. Will be interesting to see what happens - but I see exchanges going bust very quickly with this going on!
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BrewCrewFan
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June 17, 2013, 02:48:37 PM |
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Say bye bye to normal miners. I have not mined shit because honestly a person with only one card aint gonna waste the time to get a return of 30 bucks a month.
Then cryptos stall. Enjoy your circle jerk trading among yourselves.
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anderl
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June 17, 2013, 02:51:19 PM |
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Lol. He has over 500,000 PWC in his wallet.
He's claiming to have more than enough hashing power than needed to 51% DGC. Will be interesting to see what happens - but I see exchanges going bust very quickly with this going on!
I'm all for it. I support his position but not for his reason. His actions will weed out the weaker coins and developers. Hazard coins will be wiped out because the developers are not skilled enough to manage their coins. The rest will implement merge mining to secure their networks. DGC and ARG are already implementing this. So all in all he's making the alt network better. He probably thinks that the recent LTC weakness is due to the alts and it clueless that its ASIC owners dumping BTC/LTC to get their hardware investment back. |
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digitalindustry
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June 17, 2013, 03:15:46 PM |
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Say bye bye to normal miners. I have not mined shit because honestly a person with only one card aint gonna waste the time to get a return of 30 bucks a month.
Then cryptos stall. Enjoy your circle jerk trading among yourselves.
+1 to that , and now there is a wave of alternatives coming that are not even in the ballpark , I.e don't even work from gpu but can't be bot'd . These idiots either have no interest in crypto or are just pee brains planning to sell out asap . Question is idiot's how long will you hold for , until you figure out what you are hold is FUD ? Having said that if they can do it I'm sure they will its in human nature , and it helps the whole evolution , so just as we need maggots , we kinda need these guys to keep the ecosystems working. |
- Twitter @Kolin_Quark
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naphto
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June 17, 2013, 03:24:54 PM |
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Altcoin = scam.
Only BTC and LTC might (eventually) not fail (for a short period of time)
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anderl
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June 17, 2013, 03:28:24 PM |
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Altcoin = scam.
Only BTC and LTC might (eventually) not fail (for a short period of time)
lol, lot of asterisk comments there fanboy. |
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nearmiss
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June 17, 2013, 03:29:26 PM |
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Altcoin = scam.
Only BTC and LTC might (eventually) not fail (for a short period of time)
So BTC and LTC is as good as we are ever going to get? No more innovation in the crypto-world? That is kind of depressing. |
Profit-Switching Pool w/ Vardiff -> http://hashco.ws Optionally keep the alts we mine or auto-trade for BTC. In addition can be paid out in any of: 365, AC, BC, BTC, C2, CINNI, COMM, FAC, HBN, MINT, PMC, QRK, RDD, WC, XBC |
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digitalindustry
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June 17, 2013, 03:35:14 PM |
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Say bye bye to normal miners. I have not mined shit because honestly a person with only one card aint gonna waste the time to get a return of 30 bucks a month.
Then cryptos stall. Enjoy your circle jerk trading among yourselves.
Brewcrew all that will happen is the market will split , individual with smaller interests will trend towards new innovations , if they stay in the Cryptocurrency game , the large investors will be taking more and more risk , as the individuals seek to find an equitable base . I tried to explain this to the FPGA guys , not because I'm anti FPGA , but because I explained that with scrypt the lead time to ROI on an FPGA is going to be so much longer the risk is higher anyhow . Then add to that this vector , I explained simply that C code or any variant can evolve faster than hardware. I have seemed to be proven correct . So this guy is heavily invested in gpu , I dont buy the botnet crap , if POW goes out , so goes that investment . And how will anyone know ?none of it will be developed on this forum ? |
- Twitter @Kolin_Quark
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anderl
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June 17, 2013, 03:43:57 PM |
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I could easily solo 51% PXC and FRK right now but why bother. The cost to do so would be high, not just in the electrical expense but the opportunity cost as I'm not mining at the time of the attack. Have you seen the order books on those 2 coins. There's a few hundred dollars in BTC there. I'm pulling that a day. So really the effort is not there.
But there it is the balance. Risk vs. reward. People are risking more but in smaller amounts for coins that have low network hash rates. as you climb up the alt coin ladder you see the valuations increase with hashrate.
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shaunb
Newbie
Offline
Activity: 42
Merit: 0
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June 17, 2013, 03:49:15 PM |
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Cryptsy has stopped trading PWC...  |
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VeeMiner
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June 17, 2013, 03:53:56 PM |
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we could learn from this to further the safety of other coins - namely BTC, LTC and PPC, which are so far only currencies which make any sense
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Boxman90
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June 17, 2013, 04:48:18 PM |
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Anyone feel the POWERRRR yet?
Haha NWO, serves you right.
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LTC: LKKy4eDWyVtSrQAJy7Qmmz61RaFY91D9yC BTC: 18fzdnCkuUNthCD8hM36UBGopFa9ij78gG
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digitalindustry
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June 17, 2013, 05:00:41 PM |
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yeah , ah power hmm , what was the hash rate? -
couldn't pull off an attack on FTC something called (Feathercoin),
had to go for something like this.
kind of like beating up on the fat retarded kid then posting it on Facebook , and telling people you are though.
like i said, we need maggots, we need you guys as well.
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- Twitter @Kolin_Quark
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CaptainPicard
Newbie
Offline
Activity: 42
Merit: 0
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June 17, 2013, 05:52:34 PM |
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WTF. Anyone wanna buy ~150k PWC cheap?  |
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anderl
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June 17, 2013, 05:54:08 PM |
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WTF. Anyone wanna buy ~150k PWC cheap? as feathercoin proved, you can have a 51% attack and still come back. |
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CaptainPicard
Newbie
Offline
Activity: 42
Merit: 0
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June 17, 2013, 06:02:41 PM |
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WTF. Anyone wanna buy ~150k PWC cheap? as feathercoin proved, you can have a 51% attack and still come back. The attacker of FTC didn't accumulate almost 50% of all coins in existence during their attack though. This guy got ~540k PWC |
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Boxman90
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June 17, 2013, 06:04:51 PM |
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as feathercoin proved, you can have a 51% attack and still come back.
>implying PWC was ever at any good 'stage' l it can 'come back' to |
LTC: LKKy4eDWyVtSrQAJy7Qmmz61RaFY91D9yC BTC: 18fzdnCkuUNthCD8hM36UBGopFa9ij78gG
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arlington
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June 17, 2013, 06:11:50 PM |
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Is PWC killed? I just sync'd my PWC wallet, and it is in sync with 29945 blocks downloaded, there's no issues at all. All my previous transactions are there, and balance is intact.
So it does not look to be that it is killed.
And I can see people still mine it, no problem at all.
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