Confirmation: PowerCoin was 51% attacked

[BitJohn]

I'm going to go ahead and double post instead of editing since this is another subtopic:

Obviously I'm confused now NWO was there are was there not an attack on Powercoin? Your mixed signals seem to be confusing folks.

It seems the person who actually made this claim is not here sharing any evidence or posting on the thread.

NWO repeated the claim, and the end of PWC is apparently is the result.

I for one, would love to see a post from BigVern, who has apparently reached the point that if he has a problem with a coin, everyone gives up and it dies.

Ill see what info I can get as far as real facts. I think folks with money in the coin and perhaps the perpetrators are trying to stir up more about it in order to protect their interests. I think the Network had a hashrate under 10MH's a good bunch of folks could with some effort have attacked this coin. There are others that are pretty weak I encourage everyone to research what it is you are trading before spending your money. PWC was NEVER a safe investment I can name a good number of other coins that are also VERY risky and one coin currently is plain suicide to trade for. Again High Risk High reward.

[Simran]

Let it be known that this was not only an attack on PowerCoin, but an attack on the crypto community.

No, it was an attack on your piece of shit coin.

Who are we to dictate which coin lives or dies, the markets and the people will determine a future online currency.

Niggas with a fucking high ass hashrate, that's who.

Just how Bitcoin is an experiment for something even greater to stand upon it.

Dude, you're not some philosopher. Just stfu.

[mc_lovin]

WTS: Powercoin, inquire within

[donjonson]

Hi guys,

Could anybody send me some PWC for free? I need them for a game with friends.

Love

[NWO]

Hi guys,

Could anybody send me some PWC for free? I need them for a game with friends.

Love

Just Pm your address 

[donjonson]

Hi guys,

Could anybody send me some PWC for free? I need them for a game with friends.

Love

Just Pm your address 

Thanks Man! Just send as much as you can the more we have the better

I PM my address

[jasonslow]

Hi guys,

Could anybody send me some PWC for free? I need them for a game with friends.

Love

Just Pm your address 

Thanks Man! Just send as much as you can the more we have the better

I PM my address

PM me your address.

[donjonson]

Hi guys,

Could anybody send me some PWC for free? I need them for a game with friends.

Love

Just Pm your address 

Thanks Man! Just send as much as you can the more we have the better

I PM my address

PM me your address.

Thanks Jason! Just PMed!

[bigvern]

This was an intentional attack on PowerCoin and on Cryptsy.   The reason you do not see the attack on the current blockchain, is because a checkpoint was released after the attack occurred which corrected the blockchain.

The 3 BigVern Questions - What Happened?  What Did We Do In Response?  How Do We Prevent This From Happening Again?


What Happened?

- The attacker captured 51% or more of the network hash and manipulated it in a manner in which they were able to send Cryptsy several large deposits of PWC after confirming that Cryptsy was now on their chain.


What Did We Do In Response?

- We became aware of reports of the possible attack, I messaged NWO.   He released a client update with new checkpoints, which we updated to right away.

- After updating, those transactions in the blockchain became unconfirmed, which reduced the Cryptsy wallet balance.

- The attack then withdrew their Cryptsy balance back to their wallet, which they had also apparently upgraded with the new checkpoints.


How Do We Prevent This From Happening Again?

I have since implemented measures on Cryptsy to immediately cancel any deposits which go from being confirmed in the blockchain to unconfirmed.


---

Why Can't We Just Start Using This Coin Again? 

- Because there is a holder of this coin who can dump these at any time and any price for him would be profit.   Therefore, this coin no longer has real work value.

Can't I Just Withdraw My Balance From Cryptsy?

- Crytpsy does not have the PWC available after the attack to fulfill this.

So what is the final resolution for PWC and Cryptsy?

PWC will not be actively traded on Cryptsy.   However, I will be opening limited trading for you to trade your PWC balance into BTC.   Deposits of PWC to/from Cryptsy will no longer be allowed.   The last trades happening on Cryptsy for PWC were around 0.00000400 BTC each.

I am offering to buy your PWC balance on Cryptsy at the price of 0.00000400 BTC each.    This offer will open in the next 24-48 hours and remain open for about 2 weeks.  This market will only be accessible for users who have PWC balance.  No buy orders other than from Cryptsy will be allowed.

After this final exchange of PWC, Cryptsy will destroy all PWC in it's possession and the client software and wallet will be deleted.

It is at your own discretion if you want to continue to mine Powercoin and trade/hold it between yourselves, but I certain do not recommend it.



Can this happen again on Cryptsy?   It's very unlikely that it will be as easy for an attacker to repeat this particular attack again on Cryptsy after we have added the reversal process.   HOWEVER, there are new exchanges emerging that may be targeted. 


BigVern

[BitJohn]

This was an intentional attack on PowerCoin and on Cryptsy.   The reason you do not see the attack on the current blockchain, is because a checkpoint was released after the attack occurred which corrected the blockchain.

The 3 BigVern Questions - What Happened?  What Did We Do In Response?  How Do We Prevent This From Happening Again?


What Happened?

- The attacker captured 51% or more of the network hash and manipulated it in a manner in which they were able to send Cryptsy several large deposits of PWC after confirming that Cryptsy was now on their chain.


What Did We Do In Response?

- We became aware of reports of the possible attack, I messaged NWO.   He released a client update with new checkpoints, which we updated to right away.

- After updating, those transactions in the blockchain became unconfirmed, which reduced the Cryptsy wallet balance.

- The attack then withdrew their Cryptsy balance back to their wallet, which they had also apparently upgraded with the new checkpoints.


How Do We Prevent This From Happening Again?

I have since implemented measures on Cryptsy to immediately cancel any deposits which go from being confirmed in the blockchain to unconfirmed.


---

Why Can't We Just Start Using This Coin Again? 

- Because there is a holder of this coin who can dump these at any time and any price for him would be profit.   Therefore, this coin no longer has real work value.

Can't I Just Withdraw My Balance From Cryptsy?

- Crytpsy does not have the PWC available after the attack to fulfill this.

So what is the final resolution for PWC and Cryptsy?

PWC will not be actively traded on Cryptsy.   However, I will be opening limited trading for you to trade your PWC balance into BTC.   Deposits of PWC to/from Cryptsy will no longer be allowed.   The last trades happening on Cryptsy for PWC were around 0.00000400 BTC each.

I am offering to buy your PWC balance on Cryptsy at the price of 0.00000400 BTC each.    This offer will open in the next 24-48 hours and remain open for about 2 weeks.  This market will only be accessible for users who have PWC balance.  No buy orders other than from Cryptsy will be allowed.

After this final exchange of PWC, Cryptsy will destroy all PWC in it's possession and the client software and wallet will be deleted.

It is at your own discretion if you want to continue to mine Powercoin and trade/hold it between yourselves, but I certain do not recommend it.



Can this happen again on Cryptsy?   It's very unlikely that it will be as easy for an attacker to repeat this particular attack again on Cryptsy after we have added the reversal process.   HOWEVER, there are new exchanges emerging that may be targeted. 


BigVern

+1 Well put

[xan_The_Dragon]

In my opinion, this is a good thing. It is the law of natural selection in the digital crypto world. The strong traits "coins" survive, the weak ones die off. This is critical in evolution! Look for much more of this to happen.

+1

[NWO]

Why Can't We Just Start Using This Coin Again?  

- Because there is a holder of this coin who can dump these at any time and any price for him would be profit.   Therefore, this coin no longer has real work value.

This is why the coin cannot be revived as it is an upward battle - as stated. It has nothing to do with not wanting to try anymore, this individual will just keep dumping and profiting on other people's money. I would rather let the coin die than this to happen.

[digitalindustry]

This was an intentional attack on PowerCoin and on Cryptsy.   The reason you do not see the attack on the current blockchain, is because a checkpoint was released after the attack occurred which corrected the blockchain.

The 3 BigVern Questions - What Happened?  What Did We Do In Response?  How Do We Prevent This From Happening Again?


What Happened?

- The attacker captured 51% or more of the network hash and manipulated it in a manner in which they were able to send Cryptsy several large deposits of PWC after confirming that Cryptsy was now on their chain.


What Did We Do In Response?

- We became aware of reports of the possible attack, I messaged NWO.   He released a client update with new checkpoints, which we updated to right away.

- After updating, those transactions in the blockchain became unconfirmed, which reduced the Cryptsy wallet balance.

- The attack then withdrew their Cryptsy balance back to their wallet, which they had also apparently upgraded with the new checkpoints.


How Do We Prevent This From Happening Again?

I have since implemented measures on Cryptsy to immediately cancel any deposits which go from being confirmed in the blockchain to unconfirmed.


---

Why Can't We Just Start Using This Coin Again? 

- Because there is a holder of this coin who can dump these at any time and any price for him would be profit.   Therefore, this coin no longer has real work value.

Can't I Just Withdraw My Balance From Cryptsy?

- Crytpsy does not have the PWC available after the attack to fulfill this.

So what is the final resolution for PWC and Cryptsy?

PWC will not be actively traded on Cryptsy.   However, I will be opening limited trading for you to trade your PWC balance into BTC.   Deposits of PWC to/from Cryptsy will no longer be allowed.   The last trades happening on Cryptsy for PWC were around 0.00000400 BTC each.

I am offering to buy your PWC balance on Cryptsy at the price of 0.00000400 BTC each.    This offer will open in the next 24-48 hours and remain open for about 2 weeks.  This market will only be accessible for users who have PWC balance.  No buy orders other than from Cryptsy will be allowed.

After this final exchange of PWC, Cryptsy will destroy all PWC in it's possession and the client software and wallet will be deleted.

It is at your own discretion if you want to continue to mine Powercoin and trade/hold it between yourselves, but I certain do not recommend it.



Can this happen again on Cryptsy?   It's very unlikely that it will be as easy for an attacker to repeat this particular attack again on Cryptsy after we have added the reversal process.   HOWEVER, there are new exchanges emerging that may be targeted. 


BigVern

hey this is great work - i take note that Cryptsy is on the ball with this sort of thing - this will only make that exchange more popular in my opinion .  i posted a request to pay a developer for security - if there is a responsive exchange that will take action in these events , this effectively means that , there is a possibility to create an attack proof sCrypt currency.

aside of course,  from making your own exchange ...

[coinerd]

Why Can't We Just Start Using This Coin Again?  

- Because there is a holder of this coin who can dump these at any time and any price for him would be profit.   Therefore, this coin no longer has real work value.

This is why the coin cannot be revived as it is an upward battle - as stated. It has nothing to do with not wanting to try anymore, this individual will just keep dumping and profiting on other people's money. I would rather let the coin die than this to happen.

Thanks for dropping in BigVern and helping to clarify.

How much coin are we talking here?  strictly a matter of curiosity at this point. It sounds like it must be a significant percent of the coinbase.

[bigvern]

Why Can't We Just Start Using This Coin Again?  

- Because there is a holder of this coin who can dump these at any time and any price for him would be profit.   Therefore, this coin no longer has real work value.

This is why the coin cannot be revived as it is an upward battle - as stated. It has nothing to do with not wanting to try anymore, this individual will just keep dumping and profiting on other people's money. I would rather let the coin die than this to happen.

Thanks for dropping in BigVern and helping to clarify.

How much coin are we talking here?  strictly a matter of curiosity at this point. It sounds like it must be a significant percent of the coinbase.

In excess of 2M

[faraway]

This coin was never under a 51% attack, my daemon running days and nights was always synchronized on the right block chain without any updates (nevertheless updating the checkpoint file is a good idea)  , and the block explorer below is on the right block chain too.

http://block.al.tcoin.info/chain/PowerCoin?hi=37762


If we look at the 'height' of the peers, we have two block chains:
        "startingheight" : 376882,
        "startingheight" : 37965,


   "startingheight" : 376882 is the wrong block chain, and contains a huge number of blocks... If your daemon lost the synchronization, and if you want to re-sync on the right block chain, you just have to add the checkpoints given before.

[markm]

It is pretty obvious that the vast majority of scrypt coins are vulnerable to attack, even with merged mining they might not be able to muster enough hashing power to secure themselves, without it they are pretty much begging to be attacked.

-MarkM-

[donjonson]

It is pretty obvious that the vast majority of scrypt coins are vulnerable to attack, even with merged mining they might not be able to muster enough hashing power to secure themselves, without it they are pretty much begging to be attacked.

-MarkM-

Is this true for ltc too?

[John Eden]

Give a good Proof of Stake coin a try like Novacoin, Bitgems or Bottlecaps

[r3wt]

How bout a round of applause for big vern. such a noble gesture indeed. i'm impressed