[ANN][SBC] From Death Comes Life – The Rebirth of StableCoin - URGENT UPDATE

[Hazard]

It's a non issue. I could just as easily craft a client update that will create 50 billion coins and make them spendable only by me. This type of attack is possible on ANY coin.

[dmbf]

It's a non issue. I could just as easily craft a client update that will create 50 billion coins and make them spendable only by me. This type of attack is possible on ANY coin.

Well I wouldn't say it's a non-issue if someone can create a client update that devalues a coin in an instant, even if that is possible with any coin, particularly as most clients don't seem to be GPG signed (the liteclient is and I'd like to see all clients adopt this practice) to help prevent users downloading and installing a rogue client. More that it's an issue for all cryptocurrencies, rather than a non-issue. Sounds a bit worrying actually.

[CoinGeneral]

It's a non issue. I could just as easily craft a client update that will create 50 billion coins and make them spendable only by me. This type of attack is possible on ANY coin.

Hey you can't help there being critics. I actually mine this coin and have quite a few, it's just that the users have to literally put all their trust in Artos that he won't do anything abusive such as making the coins spendable again or abusing the coin mixing service somehow.

[Kane49]

It's a non issue. I could just as easily craft a client update that will create 50 billion coins and make them spendable only by me. This type of attack is possible on ANY coin.

Hey you can't help there being critics. I actually mine this coin and have quite a few, it's just that the users have to literally put all their trust in Artos that he won't do anything abusive such as making the coins spendable again or abusing the coin mixing service somehow.

As of now we are still waiting for the big news he promised

[Hazard]

It's a non issue. I could just as easily craft a client update that will create 50 billion coins and make them spendable only by me. This type of attack is possible on ANY coin.

Hey you can't help there being critics. I actually mine this coin and have quite a few, it's just that the users have to literally put all their trust in Artos that he won't do anything abusive such as making the coins spendable again or abusing the coin mixing service somehow.

All coins require trust in the developer. I wouldn't have invested in this coin if there was even the slightest chance of the genesis block causing issues down the line.

All this FUD is stupid and uninformed.

[shtako]

I don't think it would even matter much if the 1,25 million coins were dumped. It all stands on the coin mixing service. Even with a 1,25 mill premine this coin would still be a lot more fair then coins with a lot bigger market caps.

[letta]

It's a non issue. I could just as easily craft a client update that will create 50 billion coins and make them spendable only by me. This type of attack is possible on ANY coin.

Hey you can't help there being critics. I actually mine this coin and have quite a few, it's just that the users have to literally put all their trust in Artos that he won't do anything abusive such as making the coins spendable again or abusing the coin mixing service somehow.

As of now we are still waiting for the big news he promised

Yes! I was starting to go crazy thinking I had missed it or something

[cobrabyte]

sbc.pnwminer.com is showing an untrusted certificate issued on 12/2013 when I open the page now, so I'm reluctant to login to it until that's explained or fixed.

The SSL certificate is a self-signed certificate. I emailed the pool admin and he's testing SSL with self-signed before purchasing a trusted cert from a certificate authority.

Basically, you're fine. Your connection is encrypted but you're getting a warning because the certificate isn't signed by a trusted certificate authority.

[tlewisx]

I'm new around these parts, and I've a few questions if anyone would be willing to indulge me:

- Stablecoin does seem unique with the proposed mixing service - and I've started mining it after a lot of research, but aside from that, is there anything else which substantively differentiates it from other altcoints?

- i am a little confused by the pre-mine destruction conceptually.  I'm willing to believe that the coins are out of circulation, but having a still limited understanding of how this technology works under the covers, why is it FUD when others complain about this?

- I'm having a hard time figuring out what the value prop. is for the coin developer. What does someone like artos stand to gain as the creator of a unique digital currency?

- Let's say artos gets fed up with digital currencies and gets out of the game. What happens to Stablecoin?  It obviously (essentially) died after the initial disappearance, what is the required critical mass where that can't happen again?

Thanks,
TL

[dmbf]

sbc.pnwminer.com is showing an untrusted certificate issued on 12/2013 when I open the page now, so I'm reluctant to login to it until that's explained or fixed.

The SSL certificate is a self-signed certificate. I emailed the pool admin and he's testing SSL with self-signed before purchasing a trusted cert from a certificate authority.

Basically, you're fine. Your connection is encrypted but you're getting a warning because the certificate isn't signed by a trusted certificate authority.

Thanks. As the certificate had switched from being signed by a trusted CA, it could have been a MITM attack and I didn't want to take the risk until I'd heard something.

Mind you, it seems even with a proper certificate we can't be sure we aren't being spoofed, unless the site is using an Extended Validation cert and we're using a browser that supports them (Chrome, not IE), so we have to just try and be vigilant and hope for the best! https://www.grc.com/ssl/ev.htm

[Cryddit]

There's a simple protocol for destroying 1.5 million coins; simply transfer them to a provably unspendable address via pay-to-script hash, then reveal the script that always evaluates to false and let everyone see that the hash matches.  No client modification was necessary.  In fact I wondered *why* you had done a client modification to address this, because you can't prove that makes it unspendable; you can only prove you'd need to have most folks (and miners) using a different client in order to spend it.

At that point, even if the 1.5 million still show in the blockchain, no client no matter how old will honor an attempt to spend it.

But at this point, with everyone running the modified client, you can't do that without causing a fork.  

[fitsbach]

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[zavtra]

I'm new around these parts, and I've a few questions if anyone would be willing to indulge me:

- Stablecoin does seem unique with the proposed mixing service - and I've started mining it after a lot of research, but aside from that, is there anything else which substantively differentiates it from other altcoints?

- i am a little confused by the pre-mine destruction conceptually.  I'm willing to believe that the coins are out of circulation, but having a still limited understanding of how this technology works under the covers, why is it FUD when others complain about this?

- I'm having a hard time figuring out what the value prop. is for the coin developer. What does someone like artos stand to gain as the creator of a unique digital currency?

- Let's say artos gets fed up with digital currencies and gets out of the game. What happens to Stablecoin?  It obviously (essentially) died after the initial disappearance, what is the required critical mass where that can't happen again?

Thanks,
TL

Stablecoin has chosen the ideal transaction time: 40 seconds, the best between speed and security. Its other difference, aside from the mixing service, is that its mining difficulty adjusts almost constantly, at a rate of once per 90 blocks, which ensures a very steady and stable coin supply.

In response to the premine:

Hi.

so how exactly was the premine destroyed. if blockexplorer can see them, they are not rmoved from the code. it would be impossible in my mind, because of all the blockchain is hashed using this tx'es . the where also not sent to impossible address like "sTHEPREMINEDESTROYERADDRESS4Ph48Nk2". if I understand ,they are not destroyed, but locked-down right?

Destroyed was chosen because it's a dramatic and exciting word. To be more accurate, the coins were removed from circulation. They can not be spent.

I'm not sure what artos stands to gain. What did the developer of Bitcoin stand to gain? We will never really know.

I'd say the required critical mass to prevent Stablecoin from dying is when the mixing service gets released and is fully functional, which is soon. After that point many more developers will wish to hop on board, and as interest grows thoughout the different communities I can only see this coin going up. It's not a clone coin by any means.

[dmbf]

It's a non issue. I could just as easily craft a client update that will create 50 billion coins and make them spendable only by me. This type of attack is possible on ANY coin.

Hey you can't help there being critics. I actually mine this coin and have quite a few, it's just that the users have to literally put all their trust in Artos that he won't do anything abusive such as making the coins spendable again or abusing the coin mixing service somehow.

All coins require trust in the developer. I wouldn't have invested in this coin if there was even the slightest chance of the genesis block causing issues down the line.

All this FUD is stupid and uninformed.

You really don't do yourself, or this coin, any favours by reacting so arrogantly to any concerns people raise.

I can't really have "trust in the developer" as I don't know him. So I'm taking a chance on this coin and if something comes to my notice that seems at odds with what I'd read before, then I'm going to start having doubts and reacting by calling people "stupid and uninformed" just makes you sound defensive, like you're trying to hide something or bury discussion. Not saying that's what you're doing but you should know that it doesn't come across well.

[Slimnuts]

It would be nice if there hadn't been any premine in the first place. Even with it being provably unspendable it still is a target for a lot of FUD and people who just don't have a technical understanding are obviously going to be cautious as well. It definitely has an effect on the marketability.

[tlewisx]

zavtra,

Thanks; that's helpful.  

I suppose my question about artos is more general -- there are so many people who pop up on this site announcing their new currency, and I keep wondering what they're hoping to gain by doing so: the only path to wealth uniquely available to them, that I can tell, is to mine the currency before anyone else can, and then work really hard to market it and gain traction so it becomes "worth" something.  But that's not a practice the community here or elsewhere appears to support; quite the opposite.  Regardless, it's not important - just a nagging curiosity.

Thanks,

TL

[letta]

AltMiners StableCoin Pool
PPS - VarDiff - Stratum Only - 1% Pool Fees

Hi Folks, we just launched our new StableCoin Pool using:

Pay Per Share Reward System
Variable Difficulty
STRATUM Pro
1% Pool Fees


Register Here:
http://sbc.altminers.com

And Point your favorite mining software here:

Code:

--scrypt  -o stratum+tcp://sbc.altminers.com:4443 -u [i]Weblogin.Worker[/i] -p [i]Worker password[/i]

Happy Mining!
Check out our BossCoin Pool as well on http://bss.altminers.com

Your post said 1%, but your page says 3%. Trying to find a good SBC pool here, hard to do.

[tlewisx]

miningpool.co has been good for me so far; though I don't like the 2% fee. Still, nary a hiccup over the last week.

[artos]

The genesis block issue has already been explained in the main post. The technical details of what this change does are also explained. To reiterate, these coins are not spendable. I invite anybody with a deep understanding of bitcoin to assert otherwise.

What everyone seems to be worried about is the rogue developer situation, wherein the developer pushes out code that the community would deem to be malicious in nature. I'm a huge fan of game theory, so let's go through some possible things a rogue developer could do in a situation like this.

1) Push out a client that contains a keylogger / wallet stealer / other malicious code.
2) Push out a client that has a backdoor in the transaction verification system, allowing the creation and spending of an unlimited amount of coins.
3) Push out a client that makes the genesis block spendable again.

Scenario 3 is the most noticeable and least profitable of the three. It is a wholly worse variation of scenario 2. It would make no sense for a malicious actor to engage in scenario 3, when superior options are at his disposal. So, we can rule scenario 3 out of the equation. That leaves scenarios 1 and 2, which can be done on any coin, not just StableCoin. If you are worried about this sort of thing happening, your worry should extend to all coins, not just StableCoin.

This is why all code is open source and available for peer review. If someone attempted to launch such an attack, it would be in plain sight for everyone to see, and would get called out very quickly.

[haggis]

Amen.