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Author Topic: [2BTC BOUNTY] New useless scammy blockchains  (Read 4760 times)
jackjack
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August 21, 2011, 12:40:24 PM
 #1

We had ixcoin, now solidcoin: https://bitcointalk.org/index.php?topic=38453.msg0#new
Will this stop? Unlikely
How can we stop that?

I pledge 1BTC for a proved successful double-spend attack on solidcoin in the next 3 days
Anybody with me?

Own address: 19QkqAza7BHFTuoz9N8UQkryP4E9jHo4N3 - Pywallet support: 1AQDfx22pKGgXnUZFL1e4UKos3QqvRzNh5 - Bitcointalk++ script support: 1Pxeccscj1ygseTdSV1qUqQCanp2B2NMM2
Pywallet: instructions. Encrypted wallet support, export/import keys/addresses, backup wallets, export/import CSV data from/into wallet, merge wallets, delete/import addresses and transactions, recover altcoins sent to bitcoin addresses, sign/verify messages and files with Bitcoin addresses, recover deleted wallets, etc.
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August 21, 2011, 12:45:17 PM
 #2

Why should we?!

If someone wants to buy these coins, they should be able to. It's not like you don't get anything or something else than expected, so I don't see a reason to call these alternative chains "scam".

There are probably a few people who profit and another few people who gamble and loose - but it's not as if they were scammed, they just took (in my opinion) very bad buying decisions.

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
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jackjack
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August 21, 2011, 12:49:05 PM
 #3

The problem is not what is the reality, but what the average joe will see: Bitcoin divided into many non understandable moneys

Own address: 19QkqAza7BHFTuoz9N8UQkryP4E9jHo4N3 - Pywallet support: 1AQDfx22pKGgXnUZFL1e4UKos3QqvRzNh5 - Bitcointalk++ script support: 1Pxeccscj1ygseTdSV1qUqQCanp2B2NMM2
Pywallet: instructions. Encrypted wallet support, export/import keys/addresses, backup wallets, export/import CSV data from/into wallet, merge wallets, delete/import addresses and transactions, recover altcoins sent to bitcoin addresses, sign/verify messages and files with Bitcoin addresses, recover deleted wallets, etc.
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August 21, 2011, 12:56:57 PM
 #4

This is how I see it:

I don't have an amazing mining setup, I can make about 1BTC/day with Bitcoin at the current difficulty. So far I have made twice that in just a couple of hours with SolidCoin trading, making the coins through a combination of bounty and mining.

Do I think it will last? No.
Do I care? No.

Also note, I'm talking BTC here. I don't care for fiat money. I am making more BTC mining SolidCoin than I make mining Bitcoin directly.
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August 21, 2011, 12:58:01 PM
 #5

We had ixcoin, now solidcoin: https://bitcointalk.org/index.php?topic=38453.msg0#new
Will this stop? Unlikely
How can we stop that?

I pledge 1BTC for a proved successful double-spend attack on solidcoin in the next 3 days
Anybody with me?

No need to stop ! It is like it should be ! Maybe you still didnt see in how many ways SolidCoin is better than BitCoin Huh We need this to happen so better blockchain will be chosen by the most of the people regarding its positives and negatives...

And why you call SolidCoin useless when you can make payment 3 times faster than with BitCoin ? So you can go in some shop or pub or hypermarket and make payment for something you buy and it will pass for 18 minutes instead of 60 !
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August 21, 2011, 01:01:36 PM
 #6

We had ixcoin, now solidcoin: https://bitcointalk.org/index.php?topic=38453.msg0#new
Will this stop? Unlikely
How can we stop that?

I pledge 1BTC for a proved successful double-spend attack on solidcoin in the next 3 days
Anybody with me?

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August 21, 2011, 01:56:03 PM
 #7

...inwardly focused path Bitcoin is on thanks to its unimaginative and rigid libertarian community.

You might take heart from this perspective then: http://presentcynosure.wordpress.com/2011/08/20/bitcoin-and-ethics/

Like the author of that piece - I don't think bitcoin is represented by such a narrow part of the political spectrum. There are plenty of people who are on board for more pragmatic reasons.   

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August 21, 2011, 02:30:02 PM
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You might take heart from this perspective then: http://presentcynosure.wordpress.com/2011/08/20/bitcoin-and-ethics/

Like the author of that piece - I don't think bitcoin is represented by such a narrow part of the political spectrum. There are plenty of people who are on board for more pragmatic reasons.   

Thank you for that. I do agree with what the author said. Is he a regular here?

I've no idea..  the article just turned up in my bitcoin googling.  There are some earlier posts on bitcoin too... all pretty good stuff.

@electricwings   BM-GtyD5exuDJ2kvEbr41XchkC8x9hPxdFd
jackjack
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August 21, 2011, 02:39:28 PM
 #9

I would say if you want to offer a bounty, do it against the coin systems that are economically identical to Bitcoin and offer us no new features to see what would be good or bad in a coin system in the long run.
That's what I do, only a bouty against solidcoin (as ixcoin is already dead)
Both are the only ones I know that were just created to make their "creator" richer

Own address: 19QkqAza7BHFTuoz9N8UQkryP4E9jHo4N3 - Pywallet support: 1AQDfx22pKGgXnUZFL1e4UKos3QqvRzNh5 - Bitcointalk++ script support: 1Pxeccscj1ygseTdSV1qUqQCanp2B2NMM2
Pywallet: instructions. Encrypted wallet support, export/import keys/addresses, backup wallets, export/import CSV data from/into wallet, merge wallets, delete/import addresses and transactions, recover altcoins sent to bitcoin addresses, sign/verify messages and files with Bitcoin addresses, recover deleted wallets, etc.
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August 21, 2011, 03:03:59 PM
 #10

New blockchains are awesum, they expose people not knowing even the slightest about how cryptocurrencies work  Cheesy

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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August 21, 2011, 03:36:35 PM
 #11

...inwardly focused path Bitcoin is on thanks to its unimaginative and rigid libertarian community.

You might take heart from this perspective then: http://presentcynosure.wordpress.com/2011/08/20/bitcoin-and-ethics/

Like the author of that piece - I don't think bitcoin is represented by such a narrow part of the political spectrum. There are plenty of people who are on board for more pragmatic reasons.   
+1

Also, I wouldn't judge the Bitcoin community by the people most vocal in this forum - many of the more pragmatic/practical/productive members hardly ever post here. Bitcoin has great potential for everyone and unimaginative is probably one of the last words I would use to describe its community.

Do you really think Bitcoin is on a deadend path? c'mon Wink
cunicula
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August 21, 2011, 03:39:25 PM
 #12

This is healthy. If even inferiorcoin can make profit, people will be motivated to bring superiorcoin to the table. It's a matter of time.

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August 21, 2011, 03:52:38 PM
 #13

From a developer's side, I get it but from a promoter's side, good luck selling a merchant on accepting a coin that gives no benefits for spending/loaning.

Two blockchains are already doing very profitable lending, secured loans at that, so much so they are able to offer 1% per week to investors who loan them coins that they re-loan at exorbitant, but secured, rates. So it seems there isn't really anything inherent in deflationary blockchain-based currency that preclused lucrative loan businesses.

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August 21, 2011, 04:46:11 PM
 #14

What about the arguments based on the theory that the value will increase the same over time whether or not a loan is given, and thus there is less incentive to loan? I've seen this opinion quite a lot.

There was some talk about not bothering to charge interest on the loans because the coins would, or could be caused to, increase in value by as much as the interest would have been.

But then they looked at the other side of it, borrowing coins to loan. Aha. They figured they would be more likely to be able to borrow coins if they offered interest. So, in order to attract investors so as to have more coins to loan, they eventually decided they would go ahead with the plan of charging interest.

So the poor suckers they are loaning to have to be doing something pretty darn lucrative with the borrowed coins since not only are they being charged interest but in addition the amount of stuff they will have to fork over, or the amount of service they will have to provide, in order to buy enough coins to pay the loan would be increasing even without also having interest on top of that.

So basically what you need to do this effectively is a very lucrative opportunity people need your coins to get into, and in order to be able to do it as secured loans you need to be pretty much in control of that opportunity (so you can repossess it if the debtor defaults, and easily repay your investors with the repossessed value/opportunity).

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August 21, 2011, 05:10:23 PM
 #15

New useless and scammy blockchains are great imo. Why? because more and more of these useless alt chain that gets created, faster and faster the previous "scammy blockchain" dies the sames death to the next upcoming "scammy blockchain". See where I'm getting at?

So far most of all these new and "scammy" alt blockchains that do not offer anything more and have not really materialized past 16k difficulty level where it's price cannot compete with btc in exchange. It then starts to die all on it's own just like ixcoin and i0coin now is.

Seems like the solution to eliminating and killing off the scammy blockchains for good is to create more and more of these useless blockchains untill all of the community's trust for a new blockchain outside of btc blockchain is gone. Just like the story of "Boy who cried wolf", at the end, only people left to mine these will be the ones trying to pump and dump these shitcoins who will then just buy/mine and dump it on themselves for time wasted. There isn't a level of trust for any new alt chains currencies right now that exists among speculators unlike bitcoin. Only reason why people even mine them is because they are also making the exchange sites themselves as well. The new blockchain may offer better exchange value at low diffculties for a short time, but the duration of time to make the profit is shrinking as well as proved with ix then i0coins. This time frame is only gonna be shorter and so on because only reason why they mine these alt chains is to trade them for bitcoins.

Just let them kill themselves off.. It seems that the alt blockchain threatening Bitcoin idea is turning out to be just a myth thus far because in reality, alt chains have yet to survive past the point where the difficulty and cost of generating these shitcoins approaches the level of btc. Noone will mine them if they can mine btc for the same amount of cost.
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August 21, 2011, 05:53:24 PM
 #16

New useless and scammy blockchains are great imo. Why? because more and more of these useless alt chain that gets created, faster and faster the previous "scammy blockchain" dies the sames death to the next upcoming "scammy blockchain". See where I'm getting at?

So far most of all these new and "scammy" alt blockchains that do not offer anything more and have not really materialized past 16k difficulty level where it's price cannot compete with btc in exchange. It then starts to die all on it's own just like ixcoin and i0coin now is.

Seems like the solution to eliminating and killing off the scammy blockchains for good is to create more and more of these useless blockchains untill all of the community's trust for a new blockchain outside of btc blockchain is gone. Just like the story of "Boy who cried wolf", at the end, only people left to mine these will be the ones trying to pump and dump these shitcoins who will then just buy/mine and dump it on themselves for time wasted. There isn't a level of trust for any new alt chains currencies right now that exists among speculators unlike bitcoin. Only reason why people even mine them is because they are also making the exchange sites themselves as well. The new blockchain may offer better exchange value at low diffculties for a short time, but the duration of time to make the profit is shrinking as well as proved with ix then i0coins. This time frame is only gonna be shorter and so on because only reason why they mine these alt chains is to trade them for bitcoins.

Just let them kill themselves off.. It seems that the alt blockchain threatening Bitcoin idea is turning out to be just a myth thus far because in reality, alt chains have yet to survive past the point where the difficulty and cost of generating these shitcoins approaches the level of btc. Noone will mine them if they can mine btc for the same amount of cost.

Agree.

Also, I made my fortunes (lol) on SolidCoin. The difficulty now is 128 and it's no longer easy money.

It went from easy money to utter shit in less than 24 hours Smiley
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August 21, 2011, 07:01:28 PM
 #17

yea, need another blockchain. Solidcoin's difficulty is too high now.
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August 21, 2011, 07:34:38 PM
 #18

The scam gets less profitable after each cycle, as more and more people anticipate the pattern.
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August 21, 2011, 08:01:59 PM
 #19

I'll pledge a BTC towards a successful double-spending attack on one of these new chains (ix, solid, etc).
Attacker can claim it after documenting & executing the attack in public

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August 21, 2011, 08:55:13 PM
 #20

New useless and scammy blockchains are great imo. Why? because more and more of these useless alt chain that gets created, faster and faster the previous "scammy blockchain" dies the sames death to the next upcoming "scammy blockchain". See where I'm getting at?

So far most of all these new and "scammy" alt blockchains that do not offer anything more and have not really materialized past 16k difficulty level where it's price cannot compete with btc in exchange. It then starts to die all on it's own just like ixcoin and i0coin now is.

Seems like the solution to eliminating and killing off the scammy blockchains for good is to create more and more of these useless blockchains untill all of the community's trust for a new blockchain outside of btc blockchain is gone. Just like the story of "Boy who cried wolf", at the end, only people left to mine these will be the ones trying to pump and dump these shitcoins who will then just buy/mine and dump it on themselves for time wasted. There isn't a level of trust for any new alt chains currencies right now that exists among speculators unlike bitcoin. Only reason why people even mine them is because they are also making the exchange sites themselves as well. The new blockchain may offer better exchange value at low diffculties for a short time, but the duration of time to make the profit is shrinking as well as proved with ix then i0coins. This time frame is only gonna be shorter and so on because only reason why they mine these alt chains is to trade them for bitcoins.

Just let them kill themselves off.. It seems that the alt blockchain threatening Bitcoin idea is turning out to be just a myth thus far because in reality, alt chains have yet to survive past the point where the difficulty and cost of generating these shitcoins approaches the level of btc. Noone will mine them if they can mine btc for the same amount of cost.

+1
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