[ARTICLE] Bitcoin To Collapse?

[CoinHunter]

Can someone explain to me what the mybitcoin even has to do with solidcoin's "modifications" ?

Bitcoin currently leaves it up to the developer to determine how many confirmations are required for a transaction to be secure. The default is "1". Which is very easy to forge. mybitcoin's reasoning for the attack was that they didn't wait enough confirmations before saying a deposit had been made. SolidCoin will take that out of their hands so that they don't need to worry about "What is enough confirmations" , as well as ensuring enough time has passed for security reasons (block variance means you can't just look at number of confs).

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[shads]

Can someone explain to me what the mybitcoin even has to do with solidcoin's "modifications" ?

Bitcoin currently leaves it up to the developer to determine how many confirmations are required for a transaction to be secure. The default is "1". Which is very easy to forge. mybitcoin's reasoning for the attack was that they didn't wait enough confirmations before saying a deposit had been made. SolidCoin will take that out of their hands so that they don't need to worry about "What is enough confirmations" , as well as ensuring enough time has passed for security reasons (block variance means you can't just look at number of confs).

What utter bullshit.  Are you seriously suggesting that precisely 51% of mybitcoin reserves were stolen by a 1 block double spend?  Where is the evidence for that?  If you can't produce it then your reasoning is shot to pieces.  How exactly is that feasible?  Someone happened to deposit 51% of the total mybitcoin reserves in one transaction and pulled off a double spend?

Show me one strand of evidence that the mybitcoin fiasco was due to a failing in bitcoin?  Are you using the line of reasoning that people should be protected from their own stupidity?  Ok so does the Solidcoin client perform a security audit on any PC it's installed on?  Does it use a keylogger to check that your rpc password isn't one you've used on a public site?  How far do you go?  If I understand correctly all you're doing is preventing the user from seeing the funds until x confirmations have been received.

For the record I like one or two of the changes you've made to the client but the way you are going about marketing it absolutely disgusts me. Your articles leave the distinct impression that bitcoin dev's are morally compromised and incompetent.  I didn't read the words explicitly but I had to read it a second time because when I finished the first time I had the impression they were in league with the FBI.  I have no doubt that was your intention considering the spin intensive tone of the entire article.   These same devs you are slagging off are the ones that wrote and maintain the software you are leeching off.   You give the impression of having made intensive changes to the code base.  All I can see so far is altering a few constants.

Seriously you might have had half a chance if you didn't go about it this way.  I looked at it seriously myself until I started reading the shit you've been spruiking and paying people off to spam all over the net...

[Lolcust]

Can someone explain to me what the mybitcoin even has to do with solidcoin's "modifications" ?

Bitcoin currently leaves it up to the developer to determine how many confirmations are required for a transaction to be secure. The default is "1". Which is very easy to forge. mybitcoin's reasoning for the attack was that they didn't wait enough confirmations before saying a deposit had been made. SolidCoin will take that out of their hands so that they don't need to worry about "What is enough confirmations" , as well as ensuring enough time has passed for security reasons (block variance means you can't just look at number of confs).

[CoinHunter]

What utter bullshit.  Are you seriously suggesting that precisely 51% of mybitcoin reserves were stolen by a 1 block double spend?  Where is the evidence for that?  If you can't produce it then your reasoning is shot to pieces.  How exactly is that feasible?  Someone happened to deposit 51% of the total mybitcoin reserves in one transaction and pulled off a double spend?

It was known for a few months prior to the incident mybitcoin was even allowing 0 confs in some instances (at least). Which makes it very easy. Again this comes down to educating the people who use bitcoin and not allowing newbies to have access to such important things. Whether or not it was a scam or not I don't know, I'm just putting forward it's very feasible to attack mybitcoin with 0 and 1 confs in place without a lot of mining power.

[shads]

I'm just putting forward it's very feasible to attack mybitcoin with 0 and 1 confs in place without a lot of mining power.

No, what you're trying to imply is that if it was solidcoin instead of bitcoin then mybitcoin couldn't have lost 51% of their funds.  You're not explicitly saying that because to anyone with half and ounce of technical nouse it's clearly bullshit but that's probably not who your articles are aimed at...

[CoinHunter]

No, what you're trying to imply is that if it was solidcoin instead of bitcoin then mybitcoin couldn't have lost 51% of their funds.  You're not explicitly saying that because to anyone with half and ounce of technical nouse it's clearly bullshit but that's probably not who your articles are aimed at...

Considering I haven't rolled out the new API and developer section you are right, current SolidCoin doesn't improve much in that area yet (just moving the API over to integers). However I can categorically say that the new API which will be released soon would have stopped that attack from occurring, if that indeed is what happened.

[ThomasV]

No, what you're trying to imply is that if it was solidcoin instead of bitcoin then mybitcoin couldn't have lost 51% of their funds.  You're not explicitly saying that because to anyone with half and ounce of technical nouse it's clearly bullshit but that's probably not who your articles are aimed at...

Considering I haven't rolled out the new API and developer section you are right, current SolidCoin doesn't improve much in that area yet (just moving the API over to integers). However I can categorically say that the new API which will be released soon would have stopped that attack from occurring, if that indeed is what happened.

coinhunter,I think that you are spending way too much time on the forum and writing propaganda. why don't you work a bit on that API, it will give everyone a break

[Isepick]

As I mentioned in the main SC thread yesterday...given the premise of the article it actually makes more sense that SolidCoin is an FBI op designed to disrupt Bitcoin. The FBI wouldnt make and release a groundbreaking technology like Bitcoin, but they would damn sure make a few tweaks and release a competing blockchain. In fact I have yet to see any evidence that SolidCoin is not a government operation.

Especially given CoinHunter's apparent schizophrenia. To wit:

Firstly, I am not a SolidCoin business, I haven't had enough time yet to start some. I'm just out there promoting a better currency, along with hundreds of others. I don't own "SolidCoin", but I own some SolidCoins, if that makes sense. And I'm certainly not going to be the biggest winner if the currency goes beyond Bitcoin parity. Like I said the money thing isn't an issue to me, perhaps it is for others and if they can become wealthy off SolidCoin then I'm glad I can help.

I also don't want to be known as the "Leader" of SolidCoin, I feel like I'm just doing my part for a good cause. Others are also doing what they can because they want to live in a world where a currency like SolidCoin is commonly used and allows them economic freedom.

And yet today he is the developer/programmer (emphasis added)

The reason I made SC isn't for an investment vehicle, it's for an online trading medium. If people can get wealthy investing then I'm glad for them but we still want most of it being liquid.

Considering I haven't rolled out the new API and developer section you are right, current SolidCoin doesn't improve much in that area yet (just moving the API over to integers). However I can categorically say that the new API which will be released soon would have stopped that attack from occurring, if that indeed is what happened.

So, are you just some guy promoting it or are you the one running the show? If you are not running things, could you go get the Special Agent in Charge and have him come here and discuss things? Thanks.

[mikethebodacious]

This posting needs to be deleted.  I never like to advocate censorship but this article is not helping the Bitcoin community at all.  All this heresay and conjecture is straight up libel on an open-source peer-to-peer revolutionary project that Solidcoin is based off of.  Scaring people with BS alarmist post headlines like this should not be acceptable.

[Gerken]

This posting needs to be deleted.  I never like to advocate censorship but this article is not helping the Bitcoin community at all.  All this heresay and conjecture is straight up libel on an open-source peer-to-peer revolutionary project that Solidcoin is based off of.  Scaring people with BS alarmist post headlines like this should not be acceptable.

I agree COMPLETELY I think anything that is negative in the slightest bit should be deleted from the forums, and nobody should talk or discuss it at all.  The forums should be full of UP UP UP posts and that is IT!  I am sick and tired of you negative nancies ruining everything!

[memvola]

Can someone explain to me what the mybitcoin even has to do with solidcoin's "modifications" ?

Bitcoin currently leaves it up to the developer to determine how many confirmations are required for a transaction to be secure. The default is "1". Which is very easy to forge. mybitcoin's reasoning for the attack was that they didn't wait enough confirmations before saying a deposit had been made. SolidCoin will take that out of their hands so that they don't need to worry about "What is enough confirmations" , as well as ensuring enough time has passed for security reasons (block variance means you can't just look at number of confs).

How do you plan to implement that in the protocol? Or are we talking about the daemon now?

And in general, is there a source that argues why SolidCoin's changes make a better ground for a currency, NOT in layman's terms but in proper jargon?

Not only that but they use meta-virtual currency to aggressively promote it: http://solidcoin.info/bounties.php

First 50 to post about the "SolidCoin is ready for Bitcoin collapse" article on their blog/forum/twitter* - 20 SC
First 40 to post about the "5 reasons to switch to SolidCoin" article on their blog/forum/twitter* - 25 SC
First 60 to post about SolidCoin on their blog/forum/twitter* - 100 SC

Maybe there's a lesson to be learned from this...

Now, paying people for blatant FUD against a free project pretty much falls on the dark side.

[Lolcust]

And in general, is there a source that argues why SolidCoin's changes make a better ground for a currency, NOT in layman's terms but in proper jargon?

I'd settle for a source that actually argues (as opposed to merely asserting) that in layman's terms, tbh.

[zebedee]

Coinhunter -

      recent incidents like MyBitcoin losing over $1,500,000 million dollars

Wow.  Have you told Bernanke?  Not pussying about there, truly in his big leagues.

Can I invest in solidcoin?  It seems you have a way with numbers.

[zebedee]

Coinhunter -

SolidCoin's popularity which is based around being a faster and more secure alternative to Bitcoin has seen it take away 11% of the Bitcoin network power.

Wow, 11% of the network power?  Perhaps I don't understand, but last time I looked SC hasn't sustained more than 1% of BTC's difficulty for more than a few minutes.  15,000 vs 1,800,000?

You really do have a way with numbers.  How can I invest?

[Lumpy]

It did have ~10% of the network for a short time, back when the price was crazed and the Bitcoin network dropped below 10 Th/s. SC was around 1 Th/s.

No longer.

[FlipPro]

I have messaged Coinhunter, and wanted to know what his opinion is about demurrage.
I think if Solidcoin implements this, it's all over.

[JohnDoe]

I have messaged Coinhunter, and wanted to know what his opinion is about demurrage.
I think if Solidcoin implements this, it's all over.

Doubtful that it will get added to Solidcoin because people bought coins with the expectation that they can hold them without being taxed. CoinHunter's reputation would probably be reduced if he tried to push it, so I think the only way is to make a new chain with demurrage from the start.

[memvola]

I have messaged Coinhunter, and wanted to know what his opinion is about demurrage.
I think if Solidcoin implements this, it's all over.

Yep, it will be over. There would be two conflicting SC chains since most clients wouldn't switch.

Here's an idea though; you could fork the chain! Let people carry their SolidCoin holdings to the new chain, so that you will have the current SC userbase as a start. They will still be able to continue mining/using their regular SolidCoins; the new network (let's say DC) will start building on a copy of the current SC chain. DC will have demurrage. Even better, implement merged mining and help pools switch. All current SC users will be able to seamlessly start using DC.

It would be an interesting experiment. Now, demurrage is a real functionality, we can observe how people will respond to the idea. SC can be the gold-like savings currency existing parallel to it, continuing to compete with BTC.

[ThiagoCMC]

With all the later trolling going on, and competing clones appearing like worms after rain, I see bitcoin FAR from collapse, but stronger than ever.

Me too!!

Solidcoin is a joke!! LOL

Funny to watch!  ^^

[JohnDoe]

With all the later trolling going on, and competing clones appearing like worms after rain, I see bitcoin FAR from collapse, but stronger than ever.

Me too!!

Solidcoin is a joke!! LOL

Funny to watch!  ^^

Stronger than ever? Pretty amazing how fast people ignore reality and turn to religion when they are scared. There's no denying that the value is on a downtrend, so is hashing rate, search volume, news references, traffic to this site, etc. If you deny that the momentum is gone then you are now proud members of the church of Bitcoin.