A warning about Solidcoin for newer users [UPDATED]

[Spacy]

Exactly and looking at that IRC log apparently realsolid likes the kiddie porn as well did not think my opinion could get any lower of him but that is just plain disgusting, what new depths they will sink to...

Do you think some (maybe faked) lines from IRC out of context do mean something to anyone but trolls? And where did he write he likes it? With such posts you only show how broken the BTC community is... Not good for BTC newbies who read this forum

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[BCEmporium]

Oh and BTW I was supporter of SC until he proved to be scam artist check my post history on Sept. 1 this year where I lay it all out for all to see...

Me too... out of this whole load of alt-chains, solidcoin was the only one I could see to be doing something different, improving, unlike IX/I0 that have nothing to show away from bitcoin. Well... we got fooled.

[Ten98]

I guess by "band aid after band aid" you're referring to the two releases which came out while the blockchain was being attacked? Sure, the initial patch had a flaw, but the follow up patch came out and addressed it pretty much right away. I thought they were an extremely impressive example of fixing code under extreme pressure and I really respect the dev for pulling it off.

Not sure why everyone in this thread so mad.

Look at you all, mad as hell.

Want to know why everyone rages on Solidcoin all the time and tries to provoke Coinhunter into saying something else dumb?

1: They're Trolls and he loves to feed them.
2: They're afraid of Solidcoin, deeply afraid.

But why would supporters of one Cyptocurrency be so afraid of another? Surely if it's so pathetic and full of band aids it poses no threat, right?

Well, the Solidcoin blockchain is paused as of V1.04. There are many reasons for this, but ultimately it's because Solidcoin was not quite ready to stand up to the full force of it's attackers. I should explain that nothing is actually "turned off" in Solidcoin right now, in fact the network is still running quite happily on the very small amount of hash power still remaining. The ability for the lead developer to simply "kill" the project on a whim was removed from Solidcoin (it's still there in Bitcoin), so actually people are free to carry on mining, they just have just chosen not to. This is because they know that Solidcoin 2.0 is coming and will more or less pick up where 1.04 left off. The community and the exchanges all got behind this decision and it would not have been possible if they did not. We all wanted a stable platform which is immune to attacks, and simply carrying on running the old Bitcoin code, however modified it is, is not the way to get one.

But guess what, Solidcoin is based almost completely on the Bitcoin code, which means it is also vulnerable to the very same attacks that SolidCoin is feverishly trying to protect itself against.

I can't imagine how much more difficult this type of decision would have been on a more established cryptocurrency with many thousands more users and many more millions of dollars at stake. The sheer volume of people to educate about the decision would make doing this kind of thing in Bitcoin a complete nightmare, so I suppose if any major attack did occur, the developer would have to simply pull the "kill" switch and stop the network dead. However I can't imagine that being much better for the users to be honest. Solidcoin is in a fortunate position of being small enough to make these much needed improvements right now without too much disruption to its users. Bitcoin is a victim of it's own success and is now too big to reasonably take such drastic measures.

The only thing stopping people from attacking Bitcoin is that it's so much more expensive than Solidcoin and has so much more hash power, making the attacks much more expensive. This can and will change in the future, yet nothing much is really being done by Bitcoin to protect itself from these attacks, which get more viable by the day.

But I guess attacks are the least of your worries right now if you're a professional Bitcoin miner and / or hoarder. There is an even bigger threat looming than any would-be attackers, the price. Right now Bitcoin is dipping under $5 on a regular basis, but the total hash power and difficulty has not gone down significantly since it was at $15. Some miners surely must be running at a loss already and hoping the price will recover. It won't be too long until the majority of miners are in that position and are being faced with their energy bills. All it takes in that situation is a few big miners pulling out and selling to seriously harm the price. Imagine Wyl-E-Coyote running off the end of a cliff, but he only falls when he eventually looks down... If enough miners quit, it starts a chain reaction and in a very small amount of time you're left in a situation like Namecoin, with the hash rate so low and difficulty so high that it takes days to mine a block, and so many blocks to the next difficulty that it takes months to get to the next recalculation.

You don't even need a co-ordinated 51% attack for that to happen, all you need is the price to go down and for miners to realise they aren't making any money and quit.

Even before Solidcoin paused it had addressed many of the issues with the difficulty calculation in Bitcoin. The difficulty is calculated far more often, and the mechanics of raising and lowering are vastly improved, allowing difficulty to follow hashrate much more effectively. You can comfortably whip out 75% of the hash rate in Solidcoin and it adjusts down and gets block generation up to fuill speed within a few hours. We know this because it has actually happened. This is a bit of an unknown for Bitcoin. So far, the hash rate for Bitcoin has only really risen then reached a plateau. If and when there is a massive drop-off in hashing power in Bitcoin, I think we'll be waiting a very long time for anything to happen that addresses it.

Which leads me back to my original question, why are people heavily invested in Bitcoin so afraid of Solidcoin? Because it's better.

[johnj]

Which leads me back to my original question, why are people heavily invested in Bitcoin so afraid of Solidcoin?

Because Solidcoin is a scam.

Try to keep up  

Edit: No, really though.  When CH crossed the line about framing others with CP if they disagreed with them, it's a little more than 'Oh SC haters are trolls'.

[Cosbycoin]

Which leads me back to my original question, why are people heavily invested in Bitcoin so afraid of Solidcoin?

Because Solidcoin is a scam.

Try to keep up  

Edit: No, really though.  When CH crossed the line about framing others with CP if they disagreed with them, it's a little more than 'Oh SC haters are trolls'.

CP?

[BCEmporium]

tl;dr

But still;

When Zen Cart forked osCommerce they didn't come out spreading FUD about the project they forked.
When Joomla forked Mambo they didn't come out spreading FUD about the project they forked.
When SMF forked phpBB they didn't come out spreading FUD about the project they forked.
When IXCoin forked Bitcoin they didn't come out spreading FUD about the project they forked.
(...)
It's nearly a constant on all Open Source world, eventually a project gets forked, a new line of COOPERATIVE DEVELOPMENT (THAT is the use of Open Source, not a f**ing vanity fair)

When Cracked/ScamCoin came out its sole forker hop into others' work (Bitcoin), that's ok so far, but promptly started a DEFAMATION and an attempt to spread FUD about it, promising to be "fixing bugs" whereas was opening holes.
I guess this already reached rock bottom, so there's no need to keep digging.

Now go get your "FUD spread bounty", make sure you get paid in scamcoins 2.0, looks like scamcoins 1.x are worthless now.

[Cosbycoin]

tl;dr

But still;

When Zen Cart forked osCommerce they didn't come out spreading FUD about the project they forked.
When Joomla forked Mambo they didn't come out spreading FUD about the project they forked.
When SMF forked phpBB they didn't come out spreading FUD about the project they forked.
When IXCoin forked Bitcoin they didn't come out spreading FUD about the project they forked.
(...)
It's nearly a constant on all Open Source world, eventually a project gets forked, a new line of COOPERATIVE DEVELOPMENT (THAT is the use of Open Source, not a f**ing vanity fair)

When Cracked/ScamCoin came out its sole forker hop into others' work (Bitcoin), that's ok so far, but promptly started a DEFAMATION and an attempt to spread FUD about it, promising to be "fixing bugs" whereas was opening holes.
I guess this already reached rock bottom, so there's no need to keep digging.

Now go get your "FUD spread bounty", make sure you get paid in scamcoins 2.0, looks like scamcoins 1.x are worthless now.

+1

[BCEmporium]

CP?

It depends of where you're from; if you're portuguese it means trains, as that's their initials... if you're not, than it's probably about child porn.

[Syke]

But guess what, Solidcoin is based almost completely on the Bitcoin code, which means it is also vulnerable to the very same attacks that SolidCoin is feverishly trying to protect itself against.

I stopped reading when I read that because that's not even close to true. CH screwed up the Bitcoin code, which made it vulnerable to attacks that Bitcoin *does not* suffer from. He screwed it up because he was tinkering with code he does not understand.

[Cosbycoin]

CP?

It depends of where you're from; if you're portuguese it means trains, as that's their initials... if you're not, than it's probably about child porn.

And I thought it meant "can't pee".

[memvola]

SO you suggest that when a flaw is found WHICH CAME FROM THE BTC SOURCE BTW, that the developers should jsut say "fuck it" and let people lose money and get hacked by bitcoin express? REALLY and you think that would impress busineses?

Which flaw came from the BTC source? Are you talking about the time travel attack? I think we should send Artforz a few hundred SolidCoin's for discovering and fixing that issue.

EDIT: GOTO EDIT

[johnj]

Okay, I think enough has been stirred up.  I'm sure all the newer users who were gonna see this have.

Just be careful.