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[ny2cafuse]

Due to these random anonymous attacks we have decided to look into a few solutions against them, we will run some test on the test net to see what works best.

I'm going to say this isn't random.  Someone isn't happy about the news you're putting out.

Potcoin Halving at block will be postoned - ASIC attacks this morning of 1.5 T/h

I'm guessing you mean 1.5GH.  Litecoin only has 150-160GH.  No one is throwing 1.5TH at anything.

Who says this is ASICs?  I know of a person/group that has had this kind of power at their fingertips months before ASICs.  This person likes to "test" coin networks for fun, or out of anger if they are rubbed the wrong way.  Who's to say this isn't a situation like that?  Hell, I was pretty ticked off at the halving.

Just please don't try to push an agenda of a new algorithm now too because of ASICs.

We know these people dont have the resources to keep doing these attacks but we are going to take the correct measures.

I would beg to differ.  I've seen this happen before, and go on for longer than you could imagine.  The people that do this know what they are doing and do it well.  I wouldn't be surprised if this went on longer than you expect.  I also wouldn't be surprised once this was all over if you see a massive dump in price due to a large sellout.

I'm popping a bag of popcorn right now.

-Fuse

[CartmanSPC]

I would just like to add that I do not believe there is anywhere near 1.5 Th of hashing power attacking this coin. The reported hashrate is a result of the exploit not the cause. It is not "real" in my opinion. I am not familiar with the mechanics of the attack so I can't speak to how it's done but if they had that kind of hashing power they would be more inclined to double spend than stall the blockchain.

...don't want people to start blaming ASICs as I don't believe they have anything to do with it.

I also do not think it is a result of the proposed halving of the coin....but I could be wrong on that

[ny2cafuse]

I would just like to add that I do not believe there is anywhere near 1.5 Th of hashing power attacking this coin. The reported hashrate is a result of the exploit not the cause. It is not "real" in my opinion.

I also do not think it is a result of the proposed halving of the coin....but I could be wrong on that

That's right about the hashing power.  There is no way anyone is throwing 1.5TH at anything.

I'm going to say that while this might not be a direct result of the halving news, it's a opportune time for it.  The people that launch these exploits tend to do them while there is community strife.  A great example is TAG.  Another is AUR.  Wait until the community is already agitated and then hit the coin with all you have.  Weak hands shake really quick.

-Fuse

[CartmanSPC]

That's right about the hashing power.  There is no way anyone is throwing 1.5TH at anything.

I'm going to say that while this might not be a direct result of the halving news, it's a opportune time for it.  The people that launch these exploits tend to do them while there is community strife.  A great example is TAG.  Another is AUR.  Wait until the community is already agitated and then hit the coin with all you have.  Weak hands shake really quick.

I'll buy that...casinocoin is in the same situation. Their dev is MIA.

[FreeJack2k2]

I'm not really sure why people are upset about a halving...increasing scarcity is important for the value of a coin. If it never becomes harder to obtain, it'll never really gain significant value. I'm assuming there's a healthy split here between people who are speculating and want the value to go up, and people who want the coin to achieve widespread use in the medicinal marijuana community. Both should want the value to increase. Overabundance of supply and lack of demand will cause the value to slide downward.

When less new coin is mined and dumped on the markets, there will be less available to trade and the value of what IS being traded will rise, IF demand increases beyond the new supply. That demand is largely up to users to create. I see a lot of folks in this thread talking about how the developer needs to do this or that. No...it's up to you to request it and promote it. Ask your dispensaries if they'd consider taking it as payment. Educate them about it. Don't leave it all up to the devs...they have enough on their plate.

[ny2cafuse]

I'm not really sure why people are upset about a halving...increasing scarcity is important for the value of a coin. If it never becomes harder to obtain, it'll never really gain significant value. I'm assuming there's a healthy split here between people who are speculating and want the value to go up, and people who want the coin to achieve widespread use in the medicinal marijuana community. Both should want the value to increase. Overabundance of supply and lack of demand will cause the value to slide downward.

When less new coin is mined and dumped on the markets, there will be less available to trade and the value of what IS being traded will rise, IF demand increases beyond the new supply. That demand is largely up to users to create. I see a lot of folks in this thread talking about how the developer needs to do this or that. No...it's up to you to request it and promote it. Ask your dispensaries if they'd consider taking it as payment. Educate them about it. Don't leave it all up to the devs...they have enough on their plate.

Right, except of focusing on increasing use, we're saying let's limit supply.  Without use, there is no demand.  Reducing supply when there is no demand is pointless.

Again... backwards thinking.

-Fuse

[Chronikka]

I'm not really sure why people are upset about a halving...increasing scarcity is important for the value of a coin. If it never becomes harder to obtain, it'll never really gain significant value. I'm assuming there's a healthy split here between people who are speculating and want the value to go up, and people who want the coin to achieve widespread use in the medicinal marijuana community. Both should want the value to increase. Overabundance of supply and lack of demand will cause the value to slide downward.

When less new coin is mined and dumped on the markets, there will be less available to trade and the value of what IS being traded will rise, IF demand increases beyond the new supply. That demand is largely up to users to create. I see a lot of folks in this thread talking about how the developer needs to do this or that. No...it's up to you to request it and promote it. Ask your dispensaries if they'd consider taking it as payment. Educate them about it. Don't leave it all up to the devs...they have enough on their plate.

Right, except of focusing on increasing use, we're saying let's limit supply.  Without use, there is no demand.  Reducing supply when there is no demand is pointless.

Again... backwards thinking.

-Fuse

No its parallel thinking. Why can't you increase exposure/usage while halving? They are two unrelated items. The block halving requires little to no focus, just some minor code changes. I can guarantee the dev's aren't sitting there thinking about halving the coin all day long like we are.

[sirsmokesalot]

especially since the near-failed 4/20 day (IMO).

Pains me to say it but it was not "near-failed" it was a failure. I am sorry. I am sure the devs did a lot, but i was expecting more second coming type shit the way they were talking. Like Potcoin blowing the fuckin lid off the crypto thing, replacing all bitcoin likenesses with that of the Potcoin emblem. Of course not, but i did expect a lot more than an interview with a super burnt out guy talking about trademarking and shit.

Come to think of it, i think that has a lot of to do with the current state of things. Dude talks a big game about everything and a lot of "just waits" and "have faiths" which everyone involved with this crap has heard a million times. Okay, cool, there is a radio add, good step in the right direction. But what was all the hype about 4/20 about? They set up a booth and did some promoting, and then went to the cannabis cup and "did so many dabs" In all honesty, the news of the investor and the anticipation of the news that was to happen on 4/20 was 100 times better than any of the shit that ACTUALLY happened.

I think some of that investor money should have spent on some public relations or hiring someone that is a little better at communicating with the public  

How can you say 1.5 th/s of scrypt mining power is NOT asics? Well by using the timewarp thing and claiming it is like an accumulation, just a fault in reporting because of how the time warp fucks things up, that does explain how it might not be asics. But 1.5 th/s, how many cards are needed for that, if it isn't asics. I do think it is some type of attack, but if it isn't an error in reporting and it isn't asics, holy shit.

Why can't you increase exposure/usage while halving? They are two unrelated items.

That is what i am wondering. It is a very aggressive approach to burn the candle at both ends so to say. You decrease supply by halving while in the meantime constantly work at gaining acceptance and utility for the coin.

[ny2cafuse]

No its parallel thinking. Why can't you increase exposure/usage while halving? They are two unrelated items. The block halving requires little to no focus, just some minor code changes. I can guarantee the dev's aren't sitting there thinking about halving the coin all day long like we are.

Because halving is not a solution to the problem POT is having.  It's a blind attempt at trying to control the coin's dynamics.  And with who's suggestion?  I see a lot of people here stating that they aren't for the block halving, especially not 4 times a year.  Most of these people senior members who have been around since well before the alt explosion of '13.  People who have seen changes like this destroy better coins.  You don't change horses midstream.

Halving the coin 4 times a year is going to drive miners away unless you have an equally proportionate rise in coin price.  The fact that the dev himself said "there aren't enough uses for the coin" just proves my comment of backwards thinking.  Stop trying to manipulate supply and demand.  Just create demand.  Honest demand, not manipulated demand.

-Fuse

[Chronikka]

No its parallel thinking. Why can't you increase exposure/usage while halving? They are two unrelated items. The block halving requires little to no focus, just some minor code changes. I can guarantee the dev's aren't sitting there thinking about halving the coin all day long like we are.

Because halving is not a solution to the problem POT is having.  It's a blind attempt at trying to control the coin's dynamics.  And with who's suggestion?  I see a lot of people here stating that they aren't for the block halving, especially not 4 times a year.  Most of these people senior members who have been around since well before the alt explosion of '13.  People who have seen changes like this destroy better coins.  You don't change horses midstream.

Halving the coin 4 times a year is going to drive miners away unless you have an equally proportionate rise in coin price.  The fact that the dev himself said "there aren't enough uses for the coin" just proves my comment of backwards thinking.  Stop trying to manipulate supply and demand.  Just create demand.  Honest demand, not manipulated demand.

-Fuse

Nobody said it was a solution.

They are halving the coin because it needs to be done. All 420 million coins mined in a year of existence is too fast.

Somewhere along the line people got it mixed it up that halving the coin was about the price and manipulating the market

[ny2cafuse]

Nobody said it was a solution.

They are halving the coin because it needs to be done. All 420 million coins mined in a year of existence is too fast.

Somewhere along the line people got it mixed it up that halving the coin was about the price and manipulating the market

It's gotten mixed up because half the people for the halving are spouting off about price and changing the supply/demand of markets.  The supporters for halving don't know what they're halving it for.  They just see $$$.  I've already said the accelerated mining to completion was a valid point.  But not valid enough for a 4 time a year halving.

That being said... why is an extended block time or a higher difficulty not being considered?  Why does it need to be as drastic as a 4 time a year block halving?  Extending the block time would not only extend long term mining, but it would also help prevent exploits that happen with coins that have fast block times.  Raising the difficulty would throw the multipools off, which has been a bane of all coins.

AND AGAIN... where was the community poll here?  Where was the discussion?  Please point me to the poll.  Anything I see in this thread about halving is a lot of people saying don't do it, and a few basically saying "too bad, we're doing it".

Do what you want.  I won't make another comment about it.  I'll just watch and wait.

-Fuse

[vesperwillow]

Due to these random anonymous attacks we have decided to look into a few solutions against them, we will run some test on the test net to see what works best.

Potcoin Halving at block will be postoned - ASIC attacks this morning of 1.5 T/h   We would like to add the next wallet update instead of doing 2 updates so thats why we are taking the time now to do it.  We are sorry for the delay but its the best time to implement a fix like this since we are already halving the block.

This has been happening to other coins all over the place and we want to find out what other coins have experienced also, this is a matter we are taking very seriously.

We know these people dont have the resources to keep doing these attacks but we are going to take the correct measures.

thanks for understanding

smoke

You seriously have not a clue about cryptocurrencies and what makes them valuable and worthwhile do you? You barely seem to understand what makes them function. You're going to look into solutions to protect against hashrate? Really? Tell me more about this attack of 'hashrate'. Are you going to use 'the force' to tell luke-hashwalker to ignore the darkhash?

You know the people who are attacking the coin? That's what you're claiming, by saying you know their resource capability. Either that, or you're lying and speculating and hoping that they don't have the resources. Either way -- this paints you in a really bad way doesn't it? Refusing to discuss investors, failure of a 4/20 launch, and now claiming to understand the attacker's resources.

I stand amazed. After this morning, I wasn't capable of believing you could put your foot any deeper into your throat, but you're up to the knee. You've almost singlehandedly ensured potcoin will fail, and within a matter of hours.

They are halving the coin because it needs to be done. All 420 million coins mined in a year of existence is too fast.

With respect, can you scientifically and mathematically prove 'why it needs to be done'. Use references from the past 2 year's worth of currency data, and especially cross-reference coins which have changed rewards, including the ones which survived and the ones which didn't, and show correlation as to their end result.

Because it doesn't "need" to be done. Whether you're at maturity now, next week, or 5 years from now, there's one constant: no use for the coin. I could send a few million potcoin to a paper wallet and use it for toilet paper.

It will, quite literally, get more use than anywhere else right now. And this is the failure of PotCoin.

[FreeJack2k2]

The difference between this thread and what I see in say, a Bitcoin thread, is a question of the attitude of users. Bitcoin users are relentless evangelists and they try to get merchants to use it as much as possible. It seems like Potcoin supporters are kind of standing around waiting for the coin's developers to make something happen for them. I haven't seen much from users about mobilizing to promote it with their dispensaries or what have you. If Bitcoin supporters waited on the Bitcoin devs to secure adoption for them...they'd never see adoption anywhere.

I think if there's a weakness it's that there's a big question about "Why Potcoin and not Bitcoin/Litecoin/whatever." It isn't that differentiated from everything else, functionally...it's basically marketing. "Because POT" is not a good answer to this question.

[milkman510]

I've decided to stop mining this coin. After reading all the drama and lack of response from the devs. I'm losing faith in the people in charge. 

[dogeunion]

Strong insert.

[Dabs]

Anyone want to buy 4k POT?

[DubFX]

I've decided to stop mining this coin. After reading all the drama and lack of response from the devs. I'm losing faith in the people in charge. 

I think i'm joining your decision bye bye potcoin.

[flipme]

I've decided to stop mining this coin. After reading all the drama and lack of response from the devs. I'm losing faith in the people in charge. 

I think i'm joining your decision bye bye potcoin.

Net hashrate is collapsing further.
http://www.coinwarz.com/network-hashrate-charts/potcoin-network-hashrate-chart

P2Pool for the coin is dead already. Zero.
Congrats for fucking it all up. What a bunch of clueless stoners.

When I dumped my holdings yesterday it also showed again how useless the coin is for real world transactions.
Confirmations took almost 15 minutes. Could you imagine a customer hanging around 15 minutes at an ATM or a point of sales counter?
Its just one more shitty clone, and a poor one.

[igba]

Been lurking this thread since it was a few pages long and I'd like to keep encouraging the positive vibes here,

sirsmokesalot and Chronikka- these SENSIBLE posts are what the PotCoin community NEEDS!

As far as the attack goes, I actually commend the devs for working on it so fast. They've been traveling and working their asses off. To the few that are jumping ship because of it, please leave quietly. My god, you'd think the devs were diffusing a bomb or something, hell, you're like the people that freak out in front of the guy who's JOB it is to do that- it's not helping!

Anyways, yeah, implementing DigiShield is the way to go! look at all the other coins that did it. PotCoin is going to be just fine. This coin represents more than a quick buck...the legalization movement is gaining traction every day and, with it, this coin has accomplished a lot more than most at it's age. And as far as actual services and products I just want to remind people of this page: http://highonpotcoin.info/potcoin-directory/  

[vesperwillow]

It isn't that differentiated from everything else, functionally...it's basically marketing. "Because POT" is not a good answer to this question.

Bingo, and without differentiation or widespread acceptance/on the ground use, it's dead. People were relying on the hyped 4/20 launch for acceptance.

As far as the attack goes, I actually commend the devs for working on it so fast. They've been traveling and working their asses off. To the few that are jumping ship because of it, please leave quietly. My god, you'd think the devs were diffusing a bomb or something, hell, you're like the people that freak out in front of the guy who's JOB it is to do that- it's not helping!

What did they work on? The 1 potcoin dev angered someone among the scrypt-hash gods, and they decided to basically pick up the small infant coin and play with it like a ragdoll. The devs did nothing to stop the attack, nor could they, and for all you know it's still going on and you guys are on the wrong chain.

Again, devs have done nothing. Talking about changing the source code isn't fixing the attack, it's trying to run away from the attack and use a different defense mechanism. In the end, if you have a scrypthash god with more than your network hash, you're just an ant beneath a very large finger.