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Author Topic: A warning about Solidcoin for newer users [UPDATED]  (Read 3341 times)
johnj
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September 17, 2011, 05:14:42 PM
 #1

I've seen a lot of newer members down here in the 'wild-west' Alt-Currency board.

There have been a few alt-currencies. IxCoin, I0Coin, and SolidCoin. Now, it's tempting to get in on a new currency whether you want to be an 'early adopter', try out a different system, or make a few quick BTC from speculation. Solidcoin however has made the boldest claims.  CoinHunter/RealSolid (the only SolidCoin programmer) promises a lot of things.  But before you jump in, here are some things you should know:

-------------
Solidcoin is run by ONE PERSON. THAT ONE PERSON IS INTRODUCING ONE-MILLION PREMINED COINS AND TAXING MINERS.

The 'official' Solidcoin can be shut down at the developers whim - and has been.

CoinHunter has provoked attacks on his own chain. Due to an alleged successful attack on his testnet, CoinHunter shut down his chain, halting transactions for all SolidCoin users.

Solidoin's developer has admitted to using malicious propaganda to influence Solidcoins userbase.
-------------


You may still be interested in some of the designs in SolidCoin - that's fine!  There is an alternative completely OPEN SOURCE client floating around here, and I believe another one is in the works. Ask around for more details about them.

I highly suggest if you're interested in SolidCoin or any other p2p project that you promote an open and free environment.


UPDATE: Is this a joke?  I -hope- so.  In either case after reading this, I am NOT installing ANYTHING CH/RS releases:



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September 17, 2011, 05:19:07 PM
 #2

You forgot that CH arbitrarily inserted 1K phoony blocks between block 29000 and 30000, allegedly "to pay bounties" (to himself I guess... sort of "Solicoin God's wage").
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September 17, 2011, 06:14:33 PM
 #3

With a full currency being run by one person, would this be the only true solution to be able to stop a 51% attack from happening, since theoretically, that one person could stop the machine until they are back in control?

I am super over simplifying this I think, but I still wonder generally

johnj
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September 17, 2011, 06:21:11 PM
 #4

With a full currency being run by one person, would this be the only true solution to be able to stop a 51% attack from happening, since theoretically, that one person could stop the machine until they are back in control?

I am super over simplifying this I think, but I still wonder generally

At the point where one guy is running a currency, a 51% attack is the least of your concerns.

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September 17, 2011, 06:21:29 PM
 #5

With a full currency being run by one person, would this be the only true solution to be able to stop a 51% attack from happening, since theoretically, that one person could stop the machine until they are back in control?

I am super over simplifying this I think, but I still wonder generally

Or you could look at it as:
The one person in control always has the power obtained by a 51% attack and they can do whatever they like to the currency with no recourse for the  users.

Also, why would anyone bother "taking over" a block chain that has already been taken over?

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September 17, 2011, 06:22:51 PM
 #6

Ah, so depending on your perspective, is this really SolidCoin's selling point?

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September 17, 2011, 06:32:00 PM
 #7

RS has taken most of the suggestions that have been given to him by the "real" solid coin community pretty seriously. He's not taking this "one man" approach as this post would like to make it seem. We have been in discussion in the solidcoin forum on how to seriously improve the currency so that it's perfect, and he has been pretty receptive.

As far as him working by himself, that's not really something he can control. He is always open for help from others, and has stated numerous times that he would like to have a team, which is part of the reason why the "tax" is going into effect. Programmers don't like working for free you know Smiley.

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Cosbycoin
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September 17, 2011, 06:35:56 PM
 #8

RS has taken most of the suggestions that have been given to him by the "real" solid coin community pretty seriously. He's not taking this "one man" approach as this post would like to make it seem. We have been in discussion in the solidcoin forum on how to seriously improve the currency so that it's perfect, and he has been pretty receptive.

As far as him working by himself, that's not really something he can control. He is always open for help from others, and has stated numerous times that he would like to have a team, which is part of the reason why the "tax" is going into effect. Programmers don't like working for free you know Smiley.

Correction: IT TOOK ONE MAN TO MAKE THE CALL TO SHUT DOWN SOLIDCOIN.
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September 17, 2011, 06:37:17 PM
 #9

RS has taken most of the suggestions that have been given to him by the "real" solid coin community pretty seriously. He's not taking this "one man" approach as this post would like to make it seem. We have been in discussion in the solidcoin forum on how to seriously improve the currency so that it's perfect, and he has been pretty receptive.

As far as him working by himself, that's not really something he can control. He is always open for help from others, and has stated numerous times that he would like to have a team, which is part of the reason why the "tax" is going into effect. Programmers don't like working for free you know Smiley.

Correction: IT TOOK ONE MAN TO MAKE THE CALL TO SHUT DOWN SOLIDCOIN.
The entire community was behind it. It's either that, BitcoinEx's attack.

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Cosbycoin
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September 17, 2011, 06:38:14 PM
 #10

RS has taken most of the suggestions that have been given to him by the "real" solid coin community pretty seriously. He's not taking this "one man" approach as this post would like to make it seem. We have been in discussion in the solidcoin forum on how to seriously improve the currency so that it's perfect, and he has been pretty receptive.

As far as him working by himself, that's not really something he can control. He is always open for help from others, and has stated numerous times that he would like to have a team, which is part of the reason why the "tax" is going into effect. Programmers don't like working for free you know Smiley.

Correction: IT TOOK ONE MAN TO MAKE THE CALL TO SHUT DOWN SOLIDCOIN.
The entire community was behind it. It's either that, BitcoinEx's attack.

But I thought solidcoin was basically unbreakable by CH's own words.
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September 17, 2011, 06:39:15 PM
 #11

RS has taken most of the suggestions that have been given to him by the "real" solid coin community pretty seriously. He's not taking this "one man" approach as this post would like to make it seem. We have been in discussion in the solidcoin forum on how to seriously improve the currency so that it's perfect, and he has been pretty receptive.

As far as him working by himself, that's not really something he can control. He is always open for help from others, and has stated numerous times that he would like to have a team, which is part of the reason why the "tax" is going into effect. Programmers don't like working for free you know Smiley.

Correction: IT TOOK ONE MAN TO MAKE THE CALL TO SHUT DOWN SOLIDCOIN.
The entire community was behind it. It's either that, BitcoinEx's attack.

But I thought solidcoin was basically unbreakable by CH's own words.
Apparently it will in version 2.0. But we all have to wait and see don't we Smiley.

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September 17, 2011, 06:41:15 PM
 #12

As a matter of fact, "shutdown of solidcoin" was not successful. Which, incidentally, disproves the thesis that all of the community was behind it Wink

Geist Geld, the experimental cryptocurrency, is ready for yet another SolidCoin collapse Wink

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BCEmporium
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September 17, 2011, 06:42:16 PM
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But I thought solidcoin was basically unbreakable by CH's own words.
Apparently it will in version 2.0. But we all have to wait and see don't we Smiley.

It will be for sure, running only at CH's LAN without external internet connection, it will be safer than ever. It can run for millenniums without being ever hacked.
 Grin
Cosbycoin
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September 17, 2011, 06:42:42 PM
 #14

As a matter of fact, "shutdown of solidcoin" was not successful. Which, incidentally, disproves the thesis that all of the community was behind it Wink

Good point: I still see blocks being generated.
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September 17, 2011, 06:43:45 PM
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As a matter of fact, "shutdown of solidcoin" was not successful. Which, incidentally, disproves the thesis that all of the community was behind it Wink
Maybe I should rephrase the statement, and say the VAST majority of the community signed off. There is about 4gh's (4x6990s) at the moment mining, and these people have already been told those coins are irrelevant and won't be counted by anyone in the community.

Get more info on the "hash power" here...

http://solidcoin.kicks-ass.org/graphs/graphs.html

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Cosbycoin
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September 17, 2011, 06:44:34 PM
 #16

RS has taken most of the suggestions that have been given to him by the "real" solid coin community pretty seriously. He's not taking this "one man" approach as this post would like to make it seem. We have been in discussion in the solidcoin forum on how to seriously improve the currency so that it's perfect, and he has been pretty receptive.

As far as him working by himself, that's not really something he can control. He is always open for help from others, and has stated numerous times that he would like to have a team, which is part of the reason why the "tax" is going into effect. Programmers don't like working for free you know Smiley.

Correction: IT TOOK ONE MAN TO MAKE THE CALL TO SHUT DOWN SOLIDCOIN.
The entire community was behind it. It's either that, BitcoinEx's attack.

But I thought solidcoin was basically unbreakable by CH's own words.
Apparently it will in version 2.0. But we all have to wait and see don't we Smiley.

No. Just looking at his track record of failing and having to put band-aid after band-aid on it tells me he will do the same.
johnj
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September 17, 2011, 06:45:21 PM
 #17

The entire community was behind it. It's either that, BitcoinEx's attack.

More propeganda. Infact, SolidCoin24 (the last SC exchange now?) wanted to let it's customers decide which fork to support.  RealSolid threatened to remove SC24 from the main website if SC24 didn't comply.

"The entire community"?  There was a 5hr notice.  For a project that is supposed to be global, how is 5hrs enough time to poll "the entire community"?

So the statement "The entire community was behind it " is blatantly false.

Interesting how most SC supporters think they can speak 'for the entire community'.  Only if it's ruled with an iron fist.


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September 17, 2011, 06:45:43 PM
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RS has taken most of the suggestions that have been given to him by the "real" solid coin community pretty seriously.

By "real" solid coin community, you mean the people who agree with him. People who disagree with him are labeled as "trolls".

As far as him working by himself, that's not really something he can control. He is always open for help from others, and has stated numerous times that he would like to have a team, which is part of the reason why the "tax" is going into effect. Programmers don't like working for free you know Smiley.

People who have mentioned flaws in Solidcoin have been labeled trolls and then banned from both IRC and the solidcoin forums. That is not "open for help from others", that is quite the opposite. Perhaps you are right that he cannot control his reactions to criticism. Currently, I would not bring any bug or design flaw to CH's attention. I would prefer to be able to obtain news about SolidCoin than risk getting banned for "trolling".

Also, some programmers don't need to be paid for their efforts, they are happy to volunteer their work. You may have noticed a few of them put together an entire operating system Wink

P.S. Solidcoin was not "shutdown", it was forked.

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September 17, 2011, 06:46:02 PM
 #19

As a matter of fact, "shutdown of solidcoin" was not successful. Which, incidentally, disproves the thesis that all of the community was behind it Wink
Maybe I should rephrase the statement, and say the VAST majority of the community signed off. There is about 4gh's (4x6990s) at the moment mining, and these people have already been told those coins are irrelevant and won't be counted by anyone in the community.

Get more info on the "hash power" here...

http://solidcoin.kicks-ass.org/graphs/graphs.html

Well once again your statement is false. I'll count them solidcoins valid.

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September 17, 2011, 06:47:28 PM
 #20

The entire community was behind it. It's either that, BitcoinEx's attack.

More propeganda. Infact, SolidCoin24 (the last SC exchange now?) wanted to let it's customers decide which fork to support.  RealSolid threatened to remove SC24 from the main website if SC24 didn't comply.

"The entire community"?  There was a 5hr notice.  For a project that is supposed to be global, how is 5hrs enough time to poll "the entire community"?

So the statement "The entire community was behind it " is blatantly false.

Interesting how most SC supporters think they can speak 'for the entire community'.  Only if it's rule with an iron fist.


So let BitcoinX attack, steal everyone's money, and have the PR mess be even 10x worse huh? He was in emergency mode as far as I am concerned, and as a Solidcoin holder I and many others supported the move... And judging by the graphs I posted, there has been little resistance from the community.

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