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Author Topic: [ANN] [MINT] Mintcoin (POS / 5%) [NO ICO] [Fair distro, community maintained]  (Read 1343069 times)
Anonymousg64
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March 29, 2014, 04:51:22 AM
 #11061

i have discovered a flaw with current PoS implementation

you can easily do a 51% attack with PoS blocks without needing large holdings

since PoS blocks are generated on a coin age basis, you could create TXO's delayed by a time offset at the minimum TXO cost for a future attack period

so after creating 10000 TXO of 1 MINT separated by 0.5 seconds to make sure 60 consecutive blocks are generated at repeated interval by your wallet 20 days in the future, the attack would last 1 hour and 40 minutes

enough to put the security and function of a coin in question



couple that with the fact the difficulty calculation includes PoS blocks, that would mean difficulty would jump to stratospheric levels making it impossible to mine PoW blocks
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coolbeans94
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March 29, 2014, 04:55:33 AM
 #11062



Looks like a freaking Tsunami wave way is about to hit!

Let's go surfing!

(1.) Moral happiness depends upon moral order.
(2.) Moral order depends upon the harmonious action of all our powers, as
individuals and as members of society.
Crindon
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March 29, 2014, 04:57:34 AM
 #11063



Looks like a freaking Tsunami wave way is about to hit!

Let's go surfing!

300 satoshis, here we come!
Anonymousg64
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March 29, 2014, 05:03:45 AM
 #11064

i have discovered a flaw with current PoS implementation

you can easily do a 51% attack with PoS blocks without needing large holdings

since PoS blocks are generated on a coin age basis, you could create TXO's delayed by a time offset at the minimum TXO cost for a future attack period

so after creating 10000 TXO of 1 MINT separated by 0.5 seconds to make sure 60 consecutive blocks are generated at repeated interval by your wallet 20 days in the future, the attack would last 1 hour and 40 minutes

enough to put the security and function of a coin in question



couple that with the fact the difficulty calculation includes PoS blocks, that would mean difficulty would jump to stratospheric levels making it impossible to mine PoW blocks

are people really not concerned about this?


YOU CAN 51% ATTACK ANY POS COIN WITHOUT THE NEED FOR 51% OF SUPPLY OR ANY PoW HASHRATE AT ALL
dille71
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March 29, 2014, 05:03:53 AM
 #11065

What happend to all the miners?
Come on! Point your rigs at http://hashco.ws

Mintcoin: MsFGc9atNN6DddEsQHiq7MgDieoSLwtmg5
InformationCoin: Je4ZhmQBSd68oZ7CeXWMrWEsyprTXAVFuX
coolbeans94
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March 29, 2014, 05:14:01 AM
 #11066

i have discovered a flaw with current PoS implementation

you can easily do a 51% attack with PoS blocks without needing large holdings

since PoS blocks are generated on a coin age basis, you could create TXO's delayed by a time offset at the minimum TXO cost for a future attack period

so after creating 10000 TXO of 1 MINT separated by 0.5 seconds to make sure 60 consecutive blocks are generated at repeated interval by your wallet 20 days in the future, the attack would last 1 hour and 40 minutes

enough to put the security and function of a coin in question



couple that with the fact the difficulty calculation includes PoS blocks, that would mean difficulty would jump to stratospheric levels making it impossible to mine PoW blocks

No. In order to get 60 consecutive blocks you would need a TON of coins. There is no way that 1 mintcoin will produce enough coin age to overpower the network's coin age for 1 hour and 40 minutes. 1 MINT all alone by itself would probably take years to successfully get on the blockchain.

(1.) Moral happiness depends upon moral order.
(2.) Moral order depends upon the harmonious action of all our powers, as
individuals and as members of society.
coolbeans94
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March 29, 2014, 05:15:37 AM
 #11067

i have discovered a flaw with current PoS implementation

you can easily do a 51% attack with PoS blocks without needing large holdings

since PoS blocks are generated on a coin age basis, you could create TXO's delayed by a time offset at the minimum TXO cost for a future attack period

so after creating 10000 TXO of 1 MINT separated by 0.5 seconds to make sure 60 consecutive blocks are generated at repeated interval by your wallet 20 days in the future, the attack would last 1 hour and 40 minutes

enough to put the security and function of a coin in question



couple that with the fact the difficulty calculation includes PoS blocks, that would mean difficulty would jump to stratospheric levels making it impossible to mine PoW blocks

are people really not concerned about this?


YOU CAN 51% ATTACK ANY POS COIN WITHOUT THE NEED FOR 51% OF SUPPLY OR ANY PoW HASHRATE AT ALL
Not concerned because it is not true.  Go ahead and try it if you think it is so easy.

(1.) Moral happiness depends upon moral order.
(2.) Moral order depends upon the harmonious action of all our powers, as
individuals and as members of society.
deadmanwalking
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March 29, 2014, 05:16:48 AM
 #11068

Also, you would have to exactly when your miner was going to find the a block. Also, this sounds like a bunch of made up crap. Cheesy


\
Anonymousg64
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March 29, 2014, 05:17:46 AM
 #11069

i have discovered a flaw with current PoS implementation

you can easily do a 51% attack with PoS blocks without needing large holdings

since PoS blocks are generated on a coin age basis, you could create TXO's delayed by a time offset at the minimum TXO cost for a future attack period

so after creating 10000 TXO of 1 MINT separated by 0.5 seconds to make sure 60 consecutive blocks are generated at repeated interval by your wallet 20 days in the future, the attack would last 1 hour and 40 minutes

enough to put the security and function of a coin in question



couple that with the fact the difficulty calculation includes PoS blocks, that would mean difficulty would jump to stratospheric levels making it impossible to mine PoW blocks

No. In order to get 60 consecutive blocks you would need a TON of coins. There is no way that 1 mintcoin will produce enough coin age to overpower the network's coin age for 1 hour and 40 minutes. 1 MINT all alone by itself would probably take years to successfully get on the blockchain.

wrong, only the calculation for how much coins you generate uses coin-days
valid block generation only uses coin age
Anonymousg64
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March 29, 2014, 05:20:36 AM
 #11070

i have discovered a flaw with current PoS implementation

you can easily do a 51% attack with PoS blocks without needing large holdings

since PoS blocks are generated on a coin age basis, you could create TXO's delayed by a time offset at the minimum TXO cost for a future attack period

so after creating 10000 TXO of 1 MINT separated by 0.5 seconds to make sure 60 consecutive blocks are generated at repeated interval by your wallet 20 days in the future, the attack would last 1 hour and 40 minutes

enough to put the security and function of a coin in question



couple that with the fact the difficulty calculation includes PoS blocks, that would mean difficulty would jump to stratospheric levels making it impossible to mine PoW blocks

are people really not concerned about this?


YOU CAN 51% ATTACK ANY POS COIN WITHOUT THE NEED FOR 51% OF SUPPLY OR ANY PoW HASHRATE AT ALL
Not concerned because it is not true.  Go ahead and try it if you think it is so easy.


i am not interested in doing an attack, but you should be worried that it is doable.
go over the logic


THIS IS FIXABLE, BUT REQUIRES A HARD FORK
coolbeans94
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March 29, 2014, 05:22:14 AM
 #11071

i have discovered a flaw with current PoS implementation

you can easily do a 51% attack with PoS blocks without needing large holdings

since PoS blocks are generated on a coin age basis, you could create TXO's delayed by a time offset at the minimum TXO cost for a future attack period

so after creating 10000 TXO of 1 MINT separated by 0.5 seconds to make sure 60 consecutive blocks are generated at repeated interval by your wallet 20 days in the future, the attack would last 1 hour and 40 minutes

enough to put the security and function of a coin in question



couple that with the fact the difficulty calculation includes PoS blocks, that would mean difficulty would jump to stratospheric levels making it impossible to mine PoW blocks

No. In order to get 60 consecutive blocks you would need a TON of coins. There is no way that 1 mintcoin will produce enough coin age to overpower the network's coin age for 1 hour and 40 minutes. 1 MINT all alone by itself would probably take years to successfully get on the blockchain.

wrong, only the calculation for how much coins you generate uses coin-days
valid block generation only uses coin age
There is more to it than that. Getting each consecutive block is not that easy.

(1.) Moral happiness depends upon moral order.
(2.) Moral order depends upon the harmonious action of all our powers, as
individuals and as members of society.
coolbeans94
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March 29, 2014, 05:23:17 AM
 #11072

i have discovered a flaw with current PoS implementation

you can easily do a 51% attack with PoS blocks without needing large holdings

since PoS blocks are generated on a coin age basis, you could create TXO's delayed by a time offset at the minimum TXO cost for a future attack period

so after creating 10000 TXO of 1 MINT separated by 0.5 seconds to make sure 60 consecutive blocks are generated at repeated interval by your wallet 20 days in the future, the attack would last 1 hour and 40 minutes

enough to put the security and function of a coin in question



couple that with the fact the difficulty calculation includes PoS blocks, that would mean difficulty would jump to stratospheric levels making it impossible to mine PoW blocks

are people really not concerned about this?


YOU CAN 51% ATTACK ANY POS COIN WITHOUT THE NEED FOR 51% OF SUPPLY OR ANY PoW HASHRATE AT ALL
Not concerned because it is not true.  Go ahead and try it if you think it is so easy.


i am not interested in doing an attack, but you should be worried that it is doable.
go over the logic


THIS IS FIXABLE, BUT REQUIRES A HARD FORK
I don't think so, but for arguments sake, what's the fix?

(1.) Moral happiness depends upon moral order.
(2.) Moral order depends upon the harmonious action of all our powers, as
individuals and as members of society.
deadmanwalking
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March 29, 2014, 05:25:13 AM
 #11073

He don't know. HE KNOW FUD

Quick! Sell your peercoin! sell everything!

\
dasomsos314
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March 29, 2014, 05:27:22 AM
 #11074

I wished mintcoin had more gambling sites.



i've seen only 2 so far

This is a very promising, I don't know why no one do it,
Why only two gambling sites so far. Smiley
coolbeans94
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March 29, 2014, 05:27:55 AM
 #11075

He don't know. HE KNOW FUD
If you have more coins you get the blocks sooner, so to do 60 mints in a row is near impossible.

(1.) Moral happiness depends upon moral order.
(2.) Moral order depends upon the harmonious action of all our powers, as
individuals and as members of society.
Anonymousg64
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March 29, 2014, 05:30:07 AM
 #11076

i have discovered a flaw with current PoS implementation

you can easily do a 51% attack with PoS blocks without needing large holdings

since PoS blocks are generated on a coin age basis, you could create TXO's delayed by a time offset at the minimum TXO cost for a future attack period

so after creating 10000 TXO of 1 MINT separated by 0.5 seconds to make sure 60 consecutive blocks are generated at repeated interval by your wallet 20 days in the future, the attack would last 1 hour and 40 minutes

enough to put the security and function of a coin in question



couple that with the fact the difficulty calculation includes PoS blocks, that would mean difficulty would jump to stratospheric levels making it impossible to mine PoW blocks

are people really not concerned about this?


YOU CAN 51% ATTACK ANY POS COIN WITHOUT THE NEED FOR 51% OF SUPPLY OR ANY PoW HASHRATE AT ALL
Not concerned because it is not true.  Go ahead and try it if you think it is so easy.


i am not interested in doing an attack, but you should be worried that it is doable.
go over the logic


THIS IS FIXABLE, BUT REQUIRES A HARD FORK
I don't think so, but for arguments sake, what's the fix?

reduce weight of PoS blocks in difficulty calculation
set valid PoS block condition to use coin-days and not coin age, difference being coin-days is ammount of coins * coin age
Anonymousg64
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March 29, 2014, 05:31:50 AM
 #11077

He don't know. HE KNOW FUD
If you have more coins you get the blocks sooner, so to do 60 mints in a row is near impossible.

wrong, you generate a PoS block as soon as you hit 20 days condition, the only limiting factor is whether your block is accepted quick enough to not become an orphan, in which case your wallet would try again
deadmanwalking
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March 29, 2014, 05:32:40 AM
 #11078

He don't know. HE KNOW FUD
If you have more coins you get the blocks sooner, so to do 60 mints in a row is near impossible.

Ya, it doesn't have anything to do with the transactions. The more coins you have, the larger your stake. You would need 51% of coins to take over the blockchain. At which point the coin would become worthless because other people cannot use the coin. Therefore a person would have to be stupid (and rich) to do it.

I really don't know what this guy is talking about. People can google the literature on 51% attack and PoS if they like.

\
stormia
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March 29, 2014, 05:33:03 AM
 #11079

i have discovered a flaw with current PoS implementation

you can easily do a 51% attack with PoS blocks without needing large holdings

since PoS blocks are generated on a coin age basis, you could create TXO's delayed by a time offset at the minimum TXO cost for a future attack period

so after creating 10000 TXO of 1 MINT separated by 0.5 seconds to make sure 60 consecutive blocks are generated at repeated interval by your wallet 20 days in the future, the attack would last 1 hour and 40 minutes

enough to put the security and function of a coin in question



couple that with the fact the difficulty calculation includes PoS blocks, that would mean difficulty would jump to stratospheric levels making it impossible to mine PoW blocks

If you really believed this, then how come you have only told it to the Mint and Zeit community?
Anonymousg64
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March 29, 2014, 05:33:41 AM
 #11080

i have discovered a flaw with current PoS implementation

you can easily do a 51% attack with PoS blocks without needing large holdings

since PoS blocks are generated on a coin age basis, you could create TXO's delayed by a time offset at the minimum TXO cost for a future attack period

so after creating 10000 TXO of 1 MINT separated by 0.5 seconds to make sure 60 consecutive blocks are generated at repeated interval by your wallet 20 days in the future, the attack would last 1 hour and 40 minutes

enough to put the security and function of a coin in question



couple that with the fact the difficulty calculation includes PoS blocks, that would mean difficulty would jump to stratospheric levels making it impossible to mine PoW blocks

If you really believed this, then how come you have only told it to the Mint and Zeit community?

because i came to the realization only an hour ago
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