[ANN] [MINT] Mintcoin (POS / 5%) [NO ICO] [Fair distro, community maintained]

[coolbeans94]

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.

[1713448426]

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[1713448426]

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[deadmanwalking]

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.

[Anonymousg64]

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]

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]

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.

[coolbeans94]

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?

[deadmanwalking]

He don't know. HE KNOW FUD

Quick! Sell your peercoin! sell everything!

[dasomsos314]

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.

[coolbeans94]

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.

[Anonymousg64]

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]

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]

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]

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]

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

[coolbeans94]

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

That is what it uses coin days. It is ammount of coins * coin age. And it doesn't start until after 20 days of waiting.

[dasomsos314]

I told you guys are the real pumpers and dumpers just think optimtically and keep buying mints and never sell.

Yes,
Buy when the price bottom, sell when the price is high!
This is a good investment.

[Anonymousg64]

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.

you're just regurgitating what you have been told.


IT DOESN'T MATTER HOW LARGE YOUR STAKE IS FOR BLOCK GENERATION, STAKE SIZE ONLY IMPACTS HOW MANY COINS YOU GENERATE

[coolbeans94]

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.

No they don't need 51% of the coins, only 51% of the coin days.

[stormia]

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

If it is an orphan, then you aren't getting the bloack are you?

[coolbeans94]

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.

you're just regurgitating what you have been told.


IT DOESN'T MATTER HOW LARGE YOUR STAKE IS FOR BLOCK GENERATION, STAKE SIZE ONLY IMPACTS HOW MANY COINS YOU GENERATE

Then why does a small amount of coins take like 26 days to get block generation, while a large amount will mint on day 20 or 21? It does impact the timing.