[ANN] Blacknet BLN | Staking | Future of zApp & ZeFi

[tacotime]

Hence my 'Purely from a PoW/Pos Hybrid perspective'.

I understand there are some PoS issues which clearly you have a greater understanding of than 99.9% of the people on this thread, myself included. I hope these can be addressed appropriately, and as an onlooker and potential investor of any coin am keeping my eye on it. Can't devs/code gurus get together and whittle down the actual issues together? Isn't that what open source is all about?

Well, yes, but the issue is a severe one and not easily fixed.  Greg Maxwell (the bitcoin core dev whose IQ is probably above 180) couldn't figure it out after spending months trying, Vitalik Buterin (an Honour's student in maths who dropped out of the University of Waterloo to work on Ethereum) is also now struggling very hard with how to solve the issue with his Slasher algorithm, etc...  Pure PoS is a *very* hard problem to solve effectively, and the only reasonable solutions for pure PoS are coming in a soon to be published scientific paper I'm not really at liberty to talk about.  The first author of that paper is even a little wary about what he's proposed, though.

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[jvdp]

so its almost black friday.. the train is not really leaving yet in advance. I understand that the multipool should drive the price up (if it can) but there seems not a lot of interest yet.

[tacotime]

https://bitcointalk.org/index.php?topic=551861.msg6034076#msg6034076
https://bitcointalk.org/index.php?topic=551861.msg6034634#msg6034634

There are problems in fundamental and horrible ways at the moment.

Umm you were here 9 months ago saying PPCoin is doomed, it's flawed etc.

Made lots of noise about it.

Nothing happened.  

Nothing needs to happen as long as PoW is chugging along -- but then it's just another PoW coin.  The PoS system it is eventually supposed to become as reward goes to 0 is deeply flawed.

I would anticipate BlackCoin to demonstrate this, and eventually leave rat4 scrambling to apply patch after patch as the system breaks in new and exciting ways.

[moderndezigns]

https://bitcointalk.org/index.php?topic=551861.msg6034076#msg6034076
https://bitcointalk.org/index.php?topic=551861.msg6034634#msg6034634

There are problems in fundamental and horrible ways at the moment.

Umm you were here 9 months ago saying PPCoin is doomed, it's flawed etc.

Made lots of noise about it.

Nothing happened.  

Nothing needs to happen as long as PoW is chugging along -- but then it's just another PoW coin.  The PoS system it is eventually supposed to become as reward goes to 0 is deeply flawed.

I would anticipate BlackCoin to demonstrate this, and eventually leave rat4 scrambling to apply patch after patch as the system breaks in new and exciting ways.

that doesn't sound good

[XbladeX]

https://bitcointalk.org/index.php?topic=551861.msg6034076#msg6034076
https://bitcointalk.org/index.php?topic=551861.msg6034634#msg6034634

There are problems in fundamental and horrible ways at the moment.

Umm you were here 9 months ago saying PPCoin is doomed, it's flawed etc.

Made lots of noise about it.

Nothing happened.  

Nothing needs to happen as long as PoW is chugging along -- but then it's just another PoW coin.  The PoS system it is eventually supposed to become as reward goes to 0 is deeply flawed.

I would anticipate BlackCoin to demonstrate this, and eventually leave rat4 scrambling to apply patch after patch as the system breaks in new and exciting ways.

Told OP it was a bad idea, was ignored by OP in the Blackcoin thread. If you don't understand the code you're modifying, don't muck with it.

These attacks are not applicable to BlackCoin. Guess why.

rat4 wrote you that for those atacks BC POS is not valuable how many times he need wrote the same ?

[tacotime]

rat4 wrote you that for those atacks BC POS is not valuable how many times he need wrote the same ?

Writing that you don't think attack vectors exist does not mean that attack vectors do not actually exist.  Replies of "that will not happen" are denials of the rich conceptual history and well noted theoretical problems of proof-of-stake systems.

[sargecap]

So in summary. Mintcoin has an attack demonstrated against it which proves it is vulnerable.

Blackcoin has suffered no attacks because it is PoS only and no known attacks have been made against the protocol. Yes an exchange was hacked but lots of exchanges get hacked especially bitcoin ones.

[johnngbluntzky]

haha.. think of all the noise over the next couple of days as bear traps fellas. sure, people will try to push the price down a bit before black friday. i'm 100,000+ deep on BC and feeling good.

[Jabulon]

So in summary. Mintcoin has an attack demonstrated against it which proves it is vulnerable.

Blackcoin has suffered no attacks because it is PoS only and no known attacks have been made against the protocol. Yes an exchange was hacked but lots of exchanges get hacked especially bitcoin ones.

+1 Nice how few words are required to sum it all up. Thank you.

[moderndezigns]

So in summary. Mintcoin has an attack demonstrated against it which proves it is vulnerable.

Blackcoin has suffered no attacks because it is PoS only and no known attacks have been made against the protocol. Yes an exchange was hacked but lots of exchanges get hacked especially bitcoin ones.

wasn't there a hard fork that coincided with people losing a lot of blackcoins or was that just around the same time? I really am curious about what happened as I know the exchange was blamed

[johnngbluntzky]

So in summary. Mintcoin has an attack demonstrated against it which proves it is vulnerable.

Blackcoin has suffered no attacks because it is PoS only and no known attacks have been made against the protocol. Yes an exchange was hacked but lots of exchanges get hacked especially bitcoin ones.

wasn't there a hard fork that coincided with people losing a lot of blackcoins or was that just around the same time? I really am curious about what happened as I know the exchange was blamed

from what i remember from the tweets, the update went smooth as silk at mintpal. cr.. that's another story.

[maarx]

So in summary. Mintcoin has an attack demonstrated against it which proves it is vulnerable.

Blackcoin has suffered no attacks because it is PoS only and no known attacks have been made against the protocol. Yes an exchange was hacked but lots of exchanges get hacked especially bitcoin ones.

wasn't there a hard fork that coincided with people losing a lot of blackcoins or was that just around the same time? I really am curious about what happened as I know the exchange was blamed

The exchange used a stupid feature which has been around in the clients since bitcoin. That messed up their user's balances within their blackcoin client. That's how users withdrew more than they had and could have negative balance. The total wallet, however, did not have negative balance.

[moderndezigns]

So in summary. Mintcoin has an attack demonstrated against it which proves it is vulnerable.

Blackcoin has suffered no attacks because it is PoS only and no known attacks have been made against the protocol. Yes an exchange was hacked but lots of exchanges get hacked especially bitcoin ones.

wasn't there a hard fork that coincided with people losing a lot of blackcoins or was that just around the same time? I really am curious about what happened as I know the exchange was blamed

The exchange used a stupid feature which has been around in the clients since bitcoin. That messed up their user's balances within their blackcoin client. That's how users withdrew more than they had and could have negative balance. The total wallet, however, did not have negative balance.

Ohh I see I just remember a bunch of issues with blackcoin wallet balances and figured it was all connected

[hamm3r]

Yawn... So, black Friday huh? Sounds catchy Lovely coin; all want a piece of it it seems  

[YAdaminer]

haha.. think of all the noise over the next couple of days as bear traps fellas. sure, people will try to push the price down a bit before black friday. i'm 100,000+ deep on BC and feeling good.

+1
Holding just about and buying more on deeps.

[Djinou94]

What's happen friday?
 

[hamm3r]

What's happen friday?
 

BlackCoin multipool overload happens Friday ;-)

[IconicExpert]

rat4 wrote you that for those atacks BC POS is not valuable how many times he need wrote the same ?

Writing that you don't think attack vectors exist does not mean that attack vectors do not actually exist.  Replies of "that will not happen" are denials of the rich conceptual history and well noted theoretical problems of proof-of-stake systems.

I visited your links. You do realize no system is 100% secure? If it was created by man it can be defeated by man. I would like to point out the 51% attack with a POS coin in theory IS possible but would be very expensive and would make most of the people here very wealthy. That is similar to me suggesting that if someone took a tank and rolled it into my local bank they could take all of the money out of the vault. Yes it can be done, but the likelihood of someone doing that is virtually impossible.

[maarx]

rat4 wrote you that for those atacks BC POS is not valuable how many times he need wrote the same ?

Writing that you don't think attack vectors exist does not mean that attack vectors do not actually exist.  Replies of "that will not happen" are denials of the rich conceptual history and well noted theoretical problems of proof-of-stake systems.

I visited your links. You do realize no system is 100% secure? If it was created by man it can be defeated by man. I would like to point out the 51% attack with a POS coin in theory IS possible but would be very expensive and would make most of the people here very wealthy. That is similar to me suggesting that if someone took a tank and rolled it into my local bank they could take all of the money out of the vault. Yes it can be done, but the likelihood of someone doing that is virtually impossible.

Well actually:
It's similar to someone having 51% of money in THAT vault, buys a tank with it, to get in the vault, and then shoots all the money. And his tank.

Except everybody but this guy get rich in the meantime

[altuinx]

Strong troll activity here as mintcoin has reached 12 on mintpal. We should expect more of these guys to come in here with the intention to bash blackcoin. Keep up the good work guys, you're really transparent.