[ANN][C2.1] Coin2 | Pow/PoS | ChainOfConflict[FPS] The Future of Gaming is Now

[dotcoin.info]

3. Screenshot doesn't really prove anything (as it stated before) - one can fake it pretty easily and it can be even automated.
The only way to prove ownership is to send small amount:
- someone send you request to approve he owns some address
- you reply with some random number (new number to every new requester) and some address to send to
- once your receive exactly this amount from address he claims to own you can be pretty sure this person is the real owner.

still labor intensive.

i don't know if it is possible to take snapshot and import private key.

better we have some easy to use solution.

and no more surplus. thanks

yes, it's labor intensive but you can't fake it.
easy to use solution = exchange "switch" coins automatically but we need them to enable deposits

yes. exchange "switch"

no more surplus, please.

and i am curious about the projects under development.

we have to get back to track as soon as possible.

[wheelz1200]

Ok ive thought about this and here is my go at it.

Unfortunately right now the crypto world is the wild west so current and new investors might be scared off that 1/3 of the coins will be under the devs control no matter what price we are at. ( although personally I dont have a problem with it). Your thought is that we need the 30 mil to be guaranteed to be staking to secure the network.

Here is my thought on a compromise: make those 30 million the publics but kept as almost a savings by you.  They would be releasable in increments as the coin hits certain market cap milestones. They would only be released if we hit those marks. My thinking is this:  if the coin does extremely well and all 30 million are in the market. The market cap will be large enough where it would almost be imposible for someone to own 51 percent of the coin or 51 percent of the stake.

You might be worried about dilution once 90 million are in existance but the reality is that if the market sees 30 million in a non usable account they will still see and trade it like there is 90 million out there.

This way all current owners will still "own" the same percentage of the coin but they will be required to use some of their holdings to secure the network.

Not a perfect solution for everyone but hey both the community and devs get a portion of what they want/need for the coins success.

Joel and team just want to say im 100 percent behind you and am just throwing an idea out there.

Just so everyone knows I only own in the 200k-300k range so its not like im in the top 5 or even 10 of the bag holders

[dotcoin.info]

Ok ive thought about this and here is my go at it.

Unfortunately right now the crypto world is the wild west so current and new investors might be scared off that 1/3 of the coins will be under the devs control no matter what price we are at. ( although personally I dont have a problem with it). Your thought is that we need the 30 mil to be guaranteed to be staking to secure the network.

Here is my thought on a compromise: make those 30 million the publics but kept as almost a savings by you.  They would be releasable in increments as the coin hits certain market cap milestones. They would only be released if we hit those marks. My thinking is this:  if the coin does extremely well and all 30 million are in the market. The market cap will be large enough where it would almost be imposible for someone to own 51 percent of the coin or 51 percent of the stake.

You might be worried about dilution once 90 million are in existance but the reality is that if the market sees 30 million in a non usable account they will still see and trade it like there is 90 million out there.

This way all current owners will still "own" the same percentage of the coin but they will be required to use some of their holdings to secure the network.

Not a perfect solution for everyone but hey both the community and devs get a portion of what they want/need for the coins success.

Joel and team just want to say im 100 percent behind you and am just throwing an idea out there.

Just so everyone knows I only own in the 200k-300k range so its not like im in the top 5 or even 10 of the bag holders

wow. then 33% premine?

this turns into a total mess.

[Ximp]

UPDATE: I AM GOING TO FINISH UP THE NEW CODE AND WE WILL THEN START EXCHANGING OLD COINS.  


INSTRUCTION.

IF YOUR COINS ARE ON AN EXCHANGE, LEAVE THEM THERE!  THE EXCHANGE WILL SWITCH THEM OVER.

IF YOUR COINS ARE IN YOUR WALLET, READ BELOW.

1. Send a screenshot of your wallet including date and time.  
2. Include a copy/paste of your old wallet address and copy/paste of new wallet address.  ( Obviously as soon as you have the new wallet.)


I will notify everyone when the new wallet is ready.  Thank you.

New coin supply will be 90 mil.  30 mil will be on 2 publicly view able addresses, and will never be spent.  They are the safety coins to prevent this from happening again.  

Please rethink the 90 million coin supply. Even though a lot of people trust you, 1/3 of all coins dumpable in one move is not something anybody wants to worry about. Why not fork blackcoin and distribute the coins as planned (60 Million @ 5% interest)? Blackcoin hasn't had any attacks like these.

[TitaniumPlays]

If the developer holds 30% would that make it centralized?  I understand the reason to want to do that to secure the network but forever people will use that as a form of pre mine and shadyness. Do not do that imo. Something has to be done as most coins don't have this problem. What happened to forward thinking? Don't loose faith and don't act on haste.

[joel511]

I am leaving 60 mil total supply...I have updated a few things in the code.   

[lb2000]

What a good time?

[Ximp]

I am leaving 60 mil total supply...I have updated a few things in the code.   

Very nice! Another thought would perhaps set up some coins that would stake but be unspendable in the code?

[dotcoin.info]

I am leaving 60 mil total supply...I have updated a few things in the code.   

i am going to cry now....happily.

[Dilapidated]

I am leaving 60 mil total supply...I have updated a few things in the code.  

Good decision, glad to see you listen to the community.

I have two questions about the reworked code.  

1. What preventative measures have you taken to ward off another potential attacker?

2. What will the stake percentage be? Are you lowering it to 5% annual every 24 hours or have you worked this out yet?

We survived once and we will again! Keep your head up.

[Ximp]

Joel, if you set the maximum coin age to 7 days it would help to fend off double-spends as no user would be able to accumulate such a large coin staking percentage by letting the coins sit.

[joel511]

The code and coin specs are basically the same...I had a talk with a few people (rat4) and my board.  We should be ok now.  However, the US govt got hacked by the Chinese army.  SO.....we'll see.  

[Ximp]

The code and coin specs are basically the same...I had a talk with a few people (rat4) and my board.  We should be ok now.  However, the US govt got hacked by the Chinese army.  SO.....we'll see.  

Good to hear you are taking this seriously and conferring with the best! Bright times ahead for the new new C2

[Dilapidated]

The code and coin specs are basically the same...I had a talk with a few people (rat4) and my board.  We should be ok now.  However, the US govt got hacked by the Chinese army.  SO.....we'll see.  

That's great news then.

Are you eliminating the coins of the person who caused this attack? More importantly, if everything remains basically the same what would keep that person from doing it again?

[n3lz0n]

UPDATE: I AM GOING TO FINISH UP THE NEW CODE AND WE WILL THEN START EXCHANGING OLD COINS.  


INSTRUCTION.

IF YOUR COINS ARE ON AN EXCHANGE, LEAVE THEM THERE!  THE EXCHANGE WILL SWITCH THEM OVER.

IF YOUR COINS ARE IN YOUR WALLET, READ BELOW.

1. Send a screenshot of your wallet including date and time.  
2. Include a copy/paste of your old wallet address and copy/paste of new wallet address.  ( Obviously as soon as you have the new wallet.)


I will notify everyone when the new wallet is ready.  Thank you.

New coin supply will be 90 mil.  30 mil will be on 2 publicly view able addresses, and will never be spent.  They are the safety coins to prevent this from happening again.  

Please rethink the 90 million coin supply. Even though a lot of people trust you, 1/3 of all coins dumpable in one move is not something anybody wants to worry about. Why not fork blackcoin and distribute the coins as planned (60 Million @ 5% interest)? Blackcoin hasn't had any attacks like these.

no one will dump I assure you that, the wallets will be distributted into 3 wallets and will be held by 3 trusted board members, like everyone else here we will promise not to dump, maybe sign an agreement with Joel etc...

[DeathAndTaxes]

no one will dump I assure you that, the wallets will be distributted into 3 wallets and will be held by 3 trusted board members, like everyone else here we will promise not to dump, maybe sign an agreement with Joel etc...

So a decentralized currency designed to enable commerce without the need for a trusted third party which needs the implicit and absolute trust in third parties?

[n3lz0n]

I am leaving 60 mil total supply...I have updated a few things in the code.   

i am going to cry now....happily.

thats our Joel he always know what's best!

this is why im sticking around! :-)

[joel511]

no one will dump I assure you that, the wallets will be distributted into 3 wallets and will be held by 3 trusted board members, like everyone else here we will promise not to dump, maybe sign an agreement with Joel etc...

So a decentralized currency designed to enable commerce without the need for a trusted third party which needs the implicit and absolute trust in third parties?

Im SOOO close to walking away after comments like this....What do you suggest then?  People keep all their money on exchanges that don't stake, and other people complain that the stake interest is too high.  I cant please everyone. I have a full time job and I am at my tipping point.    

[n3lz0n]

no one will dump I assure you that, the wallets will be distributted into 3 wallets and will be held by 3 trusted board members, like everyone else here we will promise not to dump, maybe sign an agreement with Joel etc...

So a decentralized currency designed to enable commerce without the need for a trusted third party which needs the implicit and absolute trust in third parties?

actually that idea will not happen anymore as we are sticking with the same Cap limit

[DeathAndTaxes]

no one will dump I assure you that, the wallets will be distributted into 3 wallets and will be held by 3 trusted board members, like everyone else here we will promise not to dump, maybe sign an agreement with Joel etc...

So a decentralized currency designed to enable commerce without the need for a trusted third party which needs the implicit and absolute trust in third parties?

Im SOOO close to walking away after comments like this....What do you suggest then?  People keep all their money on exchanges that don't stake, and other people complain that the stake interest is too high.  I cant please everyone. I have a full time job and I am at my tipping point.    

First it doesn't matter what I think so feel free to ignore the comment; my interest in this is only academic because it is a 51% attack on a PoS based coin.  The comment was more a wakeup call.  When someone promotes an idea to keep a decentralized network secure by just handing it over to a trusted central authority you have to take a second to pause and reflect.  Even if it it works out, is that really a good idea?  What is the value in a decentralized network which needs a trusted central authority?  Centralized security is easy, decentralized security is hard but you can't be kinda decentralized with centralized security; it is like being kinda pregnant.

As for what should happen? Users need to be responsible for the security of their own network.  If users allow the network stake to fall to a point where it is economical for an attacker to exploit it then someone eventually is going to exploit it.  The users of the network only have themselves to blame.   Loss is good.  It reminds people that risk is real.  It makes people cautious, pragmatic, and wary.  I would hope after this event, users would be keeping a close eye on the network stake and not just assuming "somebody" will keep it secure.  Decentralized networks are hard, it requires some personal responsibility.  So the solution is for the users/owners to take personal responsibility not for the network to be centralized around absolute trust because it is too hard.

Simple version:  Either stakeholders keep the network secure or it will continue to be attacked.  If the only "solution" is to trade that for a network that requires absolute and implicit trust in a board of nobles then the network is dead anyways.

In full disclosure, I am not a proponent of PoS due to various potential exploits however those exploits are sophisticated in nature (and some are theoretical at this point). To my knowledge none of those occurred here.  This was a simple attack resulting from apathy which allowed an attacker to cheaply obtain 51% of the network stake.  Losing coins is a good way for people to realize "hey we actually do need to take active steps to keep our wealth secure".  If Bitcoin miners allowed the hashrate to decline 99% such that a single person could cheaply amass the hardware to 51% attack the network, someone probably would.  The solution is to not let the network become that weak.