[ANN]Faircoin - MULTIPOOL PAYS --- 20%--- BONUS! for the next week!!

[jcarl987]

Well they wanted to merge the forks, adding an extra 50 mil coins into the system and devaluing the coins held by the majority of people who have absolutely nothing to do with this.

On a better note, trading at poloniex seems to be at about the same price as before the problems.

[NubRevealer]

yeah we could go on with life on poloniex, but the thing is there's a few million of our coin stuck there on nxte. yes they never say they wont give back our coins, but they never say they will give back also.

[fair-cointeam]

you are correct about the attack, the attacker mined in secret and replaced the chain
that is how they got the coins
this is no longer possible as we have a hard checkpoint

[jcarl987]

yeah we could go on with life on poloniex, but the thing is there's a few million of our coin stuck there on nxte. yes they never say they wont give back our coins, but they never say they will give back also.

Yeah of course, it's absolutely unacceptable to still be withholding legit coins.

[y3804]

you are correct about the attack, the attacker mined in secret and replaced the chain
that is how they got the coins
this is no longer possible as we have a hard checkpoint

Did you implement automatic checkpointing? How did you fix it?

[fair-cointeam]

Did you implement automatic checkpointing? How did you fix it?

hard checkpoint, and verify blockchain against hard checkpoints on load
so it sees the forked chain as invalid, and goes back to the correct chain
it doesn't matter how much hash power anybody puts in, the hard checkpoint means he can't replace the chain

[y3804]

Did you implement automatic checkpointing? How did you fix it?

hard checkpoint, and verify blockchain against hard checkpoints on load
so it sees the forked chain as invalid, and goes back to the correct chain
it doesn't matter how much hash power anybody puts in, the hard checkpoint means he can't replace the chain

But someone with enough hash power and enough coins (from the correct chain) could still do a 51% attack and double spend on the exchanges. Correct?
Not entirely replacing the chain, but temporarily having control over the chain.

E.G., I have 1M coins in my wallet from correct chain (bought from exchange). I have 100mh/s (>51% of total hashrate). I could execute exactly the same attack, deposit 1M, reverse transaction, deposit 1M, then revert back to correct chain by removing 100mh/s,.

A hardcoded checkpoint can't deal against that kind of attack.

MCXNow is the only exchange which has protection against 51% attack. Trading shuts down automatically upon detection. I don't know why Poloniex/NXT-E don't have the knowledge to code this kind of protection.

One way to prevent is by enabling early PoS blocks... another one is automatic checkpointing (can't reverse transactions before checkpoint). I don't know about other ways

[bato323]

i think that DEV said that POS starts on monday

[fair-cointeam]

But someone with enough hash power and enough coins (from the correct chain) could still do a 51% attack and double spend on the exchanges. Correct?
Not entirely replacing the chain, but temporarily having control over the chain.

E.G., I have 1M coins in my wallet from correct chain (bought from exchange). I have 100mh/s (>51% of total hashrate). I could execute exactly the same attack, deposit 1M, reverse transaction, deposit 1M, then revert back to correct chain by removing 100mh/s,.

A hardcoded checkpoint can't deal against that kind of attack.

MCXNow is the only exchange which has protection against 51% attack. Trading shuts down automatically upon detection. I don't know why Poloniex/NXT-E don't have the knowledge to code this kind of protection.

One way to prevent is by enabling early PoS blocks... I don't know about other ways

yes, this is more or less correct for any coin afaik
we'll have pos blocks before we go on mintpal

[y3804]

But someone with enough hash power and enough coins (from the correct chain) could still do a 51% attack and double spend on the exchanges. Correct?
Not entirely replacing the chain, but temporarily having control over the chain.

E.G., I have 1M coins in my wallet from correct chain (bought from exchange). I have 100mh/s (>51% of total hashrate). I could execute exactly the same attack, deposit 1M, reverse transaction, deposit 1M, then revert back to correct chain by removing 100mh/s,.

A hardcoded checkpoint can't deal against that kind of attack.

MCXNow is the only exchange which has protection against 51% attack. Trading shuts down automatically upon detection. I don't know why Poloniex/NXT-E don't have the knowledge to code this kind of protection.

One way to prevent is by enabling early PoS blocks... I don't know about other ways

yes, this is more or less correct for any coin afaik
we'll have pos blocks before we go on mintpal

Needs to be way sooner. Someone who can set up a pool and rent a 200mh/s rig for 0.1BTC from Betarigs (literally 0.1BTC) could kill the exchange again (or create more coins for himself, waiting until Mintpal and then dump 5M)

How does BlackCoin prevent this? They simply don't have PoW mining at all?

I personally would disable deposits on NXT-E/POLONIEX before PoS minting starts (trading OK), so the attacker  can't deposit over and over again. I can't believe such a critical security hole hasnt been patched since launch.

[fair-cointeam]

Needs to be way sooner. Someone who can set up a pool and rent a 200mh/s rig for 0.1BTC from Betarigs (literally 0.1BTC) could kill the exchange again (or create more coins for himself, waiting until Mintpal and then dump 5M)

How does BlackCoin prevent this? They simply don't have PoW mining at all?

blackcoin stopped pow mining after initial phase
they run only on pos blocks
i'm not sure how it's working out for them
the bitcoin based coins were never designed to be 100% pos

i need to go for a few hours, i'll talk about your other point when i'm back

[y3804]

Needs to be way sooner. Someone who can set up a pool and rent a 200mh/s rig for 0.1BTC from Betarigs (literally 0.1BTC) could kill the exchange again (or create more coins for himself, waiting until Mintpal and then dump 5M)

How does BlackCoin prevent this? They simply don't have PoW mining at all?

blackcoin stopped pow mining after initial phase
they run only on pos blocks
i'm not sure how it's working out for them
the bitcoin based coins were never designed to be 100% pos

i need to go for a few hours, i'll talk about your other point when i'm back

Apparently the only solution for litecoin-forked coins is more hashing power. SolidCoin has protection against 51% attack, but it's a very unusual fix.

It's already too late, I think some attacker out there already created more coins for himself. The only way to prevent completely is to do something like BlackCoin, disable PoW and enable early and fast PoS

[berone]

i trust the dev team. i think fac will go up

[berone]

i trust the dev team. i think fac will go up

[DailyModo]

FAircoin is getting back on track! Very nice job.

I think we wil get back to exactly where we were in about 2-3 days then mintpal will ad us it could double.

[fair-cointeam]

those who didn't update their wallet will be disconnected from the network in a few hours

[jrich76]

FAC market resumed on Poloniex.

I would like to point out that the developer was very responsive and helpful, and even covered half of the losses. Clearly dedicated to the coin.

And I would like to point out that the busoni was also very responsive and helpful, and even covered the other half of the losses. Clearly dedicated to doing good business.

I've being waiting and voting for FAC into MintPal, but apart from the potencial, it's got NOTHING on Poloniex
Not sure if I'll switch ...

WOW, I knew Busoni was awesome and Poloniex is one of the best exchanges, if not the best, but I had no idea he covered the losses.

If you aren't trading at poloniex.com you are missing out, why fight the bots over at Mintpal and Cryptsy. Get in on newer coins earlier. I bought HIC at 500 on Poloniex, sold at 5000 on Mintpal lol.

[jrich76]

If DEV wanted dump his own coins, he would made ​​it through a week on mintpal and take x5 more BTC. It is oblivios. But i still can't understand how attack was done. Because if it was just 51% attack how the attacker could create new coins? Can somebody help me understand how it was done? Because it is crucial for the future of this coin.

 

http://learncryptography.com/51-attack/

[DailyModo]

Poloniex for life!

this wa smy first exchange and i never quit it.

[dismoon]

For the NXT - E platform, really don't want to say what, at first I don't know this small platform, under the NXT group asked, NXT - "E" is for the Chinese to open? Then someone retort, you if it was Chinese, they can trade. The code, and then looked at his platform is developed by ASPX, feel very uneasy, something Microsoft za not distrust, but always feel as high security, JAVA, PHP, fault-tolerance so haven't dared to deal. This time to bring a few copies of FAC, see the FAC NXT - E is the first trade, so to transaction, the transaction several times, feeling can also, currency slow not NXT - E responsibility, filling mechanism is FAC, mention other COINS, such as BTC, quite fast, 1-5 minutes, and then think of this platform also to be trusted.
But from the perspective of the events of the NXT - E I am never go to deal, I suggest you quit or not.
You can see the record, this post NXT - E in FAC after a problem has been to escape responsibility, and blindly black FAC, said FAC is the development of the Chinese, say again by the so-called FAC group management "chief" manipulation. Personal lost FAC, in under the condition of don't understand what went wrong question NXT - E is completely understandable, platform to do a good job of explaining, gives the solution line ah, the NXT - E platform not only no exact solutions, but in the case of no evidence on the black FAC, this is a platform can tell me any comments, this is a platform that service? I really can't understand.
I don't blame the somebody else old foreigner to spray, it is our quality is too low, I think, if feel incompetent, just shut your mouth, do anything she likes go to, because even in the absence of the incident, like this kind of platform is finally closed.
About the FAC is developed by "village leader", I can say that sentence, not! FAC out when I went into the group, the village chief from start to bring money, rent the server, do Chinese web pages, to raise, to send the new currency, at the end of the call to donate BTC M on network, are recorded, obvious to all. A platform on the strength of the group of one-sided screenshot is only black, a arbitrary really don't know the platform of the sense of responsibility?
This also tell us, also give you a advice, trade, or go to the big platform of good, late late, don't must go to the small platform, everybody is good, normal trading out of the problem is only from recognize unlucky. Lost money doesn't matter, the loss of money and no relationship, 'but it hurts the body.
May I send out, the NXT - E spray to me again, say I'm a FAC powder, estimation is also a lost coin. Ha ha, fair in the heart, think differently.
NXT - E, please have a look at the somebody else POLONIEX is how to do it. [/ b]
Also, NXT - E again to black COMM, alas, the platform is becoming more and more don't understand! Advise NXT - E, I lost money doesn't matter, don't throw COINS and a disgrace. Credibility is priceless!