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Author Topic: 51% Attack on LTC Bet  (Read 2387 times)
Nachtwind
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December 05, 2011, 09:06:17 PM
 #1

As discussed in the previous discussion (https://bitcointalk.org/index.php?topic=53595.msg641153#msg641153) some people are willing to provide Bets  on the safety of Litecoins.

Since some friends SolidCoin still see a 51% attack coming and want to save us from loosing all our pain of loosing hard earned money i will make it easier for all of us.
Like in a bounty thread i will collect bets here:

We bet pro or contra the following thesis:

Litecoins will not be 51% attacked until January 5th 2012.

The Date is chosen since it is one month ahead.
The winning party will split the opposing parties bitcoin among them at the same ratios they put bets in (so if everyone is betting 1 BTC, everyone will get the same amount of the opposing bets.. if one bets 2BTC and four people 1BTC the one with 2BTC gets one third of the opposing Coins etc..)



Bets in favor of Litecoin:
- Nachtwind 5BTC
- Explodicle 10BTC

Bets against Litecoin:
- noone?

1481291955
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Even in the event that an attacker gains more than 50% of the network's computational power, only transactions sent by the attacker could be reversed or double-spent. The network would not be destroyed.
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BitcoinPorn
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December 05, 2011, 09:11:29 PM
 #2

Moonco.in

I am awaiting to see how odds look before betting.

Coinbuck @ BTCLot
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December 05, 2011, 09:18:11 PM
 #3

https://www.btclot.com/

Bitcoin is the future !
BitcoinPorn
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December 05, 2011, 09:50:42 PM
 #4

He done got my coin, I do not believe I was ever paid back in the SolidCoin thread on however that was being handled, meh.  I did nothing but really like that site Sad

Ahimoth
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December 06, 2011, 04:34:32 AM
 #5

Kinda thin on the criteria for this bet. How deep of a re-org would qualify as a 51% attack?

Also, BitcoinPorn:
I assume you are "SolidCoinPorn" over at the SolidCoin forums. If so, I have 60SC waiting for you from the mooncoin refund, I just need you to return to the SC forums and PM me, or post a refund address in the mooncoin deposit thread.
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December 06, 2011, 05:19:39 AM
 #6


I assume you are "SolidCoinPorn" over at the SolidCoin forums. If so, I have 60SC waiting for you from the mooncoin refund, I just need you to return to the SC forums and PM me, or post a refund address in the mooncoin deposit thread.

Squeaky wheel gets the grease  Cheesy   I will PM an address when I get to the comp I have my wallet on.  That is one less issue I now have with Solidcoin, was the handling of these refunds.  I can understand since then though, the client has gone through changes and what not, anyways, thanks.

gmaxwell
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December 06, 2011, 05:28:06 AM
 #7

I oppose litecoin with a bet of 1e-8 BTC, and I support litecoin with a bet of 1e-8 BTC.

(i.e. 1e-8 is one base unit)

Thanks.
crazy_rabbit
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December 06, 2011, 09:59:58 AM
 #8

Why are we trying to encourage this?

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freequant
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December 06, 2011, 12:52:47 PM
 #9

Anyone interested to bet on the odds that NachtWind gets hit by a bus before 5 Jan 2012?
El Cabron
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December 06, 2011, 01:03:02 PM
 #10

What sort of hashing power would be needed to do a 51% attack?

Sorry El Cabron, you are banned from posting or sending personal messages on this forum.
Trolling
https://bitcointalk.org/index.php?topic=622250.msg7030081#msg7030081
Ahimoth
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December 06, 2011, 05:33:42 PM
 #11

What sort of hashing power would be needed to do a 51% attack?

At the current network speed of 30mh/s, you would need about 1,500 good cpus to start a 51% attack. However I think the original concept was that a very large "dark" pool *may* already have the capacity to 51% the network.
crazy_rabbit
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December 06, 2011, 08:30:11 PM
 #12

What sort of hashing power would be needed to do a 51% attack?

At the current network speed of 30mh/s, you would need about 1,500 good cpus to start a 51% attack. However I think the original concept was that a very large "dark" pool *may* already have the capacity to 51% the network.

As an interesting note, there is over 100K of LTC for sale in one order over at BTC-e right now. Till someone feels like buying all of that up, the price won't be getting higher then 0.00556. Interesting to see someone controlling the price like that.

Will be nice to have LTC prices stable for at least a little while so people can focus on something more productive then trading. :-)

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crazy_rabbit
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December 06, 2011, 09:01:05 PM
 #13

What sort of hashing power would be needed to do a 51% attack?

At the current network speed of 30mh/s, you would need about 1,500 good cpus to start a 51% attack. However I think the original concept was that a very large "dark" pool *may* already have the capacity to 51% the network.

As an interesting note, there is over 100K of LTC for sale in one order over at BTC-e right now. Till someone feels like buying all of that up, the price won't be getting higher then 0.00556. Interesting to see someone controlling the price like that.

Will be nice to have LTC prices stable for at least a little while so people can focus on something more productive then trading. :-)

I guess I spoke to soon, it's already gone.

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BigCpuMiner
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December 06, 2011, 11:32:20 PM
 #14

What sort of hashing power would be needed to do a 51% attack?

I have it but I will not do 51 attack.

English is not my native language.
1AZBPbWbpiEh7VymCfFi1mZtAomEdGkBHZ
terrytibbs
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December 07, 2011, 12:15:52 AM
 #15

What sort of hashing power would be needed to do a 51% attack?

I have it but I will not do 51 attack.
Prove it.
BigCpuMiner
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December 07, 2011, 12:23:45 AM
 #16

Prove it.

You want me to prove that this address belongs to me?

http://blockexplorer.sytes.net/address/LSQAz3zmxfKAEPZJd9693Udrg19gEidHs8

English is not my native language.
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Explodicle
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December 07, 2011, 12:38:13 AM
 #17

You can count my original 10 BTC here, in favor of Litecoin.

Considering the cost of a 51% attack, I doubt our bets will significantly influence its likelihood. This is just to clearly illustrate to his followers that CoinHunter is full of BS.
BigCpuMiner
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December 07, 2011, 12:46:15 AM
 #18

You can count my original 10 BTC here, in favor of Litecoin.

Considering the cost of a 51% attack, I doubt our bets will significantly influence its likelihood. This is just to clearly illustrate to his followers that CoinHunter is full of BS.

Your BTC will stay with you as I don't see any reason to do attack. I am nor a bank neither a government Smiley
I prefer just mining.

English is not my native language.
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doublec
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December 07, 2011, 12:46:32 AM
 #19

You want me to prove that this address belongs to me?

http://blockexplorer.sytes.net/address/LSQAz3zmxfKAEPZJd9693Udrg19gEidHs8
If you use the command line client you can prove it by signing a message using that address:

Code:
$ litecoind signmessage LSQAz3zmxfKAEPZJd9693Udrg19gEidHs8 "Yes, it's really me"

Show the result of that here. People can verify with:

Code:
$ litecoind verifymessage LSQAz3zmxfKAEPZJd9693Udrg19gEidHs8 [result from above] "Yes, it's really me"
BigCpuMiner
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December 07, 2011, 02:21:01 AM
 #20

G0n+/4N/SwNJfsjVNrVvkVuGbwiR+X/Wwzm8IZk9WBuoZfriG7iWqnMdOALUDx4NEXfiTkeDsy5dk/OI3JUBQ9s=

English is not my native language.
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