Anyone can tell me what happened on AuroraCoin?

[sudukkk]

Is there something I missed?
Why the prices continue to fall?
Thank you!

[markm]

It is insanely insecure, designed to fail, a total crapcoin from the get-go, probably a deliberate scam.

-MarkM-

[sidhujag]

You think all POS coins suffer security issues? I thought the only way to attack them is to own 51 percent of the coins?

[kalus]

coins being dumped on open market. complete buyer's market.

note:  don't buy. wait for it to go lower.

also, scam.

[markm]

You think all POS coins suffer security issues? I thought the only way to attack them is to own 51 percent of the coins?

Irrelevant since Aurora is not a PoS coin.

It is, on the contrary, the most vulnerable type of coin: plain scrypt.

(Every idiot with a GPU and meme/4chan sensibilities knows how to crap all over aka PWN scrypt coins and does so all day every day for LOLs and profits.)

-MarkM-

[zhuaihdd]

I don't know, but the price has bottom has gone too far.

[sudukkk]

Thanks all post.

And I find another thread https://bitcointalk.org/index.php?topic=546338.0
I found the reasons (Maybe) leading to AUR crash.

I had bought some AURs, but has been sold.
So, let's look at what would happen on AUR.

[BTCLotto]

You think all POS coins suffer security issues? I thought the only way to attack them is to own 51 percent of the coins?

I thought it was 51% of hash rate n not coins ?

[Omnivion]

To clarify for anyone who is confused, the coin is still up and running fine at this moment.

However, the other thread in this forum says "auroracoin - forked and game over" - this turned out to be pretty much untrue, but many have been misled by it.  I'm not sure whether or not these were legitimate "attack" forks that were ever competitive with the main fork or not, maybe someone else knows more than me there, but the main branch that everyone is on is fine now.

The problem was that many people believed the coin was killed and have been panicked for like the last 30 hours or so.

This has caused the price to fall, which does ultimately reduce the security because there isn't as much incentive for miners.  I don't personally know whether or not this brings it within possible attack range with rewards worth around $25/block.

Price has taken a small upturn in the last couple of hours though.  I'm hoping that'll keep going so we can be more confident that these security concerns are put to rest.  Since as I said, more valuable coin = more hashrate = more computing power needed to attack it = more secure.

[markm]

Again someone who does not understand the timewarp attack.

It does not involve any "forking" anyone would notice, instead you simply wake up one day to find that all the coins you ever mined, and all the transactions, never actually happened.

The entire chain from the start, or from the last hard-coded checkpoint hard-coded into your copy of the client, simply did not happen the way that you thought it did.

-MarkM-

[Omnivion]

Again someone who does not understand the timewarp attack.

It does not involve any "forking" anyone would notice, instead you simply wake up one day to find that all the coins you ever mined, and all the transactions, never actually happened.

The entire chain from the start, or from the last hard-coded checkpoint hard-coded into your copy of the client, simply did not happen the way that you thought it did.

-MarkM-

Are you referring to me?  I never said that the coin is immune to all possible future attacks (no coin has this certainty), just that the claimed "death by forking" had not happened.

I don't know whether or not someone interested in doing so could muster enough of a hashrate to execute an attack on a coin of this size, but as I said, a higher price would be more comfortable since it would increase the security.

According to other users, the guy making threats in the other thread has been blowing smoke about destroying altcoins and not having the ability to follow through on several other occasions.  I personally am not familiar with his history.

[zhuaihdd]

Again someone who does not understand the timewarp attack.

It does not involve any "forking" anyone would notice, instead you simply wake up one day to find that all the coins you ever mined, and all the transactions, never actually happened.

The entire chain from the start, or from the last hard-coded checkpoint hard-coded into your copy of the client, simply did not happen the way that you thought it did.

-MarkM-

Are you referring to me?  I never said that the coin is immune to all possible future attacks (no coin has this certainty), just that the claimed "death by forking" had not happened.

I don't know whether or not someone interested in doing so could muster enough of a hashrate to execute an attack on a coin of this size, but as I said, a higher price would be more comfortable since it would increase the security.

According to other users, the guy making threats in the other thread has been blowing smoke about destroying altcoins and not having the ability to follow through on several other occasions.  I personally am not familiar with his history.

At least I think you said that the higher the price the more let people have a sense of security, the price is relatively higher, speculation is less, so the coin is more secure.

[markm]

In other words you demand that the attack actually be done, and done successfully. Fine, okay, its your funeral.

Don't believe the people who know how such attacks are done and how vulnerable the chain actually is as compared to the actual amount of attack power available to attack with, force them to prove it to you the hard way.

Don't complain of course if they do that, since you are insisting upon it.

The scamcoin creators always seem to come back to "we are not attack-bait designed to screw people out of their money unless you actually do attack and screw people out of their money" as their defense of their practice of deliberately luring people into insecure garbage chains.

Thus there really is no choice but to actually carry out attacks, as the only way to prove the scamcoins are scams.

-MarkM-

[markm]

The higher the price and/or the more valuable the goods one can buy with the coin and thus obtain free by double-spending, the more juicy an attack target the coin is.

Hashing power is what secures the chain, not rich pickings for the attackers.

The richer the pickings, the more an attacker can profitably spend on an attack.

On the other hand if you manage to lower the value of the coin enough to make it not worth the bother/cost/trouble of attacking, then maybe, if you manage to lower it enough, you might make your chain a pointless-enough target that the attacker might chose some other target to attack until your coin is worth enough to be worth attacking.

-MarkM-

[BohemianStalker]

Auroracoin is fine. What drives price down the most is:

746727.6 Airdrop coins in circulation

The market simply cannot sustain this.

Most Icelanders are simply selling the coins are thus driving price down.

Buying now is insane.

[sidhujag]

You think all POS coins suffer security issues? I thought the only way to attack them is to own 51 percent of the coins?

I thought it was 51% of hash rate n not coins ?

Ya my bad thought it was new inbred pos lol

[bl0ckchain]

The higher the price and/or the more valuable the goods one can buy with the coin and thus obtain free by double-spending, the more juicy an attack target the coin is.

Hashing power is what secures the chain, not rich pickings for the attackers.

The richer the pickings, the more an attacker can profitably spend on an attack.

On the other hand if you manage to lower the value of the coin enough to make it not worth the bother/cost/trouble of attacking, then maybe, if you manage to lower it enough, you might make your chain a pointless-enough target that the attacker might chose some other target to attack until your coin is worth enough to be worth attacking.

-MarkM-

This is a great explanation.

There should always be a proper balance between coin value and network hashrate.

[softron]

Nothing special, it looks ok on cryptsy. All altcoins r in same situation

[sidhujag]

The higher the price and/or the more valuable the goods one can buy with the coin and thus obtain free by double-spending, the more juicy an attack target the coin is.

Hashing power is what secures the chain, not rich pickings for the attackers.

The richer the pickings, the more an attacker can profitably spend on an attack.

On the other hand if you manage to lower the value of the coin enough to make it not worth the bother/cost/trouble of attacking, then maybe, if you manage to lower it enough, you might make your chain a pointless-enough target that the attacker might chose some other target to attack until your coin is worth enough to be worth attacking.

-MarkM-

This is a great explanation.

There should always be a proper balance between coin value and network hashrate.

This is why I like merge mining as mining becomes relavently secured based on network affect of the coin you are merge mining with. Then since mining becomes free you can dispurse the coins based on actual utility instead of miners who simply dont care about long term.

With pos there is incentive to hold not to spend.. as you mine by holding.. I see a flaw in the fundamental design of a currency to do that.. maybe they end up as commodities.

Aur tried to give coins to people providing utility if those people began to use it.. and hash rate wasnt justifying price so incentive opened up to attack it... If it was merge mined maybe its different.

Anyways its all about incentives and pointing people in the direction you choose based on the variables of
the market which affect your coin.. namely price and hashrate. If you set those up.. then slowly
but surely you will see that coin inevitabily rising.

[inspirone1]

In other words you demand that the attack actually be done, and done successfully. Fine, okay, its your funeral.

Don't believe the people who know how such attacks are done and how vulnerable the chain actually is as compared to the actual amount of attack power available to attack with, force them to prove it to you the hard way.

Don't complain of course if they do that, since you are insisting upon it.

The scamcoin creators always seem to come back to "we are not attack-bait designed to screw people out of their money unless you actually do attack and screw people out of their money" as their defense of their practice of deliberately luring people into insecure garbage chains.

Thus there really is no choice but to actually carry out attacks, as the only way to prove the scamcoins are scams.

-MarkM-

First post but a long time reader. Lot of great info on this forum and thanks for all who contribute all of this great info but
 MarkM Please shut the fuck up. I mean WOW what a fucking idiot! Are 13 maybe 14?? I would hate to think that there really is a man behind you just have to be tween.

“Wise men speak because they have something to say; fools because they have to say something.”