An important update regarding whitecoinI would like to thank everyone for their support. I am amazed at how this community has come together. Since announcing this, I've had hundreds of people reach out to me offer moral, material, and technical support.
A work group of major stakeholders in whitecoin has been assembled, our plan is to commission a dev to properly update the wallet for us in the coming hours. We have found the dev we need. However, we feel it is only fair that those who are devoting their expertise be compensated. Real people with real jobs will be dropping everything to save whitecoin.
Our plan will be handled via a transparent process, we will not accept code from an anonymous or non-qualified dev. Here are some basic facts for everyone:
1. The premine is gone, we believe it was dumped long ago, and still no contact from the whitecoin creators.
2. A vast and financially backed alliance is forming to create a legitimate whitecoin foundation.
3. The blockchain is secure and your coins are safe.
4. We expect to release a wallet update within 24 hours if not much sooner.
5. To continue to protect the block chain, if you support this plan, we ask you to point your hash to
whitecoinpool.com at port 3377
6. We continue to request that all users avoid transferring their coins wallet to wallet, and that exchanges not permit exit of whitecoin until the update and hard fork.
7. Notice of the hard fork will be given in advance.
8. Transparent fundraising via an escrow service will be announced tomorrow so that whitecoin can move to the next phase and recover.
9. All users at whitecoinpool.com (chunkypools) were protected from this crash by virtue of the fact we had no time or faith to process our final WhiteCoin buys once this situation became clear. Your hash from the last 24(approx) hours has been protected as BTC, payouts will resume in the morning.
10. After this message you will not hear from us until morning, when after I've received an update on the new devteam's progress, I will make a followup announcement.
My personal goal is to see WhiteCoin move to 10K sat+ where our community believes it should be. I won't quit until that happens.
Thanks again for all your support and patience, point your miners, let's get some sleep, and it's a new day for whitecoin tomorrow.
With highest respects,
Chris Salsman
(mogonzo)
So I have a simple question: why do we need to protect against a 51% attack if we're going to hard fork the coin? This is really quite simple:
HARD FORK THE COIN AT BLOCK 10000. Done.
Okay, maybe not 10000, but there's nothing stopping anyone from doing that. We have the block chain right now going past block 10000, but everything happening there is basically meaningless as far as mining. So if not 10000, because of the latest trades and such, then fork it at the current block or one in the very near future (e.g. 12000). What people fail to understand is that if someone were to execute a 51% attack, you could simply unroll the attack by hard forking to before it happened (according to the block chain). In the meantime, all this hand wringing is silliness.
Given that WC is largely based off of Blackcoin, I don't see why it can't just fork to a clone of BC, though there's more work involved than a simple cloning job obviously. Also note that the current WC block explorer (
http://cryptexplorer.com/chain/WhiteCoin) is apparently off by a factor of 100 -- the initial blocks up to 10000 were 30000 WC PoW mining each, and now we're seeing 10 WC blocks (not 300 and 0.1 WC blocks, which is what the explorer is showing). So we have a buggy coin with a buggy block explorer. LOL
Anyway, as I see it the hard fork process is a democracy, and it's very simple: you vote by running the wallet you support. Given the source code is already available, anyone could create a new WC wallet, but that doesn't do them any good unless people (and more importantly, pools and exchanges) use the wallet. Since WC is currently broken, nothing good is happening right now regardless. All the exchanges listing WC should freeze all transactions, all WC pools (including ChunkyPool) should do likewise, and we should basically just leave the coin as dead for the couple of days it takes to get a fixed wallet in place -- or maybe a week at most, assuming you have any halfway competent programmer.
It will be painful in the short term, but fundamentally this is a coding problem and it can be best solved with coding, not by "protecting the block chain". Modifying the source code to restart after a specified block and roll things back seems better than wasting hashing power on a useless and unnecessary move to "protect" a coin that is going to be hard forked one way or another. If in the interim someone gains a 51% share and executes an attack, then when a wallet is released that forks the block chain before that attack happened, the community just votes for that wallet (by running it) and we all move on. Just please make sure to test the new wallet properly before starting up trading and mining again, or we'll be back in this same spot.
The real problem is that with several other BC clones, and with WC having proven that it did not have a proper developer, it will take a lot for it to recover. Why in two years would anyone want to use Whitecoin as opposed to Blackcoin, or whatever other coin you want to name that didn't have major problems with it's initial release and wasn't created by a scamming developer? The only reason I'm holding WC is because... well, I'm holding lots of bags (small ones, mind you), and if a few of them take off they can cover for the dozens that suck.
Disclaimer: I believe I was the first to post about how PoS was failing to work after block 10000, and people said, "Who cares -- 2% PoS is nothing if we can get whitecoinpool.com to bump the value from 1000 to 10000 satoshi!" Well, that might be true, but if PoS is broken then the code is broken, ergo we need to fix the code before the coin can ever hope to reach 10K satoshi. I haven't looked at why we're getting PoW values of 10 WC, but the source code is there so someone could certainly go look at it and figure out what is going wrong. Basically, these clone coins and IPOs are a mess and stuff like this doesn't surprise me, but I've seen several community takeovers in the past and Whitecoin could do the same -- assuming you can get a competent and not anonymous team to head it up.
