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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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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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kosmost
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June 18, 2014, 03:10:47 PM |
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I would like to hear what Kosmost and Shaun have to say on the matter. So far there has been no official word from either of them about this here.
The announcement of this 'maybe/may not be' attack caused a significant dumping of coins while it was trending up again. That is not acceptable. The threat should have been proven beyond reasonable doubt before making a public announcement (on both here and reddit I see) and it should have been accompanied by proof for all to verify.
By all accounts it would appear that the threat had already abated before the members posted their announcement - all the more reason to privately inform Kosmost of the concern and let him handle it.
There are ways of dealing with things like this professionally, and although I'm sure the members who posted had no ill intention - it was not professional.
A double-spend attack appears to have been stopped in its tracks by the good folks at MintPal. At this time there is not much else to say, other than the team and I have been actively discussing how to make Karma even more secure. We are always looking to spread the hash with the mining community as a matter of network health. The announcement today was good reason to remind us. It may have caused a bit of dumping, yes, but more than likely a whale-type took advantage of the "news" and made the market panic a little, to their advantage (which happens a bit too often in crypto). There is nothing else to be concerned with at this time. However, we should be making an announcement regarding an improved algorithm for Karma shortly. Our coin is healthy, our market is heatlhy. We are still on a path to BTC pairing, and still on track with everything else. The more our community helps us get there, the better  |
Workchain – Powering the Decentralized Economy
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kosmost
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June 18, 2014, 03:45:12 PM |
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Congratulations to the new Karmashares team. We're excited to finally get started on making Karma great! Our first Board meeting will be held within the next few days. More info here
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Workchain – Powering the Decentralized Economy
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altcoingood
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June 18, 2014, 04:35:03 PM |
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To spend the money/power/resources to earn a few extra million Karma doesn't add up, IMHO.
You don't need 51% to do a successful attack on KGW. |
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karmala
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June 18, 2014, 04:45:59 PM |
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To spend the money/power/resources to earn a few extra million Karma doesn't add up, IMHO.
You don't need 51% to do a successful attack on KGW. We will bring something new on the table soon. |
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p4r4m0un7
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June 18, 2014, 05:14:44 PM |
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You all deserve more, than just become a formal lead of this bunch of us and take more responsibilities. But history remember only heroes. So, congrats guys. You are all great. GO KARMA! |
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ShawnLeary
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June 18, 2014, 05:36:13 PM |
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To spend the money/power/resources to earn a few extra million Karma doesn't add up, IMHO.
You don't need 51% to do a successful attack on KGW. You only need enough nodes to confirm the transaction with enough confidence to fool the exchange, correct? |
"We have the power to begin the world over again" - Thomas Paine
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altcoingood
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June 18, 2014, 05:37:26 PM |
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To spend the money/power/resources to earn a few extra million Karma doesn't add up, IMHO.
You don't need 51% to do a successful attack on KGW. We will bring something new on the table soon. Yes, I am just saying you don't need to buy a lot of hash power to perform the attack. at 3Gh/s you only need 122Mh/s. At 1.3Gh/s it drops to 53Mh/s. You only need enough nodes to confirm the transaction with enough confidence to fool the exchange, correct?
I am not really sure. You can read about it here: https://bitcointalk.org/index.php?topic=552895.msg6021008#msg6021008 |
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easteagle13
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June 18, 2014, 05:50:42 PM |
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Thanks hehe, Chargin emailed me about something and congratulating me about being a moderator, awhile before, I saw the scores where only me and Jason is listed, and I know all workgroups have only one moderator, so when I replied to Chargin I told him/her I did not win, to my suprise a couple of pages later i saw this, we were listed as moderator and assistant moderator hehe, so from election to sitting PR/Marketing has something unique. Thanks again, more power to the Team, the community and Karma! |
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bitwho
Legendary
 Offline
Activity: 1274
Merit: 1000
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June 18, 2014, 06:07:10 PM |
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guys. let us focus on our POW for now.
i suggested before to move all our miners to p2p pool. it doesnt mater how long it will take. we should start educating them to only mine in p2p pool.
three weeks ago we had a net hashrate of 500 mh/s. karma .multicoin-pool.eu had the %51 net hashrate with 300 mh/s.
clearly we have moved to higher ground and karma-multi-pool.eu is a small timer.
Therefore we should think in future past. if we raise in 100s satoshis we will have over 50 gh/s of network! So we need to think ahead. everytime we rise in price. outside miners come to check out thread and find the highest pool
this is why if we keep promoting p2p pools eventually we will start seeing more miners in there. soon our p2p pool will be the biggest pool. This will attract even more miners to jump on board. we all know they biggest pool finds the most blocks and miners only care about short time rewards so they all hug the biggest pool.
Well in p2p pool it will never matter who big it will get as the pool itself does not find the blocks but individuals do! this way we can promote the pool endlessly!
I have asked altcoingood to set up a donation address where we will donate karma. this is the cheapest and safest way to solve any future %51 attack
look at all the communites. they are scrambling to get their miners to a p2p pool. We are a young community and we will become the leading role to other communities.
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pabloangello
Legendary
Offline
Activity: 1344
Merit: 1001
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June 18, 2014, 06:08:19 PM |
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guys. let us focus on our POW for now.
i suggested before to move all our miners to p2p pool. it doesnt mater how long it will take. we should start educating them to only mine in p2p pool.
three weeks ago we had a net hashrate of 500 mh/s. karma .multicoin-pool.eu had the %51 net hashrate with 300 mh/s.
clearly we have moved to higher ground and karma-multi-pool.eu is a small timer.
Therefore we should think in future past. if we raise in 100s satoshis we will have over 50 gh/s of network! So we need to think ahead. everytime we rise in price. outside miners come to check out thread and find the highest pool
this is why if we keep promoting p2p pools eventually we will start seeing more miners in there. soon our p2p pool will be the biggest pool. This will attract even more miners to jump on board. we all know they biggest pool finds the most blocks and miners only care about short time rewards so they all hug the biggest pool.
Well in p2p pool it will never matter who big it will get as the pool itself does not find the blocks but individuals do! this way we can promote the pool endlessly!
I have asked altcoingood to set up a donation address where we will donate karma. this is the cheapest and safest way to solve any future %51 attack
look at all the communites. they are scrambling to get their miners to a p2p pool. We are a young community and we will become the leading role to other communities.
What you mean " in 100s satoshis" ? |
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bitwho
Legendary
Offline
Activity: 1274
Merit: 1000
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June 18, 2014, 06:20:08 PM |
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i meant to say 500 satoshis.. sorry
0.00000500 btc/ 1 karma
this is the minimum goal we are trying to push. clearly future reference.
as we can see from dogecoin. a coin will a good community and x2 more coin then us is safely stable at 50 satoshis.
so i expect karma to easy be at minimum 50 satoshis by the end of the year.
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bitwho
Legendary
Offline
Activity: 1274
Merit: 1000
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June 18, 2014, 06:20:46 PM |
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btw pabloangello.
is communitycoin's multi pool mining karma?
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easteagle13
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June 18, 2014, 06:27:20 PM
Last edit: June 19, 2014, 06:21:07 AM by easteagle13 |
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I would like to thank the following people for Karma tipping donations, translation fund and other things
kosmost
Shawnleary
Delaforetnoire
p4r4m0un7
ptman
cryptowho
ezvm
ptman
crypto14
pugwilfy
Karmakaguy
At the moment we have 1,700,000 karma for tipping fund
and 5,650,000 Karma for translation fund
of which my personal share is 2,300,000 karma.
More power to us who really believe in the community vision and mission of Karma. If you want to share in this funds Here are the addresses you can send your share to.
for Tipping fund: KRzVcFi6TNDvQ1WPQbRd9QWk1cA2xCsEW2
for Translation fund : KHvkhA7RTFnG8N5RWPB48gs2y8K1od6xF4
The more fund we have the more things we can do.
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karmala
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June 18, 2014, 06:33:22 PM |
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I would like to thank the following people for Karma tipping donations, translation fund and other things
kosmost
Shawnleary
Delaforetnoire
p4r4m0un7
ptman
ezvm
ptman
crypto14
pugwilfy
At the moment we have 1,700,000 karma for tipping fund
and 5,650,000 Karma for translation fund
of which my personal share is 2,300,000 karma.
More power to us who really believe in the community vision and mission of Karma. If you want to share in this funds Here are the addresses you can send your share to.
for Tipping fund: KRzVcFi6TNDvQ1WPQbRd9QWk1cA2xCsEW2
for Translation fund : KHvkhA7RTFnG8N5RWPB48gs2y8K1od6xF4
The more fund we have the more things we can do.
I am quite sure that I should be also on that list. But doesent matter. Another thing: Herewith I proudly announce that I just bought the soul of user Yiepie over our Marketplace at Karmashare.me! 7fa96b84fe777265bb57e5b65b9968d41955a7993b4f95ced36b56891a239625-000 I am willing to donate it for a good cause. |
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pabloangello
Legendary
Offline
Activity: 1344
Merit: 1001
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June 18, 2014, 06:33:32 PM |
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btw pabloangello.
is communitycoin's multi pool mining karma?
Not yet but not a bad suggestion. Btw. I am not CommunityCoin dev  |
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pabloangello
Legendary
Offline
Activity: 1344
Merit: 1001
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June 18, 2014, 06:34:57 PM |
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i meant to say 500 satoshis.. sorry
0.00000500 btc/ 1 karma
this is the minimum goal we are trying to push. clearly future reference.
as we can see from dogecoin. a coin will a good community and x2 more coin then us is safely stable at 50 satoshis.
so i expect karma to easy be at minimum 50 satoshis by the end of the year.
Even 50 satoshis would be quite nice achievment. 500 satoshi would need a mega amount of development and marketing work. |
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bitwho
Legendary
Offline
Activity: 1274
Merit: 1000
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June 18, 2014, 06:35:51 PM |
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btw pabloangello.
is communitycoin's multi pool mining karma?
Not yet but not a bad suggestion. Btw. I am not CommunityCoin dev hahah i know also please dont! we got enough lechers in our back :/ |
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AGcrypto
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June 18, 2014, 06:41:43 PM |
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In the words of the great Encyclopedia Galactica: DON'T PANIC
Did the "possible 51% attack" originate form a regular mining pool? I somehow doubt that. Prematurely blaming regular pools is IMO a bad move and definitely not good Karma. Isn't it much more likely that the attack was coming from an external actor, rather than the existing Karma mining community? What if it is related to the 1.5+ GH/s Nethash that were unaccounted for last week? Was it even an attack on the regular network or rather aimed at Mintpal directly? I'd like to see some facts before we rush to conclusions and point fingers.
If it was indeed a 51% attack, it is pretty much the scenario I and others were warning about in April. Because of the new ASICs several GH/s of mining power are suddenly at the whim of a few select people. Moving our existing hashrate to P2Pools doesn't protect from that. P2Pool is a tiny piece in the puzzle of securing the network at best.
Another piece would be if the community and/or LLC joined the game and secured the network by aquiring additional mining power, either through renting rigs or purchasing ASICs. This was already suggested as an idea on the Karmashares forums IIRC.
In the interest of not getting this whole mining/algo/PoS discussion started again, I'll just shut up now. The team will work it out, I trust them to do whatever is best for Karma.
This is me speaking for self. No one is blaming anyone as we don't have proof on who did what. But there has been speculation among a few of us that there is the possibility of a shadow pool or pools who are modifying their front ends to show one thing yet combining hash power in the back or have a private pool made up of huge hash power rigs that is working hidden to the public. Again we don't have any tangible proof on who is or is not doing this, however I will challenge you to look up all the pools you can find and then add up their hashrate. You will find that their is currently close to 1.5-2gh of net hash that is unaccounted for. And i think you would be foolish to think there are that many people solo mining. While asking people to mine at a p2pool is not a fix all it does put us one step forward in an attempt to spread the hash rate instead of having it all focused in one place. Hell for all we know you could be unknowing hashing away at a pool that is feeding this type of attack without you even having a clue. In the end to each is their own, if you switch to a p2pool or not that is up to you. But at least it was put out there on what could be happening and its up to you if you wish to react or not. The health of Karma and its security is very important the Karma Team and rest assured they are looking into doing what they can to make sure Karma remains secure for years to come. |
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