[XCR] Crypti | Dapps | Sidechains | Dapp Store | OPEN SOURCE | 100% own code | DPoS

[DeadlyEskimo]

Correct, it is based of of your last forged block. So in essence, your weight resets, the other 3000 or 10,000 nodes that are running, do not.

Ok, thanks for answering.

[xtester]

Here is a "full report" of the Nxt - bter story: http://www.enterstageright.com/archive/articles/0814/cryptocurrpbterjob.htm

It's a bit too long, but indeed, quite intriguing.

[profitofthegods]

Can I use Crypti's Custom block chain to create an app that allows cloud storage on my own custom blockchain similar to having the entire Storj idea within an App within Crypti?

This would be a possibility, yes.

Nice!

You can use the blockchain to create a blockchain for a coin like SJCX, but you can't create something like the Storj platform on Crytpi. You can use a custom bockchain to store things, but if you want to store things like what Storj is going for then you be held down by blockchain bloat. In other words, creating the coin aspect of Storj (i.e Storjcoin X (SJCX)) is possible but the rest of our platform is not - there is a lot more to Storj than its coin.

Actually this is not 100% technically true and after our custom blockchain technology, app store, and other features are announced and completed (which will take time, mind you) it would be possible. If you are part of the Storj team, we would actually like to talk to you but were trying to finish launch before approaching some partners.  

Let me add for clarifications sake that I say not 100% technically true because he is correct in that you would still have to duplicate all of their software for distributed storage, in this case being DriveShare and MetaDisk. I don't know if you have seen their software but it would not be an easy task!

Glad to see you're going to be actively looking to explore partnerships with other projects when the time is right GreXX; between the app store and the custom block chains there seems to be a huge potential for Crypti to do that very profitably.

[Bitseed]

Here is a theory of mine,

If I'm a Validated Merchant and I also have another standard user account (that is running a node) and I use my user account to "buy" my own goods in a closed loop will that make me eligible to with earn 50% transaction fee on my merchant account but also give my user account a high enough rating in the Proof of Purchase(PoP)+ Proof of Time(PoT) to earn the other 50% of the block reward.

This could essentially let me shark all the transaction fees on the whole network.

I think Crypti needs to add an additional Algorithm.

Like Proof of Prior Reward(PoPR) after your last block earning you cannot forage the next 59 Blocks. Limits a single user from skimming the transaction fees every minute to a maximum of once per hour. With the exception of Validated Merchant accounts who can still earn 50% of the fee without interferance.

Weight is reset based on the last block earned. It would be almost impossible for you to maintain enough of the currency to self purchase enough items in a given block in order to outweigh every single PoT based node on the network, especially when coupled with their purchases as well. On top of that, a small random aspect exists to ensure that the system can't be completely gamed even if you did somehow manage to own 85% of all Crypti in circulation. On top of that, you would then still lose your transaction fees because you would actually be forging the next block after the one in which you were spending.

The scenario of self dealing transactions through a captive merchant node was considered in designing the algorithm. We are using a log base 10 function to favor multiple smaller transactions over a period of time, typical of normal use, over single large spends. At the same time we will be filtering total spends by a block under 1 crypti and subtracting the reciprocal of the total spends of a node in a block from calculated PoP to discourage spamming the network with small transactions to boost PoP. PoT is also weighted more heavily then PoP. These features, along with the random tie-breaking GreXX mentions above, will penalize attempts to game the system.

[Bitseed]

@DeadlyEskimo Thanks for posting the possible exploit. We welcome suggestions and discussion of these kinds of scenarios since there is always the possibility of something we haven't thought of in advance. It is much better to discover a potential problem in the forum than to have it show up in the actual operation of the network.

[DeadlyEskimo]

@DeadlyEskimo Thanks for posting the possible exploit. We welcome suggestions and discussion of these kinds of scenarios since there is always the possibility of something we haven't thought of in advance. It is much better to discover a potential problem in the forum than to have it show up in the actual operation of the network.

My thoughts as well, and no problem I appreciate the prompt responses from the team.

[DeadlyEskimo]

At the same time we will be filtering total spends by a block under 1 crypti and subtracting the reciprocal of the total spends of a node in a block from calculated PoP to discourage spamming the network with small transactions to boost PoP.

Does this apply only on the Main blockchain or is it implemented on the custom ones aswell?

If so...
I'm imagining a company/Mutual Fund selling factional shares for factional XCR is mass quantity(given the value of 1 XCR it seems unlikely but in the future). What kinda of impact would that have on users foraging ability?

[Litoshi]

Here is a "full report" of the Nxt - bter story: http://www.enterstageright.com/archive/articles/0814/cryptocurrpbterjob.htm

It's a bit too long, but indeed, quite intriguing.

This explains Lin's sudden trip to Canada.... that is where the hacker lives.  He would need to bring evidence to the RCMP, who would get a warrant and confiscate the hackers computer, with the evidence on it. 

[mthompson362]

Actually this is not 100% technically true and after our custom blockchain technology, app store, and other features are announced and completed (which will take time, mind you) it would be possible. If you are part of the Storj team, we would actually like to talk to you but were trying to finish launch before approaching some partners.  

Let me add for clarifications sake that I say not 100% technically true because he is correct in that you would still have to duplicate all of their software for distributed storage, in this case being DriveShare and MetaDisk. I don't know if you have seen their software but it would not be an easy task!

I am from the team!
Feel free to shoot us an email whenever you are ready. You can send me an email at matt@storj.io or send an email to hello@storj.io ; we would love to hear what you have to say and what you have in mind!

[BrokenRam]

I only see 350.1BTC transferred to the Xapo vault address:  https://blockchain.info/address/1KwpHHKKx1278LYDeqannK8mpngvSok59x

Pre-sale funds should be 750BTC.

[GreXX]

I only see 350.1BTC transferred to the Xapo vault address:  https://blockchain.info/address/1KwpHHKKx1278LYDeqannK8mpngvSok59x

Pre-sale funds should be 750BTC.

This was intentional. In light of recent events, we decided it would be safest to split the funds between 2 different wallets. We were going to use Circle as they have insurance but unfortunately they couldn't accommodate our request in a timely manner so we are deciding on a second solution. We will keep you updated.

[Bigcabrito]

I only see 350.1BTC transferred to the Xapo vault address:  https://blockchain.info/address/1KwpHHKKx1278LYDeqannK8mpngvSok59x

Pre-sale funds should be 750BTC.

This was intentional. In light of recent events, we decided it would be safest to split the funds between 2 different wallets. We were going to use Circle as they have insurance but unfortunately they couldn't accommodate our request in a timely manner so we are deciding on a second solution. We will keep you updated.

I thought Circle and Xapo only covered $100 from its insurance policy.

[GreXX]

I only see 350.1BTC transferred to the Xapo vault address:  https://blockchain.info/address/1KwpHHKKx1278LYDeqannK8mpngvSok59x

Pre-sale funds should be 750BTC.

This was intentional. In light of recent events, we decided it would be safest to split the funds between 2 different wallets. We were going to use Circle as they have insurance but unfortunately they couldn't accommodate our request in a timely manner so we are deciding on a second solution. We will keep you updated.

I thought Circle and Xapo only covered $100 from its insurance policy.

The policy is much more in depth than that. They have recently secured additional funding ($40 million total) and formed a captive insurance company to insure the funds being held in the vault. You can read more in their FAQ here: http://help.xapo.com/categories/6680-Insurance/questions

[SyRenity]

Here is a theory of mine,

If I'm a Validated Merchant and I also have another standard user account (that is running a node) and I use my user account to "buy" my own goods in a closed loop, that would make me eligible to earn 50% transaction fee on my merchant account but also give my user account a high enough rating in the Proof of Purchase(PoP)+ Proof of Time(PoT) to earn the other 50% of the block reward.

This could essentially let me shark all the transaction fees on the whole network.

Due to the PoT part of the formula holding more weight than PoPs, in order to forge all the blocks and get all the forging fees, the said attacker will have to maintain a control of the majority (if not all) of all nodes participating in the Crypti blockchain, keep a minimal required balance for forging on each of them and make transaction back and forth on each of them.

Moreover, any node weight decreases after a successful block forging, moving the chance to forge blocks to the other nodes, meaning other nodes will also start eventually forging.

[SyRenity]

When are you planning to launch it?

As per yesterday update, we still looking for Bter lead dev to contact us regarding his arrival to destination, mainnet testing finalization and readiness to open withdrawals / deposits, so we could do a final launch announcement.

[samsmith16]

Here is a theory of mine,

If I'm a Validated Merchant and I also have another standard user account (that is running a node) and I use my user account to "buy" my own goods in a closed loop, that would make me eligible to earn 50% transaction fee on my merchant account but also give my user account a high enough rating in the Proof of Purchase(PoP)+ Proof of Time(PoT) to earn the other 50% of the block reward.

This could essentially let me shark all the transaction fees on the whole network.

Due to the PoT part of the formula holding more weight than PoPs, in order to forge all the blocks and get all the forging fees, the said attacker will have to maintain a control of the majority (if not all) of all nodes participating in the Crypti blockchain, keep a minimal required balance for forging on each of them and make transaction back and forth on each of them.

Moreover, any node weight decreases after a successful block forging, moving the chance to forge blocks to the other nodes, meaning other nodes will also start eventually forging.

Correct, it is based of of your last forged block. So in essence, your weight resets, the other 3000 or 10,000 nodes that are running, do not.

Just thinking about the cost to do this on top of all of the other impossibilities...

I mean just to set up 10,000 forgeing nodes at the low price today... with 1000 XCR min in each to forge would cost $87k and thats if you could buy 10 million Crypti in one buy order... buy the end of buy 10 Million Cyrpi the price would be at 10k sat or higher... So your probably looking closer to $500k then your going to have to buy the cloud servers at the low end thats another $50k... So just to forge 10% of the Crypti in circulation... We are talking about $550k and thats at the price right now Prior to launch... I didn't even add the 100 XCR for each nodes second passphrase either...

[poornamelessme]

When are you planning to launch it?

As per yesterday update, we still looking for Bter lead dev to contact us regarding his arrival to destination, mainnet testing finalization and readiness to open withdrawals / deposits, so we could do a final launch announcement.

man what the fuck can you guys fucking give us an ETA that actually fucking works for one fucking fuck how much are u guiys gonna stall this fucking shit.

GET UR SHIT TOGETHER. NOW!!!!! 10 days late and U STILL KNOW SHIT?!?!?!

Yeah, I agree. The devs should have been psychic and saw the Nxt breach ahead of time. I'm not sure what's wrong with them.

And Bter should drop everything -- even though one might say the loss of all that btc/nxt could have a slight priority, as it deals with their own exchange's survival -- so they can release crypti immediately. Their priorities are obviously screwed up.

Thank you for your words of wisdom, so eloquently stated.

[richwang]

Depends on bter

[SyRenity]

you have already getting your 750 btc huh?? huu?? u havent deliver product yet even............. wtffffffffffffffffffffffffffff  

As per update both on blog and on 2nd post here in thread:

Important note: Bter holds the key to this vault, and will release it to Crypti Foundation only after Crypti mainnet is launched, and the Crypti owners can withdraw their balances.

[CoinHolder]

you have already getting your 750 btc huh?? huu?? u havent deliver product yet even............. wtffffffffffffffffffffffffffff  

As per update both on blog and on 2nd post here in thread:

Important note: Bter holds the key to this vault, and will release it to Crypti Foundation only after Crypti mainnet is launched, and the Crypti owners can withdraw their balances.

Is there some deadline for launch?