[XMR] rpietila Monero Economics thread

[Jungian]

Can someone give me a rundown on what happend with the bug? What effect did it have on the network?

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[infofront]

Can someone give me a rundown on what happend with the bug? What effect did it have on the network?

Someone exploited an overflow vulnerability and forked the network. It's fixed now, and there was no real damage done.

[iCEBREAKER]

Can someone give me a rundown on what happend with the bug? What effect did it have on the network?

An attacker with extensive knowledge of the Cryptonote code and network spent four days using custom software to lay the subtle groundwork for an attack.

When executed, it combined the preliminary troll transactions into a troll block designed to bypass safeguards and overload the Merkle tree's capacity.

The network split into two forks, because nodes favored the longer but malignant chain.

The exploit was due to the limitations/inappropriate use of the C language, but quickly fixed.

As a result the XMR core team was able to demonstrate an incredible degree of competence, by immediately spotting the problem and rapidly diagnosing/fixing it.

Our friends at BBR, while not acutely affected, also helped in efforts to contain the vulnerability.  The CN community rallied behind the core devs, notified exchanges, and pledged support in the form of donations and buy walls.

Some sleep was lost, but a good time was had by all.  We now return you to your regularly scheduled moonshot.   

[Jungian]

Wow, looks like some incredible work was done here! Another attacker bites the dust!

Economically speaking, it looks like we bet on the right devs. I couldn't be happier right now.

[aminorex]

+1. the fact that xmr devs fixed a bug that extended to every cryptonote coins is incredibly bullish.

if you've tracked the code changes, and their propagation through the coins, you know it is not an isolated incident.  certainly most of the codebases have introduced fixes (and bugs) so there is no monopoly, but if you were to listen to the trolls you would think XMRs core team, and their staff of expert consultants, were the reincarnation of the three stooges.  that could not be more wrong.  what constantly surprises me is their incident and risk management skills. 

[rpietila]

+1. the fact that xmr devs fixed a bug that extended to every cryptonote coins is incredibly bullish.

if you've tracked the code changes, and their propagation through the coins, you know it is not an isolated incident.  certainly most of the codebases have introduced fixes (and bugs) so there is no monopoly, but if you were to listen to the trolls you would think XMRs core team, and their staff of expert consultants, were the reincarnation of the three stooges.  that could not be more wrong.  what constantly surprises me is their incident and risk management skills. 

If I did not know and even have met some of them, the determination and skills, combined with the fact that they don't receive any salary (rather actually fund the development from their own pocket, despite being only medium holders), would surely make me suspect that it is a 3-letter-agency plan all along. A comparison to Satoshi is not hard to make.

[NewLiberty]

Fortune is favoring the bold.

[drawingthesun]

Can someone give me a rundown on what happend with the bug? What effect did it have on the network?

An attacker with extensive knowledge of the Cryptonote code and network spent four days using custom software to lay the subtle groundwork for an attack.

When executed, it combined the preliminary troll transactions into a troll block designed to bypass safeguards and overload the Merkle tree's capacity.

The network split into two forks, because nodes favored the longer but malignant chain.

Has bitcoin ever undergone any sort of sustained/planned attack like this? This is certainly some dedication.

[iCEBREAKER]

Can someone give me a rundown on what happend with the bug? What effect did it have on the network?

An attacker with extensive knowledge of the Cryptonote code and network spent four days using custom software to lay the subtle groundwork for an attack.

When executed, it combined the preliminary troll transactions into a troll block designed to bypass safeguards and overload the Merkle tree's capacity.

The network split into two forks, because nodes favored the longer but malignant chain.

Has bitcoin ever undergone any sort of sustained/planned attack like this? This is certainly some dedication.

No.

Satoshi client has passed the test of being on-line for more than 3 years, without a single vulnerability being exploited in the wild.  https://en.bitcoin.it/wiki/Weaknesses#Security_Vulnerabilities_and_bugs

Entire classes of bugs are missing. But it's just not an anonymous solution, and the devs will say as much.  -Dan Kaminsky

[smooth]

suspect that it is a 3-letter-agency plan all along.

Those are fighting words.

A comparison to Satoshi is not hard to make.

I object to that. Satoshi was brilliant and groundbreaking, at least in one instance (beyond than that we don't know). We're just dedicated and have a mix of skills that we combine effectively.

[explorer]

suspect that it is a 3-letter-agency plan all along.

Those are fighting words.

A comparison to Satoshi is not hard to make.

I object to that. Satoshi was brilliant and groundbreaking, at least in one instance (beyond than that we don't know). We're just  dedicated and have a mix of skills that we combine effectively.

The recipe for successful collaborative efforts starts with this.    

[pa]

I wonder how Bitcoin would have fared in 2010 if Satoshi & Hal had gone rogue and started trying to sabotage it. Monero devs, I salute you!

[thefunkybits]

Well hello there, old friend 

[ol92]

gmaxwell refute BCX allegation on xmr anonimity potential problem : price increase ...
This will be epic probably (both price war and discussion on https://bitcointalk.org/index.php?topic=786201.msg8892342#msg8892342

[rpietila]

Here I post the link to an interesting 3-page thread I've been contributing to: What coin has the best distribution.

[smooth]

gmaxwell refute BCX allegation on xmr anonimity potential problem : price increase ...
This will be epic probably (both price war and discussion on https://bitcointalk.org/index.php?topic=786201.msg8892342#msg8892342

Both seemed relatively insignificant, although neither is necessarily 100% over.

[rpietila]

My newest thoughts about monetary economics, plus exhortation to find a new initial coin distribution paradigm.

[Spoetnik]

You should have went all in on Jackpot coin and not XMR as you said in your first post ;)
JPC is going to the MOON !

here is some economics info you may find interesting..
Going all in in on one coin rather than spreading out your investments is what ???
sort of contradicts and violates what you said in your first post doesn't it ?

or am i off base here and you have other coins your invested in besides Monero and Bitcoin ?
If so what are they if you don't mind me asking ?

[Come-In-Behind]

You should have went all in on Jackpot coin and not XMR as you said in your first post
JPC is going to the MOON !

here is some economics info you may find interesting..
Going all in in on one coin rather than spreading out your investments is what
sort of contradicts and violates what you said in your first post doesn't it ?

or am i off base here and you have other coins your invested in besides Monero and Bitcoin ?
If so what are they if you don't mind me asking ?

I find it best to invest in only a few coins, around 2-4. Anything more and it becomes too spread out and hectic for my tastes...Plus, the more money you pile into one coin, the higher the return you get if/when it takes off(also the higher risk). But yea, it's safer, in my view, to invest in a very small selection of alt coins rather than a large amount like I see some people doing(I also trade manually, no bots are used or anything, so this is just my opinion).

[Spoetnik]

You should have went all in on Jackpot coin and not XMR as you said in your first post
JPC is going to the MOON !

here is some economics info you may find interesting..
Going all in in on one coin rather than spreading out your investments is what
sort of contradicts and violates what you said in your first post doesn't it ?

or am i off base here and you have other coins your invested in besides Monero and Bitcoin ?
If so what are they if you don't mind me asking ?

I find it best to invest in only a few coins, around 2-4. Anything more and it becomes too spread out and hectic for my tastes...Plus, the more money you pile into one coin, the higher the return you get if/when it takes off(also the higher risk). But yea, it's safer, in my view, to invest in a very small selection of alt coins rather than a large amount like I see some people doing(I also trade manually, no bots are used or anything, so this is just my opinion).

agreed but did you read what he said in his first post ?
and how it contradicts the typical advice given to noobs around the scene ?
me i have never subscribed to that concept and i have told noobs that..
as in i tell them this is what i am suppose to tell you but honestly i don't follow it myself LOL
and ya 2 to 4 for me too i agree !