Our triumph but also our biggest mistake
Making pre-made coin projects with day1 listings appear for what they are; penny stock selling and pure pump/dump schemes. Network Attack - Critical info and notesOffending chain has been inflated into the midascoin network.
The offending chain is a copy of the official chain until block 793.
Since block 793 to 1175 the offending chain is a blank chain, that still carries our coinbase (they were not able to bypass this) but didn't carry any transactions (made by the pool, or anyone else)
The offending chain has been pushed as the best chain not because of a greater hash power (that our PoM distribution system is able to detect and fight back); instead has been pushed with a crossfire of DDOS against the official nodes + inflating an enormous number of peers in the network, carrying the offending chain. This made it possible for the offending chain to be recognized as the best chain even with much less hashpower than the official chains Hashing power.
(check difficulty during the takeover
http://cryptotrends.info/MID?param=d0713b07072c3afef652e34715e19097cdf4897770c3da1e4bf9fe2ba9569171 )
The takeover of the “best chain” took place during the official chain block 979 and caused the the nodes to switch suddenly from block 979 to 1175.
The takeover didn't generate any reward for the offenders, cause of our coinbase checkpoint, but voided every transaction since block 793.
We assume 2 possible reasons behind this:
1- Inflate and instamine 196 blocks in the pool to suddenly mine a monster amount of MidasCoin.
2- No direct profit, just for the midascoin network service disruption.
In case of option 1, what they didn't know was that our daemon is linked up to insert the new blocks on the pool database using a custom blocknotify script, that is made to recognize “unnatural behavior”, stop itself from inserting blocks and and kill the daemon, to avoid any possible problems that could happen.
In case of option 2, you think you were able to damage and weaken MidasCoin? Think again, we will come back with a challenge.
#midascoin and the trolls, episode 4.Even if the attack has has grabbed the attention of everyone today, #midascoin is for trolls what honey is for the bears.
Yesterday, someone with 10 “coordinated” people infamously trashed the forums for hours (just before the coordinated network attack).
While we value every opinion and critique, yesterday every reasonable boundary has been crossed.
People impersonated the company brand, infringed every possible ethical law and even threatened our health (like if they are in a position to do this).
Do you think that this will serve any purpose?
You think we’re done? #MidasCoin will keep exposing how scammers are trying to destroy a coin that threatens their scam efforts.
#MidasCoin will keep making your pre-made coin projects with day1 listings for what they are; penny stock selling and pure pump/dump schemes. We'll do this by bringing something real to the table, and continuing to bring it.
We also are not perfect (yet).Thanks to feedback and reviews of some community members (Stoner19 in primis) we investigated the “slow block generation” issue, causing a longer block time than 2.5 minutes.
Those members expressed their opinion in a civil manner and their requests have been accomplished: We found a conflict between the hashrate variations of PoM distribution and the coin network difficulty algo DigiShield.
Digishield is a very powerful difficulty algo for helping provide multipool protection, but it retargets the difficulty UP so quickly, without giving enough room for the PoM parameters to do their job and ensure the proper block target time.
Results of the investigation are as follows: During 48 hours the average effective block target was 2.94 minutes instead of the expected target 2.5 minutes.
This will be patched during this pause time, to ensure an average block generation time as close as possible to the expected target of 2.5 minutes.
And now, what's next?We can't fight the FUD, while fighting network attacks, while improving our service and all of this while providing a payment network and a guaranteed support to the people who support us and our project.
We decided, after a discussion with the early adopters, #MidasCoin services will be paused until a full patch is released to fixed the issues outlined in the previous section.
We will deal with all the aspects one by one until they are fixed.
We will go up against the FUD, by getting proof of equity and additional verification but also organizing a proper department for taking care of bitcointalk community management.
Against the network offenders, analyzing the attack and adding fail-proof checkpoints to avoid any other possible service disruptions in the future.
We will improve our own "mistakes", integrating the PoM system better with the difficulty retargeting algo, to obtain the average expected block target time.
And what happens to the funds?About this matter we consulted for long with active community members and early adopters, and we come with the best possible solutions for the current #midascoin situation.
Since the network is still very young, and there are no third party exchanges yet, the transactions sent user to user are supposed to be very limited (near to 0).
We decided that the pool database, in this situation, will be the KING to getting us back on track.
We will reopen with a blank chain, with the actual number of blocks (1175), without any transactions on it. All the transactions made by pool will be reverted into available balance (including referral earnings) and available for withdraw at the reopening of all services.
But that's not all. Since the pool stopped to account blocks (block number 979) people kept mining for several hours, even after our public announcement, creating a monster unaccounted round of 7.553.459.836 shares.
Those people invested their hashing power to mine MidasCoin, and so we will reward them with all the blocks pushed by the offending chain. This Uber round will be accounted with a payout of
(1175-979)*50 MID that mean 196 blocks * 50 MID = 9800 MidasCoin, + a total of 200 Midas from our pocket, rounding up the super round amount payout, to 10000 MidasCoin.
We are gonna close the stratum(s) soon, so everyone needs to stop mining as soon as possible. Then all the contributor in the super-round shares will be paid proportionally with the 10000 MID payout.
MidasCoin will start at block 1175 at the reopening, with a blank chain (only coinbase) and all the user funds reverted into the pool balance.
ETA is 4-5 days.
And now some numbers of #midascoin.- 2093 members registered on Midaspool.com
http://screencast.com/t/We9auuSxWiC- 300 new registrations everyday (since the pre-announce)
- Peak Hashrate of 31 Ghash/ - Average Hashrate 12+ Ghash.
- Hosted Merchant platform at 0 fee - Accept payment without hosting daemon (paypal style)
- Integrated financial Platform with ATM Debit Card and VCC (virtual credit card)
- Top management team:
http://midaspay.io/the-golden-squad/- Unique distribution system PoM. Unnecessary hashpower increase currency value
- Backed by gold reserve.
- Guaranteed increasing value
- Guaranteed community support helpdesk: 8 hours for low priority - 2 hours for Urgent.
- No Premine. No IPO. No dump on exchanges.
- No exchange on day 1
- 236 MidasCoin already paid through the Referral system.
Websites of the network:
Midaspay.ioMidascoin.ioMidasPool.comapi.midaspay.iomerchant.midaspay.iosupport.midaspay.iosupport.midascoin.ioLegal terms:
Company informationTerms Of ServicesPrivacy Policy#MidasCoin is here to stay for a long time, and is not going anywhere!Support helpdesk still remains active:
http://midaspay.io/helpdeskvia email:
support@midaspay.ioTwitter @Midaspay and #IRC #midascoin on freenodee (accessible using webchat at this link
http://midaspool.com/index.php?page=about&action=chat)
http://api.midaspay.io/img/eco.png
P.S.
Every transaction made since up this point, will not be considered for the reopening. Only the pool database will be considered.
Mandatary wallet upgrade on reopening.
