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BitcoinEXpress
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July 27, 2012, 12:33:41 AM
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July 27, 2012, 12:38:39 AM
 #2

Gavin and Coblee both have the ability to "lock" a chain which isnt that far from them being trusted nodes.


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July 27, 2012, 12:39:02 AM
 #3

We're all the trust node.  The person or pool with the majority of the hashing power will most likely never fork the chain because that would destroy the value of the chain.  The only people who make a million pounds to set it on fire are British synthpop bands.

Okay, think about it like this.  You own 75% of the gold production in the world and also a lot of the gold itself.  One day, you decide that you don't ever want anyone to have gold anymore because you've lost your head, so you hire an army to destroy every gold market in the world.  This will never happen.  Like you, no one is dumb enough to even spend $200,000 forking an altchain because they could just as easily spend 1/5th of that and profit from it like crazy by hoarding the currency as you mine it, thereby constricting supply.

Code:
XMR: 44GBHzv6ZyQdJkjqZje6KLZ3xSyN1hBSFAnLP6EAqJtCRVzMzZmeXTC2AHKDS9aEDTRKmo6a6o9r9j86pYfhCWDkKjbtcns
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July 27, 2012, 12:39:55 AM
 #4

Price is too damn high now, can't you do anything to ignite panic selling again ?
Deposit / withdrawal LTC is possible for btc-e now.

BTC : 1GN81dxzxyFPQsyAtdocXr5S9Mcg4wcfFG
LTC : LgmYvXsYXc4xdjsMKXJWqtagxVvioK6iaw
FC : 6dpSnKMtttUUYzaRu1EB7Lu18PBRVHU3V7
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July 27, 2012, 12:40:15 AM
 #5

I'm guessing the attack is being called off?

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     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
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. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
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bitcoiners
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July 27, 2012, 12:59:19 AM
 #6

I'm guessing the attack is being called off?

That's what it looks like.  With less than 4 hours to Friday.  It's over.

LTC - 1 / BCX -0
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July 27, 2012, 01:12:41 AM
 #7

The alt chain would need new and useful functionality in order to gain popularity. Bitcoin clones are doomed to fail.
The alt chain would also need a sugar daddy in order to manifest the hash power to protect the chain. The sugar daddy would also have to dump the coins mined to keep the price below the point where it would be worthwhile to do a 51% attack.
All exchanges would need to participate in a cartel to react to 51% attacks (by agreeing to upgrade their clients to manually agree on the correct chain for instance).

And probably a bunch of other things as well.
The days of tossing a bitcoin clone over the fence and then speculating on it are over.

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July 27, 2012, 01:14:38 AM
 #8

I'm guessing the attack is being called off?


You're guess iswrong. I said Friday/Saturday (PST) is when I will merge the forks.

Be patient, everything is on time according to my original time schedule. It all depends on the timing of my "associates".



But back on topic, it certainly appears as if Coinhunter was right about the need for 51% protection being built in.


~BCX~


I'd like to see merging spoons.....ooooooh!

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     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
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July 27, 2012, 01:16:46 AM
 #9

I'm guessing the attack is being called off?


You're guess iswrong. I said Friday/Saturday (PST) is when I will merge the forks.

Be patient, everything is on time according to my original time schedule. It all depends on the timing of my "associates".



But back on topic, it certainly appears as if Coinhunter was right about the need for 51% protection being built in.


~BCX~

Yes, more like this. You're doing a good job.

BTC : 1GN81dxzxyFPQsyAtdocXr5S9Mcg4wcfFG
LTC : LgmYvXsYXc4xdjsMKXJWqtagxVvioK6iaw
FC : 6dpSnKMtttUUYzaRu1EB7Lu18PBRVHU3V7
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July 27, 2012, 01:23:03 AM
 #10

If that's your goal BCX, then why don't you use your resources to put up a bounty for proof-of-stake (or similar) instead? Why try to destroy something?

I'm an independent developer working on bitcoin-core, making my living off community donations.
If you like my work, please consider donating yourself: 13snZ4ZyCzaL7358SmgvHGC9AxskqumNxP
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July 27, 2012, 01:36:00 AM
 #11

If that's your goal BCX, then why don't you use your resources to put up a bounty for proof-of-stake (or similar) instead? Why try to destroy something?


My goal isn't to destroy Litecoin,

My goal has been clear from the start, to perform a successful 51% attack and nothing more.

Which involves a double spend...that's the whole point of a 51% attack....

Someone is going to lose some BTC/USD....

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     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
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                   ²²²                 
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. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
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tacotime
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July 27, 2012, 01:46:12 AM
 #12

Which involves a double spend...that's the whole point of a 51% attack....

Someone is going to lose some BTC/USD....

You don't have to double spend if you don't want to.  You can just run off with your extended lower difficulty chain and invalidate all the mined blocks/transactions in those blocks on the original chain.

You can keep an eye on whether or not the chain has been forked by looking at the debug.log file -- you'll see it as "REORGANIZE" there.

Code:
XMR: 44GBHzv6ZyQdJkjqZje6KLZ3xSyN1hBSFAnLP6EAqJtCRVzMzZmeXTC2AHKDS9aEDTRKmo6a6o9r9j86pYfhCWDkKjbtcns
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July 27, 2012, 01:50:29 AM
 #13

Which involves a double spend...that's the whole point of a 51% attack....

Someone is going to lose some BTC/USD....

You don't have to double spend if you don't want to.  You can just run off with your extended lower difficulty chain and invalidate all the mined blocks/transactions in those blocks on the original chain.

You can keep an eye on whether or not the chain has been forked by looking at the debug.log file -- you'll see it as "REORGANIZE" there.

Oh...wow i learned something else. Thanks tacotime. Cheesy

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           ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌          
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           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
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. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
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July 27, 2012, 01:53:36 AM
 #14

If the users of bitcoin did not like the chain lock-ins from bitcoin/bitcoin.git, then it is trivial to ignore or compile-out those updates.  Users vote by choosing the client they use to store their funds.  They vote on chain rules, checkpoints, and any number of other technical details.

A block chain is ultimately a community consensus.


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July 27, 2012, 02:04:50 AM
 #15

If that's your goal BCX, then why don't you use your resources to put up a bounty for proof-of-stake (or similar) instead? Why try to destroy something?


My goal isn't to destroy Litecoin,

My goal has been clear from the start, to perform a successful 51% attack and nothing more.
If your goal was really just performing a 51% attack, why not do something like what happend with bbqcoin ? It wouldn't hurt the network as bad (and still prove your point).

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July 27, 2012, 02:36:56 AM
 #16

Isn't it enough to just agree on one node to trust? If you then detect a fork, either stop processing and raise an alarm or go with the trusted node.


The one thing all of this has done so far is really expose the vulnerability of LTC and alt chains to 51% attacks. In it's current form, LTC will never be secure as this will always be a possibility. No security equals no future.

Even Bitcoin itself is vulnerable. I am seeing multiple comments about how LTC needs 51% protection by validating transactions from the authentic chain only. They're being called, drumroll.... "trust nodes. LTC Trustnodes...has a familiar ring.

I have ran into the concept before of a node having the only purpose of authenticating transactions to stop 51% attacks.

Was Coinhunter simply ahead of his time and correct all along?


~BCX~

Nice back peddle...RETARD.

NOW, get your pathetic shit together and get this party started.

You already missed out on a free pair of deluxe Fake Tities, at my expense.
https://bitcointalk.org/index.php?topic=95903.0

I applaud you for being such a credit to this community and know that until YOU either QUIT or OPEN A NEW ACCOUNT, I will put you do here under as much scrutiny as possible and show you what a war of attrition is really all about.

....Fucking Blow Hard.

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July 27, 2012, 03:11:45 AM
 #17

The sugar daddy would also have to dump the coins mined to keep the price below the point where it would be worthwhile to do a 51% attack.

Why would it ever be worthwhile to 51% a network. Is there some money to be made I am unaware of?
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July 27, 2012, 03:35:50 AM
 #18

The sugar daddy would also have to dump the coins mined to keep the price below the point where it would be worthwhile to do a 51% attack.

Why would it ever be worthwhile to 51% a network. Is there some money to be made I am unaware of?

Transfer your coin to an exchange and convert it into dollars. Take your dollars spend them on hookers and beer. Replace the part of the chain that contains your transfer with your version of the blockchain that does not. Rinse and repeat.

https://en.bitcoin.it/wiki/Attacks#Attacker_has_a_lot_of_computing_power

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July 27, 2012, 04:30:31 AM
 #19

My goal isn't to destroy Litecoin,

My goal has been clear from the start, to perform a successful 51% attack and nothing more.

QUIT WITH THE BACK PEDDLING.....

The attack will last for several days and after a couple of resets, I intend to drive the difficulty to all time highs, then simply quit. NMC hell all over again.

No coin that has been 51% attacked has ever recovered it confidence level.

~BCX~

I guess an attempt to destroy confidence is not the same as an attempt to simply destroy..... YOU FUCKING TOOLBOX.

You have earned the name BlowHardEXpress....

Can you honestly not even keep your own posts straight ? or do you have too many sock puppet accounts under your control, that seem to be causing confusion for you ?

Bottom line is this people,

When I successfully 51% LTC, regardless if you reset it or not.

Confidence will be broken, LTC will be dead.

So I suggest you all start solo mining in vain so I can laugh that much harder.

~BCX~


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July 27, 2012, 04:47:46 AM
 #20

The sugar daddy would also have to dump the coins mined to keep the price below the point where it would be worthwhile to do a 51% attack.

Why would it ever be worthwhile to 51% a network. Is there some money to be made I am unaware of?

Transfer your coin to an exchange and convert it into dollars. Take your dollars spend them on hookers and beer. Replace the part of the chain that contains your transfer with your version of the blockchain that does not. Rinse and repeat.

https://en.bitcoin.it/wiki/Attacks#Attacker_has_a_lot_of_computing_power
...and then the exchange sets your dollar balance to a negative number and makes you return the money. Or you can never use that exchange again and hope they don't come after you.

I know this because Tyler knows this.
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