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k9quaint
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July 27, 2012, 06:01:23 AM
 #21

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.

And how do they know I submitted the false blockchain? Unless I am BCX and announce my intentions, nobody knows I am the one with the secret hash power.
All I did was accept BTC transfers from a third party and converted them to dollars. Half of the transactions look exactly the same as mine do.
They all got rolled back, so which transactions belong to the bad guy? It's not my fault the exchange lost their BTC.

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July 27, 2012, 06:40:33 AM
 #22

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.

And how do they know I submitted the false blockchain? Unless I am BCX and announce my intentions, nobody knows I am the one with the secret hash power.
All I did was accept BTC transfers from a third party and converted them to dollars. Half of the transactions look exactly the same as mine do.
They all got rolled back, so which transactions belong to the bad guy? It's not my fault the exchange lost their BTC.
It doesn't matter if you're a bad guy or an innocent bystander. When a blockchain fork happens, everyone that sold coins get them back.

I know this because Tyler knows this.
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July 27, 2012, 07:01:46 AM
 #23

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!

always remember, spooning leads to forking.

 Grin


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k9quaint
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July 27, 2012, 07:02:17 AM
 #24

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.

And how do they know I submitted the false blockchain? Unless I am BCX and announce my intentions, nobody knows I am the one with the secret hash power.
All I did was accept BTC transfers from a third party and converted them to dollars. Half of the transactions look exactly the same as mine do.
They all got rolled back, so which transactions belong to the bad guy? It's not my fault the exchange lost their BTC.
It doesn't matter if you're a bad guy or an innocent bystander. When a blockchain fork happens, everyone that sold coins get them back.

My point precisely. There is no spoon. Only forks.

Bitcoin is backed by the full faith and credit of YouTube comments.
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July 27, 2012, 07:10:48 AM
 #25

My goal isn't to destroy Litecoin,

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

Do I detect our little friend is starting to have second thoughts?
You won't worm your way out of this one.

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July 27, 2012, 08:55:24 AM
 #26


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


What happened to you?

If this is some kind of stress related breakdown you might try taking a holiday.

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July 27, 2012, 09:13:22 AM
 #27

Of course he's never going to admit it, but I bet he's kicking himself he even started this now.

So come on BCX, what's the total bill gonna be for all those EC2 instants you've rented?

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