Silk Road forums
Discussion => Off topic => Topic started by: Jack N Hoff on June 10, 2013, 09:29 pm
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LOL
http://forum.feathercoin.com/index.php?PHPSESSID=hld7k6mrr92trt5j6133ql2pf2&topic=1463.0
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I don't understand shit :(
Would you mind to explain it to the ignorant folks such as me?
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I don't understand shit :(
Would you mind to explain it to the ignorant folks such as me?
Miners verify transactions. If you can sustain 51% of mining power than you can steal blocks mined by others by manipulating the blockchain and orphaning legitimate block generation. Everyone's client will be verifying everything and accepting your illegitimate blockchain. Bitcoin is too decentralized to do this nowadays with all of the miners and ASICs. As you can see, feathercoin definitely is not too decentralized to do this.
Hilarious ;D
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Yep , the only way to perform a 51% attack on btc is buy buying 51 % of them - but a lot of alt crypto currencies are susceptable to them .
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I don't understand shit :(
Would you mind to explain it to the ignorant folks such as me?
Miners verify transactions. If you can sustain 51% of mining power than you can steal blocks mined by others by manipulating the blockchain and orphaning legitimate block generation. Everyone's client will be verifying everything and accepting your illegitimate blockchain. Bitcoin is too decentralized to do this nowadays with all of the miners and ASICs. As you can see, feathercoin definitely is not too decentralized to do this.
Hilarious ;D
Oh lol, so he can generate basically infinite amounts? How will they figure out which chains are fake?
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I don't understand shit :(
Would you mind to explain it to the ignorant folks such as me?
Miners verify transactions. If you can sustain 51% of mining power than you can steal blocks mined by others by manipulating the blockchain and orphaning legitimate block generation. Everyone's client will be verifying everything and accepting your illegitimate blockchain. Bitcoin is too decentralized to do this nowadays with all of the miners and ASICs. As you can see, feathercoin definitely is not too decentralized to do this.
Hilarious ;D
Oh lol, so he can generate basically infinite amounts? How will they figure out which chains are fake?
Doesn't matter if they figure it out, it's too late and the clients and minors are already verifying it and have accepted it :P
Yep , the only way to perform a 51% attack on btc is buy buying 51 % of them - but a lot of alt crypto currencies are susceptable to them .
No idea what you mean but owning 51% of a crypto currency has nothing to do with the 51% attack ???
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well as far as I understood it , and I've only just started studying the subject - the 51 % attack can only be performed by someone who controls 51% of the currency allowing someone to double spend transactions .
It looks like I have some more reading to do Hoff !
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well as far as I understood it , and I've only just started studying the subject - the 51 % attack can only be performed by someone who controls 51% of the currency allowing someone to double spend transactions .
It looks like I have some more reading to do Hoff !
51% of the mining power not currency. The miners are the ones verifying transactions so if you own 51% then you can control the blockchain.
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I WISH I COULD GET IN TOUCH WITH THIS GUY AND BUY SOME COINS FOR SUPER LOW!!
LOL
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Ah ok , so it's just hashing power , not the actual ownership of the coins .
There are other manipulations you can perform by owning 51 % of C.C no ? - I'm could have sworn I read there were - could be wrong though
Thanks for setting me straight btw , you got me reading again - it's going to be a long night !
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Ah ok , so it's just hashing power , not the actual ownership of the coins .
There are other manipulations you can perform by owning 51 % of C.C no ? - I'm could have sworn I read there were - could be wrong though .
If you have a lot of coins you can always manipulate the price by dumping them on a popular exchange all at once. Same goes for cash, if you have a lot of cash you can bring the price up substantially by buying a ton of coins on a popular exchange like Mt Gox. That is what happened 20 hours ago when the price went up $10 in a few seconds. 15,000 coins were bought in seconds bringing the price up $10. O0
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back when there was a fork in the blockchain some dumb exchange paid me twice on accident ...I gave it back since they know my real name
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Ah the Dump n pump you mentioned the other night , bloody interesting - I was interested to find out dept of energy's and most other supercomputers are basically shit at mining compared to a big network of the new asic 's that are about to be unleashed .
I'm going to get me head stuck into some of this, mainly so I can know ( and advise friends ) when to buy and when to sell .
Fascinating - thanks Hoff .
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back when there was a fork in the blockchain some dumb exchange paid me twice on accident ...I gave it back since they know my real name
Wait! Was it bitcoin-24?? That had nothing to do with the fork if it was. You could have them pay you multiple times over and over and over! The guy who rode the code was a complete newb. He was asking for help on coding forums and showing pieces of the code LOL! He didn't understand a lot of things, the code was also rounding the fractions of cents. He wasn't even verifying bank account ownership so tons of people were buying stolen bank accounts really cheap and buying tons of bitcoins from the website. That's why it got shut down and he is in legal trouble now.
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Ah the Dump n pump you mentioned the other night , bloody interesting - I was interested to find out dept of energy's and most other supercomputers are basically shit at mining compared to a big network of the new asic 's that are about to be unleashed .
I'm going to get me head stuck into some of this, mainly so I can know ( and advise friends ) when to buy and when to sell .
Fascinating - thanks Hoff .
Supercomputers and general computers are made to be okay or decent at any task. ASICs are specifically made for ONE TASK and they do it AMAZINGLY good and efficient.
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It's a good thing this has nothing to do whatsoever with bitcoins.
Some of you commenters don't know wth you are saying.
Very interesting, and funny Jack. With such a low performing currency as feathercoins, it would be easy to manipulate. The scary thing is it COULD happen to bitcoins, and may if some folks don't start using something other than BTCguild when they mine.
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It's a good thing this has nothing to do whatsoever with bitcoins.
Some of you commenters don't know wth you are saying.
Very interesting, and funny Jack. With such a low performing currency as feathercoins, it would be easy to manipulate. The scary thing is it COULD happen to bitcoins, and may if some folks don't start using something other than BTCguild when they mine.
At this point it is HIGHLY unlikely. One of the flipside benefits of this designed vulnerability is that once you have a critical mass it becomes *extremely* difficult to achieve hashing power necessary to take over for any period of time significantly long enough to wreak havoc.
Also, fuck BTCguild and all the others. If you're going to mine in a pool, you should be using p2pool.
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lol. well then, somebody's happy I guess. :P wait what are feather coins even worth? 1/100 the value of btc? :P
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A funny thing is, this COULD happen with bitcoins IF the US government or another powerful government wanted to do it. They have the money and power to have powerful ASICs built and have a nice farm of them. Whether or not they would ever spend all the money on a project like that is the question.
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hahaha this made me laugh. How ecstatic do you reckon the guy was when he cleared the 40,000 coins and had them in a wallet, I bet he was over the fucking moon.
doubt he will sell them. I bet he will just cash them out and make some major fucking cash. Most cyber crimes dont get reported anyway as the government does not want everybody learning how to do it and making it easy to steal, the average amount stolen each time is 1.3 million as well, compare that with in-bank robberies and the difference is phenomenal.
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hahaha this made me laugh. How ecstatic do you reckon the guy was when he cleared the 40,000 coins and had them in a wallet, I bet he was over the fucking moon.
doubt he will sell them. I bet he will just cash them out and make some major fucking cash. Most cyber crimes dont get reported anyway as the government does not want everybody learning how to do it and making it easy to steal, the average amount stolen each time is 1.3 million as well, compare that with in-bank robberies and the difference is phenomenal.
They're only worth $ 0.11179929 each right now so he only got about $4,500 worth of coins.
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hahaha this made me laugh. How ecstatic do you reckon the guy was when he cleared the 40,000 coins and had them in a wallet, I bet he was over the fucking moon.
doubt he will sell them. I bet he will just cash them out and make some major fucking cash. Most cyber crimes dont get reported anyway as the government does not want everybody learning how to do it and making it easy to steal, the average amount stolen each time is 1.3 million as well, compare that with in-bank robberies and the difference is phenomenal.
They're only worth $ 0.11179929 each right now so he only got about $4,500 worth of coins.
ohh shit thats right. Shame he didnt do it a month ago or so, Guy would have had 10 times that lol.