[ANN] [MINT] Mintcoin (POS / 5%) [NO ICO] [Fair distro, community maintained]

[deadmanwalking]

He don't know. HE KNOW FUD

If you have more coins you get the blocks sooner, so to do 60 mints in a row is near impossible.

Ya, it doesn't have anything to do with the transactions. The more coins you have, the larger your stake. You would need 51% of coins to take over the blockchain. At which point the coin would become worthless because other people cannot use the coin. Therefore a person would have to be stupid (and rich) to do it.

I really don't know what this guy is talking about. People can google the literature on 51% attack and PoS if they like.

you're just regurgitating what you have been told.


IT DOESN'T MATTER HOW LARGE YOUR STAKE IS FOR BLOCK GENERATION, STAKE SIZE ONLY IMPACTS HOW MANY COINS YOU GENERATE

Here ya go buddy: http://www.peercointalk.org/index.php?topic=401.0

This guy had the same idea as you, but he asked about it before he posted in HUGE RED LETTERS

By the way, if you could post that huge red letter thing over at blackcoin, that'd be great.

[stormia]

looking at the source to double check

Why not inform the other PoS communities. You know, the ones that are worth more and have much more to lose- if you really believe this and you are really doing this in good faith. Also, if this really was a way to attack PoS and you wanted to help WHY WOULD YOU POST HOW TO ATTACK ON A PUBLIC FORUM!? You could simply pm the devs and let them know "how to fix it" since you claim to know how. I don't know enough about these systems to dispute what you are saying on a technical level- other people on this forum already have that covered, anyways- but I know enough about human behavior to see what is happening here.

[Anonymousg64]

He don't know. HE KNOW FUD

If you have more coins you get the blocks sooner, so to do 60 mints in a row is near impossible.

Ya, it doesn't have anything to do with the transactions. The more coins you have, the larger your stake. You would need 51% of coins to take over the blockchain. At which point the coin would become worthless because other people cannot use the coin. Therefore a person would have to be stupid (and rich) to do it.

I really don't know what this guy is talking about. People can google the literature on 51% attack and PoS if they like.

you're just regurgitating what you have been told.


IT DOESN'T MATTER HOW LARGE YOUR STAKE IS FOR BLOCK GENERATION, STAKE SIZE ONLY IMPACTS HOW MANY COINS YOU GENERATE

Here ya go buddy: http://www.peercointalk.org/index.php?topic=401.0

This guy had the same idea as you, but he asked about it before he posted in HUGE RED LETTERS

By the way, if you could post that huge red letter thing over at blackcoin, that'd be great.

that is not the same case

[Anonymousg64]

looking at the source to double check

Why not inform the other PoS communities. You know, the ones that are worth more and have much more to lose- if you really believe this and you are really doing this in good faith. Also, if this really was a way to attack PoS and you wanted to help WHY WOULD YOU POST HOW TO ATTACK ON A PUBLIC FORUM!? You could simply pm the devs and let them know "how to fix it" as you claim to know how.

less damage asking on smaller coin forum

there should be a few among this community who are well versed with how their coin works right?

[stormia]

looking at the source to double check

Why not inform the other PoS communities. You know, the ones that are worth more and have much more to lose- if you really believe this and you are really doing this in good faith. Also, if this really was a way to attack PoS and you wanted to help WHY WOULD YOU POST HOW TO ATTACK ON A PUBLIC FORUM!? You could simply pm the devs and let them know "how to fix it" as you claim to know how.

less damage asking on smaller coin forum

there should be a few among this community who are well versed with how their coin works right?

Less damage? If you were trying to prevent the most damage than you would PM the devs of the most valuable PoS coins... You would not go shouting out how to attack PoS coins. You would not be spreading uncertainty on a new coin which is most vulnerable to such fud.

[deadmanwalking]

He don't know. HE KNOW FUD

If you have more coins you get the blocks sooner, so to do 60 mints in a row is near impossible.

Ya, it doesn't have anything to do with the transactions. The more coins you have, the larger your stake. You would need 51% of coins to take over the blockchain. At which point the coin would become worthless because other people cannot use the coin. Therefore a person would have to be stupid (and rich) to do it.

I really don't know what this guy is talking about. People can google the literature on 51% attack and PoS if they like.

you're just regurgitating what you have been told.


IT DOESN'T MATTER HOW LARGE YOUR STAKE IS FOR BLOCK GENERATION, STAKE SIZE ONLY IMPACTS HOW MANY COINS YOU GENERATE

Here ya go buddy: http://www.peercointalk.org/index.php?topic=401.0

This guy had the same idea as you, but he asked about it before he posted in HUGE RED LETTERS

By the way, if you could post that huge red letter thing over at blackcoin, that'd be great.

that is not the same case

It's exactly what you're talking about. Probably where you got the idea for your FUD. Sorry bruh, I got Google too.

Edit: Some more info http://www.peercointalk.org/index.php?topic=244.0

tl;dr  DEBUNKED

[moderndezigns]

looking at the source to double check

Why not inform the other PoS communities. You know, the ones that are worth more and have much more to lose- if you really believe this and you are really doing this in good faith. Also, if this really was a way to attack PoS and you wanted to help WHY WOULD YOU POST HOW TO ATTACK ON A PUBLIC FORUM!? You could simply pm the devs and let them know "how to fix it" as you claim to know how.

less damage asking on smaller coin forum

there should be a few among this community who are well versed with how their coin works right?

I agree with others if you were sincere you would send a private message

[coolbeans94]

looking at the source to double check

Why not inform the other PoS communities. You know, the ones that are worth more and have much more to lose- if you really believe this and you are really doing this in good faith. Also, if this really was a way to attack PoS and you wanted to help WHY WOULD YOU POST HOW TO ATTACK ON A PUBLIC FORUM!? You could simply pm the devs and let them know "how to fix it" as you claim to know how.

less damage asking on smaller coin forum

there should be a few among this community who are well versed with how their coin works right?

It is coins * coin age. So the more coins you have and the longer you wait before activating minting, will affect how fast once you start minting it will succesfully get block generation. There are algorithms and randomness controls built into it so that the chance of one person being able to get even 10 consecutive blocks is remote, let alone 60. Overall, PoS/PoW is more secure against a perpetual 51% style attack. Just wait for your confirmations, that is what they are there for. Wait for 200 confirmations if you are worried about security.

[deadmanwalking]

Hey anonymous64, I appreciate the thought man, just not the delivery.

[stormia]

from http://www.peercointalk.org/index.php?topic=401.0

"There are a lot more PoS blocks than Pow. Once you mint a block with your coins they are locked in stake for 520 blocks, and the PoS mints with a transactions size ie if you get 1000PPC and the transaction is old enough it will mint and your PPCs will be locked in stake. There is no guarantee that the next block will be PoS so you have to own 51% PoW, and if you have a bunch of old coins there is no guarantee that you find all the PoS blocks in a row either ... So NO finding six blocks and double spending might risk the network rejecting your blocks and losing your stake..."

This does have me wondering how a pure PoS coin prevents this, since there IS a guarantee that the next block will be PoS...

[Anonymousg64]

looking at the source to double check

Why not inform the other PoS communities. You know, the ones that are worth more and have much more to lose- if you really believe this and you are really doing this in good faith. Also, if this really was a way to attack PoS and you wanted to help WHY WOULD YOU POST HOW TO ATTACK ON A PUBLIC FORUM!? You could simply pm the devs and let them know "how to fix it" as you claim to know how.

less damage asking on smaller coin forum

there should be a few among this community who are well versed with how their coin works right?

It is coins * coin age. So the more coins you have and the longer you wait before activating minting, will affect how fast once you start minting it will succesfully get block generation. There are algorithms and randomness controls built into it so that the chance of one person being able to get even 10 consecutive blocks is remote, let alone 60. Overall, PoS/PoW is more secure against a perpetual 51% style attack. Just wait for your confirmations, that is what they are there for. Wait for 200 confirmations if you are worried about security.

for PoS generation it is only coin age, if it was what you say, you would generate PoS from 1million MINT in 34seconds

im looking at the source atm, i may be wrong

[dille71]

Multipool launched!!

I'm happy to announce, that http://hashco.ws has now launched its 'Get Paid in MintCoin' option to the pool. Sign Up, and head on over to 'Account Settings' where you'll see the option of changing from the standard BTC payout option to MINT.
Our pool also has the unique option of being able to keep other altcoins we mine as well, should you so choose. We welcome all the members of the mint community who wish to give us a shot. Please feel free to join us on irc. Freenode / #hashcows Its in a bit of a beta these first few days, as we work out any kinks with the mint payouts specifically, however the pool itself has been operational for more than 6 months now. MINT payouts will happen between 03:30 - 04:00 GMT daily.
For the time being, there is no additional fee for being paid out in MINT vs. BTC
Happy Mining

MORE MINERS NEEDED!!

[deadmanwalking]

from http://www.peercointalk.org/index.php?topic=401.0

"There are a lot more PoS blocks than Pow. Once you mint a block with your coins they are locked in stake for 520 blocks, and the PoS mints with a transactions size ie if you get 1000PPC and the transaction is old enough it will mint and your PPCs will be locked in stake. There is no guarantee that the next block will be PoS so you have to own 51% PoW, and if you have a bunch of old coins there is no guarantee that you find all the PoS blocks in a row either ... So NO finding six blocks and double spending might risk the network rejecting your blocks and losing your stake..."

This does have me wondering how a pure PoS coin prevents this, since there IS a guarantee that the next block will be PoS...

Sounds like a blackcoin problem.

[deadmanwalking]

looking at the source to double check

Why not inform the other PoS communities. You know, the ones that are worth more and have much more to lose- if you really believe this and you are really doing this in good faith. Also, if this really was a way to attack PoS and you wanted to help WHY WOULD YOU POST HOW TO ATTACK ON A PUBLIC FORUM!? You could simply pm the devs and let them know "how to fix it" as you claim to know how.

less damage asking on smaller coin forum

there should be a few among this community who are well versed with how their coin works right?

It is coins * coin age. So the more coins you have and the longer you wait before activating minting, will affect how fast once you start minting it will succesfully get block generation. There are algorithms and randomness controls built into it so that the chance of one person being able to get even 10 consecutive blocks is remote, let alone 60. Overall, PoS/PoW is more secure against a perpetual 51% style attack. Just wait for your confirmations, that is what they are there for. Wait for 200 confirmations if you are worried about security.

for PoS generation it is only coin age, if it was what you say, you would generate PoS from 1million MINT in 34seconds

im looking at the source atm, i may be wrong

Thanks for looking into it, let's just keep calm in here. 

[stormia]

looking at the source to double check

Why not inform the other PoS communities. You know, the ones that are worth more and have much more to lose- if you really believe this and you are really doing this in good faith. Also, if this really was a way to attack PoS and you wanted to help WHY WOULD YOU POST HOW TO ATTACK ON A PUBLIC FORUM!? You could simply pm the devs and let them know "how to fix it" as you claim to know how.

less damage asking on smaller coin forum

there should be a few among this community who are well versed with how their coin works right?

Less damage? If you were trying to prevent the most damage than you would PM the devs of the most valuable PoS coins... You would not go shouting out how to attack PoS coins. You would not be spreading uncertainty on a new coin which is most vulnerable to such fud.

I'm just trying to figure out what the reasoning is for posing here.. it makes no sense if you are trying to prevent damage...

also, based on what is discussed here http://www.peercointalk.org/index.php?topic=401.0

"There are a lot more PoS blocks than Pow. Once you mint a block with your coins they are locked in stake for 520 blocks, and the PoS mints with a transactions size ie if you get 1000PPC and the transaction is old enough it will mint and your PPCs will be locked in stake. There is no guarantee that the next block will be PoS so you have to own 51% PoW, and if you have a bunch of old coins there is no guarantee that you find all the PoS blocks in a row either ... So NO finding six blocks and double spending might risk the network rejecting your blocks and losing your stake..."

Pure PoS coins sound way more vulnerable, so why not inform them first or at all?

[Anonymousg64]

looking at the source to double check

Why not inform the other PoS communities. You know, the ones that are worth more and have much more to lose- if you really believe this and you are really doing this in good faith. Also, if this really was a way to attack PoS and you wanted to help WHY WOULD YOU POST HOW TO ATTACK ON A PUBLIC FORUM!? You could simply pm the devs and let them know "how to fix it" as you claim to know how.

less damage asking on smaller coin forum

there should be a few among this community who are well versed with how their coin works right?

Less damage? If you were trying to prevent the most damage than you would PM the devs of the most valuable PoS coins... You would not go shouting out how to attack PoS coins. You would not be spreading uncertainty on a new coin which is most vulnerable to such fud.

I'm just trying to figure out what the reasoning is for posing here.. it makes no sense if you are trying to prevent damage...

also, based on what is discussed here http://www.peercointalk.org/index.php?topic=401.0

"There are a lot more PoS blocks than Pow. Once you mint a block with your coins they are locked in stake for 520 blocks, and the PoS mints with a transactions size ie if you get 1000PPC and the transaction is old enough it will mint and your PPCs will be locked in stake. There is no guarantee that the next block will be PoS so you have to own 51% PoW, and if you have a bunch of old coins there is no guarantee that you find all the PoS blocks in a row either ... So NO finding six blocks and double spending might risk the network rejecting your blocks and losing your stake..."

Pure PoS coins sound way more vulnerable, so why not inform them first or at all?

 if i were right, PoW would be useless in the event of an attack, because the high rate of PoS blocks would cause difficulty to jump into unminable levels

[deadmanwalking]

You would still have to get every block in a row. And what are you talking about with transactions? Transactions destroy coin age. The user has no control over when the coins stake.

[stormia]

looking at the source to double check

Why not inform the other PoS communities. You know, the ones that are worth more and have much more to lose- if you really believe this and you are really doing this in good faith. Also, if this really was a way to attack PoS and you wanted to help WHY WOULD YOU POST HOW TO ATTACK ON A PUBLIC FORUM!? You could simply pm the devs and let them know "how to fix it" as you claim to know how.

less damage asking on smaller coin forum

there should be a few among this community who are well versed with how their coin works right?

Less damage? If you were trying to prevent the most damage than you would PM the devs of the most valuable PoS coins... You would not go shouting out how to attack PoS coins. You would not be spreading uncertainty on a new coin which is most vulnerable to such fud.

I'm just trying to figure out what the reasoning is for posing here.. it makes no sense if you are trying to prevent damage...

also, based on what is discussed here http://www.peercointalk.org/index.php?topic=401.0

"There are a lot more PoS blocks than Pow. Once you mint a block with your coins they are locked in stake for 520 blocks, and the PoS mints with a transactions size ie if you get 1000PPC and the transaction is old enough it will mint and your PPCs will be locked in stake. There is no guarantee that the next block will be PoS so you have to own 51% PoW, and if you have a bunch of old coins there is no guarantee that you find all the PoS blocks in a row either ... So NO finding six blocks and double spending might risk the network rejecting your blocks and losing your stake..."

Pure PoS coins sound way more vulnerable, so why not inform them first or at all?

 if i were right, PoW would be useless in the event of an attack, because the high rate of PoS blocks would cause difficulty to jump into unminable levels

Okay,
Still haven't responded the first point of my posts:
"If you were trying to prevent the most damage than you would PM the devs of the most valuable PoS coins... You would not go shouting out how to attack PoS coins."

Also,
How does this not apply to what you are saying: "There is no guarantee that the next block will be PoS so you have to own 51% PoW, and if you have a bunch of old coins there is no guarantee that you find all the PoS blocks in a row either ... So NO finding six blocks and double spending might risk the network rejecting your blocks and losing your stake..."

How can you generate PoS blocks at a reliably and sufficiently high rate if there will be PoW blocks interrupting you and other people's PoS blocks interrupting you? Woudn't those PoW blocks and PoS blocks reject your blocks, and you would lose your stake?

[deadmanwalking]

The formula is coin age + number of coins. We've seen orphans from people who's coins weren't sufficiently aged, or they didn't have enough of them. These have to be re-staked.

Just based off of that alone, his proposal is impossible. The micro transactions would just be orphaned. Anyway, we've allowed him to take over the thread with a half baked theory, which has now been debunked. Moving on.

[Anonymousg64]

looking at the source to double check

Why not inform the other PoS communities. You know, the ones that are worth more and have much more to lose- if you really believe this and you are really doing this in good faith. Also, if this really was a way to attack PoS and you wanted to help WHY WOULD YOU POST HOW TO ATTACK ON A PUBLIC FORUM!? You could simply pm the devs and let them know "how to fix it" as you claim to know how.

less damage asking on smaller coin forum

there should be a few among this community who are well versed with how their coin works right?

Less damage? If you were trying to prevent the most damage than you would PM the devs of the most valuable PoS coins... You would not go shouting out how to attack PoS coins. You would not be spreading uncertainty on a new coin which is most vulnerable to such fud.

I'm just trying to figure out what the reasoning is for posing here.. it makes no sense if you are trying to prevent damage...

also, based on what is discussed here http://www.peercointalk.org/index.php?topic=401.0

"There are a lot more PoS blocks than Pow. Once you mint a block with your coins they are locked in stake for 520 blocks, and the PoS mints with a transactions size ie if you get 1000PPC and the transaction is old enough it will mint and your PPCs will be locked in stake. There is no guarantee that the next block will be PoS so you have to own 51% PoW, and if you have a bunch of old coins there is no guarantee that you find all the PoS blocks in a row either ... So NO finding six blocks and double spending might risk the network rejecting your blocks and losing your stake..."

Pure PoS coins sound way more vulnerable, so why not inform them first or at all?

 if i were right, PoW would be useless in the event of an attack, because the high rate of PoS blocks would cause difficulty to jump into unminable levels

Okay,
Still haven't responded the first point of my posts:
"If you were trying to prevent the most damage than you would PM the devs of the most valuable PoS coins... You would not go shouting out how to attack PoS coins."

Also,
How does this not apply to what you are saying: "There is no guarantee that the next block will be PoS so you have to own 51% PoW, and if you have a bunch of old coins there is no guarantee that you find all the PoS blocks in a row either ... So NO finding six blocks and double spending might risk the network rejecting your blocks and losing your stake..."

How can you generate PoS blocks at a reliably and sufficiently high rate if there will be PoW blocks interrupting you and other people's PoS blocks interrupting you? Woudn't those PoW blocks and PoS blocks reject your blocks, and you would lose your stake?

i was hoping someone better versed could tell me otherwise, i did not really plan where i was posting, mint was closest to mind for PoS coin

you dont lose your stake if a block is rejected,
difficulty is calculated using PoS blocks also, so the difficulty can quite easily be pushed up (depending what the re-target time span is but for mint it is every block)
im trying to find how it is that you cannot generate PoS blocks in a row, if that limitation is built into the wallet, then it can be curcumvented