Understanding the situation
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At a few blocks in the feathercoin chain, someone has been feeding everything from false information to trying to create empty blocks.
A 51% attack is only a situation where the network is in the hands of the largest miner. It is not a fatal attack on a coin. It is also pointless to launch it in the early days of a currency because the only thing that matters in the beginning is the technology and the userbase. As long as people are simply mining, then a few lost coins, when so many are generated, is not a big deal. A 51% attack is a real issue if there are ordinary transactions and there is daily usage as a means of exchanging coins, storage of value, marking an agreement, or sales of goods and services.
For a 51% attack to be dangerous, the attacker must also construct, maintain, inject, and take advantage of a false chain.
The best response to a 51% attack is more miners to enter the network. It is also wise to implement checkpoints in the blockchain history.
Exchanges have already implemented safe guards, obviously to protect themselves as well, such as raising the number of confirmations for depositing coins to 50. This effectively makes the attack useless because it is extremely difficult to maintain an attack over that many confirmations.
Unless you can spend the coins against a victim or drop the price, the 51% attack is as useful as a gun that can’t be fired. By the time the coins would arrive at the exchange the blockchain would have rejected the coins.
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can’t agree more…
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Personally, I just bought up quite a bit more of FTC at current prices and I’m shifting my hours from 30 to 40 (for at least a few months). Every waking minute will be either at my job, Feathercoin or family. This is a great time for investors to sneak into FTC.
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My client is out of sync, my pool at give-me-ftc hasn’t found a block for over 3 hours. Is this the result of the attack? Are we all on the “wrong” chain? I don’t understand any of this, I thought the fork would be a good thing. The price is at all time low on btce, network under attack, it all seems to fall apart instead of gaining traction and stability.
Can someone explain what’s going on. I was hoping my donated hashrate and mined FTC are worth something. -
[quote name=“Pathosverdes3” post=“6394” timestamp=“1369503852”]
My client is out of sync, my pool at give-me-ftc hasn’t found a block for over 3 hours. Is this the result of the attack? Are we all on the “wrong” chain? I don’t understand any of this, I thought the fork would be a good thing. The price is at all time low on btce, network under attack, it all seems to fall apart instead of gaining traction and stability.
Can someone explain what’s going on. I was hoping my donated hashrate and mined FTC are worth something.
[/quote]Bushstar is investigating along with the help of zerodrama. As always, we appreciate your hashrate and I know Bush will be back with us shortly.
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[quote name=“wesphily” post=“6398” timestamp=“1369504281”]
In fact, if you have any money then now is the time to invest! It will never be this low again. I have transferred all of my btc and ltc to FTC knowing that I will make a lot of money soon. A lot of high level FTC community members are doing the very same thing.
[/quote]
Unfortunately I have no extra money, and after these events I am afraid to invest and convert my hard earned little LTC or BTC i have left. -
[quote name=“Pathosverdes3” post=“6407” timestamp=“1369505315”]
[quote author=wesphily link=topic=815.msg6398#msg6398 date=1369504281]
In fact, if you have any money then now is the time to invest! It will never be this low again. I have transferred all of my btc and ltc to FTC knowing that I will make a lot of money soon. A lot of high level FTC community members are doing the very same thing.
[/quote]
Unfortunately I have no extra money, and after these events I am afraid to invest and convert my hard earned little LTC or BTC i have left.
[/quote]I don’t blame you. When the synch issues are resolved… send me a PM and I’ll toss you another 200 FTC. Keep your LTC/BTC… we’re just happy to have ya with us.
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[quote name=“wesphily” post=“6360” timestamp=“1369493252”]
Zerodrama,Thank you for taking the time to explain this. I will work on getting this stickyed.
[color=red][size=18pt]Edit: What this means to investors[/size][/color]
Now is the time to buy FTC. Once the safeguards are put into place and the attack ceases people with FTC will more than triple their money. I’m not telling you this as a FTC representative. I’m telling you this as a good person with a lot of knowledgeable resources.
[/quote]Wish i had the funds to invest in the coin more have bought as much as i can now. Price is on the rise now
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[quote name=“Pathosverdes3” post=“6394” timestamp=“1369503852”]
My client is out of sync, my pool at give-me-ftc hasn’t found a block for over 3 hours. Is this the result of the attack? Are we all on the “wrong” chain?
[/quote]Network hash rate is decreasing again, so more time required to find a block.
Yes, we are on the forked chain since block #33062. That’s not a disaster, just the fact that some people have enough hash power to do such trick. If they want to double spend big time, that’s not going to be easy now. If they have personal motives against FTC, they are able to cause some difficulties, maybe serious, at high expence. For instance, they can generate another long block chain and merge it, thus orphaning the current forked chain and all valid transactions it contains, so they need to be restarted. There is nothing we can do to prevent this without another hard fork, and I bet it won’t be approved here unless the situation gets really dire. Anyway, we need hash rate to fight back.
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I do believe that the price is going to rise but I don’t know if I will be able to recover my loss. I went all in and then the price just fell like a rock. The problem is, I am a small investor (like really small…) and now I am just stuck and the hash rate has been steadily going down as well… So, this situation does shake your confidence a bit…
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As investors, I know exactly how you feel. When it comes to money, I take it DEEPLY personal. I’ve talking with Bush throughout the day, we’re not panicking in the least… a solid strategy is being hashed out.
We all know LTC is going to jump quite a bit once it hits Gox. I sold even more of my LTC today for Feathercoin… that’s how confident I am where we’re heading. I don’t just want to be a mouth piece, I’m in it with you guys… I’m putting my money where my mouth is.
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[quote name=“Pathosverdes3” post=“6394” timestamp=“1369503852”]
My client is out of sync, my pool at give-me-ftc hasn’t found a block for over 3 hours. Is this the result of the attack? Are we all on the “wrong” chain? I don’t understand any of this, I thought the fork would be a good thing. The price is at all time low on btce, network under attack, it all seems to fall apart instead of gaining traction and stability.
Can someone explain what’s going on. I was hoping my donated hashrate and mined FTC are worth something.
[/quote]I took a look at a fair few clients got stuck on block 33,055 which is at the same block that the CryptocoinExplorer Feathercoin DNS Seed crashed.
Dreamwatcher has now restarted the client and it is running again up to date.
http://cryptocoinexplorer.com:5750/
I will quickly check all the other nodes to make sure they are happy :)
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[quote name=“far004” post=“6429” timestamp=“1369507738”]
I do believe that the price is going to rise but I don’t know if I will be able to recover my loss. I went all in and then the price just fell like a rock. The problem is, I am a small investor (like really small…) and now I am just stuck and the hash rate has been steadily going down as well… So, this situation does shake your confidence a bit…
[/quote]You’re not alone man. But unlike the lazy speculators in the trollbox you have taken the initiative by getting involved; you don’t want to be pushed around by the effects you want to be the cause of the effects. See most people just treat life like a lottery but what I notice about people around here is that they realise they can do something about the odds.
So get stuck in, have a look at the teams in the forum and offer up your time. The more we pull together the more the dumb speculators will see that there is a fire in this place and so the price will go up.
Let me know if I can be of any assistance.
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It’s not exactly been a good day for me.
Last night someone stole all my Bitcoins. About 500 dollars worth. All that I have left is what I had converted to FTC, which is now reaching new lows, and the network appears to be under attack. I’d be buying like mad right now… except I have nothing to buy with.
Not my idea of a good time, but I’m sure things will recover eventually.
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[quote name=“Kevlar” post=“6449” timestamp=“1369510285”]
It’s not exactly been a good day for me.Last night someone stole all my Bitcoins. About 500 dollars worth. All that I have left is what I had converted to FTC, which is now reaching new lows, and the network appears to be under attack. I’d be buying like mad right now… except I have nothing to buy with.
Not my idea of a good time, but I’m sure things will recover eventually.
[/quote]Man, that’s a rough day. As soon as we get some value back up on FTC, remind me to send you a chunk. It’s not much, but I want to do something.
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[quote name=“justabitoftime” post=“6408” timestamp=“1369505395”]
[quote author=Pathosverdes3 link=topic=815.msg6407#msg6407 date=1369505315]
[quote author=wesphily link=topic=815.msg6398#msg6398 date=1369504281]
In fact, if you have any money then now is the time to invest! It will never be this low again. I have transferred all of my btc and ltc to FTC knowing that I will make a lot of money soon. A lot of high level FTC community members are doing the very same thing.
[/quote]
Unfortunately I have no extra money, and after these events I am afraid to invest and convert my hard earned little LTC or BTC i have left.
[/quote]I don’t blame you. When the synch issues are resolved… send me a PM and I’ll toss you another 200 FTC. Keep your LTC/BTC… we’re just happy to have ya with us.
[/quote]Sent.
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Hey Justy, you’re a good dude. Kudos to you for spreading it around to those with less.
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[quote name=“justabitoftime” post=“6452” timestamp=“1369510588”]
[quote author=Kevlar link=topic=815.msg6449#msg6449 date=1369510285]
It’s not exactly been a good day for me.Last night someone stole all my Bitcoins. About 500 dollars worth. All that I have left is what I had converted to FTC, which is now reaching new lows, and the network appears to be under attack. I’d be buying like mad right now… except I have nothing to buy with.
Not my idea of a good time, but I’m sure things will recover eventually.
[/quote]Man, that’s a rough day. As soon as we get some value back up on FTC, remind me to send you a chunk. It’s not much, but I want to do something.
[/quote]Rough day, yes. But I’m in this for the long haul. Next paycheck I’ll be buying more. And thank you justabit for your incredibly generous offer but PLEASE keep them for the non believers!!! I’m doing just fine, and I’d rather see them go towards more adoption.
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[quote name=“Kevlar” post=“6449” timestamp=“1369510285”]
It’s not exactly been a good day for me.Last night someone stole all my Bitcoins. About 500 dollars worth.
[/quote]How? Sorry. :(
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I’m still working on that. It was definately done via blockchain. I have 2 passwords on the account and I’ve not typed the send password in some time now, so I don’t think it was a keylogger. I’ve filed a ticket with Blockchain, we shall see where it leads.
