thirdlight wrote:Ok, I don't know much, but...
We don't have to fight this. All we have to do is wait it out.
BitcoinExpress will fork the chain & aim to get a load of blocks in front of the existing chain, then release his chain on the network. Clients will take his chain (it's the biggest), and carry on as normal.
The only issue is the blocks that get orphaned - as we saw with i-something-coin (can't remember if it was x or 0). So, don't believe any transactions you receive in the meantime.
The worse that can happen is that the block count gets closer to 19200.
The only part of this that causes problems is the waiting. If I don't see evidence of the attack in the next couple of days, we'll know it's fud, & we can all go back to our lives.
If someone had offered to double the network speed a few days ago, they would have been welcomed with open arms. That's what BitcoinExpress is doing, and giving all existing namecoin miners a day off too. Thanks.
DoubleC is right to suspend trading - everyone take a couple of days off & see which block we're at on Thursday.
I know I haven't covered the .bit names side of things, I don't know enough to comment.
I'm ready for the flames....
Two days ago a new alt currency came online called Geist Geld. ArtForz posted an exploit that revolutionized exploits!
The creator of Geist Geld can verify that we generated 20,000 blocks in less than 73 minutes, CONFIRMED them and without a single orphan! We were also able to STOP the chain, go to a previous point, quickly generate 5000 blocks and continue on effectively spliting the block chain and invalidating everything from the entry point forward, in real time!
reposted from Bitcointalk
A 51% attack is very elementary to what we plan to do. A team of our coders is convinced we can stop the block chain period and control it's direction forward or backwards via a reset. We've actually done it on a small test net.
Block Chain exploits have evolved quantum fold in the past 72 hours largely due to ArtForz Geist Geld exploit he posted, we took it to a new level as evidenced by the 20,000 blocks generated in 73 minutes which is theoretically impossible, but we did it.
Here's the agenda.
You have until block 19100 to withdraw, trade or do whatever you like. We will not launch until then.
At 19101 we are going to stop the block chain and do a reset to block 10,000. Using ArtForz modified exploit we are going to generate 5000 blocks in a matter of minutes, confirm them and commence experimenting. We will effectively split the NMC block chain and invalidate the old one past block 10000.
If you want to stop us all you have to do is increase the NMC Network Hash Rate to more than 500 GH /s before 19100. Bitcoin is 100% protected due to it's massive hash rate.
We notified the exchanges to prevent monetary loses by these guys. The purpose of this is knowledge and not to steal.
1) Developing protection for Bitcoin against exploits
2) Developing a lethal alt chain killer.
3) Making developers aware that when the "bad guys" make you aware of an exploit, FIX IT!
We will highly document this and make it public.
This will be my last post until after the attack begins.