Digibyte Scrypt Pool (DGB) - SCRYPT - CoinMinerz

Why Verge Needs DigiShield NOW! And Why DigiByte Is SAFE!

Hello everyone, I’m back! Someone asked a question recently on what exactly happened to XVG – Verge and if this could be a problem for DGB – DigiByte - Here: DigiByte vs Verge It was a great question and there have been people stating that this cannot be a problem for us because of DigiShield etc… with not much explanation after that.
I was curious and did a bit more investigating to figure out what happened and why exactly it is that we are safe. So take a read.

Some Information on Verge

Verge was founded in 2014 with code based on DogeCoin, it was initially named DogeCoinDark, it later was renamed Verge XVG in 2016. Verge has 5 mining algorithms as does DigiByte. Those being:
However, unlike DigiByte those algorithms do not run side by side. On Verge one block can only be mined by a single algorithm at any time. This means that each algorithm takes turns mining the chain.
Prior to the latest fork there was not a single line of code that forced any algo rotation. They all run in parallel but of course in the end only one block can be accepted at given height which is obvious. After the fork algo rotation is forced so only 6 blocks with the same algo out of any 10 blocks can be accepted. - srgn_

Mining Verge and The Exploit

What happened then was not a 51% attack per say, but the attacker did end up mining 99% of all new blocks so in fact he did have power of over 51% of the chain. The way that Verge is mined allowed for a timestamp exploit. Every block that is mined is dependent on the previous blocks for determining the algorithm to be used (this is part of the exploit). Also, their mining difficulty is adjusted every block (which last 30 seconds also part of the exploit). Algorithms are not picked but in fact as stated previously compete with one another. As for difficulty:
Difficulty is calculated by a version of DGW which is based on timestamps of last 12 blocks mined by the same algo. - srgn_
This kind of bug is very serious and at the foundation of Verge’s codebase. In fact, in order to fix it a fork is needed, either hard fork or soft fork!
What happened was that the hacker managed to change the time stamps on his blocks. He introduced a pair of false blocks. One which showed that the scrypt mining algorithm had been previously used, about 26 mins before, and then a second block which was mined with scrypt. The chain is set up so that it goes through the 5 different algorithms. So, the first false block shows the chain that the scrypt algorithm had been used in the recent past. This tricks it into thinking that the next algorithm to be used is scrypt. In this way, he was essentially able to mine 99% of all blocks.
Pairs of blocks are used to lower the difficulty but they need to be mined in certain order so they can pass the check of median timestamp of last 11 blocks which is performed in CBlock::AcceptBlock(). There is no tricking anything into thinking that the next algo should be x because there is no algo picking. They all just run and mine blocks constantly. There is only lowering the difficulty, passing the checks so the chain is valid and accepting this chain over chains mined by other algos. - segn_
Here is a snippet of code for what the time stamps on the blocks would look like:
SetBestChain: new best=00000000049c2d3329a3 height=2009406 trust=2009407 date=04/04/18 13:50:09 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=000000000a307b54dfcf height=2009407 trust=2009408 date=04/04/18 12:16:51 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=00000000196f03f5727e height=2009408 trust=2009409 date=04/04/18 13:50:10 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=0000000010b42973b6ec height=2009409 trust=2009410 date=04/04/18 12:16:52 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=000000000e0655294c73 height=2009410 trust=2009411 date=04/04/18 12:16:53 ProcessBlock: ACCEPTED (scrypt) 
Here’s the first falsified block that was introduced into the XVG chain – Verge-Blockchain.info
As you can see there is the first fake block with a time stamp of 13:50:09 for example and the next is set to 12:15:51, the following two blocks are also a fraudulent pair and note that the next block is set to 12:16:52. So essentially, he was able to mine whole blocks - 1 second per block!

The “Fix”

This exploit was brought to public attention by ocminer on the bitcointalk forums. It seems the person was a mining pool administrator and noticed the problem after miners on the pool started to complain about a potential bug.
What happened next was that Verge developers pushed out a “fix” but in fact did not really fix the issue. What they did was simply diminish the time frame in which the blocks can be mined. The attack still was exploitable and the attacker even went on to try it again!
“The background is that the "fix" promoted by the devs simply won't fix the problem. It will just make the timeframe smaller in which the blocks can be mined / spoofed and the attack will still work, just be a bit slower.” - ocminer
Ocminer then cited DigiShield as a real fix to the issue! Stating that the fix should also stipulate that a single algo can only be used X amount of times and not be dependent on when the algo was last used. He even said that DigiByte and Myriad had the same problems and we fixed them! He cited this github repo for DigiByte:

DigiShield

It seems that the reason that this exploit was so lucrative was because the difficulty adjustment parameters were not enough to reduce the rewards the attacker recieved. Had the rewards per block adjusted at reasonable rate like we do in DGB then at least the rewards would have dropped significantly per block.
The attacker was able to make off with around 60 million Verge which equals about 3.6 million dollars per today’s prices.
The exploit used by the attacker depended on the fact that time stamps could be falsified firstly and secondly that the difficulty retargeting parameters were inadequate.
Let’s cover how DigiShield works more in detail. One of the DigiByte devs gave us this post about 4 years ago now, and the topic deserves revisiting and updates! I had a hard time finding good new resources and information on the details of DigiShield so I hope you’ll appreciate this review! This is everything I found for now that I could understand hopefully I get more information later and I’ll update this post.
Let’s go over some stuff on difficulty first then I’ll try giving you a way to visualise the way these systems work.
First you have to understand that mining difficulty changes over time; it has to! Look at Bitcoin’s difficulty for example – Bitcoin difficulty over the past five months. As I covered in another post (An Introduction to DigiByte Difficulty in Bitcoin is readjusted every 2016 blocks which each last about 10 mins each. This can play out over a span of 2 weeks, and that’s why you see Bitcoin’s difficulty graph as a step graph. In general, the hash power in the network increases over time as more people want to mine Bitcoin and thus the difficulty must also increase so that rewards are proportional.
The problem with non-dynamic difficulty adjustment is that it allows for pools of miners and or single entities to come into smaller coins and mine them continuously, they essentially get “free” or easily mined coins as the difficulty has not had time to adjust. This is not really a problem for Bitcoin or other large coins as they always have a lot of miners running on their chains but for smaller coins and a few years ago in crypto basically any coin other than Bitcoin was vulnerable. Once the miners had gotten their “free coins” they could then dump the chain and go mine something else – because the difficulty had adjusted. Often chains were left frozen or with very high fees and slow processing times as there was not enough hash power to mine the transactions.
This was a big problem in the beginning with DigiByte and almost even killed DogeCoin. This is where our brilliant developers came in and created DigiShield (first known as MultiShield).
These three articles are where most of my information came from for DigiShield I had to reread a the first one a few times to understand so please correct me if I make any mistakes! They are in order from most recent to oldest and also in order of relevance.
DigiShield is a system whereby the difficulty for mining DigiByte is adjusted dynamically. Every single block each at 15 seconds has difficulty adjusted for the available hashing power. This means that difficulty in DigiByte is as close as we can get to real time! There are other methods for adjusting difficulty, the first being the Bitcoin/Litecoin method (a moving average calculated every X number of blocks) then the Kimoto Gravity Well is another. The reason that DigiShield is so great is because the parameters are just right for the difficulty to be able to rise and fall in proportion to the amount of hash power available.
Note that Verge used a difficulty adjustment protocol more similar to that of DigiByte than Bitcoin. Difficulty was adjusted every block at 30 seconds. So why was Verge vulnerable to this attack? As I stated before Verge had a bug that allowed for firstly the manipulation of time stamps, and secondly did not adjust difficulty ideally.
You have to try to imagine that difficulty adjustment chases hashing power. This is because the hashing power on a chain can be seen as the “input” and the difficulty adjustment as the corresponding output. The adjustment or output created is thus dependent on the amount of hashing power input.
DigiShield was designed so that increases in mining difficulty are slightly harder to result than decreases in mining difficulty. This asymmetrical approach allows for mining to be more stable on DigiByte than other coins who use a symmetrical approach. It is a very delicate balancing act which requires the right approach or else the system breaks! Either the chain may freeze if hash power increases and then dumps or mining rewards are too high because the difficulty is not set high enough!
If you’ve ever taken any physics courses maybe one way you can understand DigiShield is if I were to define it as a dynamic asymmetrical oscillation dampener. What does this mean? Let’s cover it in simple terms, it’s difficult to understand and for me it was easier to visualise. Imagine something like this, click on it it’s a video: Caravan Weight Distribution – made easy. This is not a perfect analogy to what DigiShield does but I’ll explain my idea.
The input (hashing power) and the output (difficulty adjustment) both result in oscillations of the mining reward. These two variables are what controls mining rewards! So that caravan shaking violently back and forth imagine those are mining rewards, the weights are the parameters used for difficulty adjustment and the man’s hand pushing on the system is the hashing power. Mining rewards move back and forth (up and down) depending on the weight distribution (difficulty adjustment parameters) and the strength of the push (the amount of hashing power input to the system).
Here is a quote from the dev’s article.
“The secret to DigiShield is an asymmetrical approach to difficulty re-targeting. With DigiShield, the difficulty is allowed to decrease in larger movements than it is allowed to increase from block to block. This keeps a blockchain from getting "stuck" i.e., not finding the next block for several hours following a major drop in the net hash of coin. It is all a balancing act. You need to allow the difficulty to increase enough between blocks to catch up to a sudden spike in net hash, but not enough to accidentally send the difficulty sky high when two miners get lucky and find blocks back to back.”
AND to top it all off the solution to Verge’s time stamp manipulation bug is RIGHT HERE in DigiShield again! This was patched and in Digishield v3 problems #7
Here’s a direct quote:
“Most DigiShield v3 implementations do not get data from the most recent blocks, but begin the averaging at the MTP, which is typically 6 blocks in the past. This is ostensibly done to prevent timestamp manipulation of the difficulty.”
Moreover, DigiShield does not allow for one algorithm to mine more than 5 blocks in a row. If the next block comes in on the same algorithm then it would be blocked and would be handed off to the next algorithm.
DigiShield is a beautiful delicate yet robust system designed to prevent abuse and allow stability in mining! Many coins have adopted out technology!

Verge Needs DigiShield NOW!

The attacker has been identified as IDCToken on the bitcointalk forums. He posted recently that there are two more exploits still available in Verge which would allow for similar attacks! He said this:
“Can confirm it is still exploitable, will not abuse it futher myself but fix this problem immediately I'll give Verge some hours to solve this otherwise I'll make this public and another unpatchable problem.” - IDCToken
DigiShield could have stopped the time stamp manipulation exploit, and stopped the attacker from getting unjust rewards! Maybe a look at Verge’s difficulty chart might give a good idea of what 1 single person was able to do to a coin worth about 1 billion dollars.
Here’s DigiByte’s difficulty steady, even and fair:
Maybe our developers could help Verge somehow – but for a fee? Or it might be a good way to get our name out there, and show people why DigiByte and DigiShield are so important!

SOURCES

Edit - Made a few mistakes in understanding how Verge is mined I've updated the post and left the mistakes visible. Nothing else is changed and my point still stands Verge could stand to gain something from adopting DigiShield!
Hi,
I hope you’ve enjoyed my article! I tried to learn as much as I could on DigiShield because I thought it was an interesting question and to help put together our DGB paper! hopefully I made no mistakes and if I did please let me know.
-Dereck de Mézquita
I'm a student typing this stuff on my free time, help me pay for school? Thank you!
D64fAFQvJMhrBUNYpqUKQjqKrMLu76j24g
https://digiexplorer.info/address/D64fAFQvJMhrBUNYpqUKQjqKrMLu76j24g
submitted by xeno_biologist to Digibyte [link] [comments]

A New York Coin Development Vision: How BTC could be 'powered by NYC' via Lightning Network

Preface
Lightning network offers slow congested chains, like Bitcoin, some scaling relief, so it's become known as a scaling solution. It may end up becoming far more famous as the best supported atomic swap technology to come into being. A big chain like Bitcoin has little incentive to help its users move to smaller faster chains smoothly, so Lightning is almost a trojan horse that can dramatically improve accessibility of all altcoins that also implement lightning networks.
Atomic swaps will let you trade from one chain, say bitcoin, to another with lightning network, let's say litecoin, without using any centralized repository like an exchange full of arbitrary rules and limits and fees that capture your money in their insecure coffers that are a big centralized target for hackers. But atomic swaps won't always be just a less frustrating way to move between chains, as they streamline, they'll transform the way we think about chains and shrink the space between them.
Imagine pre-exchange crypto as pre oceanic shipping earth. Different chains might as well be different continents, only occasionally connected by land bridges. Then came sailing (exchanges). You could move back and forth, but it was slow, restrictive and expensive, and sunken ships took a lot of gold to the bottom of the ocean (mt.gox, nicehack). Imagine atomic swaps, be they Lightning network swaps or some other solution like blocksnet or barterdex, as mail and parcel delivery by air and rail, time and costs shrink again.
My vision is of a later version of Lightning network that's basically the internet itself. You don't even need to package your letter, you can communicate right to the computer in someone's pocket a world away. The ease of moving between chains will increase dramatically, and the first chain to position to take advantage of that, to not merely be exchanged through swaps, but to power another chain using them, will prosper enormously.
Vision
Once upon a time around the late '90s or early '00s, there was dominate search directory called Yahoo!, recently defunct, that was most people's first stop when looking for new websites. Yahoo! decided to outsource their site's search engine to an unknown little company named Google, and many people's first experience with Google in those days was a little tagline by the Yahoo! search box that read: 'powered by Google'. In just a few years, everyone's first stop to the internet was Google itself. Powering Yahoo! was Google's platform to a direct connection with web users, and they used that platform to take over the world.
New York Coin can power Bitcoin with the same intent, using an ever more streamlined Lightning Network, and essentially operating as a lightning network and scaling solution for Bitcoin by pitching to payment processors and large retailers to move their received bitcoin transactions through lightning channels out onto the NYC chain. Rather than off chain transactions that traditional LN scaling offers, we'd be offering cross chain transactions that retain the benefits of the public ledger. Off bitcoin's chain, on ours.
As payment processors and retailers began to use us, our accessibility and visibility to ordinary users would grow just as Google's did, as those payment processors would already be primed and ready to receive NYC directly, rather than trading to it only in the background. The whole vision dovetails nicely with NYC's local penetration as well, as you can ask local retailers whether they want to accept BTC at great cost and slow speed, or cut out the middle man and use the coin that powers the fastest BTC transactions directly: NYC.
The vision also works with NYC's branding. The way New York City powers the world's economy, New York Coin can power the world's blockchains. A nimble, low maintenance blockchain like NYC can take BTC's overflow and fee avoidance traffic and use it to grow into a serious competitor in its own right.
Step 1 We probably need to deal with NYC coin supply issues. First bitcointalk thread says max supply = 10B, first github says it's 100B, and current supply according to website is 130+B, so something is amiss. A fork has already been imagined to deal with this, and it's probably an important step.
Step 2 Segwit and Lightning. I would personally donate 50,000NYC to a credible developer who could update NYC to support the lightning network, test it on a testnet and implement it as Lightning develops further. I know that isn't much, but I'll also do all I can to encourage others to donate and I expect the value of NYC to rise greatly not merely on implementing the tech, but doing so with a vision of how to use it, so a dev that hodls could do quite well.
As long as we'd be getting segwit addresses and need a new prefix, may I recommend 'NYC' as the prefix instead of 'R'? It's an opportunity to extend the branding.
Step 3 Support as many decentralized exchanges as possible. I know blocksnet requires OP_CHECKLOCKTIMEVERIFY and I don't know if NYC has that. I don't know what Barterdex will require. These solutions seem to require using a 3rd blockchain as intermediary, which is not ideal, but right now NYC can build a brand of accessibility while waiting for Lightning Network to develop into a more universal atomic swap option, and early adopters at the new decentralized exchanges can build brand awareness by showing up before there are too many coins there.
Step 4 Increase NYC security. We'll get more miner simply by having some success and growing in price, but you want to be at the top of your algorithm or else you are vulnerable to attack. One tiny litecoin pool could 51% attack NYC right now, and fairly recently Bitconnect coin on Scrypt was successfully attacked on scrypt while it held an enormous hashrate, so only the top dog per algorithm is secure if you only use one algorithm. Digibyte has a 5 algorithm solution that requires 51% of 4, and 93% of a 5th in order to pull off the same attack, and so they're able to get a lot more security per hash than most coins.
If payment processors, large retailers, maybe even banks are going to rely on us, we can't get taken down by attacks like that. We should seriously consider importing digibyte's multi algoritm security.
Step 5 Be an early leader in Bitcoin fee avoidance. People already avoid fees by moving to litecoin in exchanges, sending litecoin to new location and then sometimes even converting back to bitcoin. Early lightning network won't be much less inconvenient than exchanges are now, but the more we brand NYC as a faster alternative, and to avoid fees in between various stops, the easier it is to position it once moving from one chain to another is more like changing lanes on the interstate than parking at an airport getting on a plane and flying over an ocean.
We should also invest as much as possible, in the far future (late 2018, 2019) in helping to smooth out how easily lightning channels let users go back and forth between congested chains like BTC and NYC.
Conclusion
I've pitched this before, to Digibyte, both because they're a fast nimble chain, and because of their 5 algorithm security. But they want to do digusign and Internet of Things. NYC seems like a coin in need of a long term mission, and I believe acting as Bitcoin's backbone can provide that purpose while complementing NYC's more short term goals of local New York adoption. Given New York City's status as backbone of the world financial system, NYC's branding is compatible with being Bitcoin's backbone.
So I offer this vision to you. I'm willing to donate to a credible developer who shares this vision and seems capable of implementing segwit and lightning, I'm also willing to try to persuade other users to donate as well and help them understand the importance, for whatever that's worth. I don't really expect you guys to adopt this, or probably even read my wall of text, but I wanted to take a shot. I've encouraged others to contribute as they can, and this idea is the most valuable contribution I can make. It's a good idea and someone is going to do it. Might as well be us.
TL;DR As lightning network develops and atomic swaps get smoother, it could become smooth enough so that one chain like NYC could power another slower more congested chain like Bitcoin, and we could grab their overflow very smoothly while building our own profile greatly. Bitcoin wants Lightning Network for scaling, we could use it to have easier accessibility to Bitcoin users and payment processors and retailers. All bitcoin's successes could become partly ours as well. There's no sense in refighting every battle bitcoin has already fought when we could use lightning atomic swaps to reach everyone they can reach instantly.
Update: Segwit/lightning have been added to the NY Coin roadmap here: https://nycoin.community/roadmap.html
Donation Pledges To the New York Coin Community Development Team to support implementation of segwit and lightning, send to RGpAYLk2CtsLvBQBENQyNUhJyF8QH2zC53
OfficialEarthfunds: $4000.00 nodecache: 250,000 NYC kevinq260: 30,000 NYC dwilkes827: 100,000 NYC kuch167: 50,000 NYC Craig8601: 50,000 NYC NewyorkCoinFrance: 100,000 NYC ParticularWalk: 95,000 NYC franklin_d_turtle: 50,000 NYC kd006: 100,000 NYC Cruiz9: 100,000 NYC bobbelslob: 50 NYC 
Matching donations from Tnyc2477! Up to 1,000,000NYC in matching donations! Multiply the impact of your donation. Thanks Tnyc2477! total matched: 675,050 NYC
matched kevinq260: 30,000 NYC matched dwilkes827: 100,000 NYC matched kuch167: 50,000 NYC matched Craig8601: 50,000 NYC matched NewyorkCoinFrance: 100,000 NYC matched ParticularWalk: 95,000 NYC matched franklin_d_turtle: 50,000 NYC matched kd006: 100,000 NYC matched Cruiz9: 100,000 NYC matched bobbelslob: 50 NYC 
Total pledged: 1,500,100 NYC and $4,000 from earthfunds
submitted by nodecache to NewYorkCoin [link] [comments]

[Serious, long] My thoughts on what next for Dogecoin

There’s been a lot of discussion in recent days about the decreasing price of Dogecoin, as well as the risk of a 51% attack from Wafflepool or similar. I wanted to do a wrap-up of the discussions happening amongst the developers of the last few weeks, partly to illustrate that we are looking at options, but mostly to talk about what is happening. Please note that this is all rapidly changing. Dogecoin is actually moving at breakneck speed for a project of its size, especially as we still have a relatively limited core team. This is part of why we don’t write posts very often, as they become out of date so quickly as new arguments and facts are presented.
Lets talk about 51% attacks first. The theory is that if anyone has over 51% of the total hashing power of the network, they can form a blockchain of their own which is considered “more valid” than the blockchain most users are on. This is because cryptocurrency blockchains are secured through proof of work, and therefore more work on a chain makes it, in essence, more valid. This risks an attacker spending coins on one chain, then releasing their own private, longer, blockchain. That latter blockchain replaces the original blockchain, and the coins they spent on the original blockchain are effectively returned to them as if the transactions never happened.
It’s important to understand this because I hear suggestions that Wafflepool shouldn’t accept over 51% of the network hashrate, and unfortunately all this would do is hide the risk. Having one pool own over 51% of the network hashrate is not a problem if it’s actually being used to mine, but instead if it’s used to create a personal blockchain. The other issue raised is one of price; we’ve been steadily dropping since around early February. The core of my answers here is that you need to consider demand vs supply. What happened back in February was that we saw a surge in demand beyond sustainable levels, likely in a form of tulip mania. As supply continued (mining), and demand dropped-off, our price has dropped. This has been worsened by a succession of bad news affecting Bitcoin (MtGox and other exchanges struggling, uncertainty of China and Russia, etc.), which both directly brings down our price, as well as undermining confidence in the entire cryptocurrency ecosystem. It has been suggested (and I can believe this, but have not done my own analysis) that as multipools continue to dominate Dogecoin mining, and they tend to sell coins directly, that they are further reducing the price. Specifically, given that while there is demand for further coins from miners, as they have already expended resources on mining hardware they cannot then purchase the cheap coins the mining pools are producing.
Lastly, there’s the question of ASICs; these are specialised mining devices which are significantly faster than CPU/GPU mining hardware, and typically cheaper to run due to reduced power and space requirements. Their introduction into mining at the moment leaves vastly disproportionate mining power in the hands of a few (there’s one individual with a hashrate of around 20GH/s, for example), and in time is likely to make mining on commodity hardware infeasible.
We’ve had a lot of suggestions for what to do; change proof of work algorithm, add multiple proof of work algorithms, move to proof of stake, merge-mine with Litecoin, have DigiShield merge-mine with us. We’ve considered everything, and then some; I’m not sure how much discussion has happened in total, but I’ve spent over a dozen hours looking at these issues on IRC. In virtually all cases, the majority of people with the skills to implement these changes have rejected them as too high risk and/or having other significant drawbacks. In summary:
The best suggestion we have so far is to out-do the multipools directly, by working on open source multipool software which is more DOGE-friendly. As I understand it two key approaches are being considered for improving DOGE-friendliness; either by directly exchanging other coins to DOGE, or through improved trading algorithms which result in less sharp shocks to the price. For very large mining farms such as SFire’s, it’s hoped this will cause them to separate from the mining pools (which they pay fees to) and go solo. This reduces fees for the miner, as well as reducing the ability for DDoS attacks to be targeted at them, and for us it reduces risk of a 51% attack, improves confidence in the coin security, and enables us to better mitigate impact of people mining huge quantities to sell.
Meanwhile, the main focus is on making Dogecoin (and cryptocurrencies in general) a viable way of moving value around. The 1.7 client (beta release is imminent, and in fact if you’re comfortable compiling it yourself, the code is available from https://github.com/dogecoin/dogecoin/tree/v1.7.0-Beta-1 ) is a major re-write of Dogecoin Core to base it on the Bitcoin Core 0.9 client (with Scrypt added in, of course). This gives us significant performance improvements, as well as a better underlying architecture. To repeat; this will not be a required update, although it will be strongly encouraged as it’s a huge leap forward technologically. One of the features which is currently not working in 1.7, but will be for release, is the Bitcoin payment protocol, which massively improves the payment request/receiving process for merchants. Fundamentally 1.7 is intended to prove we have the technical skills to maintain a stable, useful coin, and help drive/support adoption.
Once 1.7 is done, my immediate priority is technical documentation; we have a security specialist currently working on a guide to cryptocurrency security (setup, risks, best practices, etc.), to help give merchants and exchanges an in-depth understanding of how to securely use cryptocurrency. I’ll be addressing the need for formal standards in Dogecoin, and preparing RFCs for the “dogecoin:” URI and relay network protocol for submission to the IETF (and IANA for the URI).
Lastly; there was a post recently about the need for multi-signature addresses; I’d like to add my own “hell yes!” to that, although obviously I have to prioritise. If anyone else can look at these, that would be fantastic.
For anyone wanting a more permanent link, there's a copy of this on my blog ( http://jrn.me.uk/wp/what-next-for-dogecoin-mid-april-2014/ ), however posting as full text here as probably easier for most people, and I'm not sure my server would survive a reddit hug!
Edit: It's been pointed out that there's no verification of the problems with Blackcoin, and the source alleging problems has a serious credibility issue. Have removed the reference now.
submitted by rnicoll to dogecoin [link] [comments]

A New York Coin Development Vision: How BTC could be 'powered by NYC' via Lightning Network

Preface
Lightning network offers slow congested chains, like Bitcoin, some scaling relief, so it's become known as a scaling solution. It may end up becoming far more famous as the best supported atomic swap technology to come into being. A big chain like Bitcoin has little incentive to help its users move to smaller faster chains smoothly, so Lightning is almost a trojan horse that can dramatically improve accessibility of all altcoins that also implement lightning networks.
Atomic swaps will let you trade from one chain, say bitcoin, to another with lightning network, let's say litecoin, without using any centralized repository like an exchange full of arbitrary rules and limits and fees that capture your money in their insecure coffers that are a big centralized target for hackers. But atomic swaps won't always be just a less frustrating way to move between chains, as they streamline, they'll transform the way we think about chains and shrink the space between them.
Imagine pre-exchange crypto as pre oceanic shipping earth. Different chains might as well be different continents, only occasionally connected by land bridges. Then came sailing (exchanges). You could move back and forth, but it was slow, restrictive and expensive, and sunken ships took a lot of gold to the bottom of the ocean (mt.gox, nicehack). Imagine atomic swaps, be they Lightning network swaps or some other solution like blocksnet or barterdex, as mail and parcel delivery by air and rail, time and costs shrink again.
My vision is of a later version of Lightning network that's basically the internet itself. You don't even need to package your letter, you can communicate right to the computer in someone's pocket a world away. The ease of moving between chains will increase dramatically, and the first chain to position to take advantage of that, to not merely be exchanged through swaps, but to power another chain using them, will prosper enormously.
Vision
Once upon a time around the late '90s or early '00s, there was dominate search directory called Yahoo!, recently defunct, that was most people's first stop when looking for new websites. Yahoo! decided to outsource their site's search engine to an unknown little company named Google, and many people's first experience with Google in those days was a little tagline by the Yahoo! search box that read: 'powered by Google'. In just a few years, everyone's first stop to the internet was Google itself. Powering Yahoo! was Google's platform to a direct connection with web users, and they used that platform to take over the world.
New York Coin can power Bitcoin with the same intent, using an ever more streamlined Lightning Network, and essentially operating as a lightning network and scaling solution for Bitcoin by pitching to payment processors and large retailers to move their received bitcoin transactions through lightning channels out onto the NYC chain. Rather than off chain transactions that traditional LN scaling offers, we'd be offering cross chain transactions that retain the benefits of the public ledger. Off bitcoin's chain, on ours.
As payment processors and retailers began to use us, our accessibility and visibility to ordinary users would grow just as Google's did, as those payment processors would already be primed and ready to receive NYC directly, rather than trading to it only in the background. The whole vision dovetails nicely with NYC's local penetration as well, as you can ask local retailers whether they want to accept BTC at great cost and slow speed, or cut out the middle man and use the coin that powers the fastest BTC transactions directly: NYC.
The vision also works with NYC's branding. The way New York City powers the world's economy, New York Coin can power the world's blockchains. A nimble, low maintenance blockchain like NYC can take BTC's overflow and fee avoidance traffic and use it to grow into a serious competitor in its own right.
Step 1 We probably need to deal with NYC coin supply issues. First bitcointalk thread says max supply = 10B, first github says it's 100B, and current supply according to website is 130+B, so something is amiss. A fork has already been imagined to deal with this, and it's probably an important step.
Step 2 Segwit and Lightning. I would personally donate 50,000NYC to a credible developer who could update NYC to support the lightning network, test it on a testnet and implement it as Lightning develops further. I know that isn't much, but I'll also do all I can to encourage others to donate and I expect the value of NYC to rise greatly not merely on implementing the tech, but doing so with a vision of how to use it, so a dev that hodls could do quite well.
As long as we'd be getting segwit addresses and need a new prefix, may I recommend 'NYC' as the prefix instead of 'R'? It's an opportunity to extend the branding.
Step 3 Support as many decentralized exchanges as possible. I know blocksnet requires OP_CHECKLOCKTIMEVERIFY and I don't know if NYC has that. I don't know what Barterdex will require. These solutions seem to require using a 3rd blockchain as intermediary, which is not ideal, but right now NYC can build a brand of accessibility while waiting for Lightning Network to develop into a more universal atomic swap option, and early adopters at the new decentralized exchanges can build brand awareness by showing up before there are too many coins there.
Step 4 Increase NYC security. We'll get more miner simply by having some success and growing in price, but you want to be at the top of your algorithm or else you are vulnerable to attack. One tiny litecoin pool could 51% attack NYC right now, and fairly recently Bitconnect coin on Scrypt was successfully attacked on scrypt while it held an enormous hashrate, so only the top dog per algorithm is secure if you only use one algorithm. Digibyte has a 5 algorithm solution that requires 51% of 4, and 93% of a 5th in order to pull off the same attack, and so they're able to get a lot more security per hash than most coins.
If payment processors, large retailers, maybe even banks are going to rely on us, we can't get taken down by attacks like that. We should seriously consider importing digibyte's multi algoritm security.
Step 5 Be an early leader in Bitcoin fee avoidance. People already avoid fees by moving to litecoin in exchanges, sending litecoin to new location and then sometimes even converting back to bitcoin. Early lightning network won't be much less inconvenient than exchanges are now, but the more we brand NYC as a faster alternative, and to avoid fees in between various stops, the easier it is to position it once moving from one chain to another is more like changing lanes on the interstate than parking at an airport getting on a plane and flying over an ocean.
We should also invest as much as possible, in the far future (late 2018, 2019) in helping to smooth out how easily lightning channels let users go back and forth between congested chains like BTC and NYC.
Conclusion
I've pitched this before, to Digibyte, both because they're a fast nimble chain, and because of their 5 algorithm security. But they want to do digusign and Internet of Things. NYC seems like a coin in need of a long term mission, and I believe acting as Bitcoin's backbone can provide that purpose while complementing NYC's more short term goals of local New York adoption. Given New York City's status as backbone of the world financial system, NYC's branding is compatible with being Bitcoin's backbone.
So I offer this vision to you. I'm willing to donate to a credible developer who shares this vision and seems capable of implementing segwit and lightning, I'm also willing to try to persuade other users to donate as well and help them understand the importance, for whatever that's worth. I don't really expect you guys to adopt this, or probably even read my wall of text, but I wanted to take a shot. I've encouraged others to contribute as they can, and this idea is the most valuable contribution I can make. It's a good idea and someone is going to do it. Might as well be us.
TL;DR As lightning network develops and atomic swaps get smoother, it could become smooth enough so that one chain like NYC could power another slower more congested chain like Bitcoin, and we could grab their overflow very smoothly while building our own profile greatly. Bitcoin wants Lightning Network for scaling, we could use it to have easier accessibility to Bitcoin users and payment processors and retailers. All bitcoin's successes could become partly ours as well. There's no sense in refighting every battle bitcoin has already fought when we could use lightning atomic swaps to reach everyone they can reach instantly.
Update: Segwit/lightning have been added to the NY Coin roadmap here: https://nycoin.community/roadmap.html
Donations: Over 3 million NYC has been donated to NYC's development team to help support the implementation of Segwit/lightning. See the donation thread here: https://www.reddit.com/NewYorkCoin/comments/7z256p/donation_address_for_segwit_bounty/
submitted by nodecache to nycoincommunity [link] [comments]

List of solutions we have against ASICs and 51% attacks. Which do you think is best?

  1. Merge Mining An brought up by the creator of Litecoin, one of the Doge devs brought up the idea of merge mining with Digibyte. Merged mining allows a miner to mine for more than one block chain at the same time. The benefit is that every hash the miner does contributes to the total hash rate of both (all) currencies, and as a result they are all more secure. You can learn more here
Pros: Potential of 51% attack decreases. Both communities are linked leading to a larger community. Low risk as merge mining has been successfully tried before. Increase hashing power. Miners would get both Litecoin/Digibyte and Doge when mining.
Cons: High likelihood that Litecoin or Digibyte miners will dump their Doge and vice versa. Still susceptible to a 51% attack by a large ASIC scrypt farm. All risk lies on Doge and not Litecoin when implementing the required fork.
  1. Change to Scrypt-N algorithm. Current coin used by Vertcoin you can read more about it here...ok you can in all seriousness look more into it here or here
Pros: Potential of 51% attack decreases. Benefits GPU miners (significant portion of the Doge community is made up of GPU miners).
Cons: Short term solution. Scrypt-n ASICs will probably be developed in the future leading us to where we are now. Scrypt-n can also damage GPU over time.
  1. Change to SHA-256 algorithm. SHA-256 is the mining algorithm that Bitcoin uses. Not much to say here.
Pros: Potential of 51% attack significantly decreases.
Cons: Little innovation. GPU miners can no longer mine Doge.
  1. Change Doge from pure PoW (proof of work) to PoW/PoS hybrid. Coins like Peercoin, Mintcoin and Blackcoin follow this system. You can learn a little more about the how the system works here or here
Pros: Attacker would need 51% of all Dogecoins to do a 51% attack. Significantly energy efficient. GPU mining is no longer necessary. Dogecoin owners will gain coins simply by leaving them in their wallet;.
Cons: Changing from pure PoW to PoW/PoS has (to my knowledge) never been tried before. Can encourage hoarding.
  1. Change to X11 algorithm. This algorithm was brought up in the comments. I don't know much about it but it is very interesting! I'm currently reading up on it here, here and in /hirocoin
Pros: Potential 51% attack decreases. Energy efficient. Lower GPU temperature for miners. More fair to laptop miners and people with lower end tech.
Cons: Risk in switching from Scypt to X11 as its never been done before. Higher risk of 51% attack by a botnet.
  1. Change to Multi-Algo algorithm. Also brought up in the comments. Multi-Algo uses SHA-256, Scrypt, Groestl, Skein and Qubit as one algorithm. In use by Myriadcoin. You can read more on it here and in /myriadcoin.
Pros: Potential of 51% attack significantly decreases (I don't even know if its possible).
Cons: Risk in switching from Scrypt to Multi-Algo as its never been done before.
  1. Change to HVC algorithm. Brought up in the comments. Similar to Multi-Algo in that it has multiple algorithms in one. Currently used by Heavycoin. You can read more here
Pros: Potential of 51% attack significantly decreases (Just like Multi-Algo, I am not sure if its even possible). More secure.
Cons: Risk in switching from Scrypt to HVC as its never been done before.
If you have any more solutions please let me know. If there is something you want to add to a con or pro or a correction let me know as well. I would like this post to drum up discussion. Thank you for participating.
submitted by kanada_kid to dogecoin [link] [comments]

Being new to this coin and Subreddit, I have noticed a lot of people mentioning Digibyte in a derogatory sense, as if its hurting us. I would like to rebuttal this claim, and suggest my own.

First off, I would like to thank everyone for the warm welcome I had when I joined the community a few days ago:
http://www.reddit.com/myriadcoin/comments/274ce6/so_i_just_discovered_myriad_coin_through_digibyte/
And would like to follow up with my promise to become at the very least an investor :)
http://i.imgur.com/oPdiDXN.png
Anywho, the fact that other Multi-PoW coins are coming out is not at all bad for myriad :/ If anything it should bolster our confidence when seeing others designing coins after our own. Its a boon to our clout and in a way advertises us to potential investors.
Just like Bitcoin, Litecoin, and Darkcoin (Original SHA-256, Scrypt, and X11 based coins respectively) all had many successors, each one of them providing more confidence to investors that the algorithm was a success. Without successors, your but a lone wolf trying to convince an entire industry your algorithm (or system of algorithms) is worth looking at, despite being the only one to use it.
I for one, as I mentioned in my post a few days ago, only discovered Myriadcoin AFTER discovering Digibyte.
So, this begs the question, why did I, or rather, why are people discovering and investing in Digibyte before Myriadcoin?
Well, some of the things I really liked about Digicoin were:
submitted by thebiglouboo to myriadcoin [link] [comments]

[P2pool] How to make your own personal p2pool Node!

Tired of getting no block rewards and sending many dead shares? Need a p2pool node close to your miner? MAKE YOUR OWN! :D
And, Yep, P2pools give 0.5% Rewards to block finders!
Here's some info about p2ools: http://whatisp2pool.com/
The stronger the P2Pool network becomes the more resistant the digibyte network is to 51% attacks!
Oh and, P2pools are DDOS proof! Now that's News! So if your node gets DDOS'd .. you dont lose your shares as the shares have been saved in the p2pool, its called the sharechain. So you get paid anyhow! Thanks to the p2pool network. and you ccan set your workers to another pool using the "--failover only" command in cgminer (if im not wrong) and get it back to work on the p2pool network!
TL;DR; P2POOL = 1 Big fat network Decentrazlized pool!
STEPS TO MAKE A P2POOL:
Install Ubuntu server or Desktop if you want http://www.ubuntu.com/download/ or u can use a VPS (VirtualPrivateServer -- Link Below with coupon code)
So Let's start off in the command line (Open Terminal.. and all you have to do is Cut, Copy Paste! ;) )
Start by updating and upgrading Ubuntu, you know you want the best ;)
sudo apt-get update sudo apt-get upgrade sudo apt-get install python-software-properties sudo add-apt-repository ppa:bitcoin/bitcoin sudo apt-get update 
Time for the DigiByteProject dependencies!
sudo apt-get install build-essential libboost-all-dev libcurl4-openssl-dev libdb5.1-dev libdb5.1++-dev git qt-sdk libminiupnpc-dev sudo apt-get install qrencode libqrencode-dev 
And, Now to compile DigiByte on your system!
git clone git://github.com/digibyte/DigiByteProject.git digibyte #renaming makes it easier ;) cd ~/digibyte/src mkdir obj make -f makefile.unix USE_UPNP=- sudo cp digibyted /usbin cd ~ 
After it has compiled try running 'digibyted'
./digibyte/src/digibyted 
If you get an error saying you need to make the digibyte.conf file, good! :) If it doesnt give you that error, make sure you followed the compiling steps appropriately.
So, Lets create the conf file here...
cd .digibyte #edited from 'digibyted' .. fixed!! nano digibyte.conf 
Paste the following, CHANGING THE USERNAME AND PASS!! make sure to take note of both, you'll need these later!
rpcuser=CHANGEusername rpcpassword=ChangePassword daemon=1 server=1 rpcport=14022 port=12024 gen=1 rpcallowip=127.0.0.1 addnode=74.208.230.160 addnode=31.220.25.91 addnode=184.155.218.183 addnode=24.119.23.61 addnode=70.196.193.231 addnode=198.98.118.241 addnode=142.4.204.115 addnode=23.90.191.58 addnode=216.250.125.121 addnode=115.28.31.25 addnode=83.172.105.46 
Press 'CTRL' + ' X', and then 'Y' to save when prompted
cd ~ ./digibyte/src/digibyted ./digibyte/src/digibyted getinfo 
Make sure you check the latest block in the block chain or on your local DigiByte Wallets. This is to see how far your p2pool node has gotten! This is gonna take quite a while so lets CONTINUE!
Let's get the p2pool software and frontend in! Install the p2pool dependencies!
sudo apt-get install python-zope.interface python-twisted python-twisted-web git clone https://github.com/Rav3nPL/p2pool-rav p2pool #renaming it! cd ~/p2pool/digibyte_subsidy #Thanks to Chaeplin sudo python setup.py install 
Time to edit and customise the html code to personalise your p2pool's frontend. Feel free to change the p2pool name and if you're an advanced user, feel free to add your own frontend from git hub after removing the web-static folder. (OPTIONAL: by using rm -f -r web-static #in that directory. And then you can choose whichever frontend you want! by cloning it in the web-static folder)
Editing the current frontend html!
cd .. cd web-static nano index.html 
After personalising the page, i.e. changing the p2pool name and adding some info! Lets go back and check how far the block downloading has gotten! You can check this by typing this in the command line after going back to the root directory:
cd ~ ./digibyte/src/digibyted getinfo 
This is gonna take a while so might as well check for updates again :P
sudo apt-get update sudo apt-get upgrade 
After making sure that all the blocks have been synced locally! We're ready to run the p2pool node! Simply enter the string below in the command line, entering your USERNAME and PASS that you saved earlier!
screen -d -m -S myp2pool ~/p2pool/run_p2pool.py --give-author 0 --net digibyte NEWUSER NEWPASS --outgoing-conns 4 
If you want to charge a fee for your node add this to your string, adding your fee address!:
--fee 1.0 --address NEWDGBADDRESS 
To see if the node is up and running enter this in the command line:
screen -x myp2pool 
'CTRL' + 'A' + 'D' to close the terminal if you press 'CTRL' + 'C', it will terminate the p2pool program and you'll have to restart the pool by using the string above!
Once, Everything is setup as planned! Check your p2pool node's ip Address by entering this into the command line:
ifconfig 
inet addr: 192.168.1.1 #You'll see a line like this.
So, Your cgminer string should look something like this:
cgminer --scrypt -o 192.168.1.1:9022 -u DGBADDRESS -p x
And your p2pool WEB ADDRESS should look like this:
192.168.1.1:9022
example: http://192.168.1.1:9022/
You can monitor your p2pool using that web address! Enjoy, your personal p2pool node!! :D
If for whatever reason the server shuts off and you need to restart the p2pool node, you should run digibyted again and after it has synced successfully, just type in your p2pool string:
./digibyte/src/digibyted
screen -d -m -S myp2pool ~/p2pool/run_p2pool.py --give-author 0 --net digibyte NEWUSER NEWPASS --outgoing-conns 4 --fee 1.0 --address NEWADDRESS
PRESS CTRL + A + D to Detach from screen
UPDATE Follow Guide below if you used this guide before DigibByte v2.0 was released (28th Feb 2014)
You must check whether you're on the right ShareChain. Make Sure the block Value says 7960!
https://bitcointalk.org/index.php?topic=408268.msg5440858#msg5440858
This Tutorial was made with the help of an existing Guide: http://doges.org/index.php?topic=5586.0 Kudos to crypto49er!
If you want to do this on a VPS:
Here's a link to a VPS hosting site:
https://www.digitalocean.com/
Feel free to use my $10 ref. code -- it doesnt really make a difference, though.
https://www.digitalocean.com/?refcode=dc909c442664
Let me know if this guide helped!
submitted by StormMiner to Digibyte [link] [comments]

Compilation of all the solutions we have against ASICs and 51% attacks. Which do you think is best? (originally by /u/kanada_kid - re-posting for visibility)

This post by kanada_kid, which was posted 5 days ago, is a very nice compilation of all the solutions to any problems which dogecoin is facing.
Unfortunately, the post didn't get much upvotes and got buried soon.
ORIGINAL POST HERE
Shibes, please go through this post and let's take some time to study and further discuss this among ourselves.
Newbie shibes, if you don't understand something, no problem. Please always feel free to ask anything. We are here to explain you everything in the simplest way possible. But please do go through this. You and us decide the future of our coin :)

THE ORIGINAL POST STARTS HERE:

  • Merge Mining
An brought up by the creator of Litecoin, one of the Doge devs brought up the idea of merge mining with Digibyte. Merged mining allows a miner to mine for more than one block chain at the same time. The benefit is that every hash the miner does contributes to the total hash rate of both (all) currencies, and as a result they are all more secure. You can learn more here
Pros: Potential of 51% attack decreases. Both communities are linked leading to a larger community. Low risk as merge mining has been successfully tried before. Increase hashing power. Miners would get both Litecoin/Digibyte and Doge when mining.
Cons: High likelihood that Litecoin or Digibyte miners will dump their Doge and vice versa. Still susceptible to a 51% attack by a large ASIC scrypt farm. All risk lies on Doge and not Litecoin when implementing the required fork.
  • Change to Scrypt-N algorithm
Current coin used by Vertcoin you can read more about it here...ok you can in all seriousness look more into it here or here.
Pros: Potential of 51% attack decreases. Benefits GPU miners (significant portion of the Doge community is made up of GPU miners).
Cons: Short term solution. Scrypt-n ASICs will probably be developed in the future leading us to where we are now. Scrypt-n can also damage GPU over time.
  • Change to SHA-256 algorithm.
SHA-256 is the mining algorithm that Bitcoin uses. Not much to say here.
Pros: Potential of 51% attack significantly decreases.
Cons: Little innovation. GPU miners can no longer mine Doge.
  • Change Doge from pure PoW (proof of work) to PoW/PoS hybrid.
Coins like Peercoin, Mintcoin and Blackcoin follow this system. You can learn a little more about the how the system works here or here
Pros: Attacker would need 51% of all Dogecoins to do a 51% attack. Significantly energy efficient. GPU mining is no longer necessary. Dogecoin owners will gain coins simply by leaving them in their wallet;.
Cons: Changing from pure PoW to PoW/PoS has (to my knowledge) never been tried before. Can encourage hoarding.
  • Change to X11 algorithm.
This algorithm was brought up in the comments. I don't know much about it but it is very interesting! I'm currently reading up on it here, here and in /hirocoin
Pros: Potential 51% attack decreases. Energy efficient. Lower GPU temperature for miners. More fair to laptop miners and people with lower end tech.
Cons: Risk in switching from Scypt to X11 as its never been done before. Higher risk of 51% attack by a botnet.
  • Change to Multi-Algo algorithm.
Also brought up in the comments. Multi-Algo uses SHA-256, Scrypt, Groestl, Skein and Qubit as one algorithm. In use by Myriadcoin. You can read more on it here and in /myriadcoin.
Pros: Potential of 51% attack significantly decreases (I don't even know if its possible).
Cons: Risk in switching from Scrypt to Multi-Algo as its never been done before.
  • Change to HVC algorithm.
Brought up in the comments. Similar to Multi-Algo in that it has multiple algorithms in one. Currently used by Heavycoin. You can read more here
Pros: Potential of 51% attack significantly decreases (Just like Multi-Algo, I am not sure if its even possible). More secure.
Cons: Risk in switching from Scrypt to HVC as its never been done before.
If you have any more solutions please let me know. If there is something you want to add to a con or pro or a correction let me know as well. I would like this post to drum up discussion. Thank you for participating.
submitted by sklite to dogecoin [link] [comments]

A List of Coins People Find Suspicious | January Edition, 2014

OP: http://www.reddit.com/scamcoin/comments/1up2q4/a_list_of_coins_people_find_suspicious_january/
Scamcoin/Shitcoin/Clonecoin/LameCoin's Game Plan review: 1) 2-3 months of pump and dump plan 2) fork litecoin/peerCoin/quarkcoin/bitcoin , copy-n-paste the codes or using coin generator 3) hype train 4) list on exchanges (not for adoptions but for dumping) 5) pump up the value using tiny amount and dump massive amount at the top 6) the coin became abandon coin, and those hold the coins became bagholders 7) dev(s) changed name, and the project, move on and repeat
Also, I wrote the scamcoins' signs a while ago, check out http://www.reddit.com/scamcoin/comments/1sa8vu/scam_scale_rating_auditing_proposal/
To see a taste of of the upcoming cesspools, check out http://coingen.io/status.html . Maybe you should screen-capture it to see what's coming out the other end. For backup purpose, here is the pastebin list for these shit/scamcoins http://pastebin.com/wTaY19Qx
Yes, there is a coin generator now. All readied for pump and dump.
For reference of new shitcoins/scamcoins/clonecoins, check out https://bitcointalk.org/index.php?board=159.0
AeroCoin
VisaCoin
Coinye http://www.reddit.com/coinyewest/comments/1uok4u/fair_launch_my_ass_this_coin_is_premined/ , also don't forget the sticky gem http://www.reddit.com/coinyewest/comments/1uoqph/read_this_before_crying_scam/
Lights- IPO of IPO, 7th gen https://bitcointalk.org/index.php?topic=404524.0
Neon- more IPO shit https://bitcointalk.org/index.php?topic=400356.0
DubstepCoin - relaunch https://bitcointalk.org/index.php?topic=395599.0
TopCoin - IPO shit https://bitcointalk.org/index.php?topic=404622.0
VeroCoin: next-gen "forging" and more IPO shit https://bitcointalk.org/index.php?topic=395758.0
webcoin: emptied talk and IPO shit
vCoin: https://bitcointalk.org/index.php?topic=395534.0
NutCoin: a sample quote "Nutcoin is not a copycoin, it was designed to have a real value based on the "real world" necessity to buy goods, services, food, coffee or nuts, hence the name." https://bitcointalk.org/index.php?topic=393572.0
KaiserCoin : It's our friend Max up to his no-good. Where's his buddy Bill? I thought they are not done with the Pump and Dump Quarkcoin. https://twitter.com/search?q=%23KeiserCoin&src=hash
NOXXO: already in its 9-generation. dude gonna do parallel programming for mining octa-core on Samsung Note. /sarcasm https://bitcointalk.org/index.php?topic=400670.0
ShareCoin : IPO shit https://bitcointalk.org/index.php?topic=399375.0
Atom: So much pre-mined it's not even funny https://bitcointalk.org/index.php?topic=380546.0
KarpCoin: they are running out of meme/animal/celebs and now it's pokemon https://bitcointalk.org/index.php?topic=400794.0
ShoeCoin: nothing to see. https://bitcointalk.org/index.php?topic=399279.0
RiceCoin: quote "the first commodity backed coin" uh huh. https://bitcointalk.org/index.php?topic=398709.0
GiftCoin: quote "We are going to launch a brand new coin unique to any other. " no, just no. admit that it's just plain Scrypt, don't cover it with lies. what i hate some coins the most is that they try to spin bullshit on plain Scrypt. also, ANY damn coin can be printed on a card using QR code to conver the public address. https://bitcointalk.org/index.php?topic=392465.0
LottoCoin -pump and dump
Fckbankscoin - aside from the douchy tittle, claimed to be the "word's first and only protest coin". failed
StackedCoin
PirateCoin
MonaCoin
MoonCoin
CuntCoin: death on arrival. Using Coingen. https://bitcointalk.org/index.php?topic=407952.0
CryptoStuds: instamine https://bitcointalk.org/index.php?topic=402464.0
LennyCoin https://bitcointalk.org/index.php?topic=401120.0
Turko https://bitcointalk.org/index.php?topic=409779.0
GrumpyCoin https://bitcointalk.org/index.php?topic=403936.0
LeproCoin huge premine. https://bitcointalk.org/index.php?topic=400393.0
Unicoin https://bitcointalk.org/index.php?topic=392204.0
AlienCoin https://bitcointalk.org/index.php?topic=392204.0
USDE https://bitcointalk.org/index.php?topic=410254.40
DigiByte https://bitcointalk.org/index.php?topic=408268.0
KushCoin https://bitcointalk.org/index.php?topic=411457.0
NyanCoin
To be updated.
December 2013 Edition http://www.reddit.com/scamcoin/comments/1ts6bf/a_list_of_coins_people_find_suspicious_welcome_to/
Edit: Got shills downvoted. It is still a sticky topic. Downvoting it is pointless.
submitted by Coinality to CoinFraud [link] [comments]

[Table] AMA: We are the developers of a new internet currency (DigiByte) similar to Bitcoin! Ask us anything!

Verified? (This bot cannot verify AMAs just yet)
Date: 2014-03-21
Link to submission (Has self-text)
Link to my post
Questions Answers
1) With scrypt ASICs being announced recently (and in development for some time now), what was the reasoning behind using the scrypt algorithm as opposed to something ASIC-resistant, like scrypt-n used by vertcoin and others? 2) It is my understanding that a block time of 2.5 minutes has been a "sweet spot" of sorts in balancing fast transactions without leaving too many orphaned blocks for miners. What drove your decision for a 60 second time? 1st Scrypt is ASIC resistant. Even "if" Scrypt ASICS are delivered on time without issues they will not be delivering anywhere near the jump SHA-256 Bitcoin ASICS did. At most we are talking a 2-3 fold performance incease with a significant reduction in electricty usage. Memory is the bottleneck here. We are not going to see Scrypt ASICS make massive jumps like Bitcoin ASICS do every couple months. Finally most of these other "ASIC resistant" algorithms were not and still have not been tried like Scrypt has when we started development. We are looking into other techs and we are not opposed to changing in the future as technology advances. Biggest difference is the speed at which adjustments are made. KMG "averages" several of the previous blocks and can take awhile to catch up with a major net hash increase. KMG can also get "stuck" for several hours following a major hash decrease. The secret to DigiShield is an asymetrical approach to difficulty. With DigiShield the difficulty is allowed to decrease much faster than it increase. This keeps a blockchain from getting "Stuck" ie not finding the next block for several hours following a major net hash decrease. We spent about 5 days testing about 50 different setups before we found the optimum ratios DigiByte & Dogecoin are now using.
3) Tell us more about DigiShield, and how this differs from KGW, for example. As to Speed, we wanted to make sure DigiByte was fast for every day purchases of goods & services. 60 seconds ensures a merchant can accept DigiByte as payment as the payment transmits within a couple seconds and is confirmed in 60 seconds. DigiShield allows for much larger movements from block to block. This allows DigiShield to counter multi-pools much quicker than KMG. It is all a balancing act. You need to allow the difficulty to increase enough between blocks to catch up to a sudden spike in net hash, but not enough to accidentally send the difficulty sky high when two lucky blocks are found side by side.
Do you ever intend to implement a PoS? For those who are wondering what POS is it refers to Proof of Stake. It essentially means the more coins you hold in your wallet, the more new coins you will recieve as they are generated.
At first POS sounds like a novel idea, but for a real world currency traded for every day goods & services it would not be effective.
Why would people want to spend their coins when they have a stronger incentive to hold on to them?
A POS coin may use less energy, but we want to give people incentive to spend their coins, not hold on to them.
We also believe this technology will never be adopted by a main stream currency.
So as POS currently stands we have no plans of implementing it to DigiByte.
Thank you for detailed and professional reply! +digitipbot 50 dgb.
Alright, you meet someone completely unaware of any cryptocurrency, where do you direct them to teach them about DigiByte? We're talking absolutely no idea, and probably not very good at technology in general either. We are working on developing several new guides for people completely un aware of crypto currency technology. These will be posted on the main DigiByte website.
Our goal is to become a bridge for new people into crypto technology. We have been conducting some focus groups and research with some marketing professionals to find the best way to do this.
We plan on completing this before the Crypto Convention in NY on April 9th.
We are also working on a promotional video that would explain things in visual detail.
How's the promo video coming along? We have lost contact with the original person who was working on it. We are now looking to other people/places to finish what he started. We would like to get this done ASAP.
We have a professional vocie over completed to augment the video.
If you know anyone who would be good at this please let us know. We are looking for a professional video expert who can make something better than the bitcoin video :Link to www.youtube.com
Wish I knew someone or could help contribute any skills in that field. Maybe post something in /Digibyte seeing if anyone has the skills? Great idea!
What differentiates DigiByte from all the other e-currencies out there? 1st of you store data in megabytes & gigabytes. Why not store & send money in DigiBytes?
2nd DigiByte has 21 billion coins so it has a nice ratio to Bitcoin of 1:1000.
3rd We have much faster transaction times with 60 second blocks.
4th We were the 1st to develop & implement the DigiShield difficulty adjustment code. Dogecoin has now succesfully implemented it as well.
Thanks for your reply. As there are so many coins, I am looking for ones that have something unique, something different that could be the 'killer feature' that moves a coin into the mainstream. Most importantly with the name "DigiByte" we have one of the most brand-able names out there.
I don't know what your difficulty adjustment code does but if other coins also have it, there does not seem to be anything that would make people choose your coin over all the others. People understand what a megabyte or gigabyte is. According to our focus group research the idea of using a "Digibyte" as a digital unit of payment is an easy extension or idea for the average person to understand and identify with.
What extras add DigiByte in the cryptocurrency world? What is your goal? The most exciting new trading site to adopt DigiByte has been Prelude.io by Moolah. They are just about to add USD/DGB trading.
Check them out here: Link to prelude.io
DigiByte is to become a billion dollar world-wide payment system that will change the way people of all races, nationalities and backgrounds purchase or sell every day goods and services. Within the next twelve to twenty-four months you will be able to walk into a store and with the press of a button on a smart phone purchase your coffee, groceries or rent a movie.
The mission and vision seems similar to most of the other cryptos. What is your opinion , should coins be more cooperative in this goal? Absolutely, this is why we helped Dogecoin implement DigiShield. There is room for more than 1 crypto just like we have Visa, Mastercard, American Express, Paypal & Western Union.
That is the technical part of helping. Do you think your mission and vision can be accomplished by DigiByte alone? We believe we are all a community, and it is good to have several currencies and new ideas floating around.
We feel it would be narrow minded to say DigiByte will accomplish this all on our own. We are not trying to replace Bitcoin by any means or be the "single" crypto out there. It is likely that different currencies will take root in different parts of the world. So absolutely there will be others to achieve this vision.
As this technology emerges we hope to adapt and improve DigiByte to make it the best we can.
I have been talking to someone on your facebook account about working with sponsored non-profit events/drives but your customer support is lacking. I keep asking questions and proving info but there isnt an effort back to help. How are you going to address customer support moving on, and helping non-profits like other community based coins that are preferred? We apologize for the delay in this. We have been completely swamped and will will look more into it. We receive dozens & sometimes hundreds of messages between Twitter, Facebook, Bitcointalk, DigiByteTalk & Reddit each day. Its a lot to keep on top of while still doing development /promotional work.
Also keep in mind we have been approached by several scammers recently and we like to take time to verify things.
Will you change your mascot? Change as in to something else, or get rid of? What specifically are you referring to?
In your personally opinion what are the odds that a internet currency become so usual to the people as the money in cells? Not sure what you mean by cells?
It is very likely it will become very familiar to common consumers just like money.
1st off crypto technology will save merchants billions each year once they adopt it. With a crypto technology merchants do not have to pay the 3-5% credit/debit card fees. This can equate to billions for some corporations, this alone may be a strong motivation for increased adoption.
2nd, transaction speeds will help encourage adoption. It currently takes several days for Debit or Credit card transactions to clear before a payment receiver can spend the money that has been received. With Bitcoin you can spend money you receive within an hour, with DigiByte it takes 6 minutes.
Finally it is easy to move money around the world. You can move millions around the world in a matter of minutes with no fees or third party involved.
Why should I use DGB over LTC? DigiByte stands a much better chance at being adopted by main stream consumers & merchants. DigiByte is very brandable.
People store data in megabytes & gigabytes. Storing & sending money as DigiByte is very easy for the common person to understand.
Next, DigiByte is much faster than Litecoin. This will make it easier for merchants and consumers to make every day transactions.
Finally, 84 million coins is not enough for a wide spread currency used across the globe. With 21 billion coins DigiByte will eventually have a price of around $1-$10. Perfect for buying low ticket goods & services.
Shibe here. I noticed you guys have a way to buy Digibyte for GBP. I'd like to buy in too, and am in the US. Is the big exchange-train (coinbase->BTC->exchange->digibytes) the only way right now? Are you referring to Moolah.io? They should be implementing the USD/DGB trading any moment now.
We were told yesterday that US customers would be the first ones to deposit fiat there. We have not checked in the last few hours if this is the case yet.
With the recent bitcoin travesty, how do you feel about your cryptocurrency's future? We feel it has opened the door for people to begin taking other alt coins seriously. With the upcoming Crypto Currency convention in New York we feel we will be making a big splash and some good headway among some bigger investors.
The key is getting DigiByte tied directly to the USD which we are working very hard on doing. Then all we need is one big merchant and we are off to the big time!
How do I get in on the premined coins? Not sure what you are getting at. The remaining part of the pre-mine is being used for development expenses.
The most recent of which includes paying for a booth at the NY crypto convention on April 9th as well as all the relate expenses including, travel, brochures, stickers, handouts etc.
I wasn't sure what I was getting at either. I skimmed the faqs and read some blurb about premined coins being given away and my lazy ass decided to ask. I guess I'll be seeing you in NY then! Sounds good, make sure to stop by our booth as we will be giving DGB away there! Also you can use the promo code "digibyte" and get half of your ticket to the cryoto convention. $99 instead of $200.
Will there be an android app for storing and/or mining? There already is an android wallet for DigiByte. You can download it here: Link to play.google.com
There are also several other apps you can mine DigiByte with on a smart phone.
Who is your favorite pokemon? Lol! +digitipbot 100 dgb Not sure how to answer that as I could not tell you the names of any pokemon. Perhaps xploited or politicalwave could help answer this one. :)
I know nothing about this, do you believe that these e-currencies will ever replace/overshadow national currencies, or just supplement them? We do not see them ever "replacing" national currencies as some very bad things would happen before that becomes a reality. We do however see them augmenting traditional currencies. There are several practical uses. Such as increased transaction speeds, ie being able to spend money minutes after you received it. A reduction in merchant fees that would save everyone money in the end. And most importantly the ease of use. What other way could you put millions onto a flash drive? Or send money anywhere on the planet in a few seconds without paying any fees?
Oh. Where is your favorite vacation destination? I have always dreamed of going to the Caribbean and swimming in the crystal clear blue water. So that would be my favorite "dream" vacation and the place where I have never been.
That would be really nice. What do you think happened to that jet that disappeared? Not sure. As a pilot this is really bizare to me. Have not learned the latest, but the last I heard they were looking in Pakistan.
That is a long ways from their intended flight path. Perhaps the plane moved interdimensionaly in a worm hole that opened up?
Perhaps. A random customer at my place of work is pretty convinced aliens have something to do with it. Who is your favorite Muppet? Aliens cannot be ruled out. Definitely Kermit the frog. He is just one cool dude ,who doesn't like him?
Beats me, I don't know how you couldn't! Do you like sushi? Not a fan at all. Meat & potatoes all the way!
What are you doing to try to make the digibyte a standard? Any upcoming online stores? Moolah.io just launch US bank deposits to buy DigiByte! This is a huge step forward! Link to prelude.io
Also we expect some great connections/networking/deals to come out of the New York Crypto convention on April 9th to help make things happen.
Ask you anything? Okay...Will you send me 1 million of your coin to use and distribute here at my own pleasure? Are you good with making promotional videos? If so we may be able to hook you up with 1 million DGB. :)
I don't have any questions, just wanted to say keep up the good work. +digitipbot 50 dgb
Not a question, but just a quick comment to say I love the name, love the look and love the community here, I think you guys are doing a great job and look forward to seeing you grow and flourish. Thank you for the support! We are doing out best and we are in this for the long haul! DigiByte is the only coin we are working on and we are very committed to taking it to the top!
Good to see an AMA from devs :) Thanks for your support! Feel free to ask us anything!
No question, just a comment: please spend some time cultivating a subreddit opt out list. Many mod teams don't allow crypto currency in their subreddit(s) and view it as spammy. No sure what you mean by an "opt out" list or how that pertains to this AMA.
Last updated: 2014-03-26 05:56 UTC
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DigiByte is a 100% Proof of Work (PoW) blockchain that can be mined with five algorithms called Sha256, Scrypt, Skein, Qubit and Odocrypt. MultiAlgo mining contributes to decentralization, security of the network and gives you the freedom to use different kind of hardware's such as an ASIC a FPGA or a GPU. SHA256 Bitcoin BitcoinAtom BitcoinCash Deutsche eMark Digibyte SHA256 LitecoinCash Peercoin SCRYPT Auroracoin Digibyte SCRYPT Dogecoin Einsteinium Flo GameCredits Litecoin CONTACT Discord SOCIAL Bitcointalk CryptoCurrencyTalk Facebook Search Digibyte Scrypt Pool (DGB) - SCRYPT. Payments go out every hour for minimum confirmed balances List of known DigiByte pools (DGB) Scrypt PoW algorithm. Live network hashrate distribution, pool fees & minimum payment comparison. Mining Pools & Block Explorer DigiByte is a public, rapidly growing and highly decentralized blockchain. DigiBytes are digital assets that cannot be destroyed, counterfeited or hacked, making them ideal for protecting objects of value like currency, information, property or important digital data. Coin : DigiByte Symbol : DGB Last price : average 0.00000034 ฿, 0.00000089 (24/H), 0.00000026 (24/L) Difficulty : average 483.09606082, 599.9055997 (24/H), 4

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