Today I decided to try solo mining a young alt coin.
The difficulty level was quite low, they had a nice red wallet with lots of features, and the market cap was starting to look good.
I was watching the blockchain and the coin transactions looked normal.
A few hours later, this “other” coin’s network got blasted to death with huge long orphan chains because the difficulty was low. This is the exact same thing Sunny King prevented from happening to Peercoin in case it became popular in its early stages.
I had to shut my solo miner rigs off it because it will be several hours before the network finally figures out which chain is the real chain, and which orphaned blocks are nothing more than spammer created blocks.
Peercoin is safe from this type of problem simply because, in order to try and attack the network, you have to be heavily invested in the network by already holding coins, which would be counter productive to the attacker.
Peercoin actually is a work of art. This other [unnamed] altcoin’s wallet has lots of eye candy and is pretty, but it’s network doesn’t compare.
Satoshi Nakimoto may have invented cryptocurrency, but Sunny King took it to the next frontier.
Most coins are stuck trying to copycat Bitcoin and Peercoin without adding anything revolutionary like proof-of-stake.
I think it speaks to the uncertainty most newcomers to cryptocurrencies have right now. I know the coin you speak of (superb website, great user interface, not much else) and it’s already a steady top 10 coin.
All we can do is keep promoting that the technical aspects of Peercoin are superior in the market, and that long-term it will achieve significant market share. Our branding and website have come a long way since early 2013, and I quite like our green leaf
What coin got messed up? pm me, if you don’t want to say, just curious. Thanks.
Without doing any research I’m going to guess you’re talking about Megacoin. You don’t have to answer.
Yes, it was Megacoin. I didn’t want to say until I was 100% sure.
But when I downloaded the megacoin blockchain, and started mining, I got 2 hours in, and everything seemed normal like bitcoin or litecoin at first.
Then all of a sudden, everything went berserk. Peers that were connected were asking my own peer server to download the next 100,000 blocks that didn’t even exist, and to validate each one. Watching debug.log was the same thing as watching spam fill up your inbox.
It didn’t stop there.
A peer that connected to my megacoind said there was 150,000 new blocks. Then I had another new peer connect that said, no, there is 525,000 new blocks.
All of this was scrolling off the screen non-stop. More and more so-called megacoin peers kept connecting to my server, and I got tons of fake transactions, fake blocks, and tons of network traffic that wasn’t part of the real thing. There was no Peercoin “proof-of-stake” to put some sanity to it all. It was just a big game of bitcoin/litecoin/megacoin garbage where the spammers ruled the realm and I was defenceless.
Overall I never want to see that again. I learned my lesson, that PPC and Peercoin is here to say, and anything else is simply a joke.
[quote=“Cypherious, post:6, topic:987”]Megacoin is run by a cult. Didn’t you know?
I had not come across that article before…but it seems to provide pretty damning evidence that Megacoin is nothing more than a well-orchestrated premine scam. It’s actually kind of clever how they “botched” the release and then introduced the real branding elements + source code.
It would also explain why Megacoin’s market cap is so high. It appears that a substantial amount of the coins are being held by only a couple users, thereby decreasing the money supply. Can’t wait to see the market cap get popped, but I hope some honest folks don’t get burned after being lured by the attractive website.