Re: [ANN] NeuCoin - Easy to use, free to try, focused on micropayments

Quote from: pineapples on October 10, 2015, 04:45:23 AM

Quote from: redfish64 on October 09, 2015, 11:50:59 AM

Here's another issue:

http://forum.neucoin.org/t/interesting-tidbits-learned-from-reading-neucoins-source-code/1640/5?u=timengler

If you want to see this in action, look here:

http://www.neucoin.io/transaction/d5c8a3496eb8340130e6c1fcd3c04f57634b9f69a398db0d226f460fcd9f7aea

and keep clicking on "Previous output". You'll notice the staking amounts have been splitting in half after every stake.

Which means the amount of interest Neucoin is getting is slowing down. Every time this happens, their UTXO's get smaller and take longer to stake. Eventually they'll lose most of their compounding effect, and will have around 45 days of unclaimed interest in their mega account that will disappear as soon as they try to make a transfer from it. I tried to explain this to them in that thread, but it seems they can't quite grasp the concept.

Another sign that their technical team today isn't really up to the task.

that's standard POS
if you have 2 inputs that are weighty enough you will have twice as much likelihood of staking.
- which means if one stakes, then you still have an input that is ready to stake and should do so,

in a healthy staking network
when your large input is divided into 8 inputs, those 8 inputs should give you roughly the same return over the same time frame as 1 input.
obviously there will be differnt timing involved as all inputs will take random time to actually stake

edit.
after some consideration i'm thinking i'm not talking about the same thing.

because there wallet will end up staking once /45 days all the inputs will end up much smaller hence they will receive less compound interest due to their entire balance staking less often than possible.

i think i agree with you

i dont know of their motivations though, so perhaps either they are fine with not raping the staking or they are running different code

the code in question is wallet specific and the blockchain couldnt care less about these values, so they may well be aware of the issues and running a different code.
it would be easy to set the split time for anything you want.

.
i think you make it fairly clear what you mean in the last post on that thread.

If they are aware of it, they certainly aren't playing it that way. Arcansis still wasn't convinced after I explained it to him on the neucoin forum.

Here is another issue:

Neucoin decided to put cold minting in, but did you ever wonder where they got the original code? (Of course they didn't write it themselves)

Here:

https://github.com/sigmike/peercoin/commit/8df4a0360f3917e042cc0185dc39ed894c9f4148

Which is in an offshoot commit created over a year ago and has never been merged into Peercoin.

There is nothing about it in the whitepaper or anywhere to show they even considered the security implications of doing this.

For instance, if people start cold minting regularly, and begin to share each other's cold minting private keys to help each other mint, and an attacker can find these cold minting keys online and gather over 51% of network's hash power with them, he can then execute a double spend, or anything else.

Some more sloppy work from them.