Re: [ANN][NYC] NEW YORK COIN at 2017 MACY'S THANKSGIVING DAY PARADE IN NYC!
Hello, so apparently on or around January 2018, NewYorkCoin had a market capital of around $120,000,000. Correct. NYC market cap peaked at $125,000,000 USD in early Jan 2018.
However, according to the NYC blockchain, a 51% attack was successfully carried out. This event took place around October 2018. Correct. With all "Community" eyes-on-deck for hardfork implementation, the attack lasted almost one week.
The attack was performed by sending slightly less than 1 billion NYC coins from an NYC address without any input addresses, by using the destination address as the input. Correct. I believe the attacker(s) used 911 MILLION NYC.
This is normally rejected by the wallets as an invalid transaction, however, the attacker modified his mining wallet to accept it as a valid transaction. The attacker then mined the blocks to verify it on the blockchain, because the attacker had more than 51% of the hashing power, and the longest chain is always considered the real one. The attacker then used these funds to tank the market, taking around $500,000 usd and collapsing the market. The attacker sold around 32 billion NYC. In late Oct 2018, price had already sunk substantially down to $0.00001/NYC. The attacker was not able to liquidate anywhere near 32 Billion NYC. Total trading volume (all exchanges) during time of attack was only $5,000/day for NYC. Attack mostly (exclusively?) affected TradeSatoshi. It was not done for profit. It was done to harm liquidity and reputation of NYC. Most fake NYC was detected by exchanges and frozen before perp could exchange for ETH/BTC/etc. Sometimes very LOW liquidity helps...
However, according to the NYC blockchain, a 51% attack was successfully carried out. This event took place around October 2018. Correct. With all "Community" eyes-on-deck for hardfork implementation, the attack lasted almost one week.
The attack was performed by sending slightly less than 1 billion NYC coins from an NYC address without any input addresses, by using the destination address as the input. Correct. I believe the attacker(s) used 911 MILLION NYC.
This is normally rejected by the wallets as an invalid transaction, however, the attacker modified his mining wallet to accept it as a valid transaction. The attacker then mined the blocks to verify it on the blockchain, because the attacker had more than 51% of the hashing power, and the longest chain is always considered the real one. The attacker then used these funds to tank the market, taking around $500,000 usd and collapsing the market. The attacker sold around 32 billion NYC. In late Oct 2018, price had already sunk substantially down to $0.00001/NYC. The attacker was not able to liquidate anywhere near 32 Billion NYC. Total trading volume (all exchanges) during time of attack was only $5,000/day for NYC. Attack mostly (exclusively?) affected TradeSatoshi. It was not done for profit. It was done to harm liquidity and reputation of NYC. Most fake NYC was detected by exchanges and frozen before perp could exchange for ETH/BTC/etc. Sometimes very LOW liquidity helps...