Post
Topic
Board Altcoin Discussion
Re: Blowing the lid off the CryptoNote / Bytecoin scam
by
dga
on 15/08/2014, 13:42:24 UTC
- Instamining, with Monero fast miner available to a few lucky individuals benefiting from it for weeks

Prove it. There was a graph posted a few days ago somewhere that showed the network hash rate leading up to the crippled miner being released and that proves you wrong. But nice try, fuckface.


He's wrong/right on this one, but it wasn't a scam, and to the best of my knowledge, it wasn't coming from the original Bytecoin developers - though there's a possibility that TFT mined a lot of the blocks in the first week.  It wasn't an instamine by the technical definition of that - the difficulty adaptation algorithm worked properly.  But it is true that I and one other programmer independently, and privately, optimized the miners (the other person was earlier, mine was later but faster).    I maintain that's an important difference, and not only because I profited from it:  It wasn't a breach of trust on the part of the Monero developers.  The same applies with BBR - Christian GPU'ing was not Zoidberg cheating people.  And in both of these cases, the public miner speed caught up by the time perhaps 3-6% of the coins had been created.

FWIW, I concur completely with your assessment of the fake blockchain in Bytecoin - it's the most logical explanation for the very deliberately slowed down proof-of-work function.  (And for those watching, I came to that conclusion independently from looking at the code earlier - that conclusion was not influenced by rethink-your-strategy's claims.)  I haven't independently checked the PDF-related signature and timestamps that you noted, but it wouldn't surprise me at all.  Clever.  If they hadn't been quite so greedy (80%?  really?) it might have worked. Smiley