Blockchain Investment Fund -

KnC Neptune 3TH/s Batch 1 – 1TH/s share is for sale on for Bitcoin and Litecoin

KnC Neptune 3TH/s Batch 1 – 1TH/s share is for sale on for Bitcoin and Litecoin submitted by duetschpire to cryptothrift [link] [comments]

KnCMiner Bitcoin mining - Neptune & Titan Update

KnCMiner Bitcoin mining - Neptune & Titan Update submitted by arruah to Bitcoin [link] [comments]

KnC Neptune 3TH/s Batch 1 - 500GH/s share is for sale on for Bitcoin and Litecoin

KnC Neptune 3TH/s Batch 1 - 500GH/s share is for sale on for Bitcoin and Litecoin submitted by duetschpire to cryptothrift [link] [comments]

KnC Neptune 3TH/s Batch 1 - 1TH/s share is for sale on for Bitcoin and Litecoin

KnC Neptune 3TH/s Batch 1 - 1TH/s share is for sale on for Bitcoin and Litecoin submitted by duetschpire to cryptothrift [link] [comments]

KnC Neptune 3TH/s Batch 1 - 1TH/s share is for sale on for Bitcoin and Litecoin

KnC Neptune 3TH/s Batch 1 - 1TH/s share is for sale on for Bitcoin and Litecoin submitted by duetschpire to cryptothrift [link] [comments]

KnCMiner back at it again. Sends out a limited number of Neptunes to silences critics, lies about happy HWYW customers to the public, and uses the majority of rigs to mine bitcoins, rather than ship them out to their rightful owners.

KnCMiner releases a news announcement stating that shipment has began.
here is the link: News 95
A few very important notes:
KnCMiner delivered a few Neptunes to customers, but most still have not received them. Take a look at their forums.
The reason for this is very clear, they are using the Neptunes to mine bitcoins for their own gain rather than fulfill their obligation to their customers. So as customers sit on the side line, getting pummeled by KnCMiner, these guys are cashing in. Using all of last week, and this weekend to mine large amounts of bitcoins
How can we come to this conclusion?
But, all the sudden, now that they have had their Neptunes for a week, they start processing refunds.
If you look at their twitter account, the make the following tweet:
This is not just by chance, these bastards are using Neptunes to mine btc for issue refunds to customers they fucked over on one end, while screwing over customers on the other hand.
More over they make the following statement about Hash While You Wait:
This is an out right fucking lie, these bastards screwed almost all their customers out of HWYW, by changing their terms after announced shipment would start soon.
If it was not enough that these guys are using customers Neptunes for generating Refunds, they take another lead, and decided that instead of shipping Neptunes to Customers, they will instead use some to power up their cloud service.
submitted by BostonHelper to Bitcoin [link] [comments] puts Butterfly labs "bad" reputation to shame. The crooks at have unleashed a artillery of scams, threats and censoring on their customers.

Here is a short list of things the people at KnCMiners have got away with the last couple of months.
-KnCMiners has sent out old dirty used components as "New Products" and refused Refunds as frustrated customers find themselves in limbo.
-KnCMiner sending out hardware not even correctly essambled, using rubber bands to hold compents together. To top stuff off, they are blaming the carreir, stating that if they had not been so wreckless if handling, that the rubber band holding the head sinks and other components to the board, would have been good enough
*case 1
*case 2
*case 3
*case 4
*case 5
*case 6
*case 7 crooks are sending out units that are not even functional then refusing any refunds
*case 1 tried to quietly change their ToS to avoid refunds, then calimed these were always the terms and conditions
*case 1
*case 2
-KnCMiners has been heavily censoring topics people requesting information about legals rights, attempts at trying to organize a civil action, threatening members that their "account is in risk of being being jeopardizes/lost" if they post anything negative.
-KnCMinesr customers trying to connect with other members outside of the strictly censored forums for the sake of working together to find solutions to what KnCMiner has done to them, have had their accounts completely banned.
-KnCMiner using their position in a foreign country for most all their customers as a buffer to get away with what ever conduct they wish to engage in.
Please Note there are many more cases! These are just a few
submitted by BostonHelper to Bitcoin [link] [comments]

Bitcoin Miners Building 10 Megawatt Data Center in Sweden

Bitcoin Miners Building 10 Megawatt Data Center in Sweden submitted by Initscri to Bitcoin [link] [comments]

ELI5 what is a 51 % attack, and how does it work?

More specifically what is the mechanism behind a 51 % attack and what hardware is required?
Also where might such hardware be acquired?
submitted by PeoplesBankOfChina to Bitcoin [link] [comments]

KNC are scammers, pure scum. Beware. BFL = KNC

They've been hiring a lot of shills lately to lie on their behalf. Don't mine period.
submitted by kiisfm to Bitcoin [link] [comments]

What kind of initial investment would I have to make, in order to live off of just mining?

Let's say I want to make $50,000 a year. What kind of initial investment in a mining rig would I need to make, in order to make that amount of money, at current prices?
submitted by atheistunicycle to BitcoinMining [link] [comments]

Investing in a superminer. Can you offer suggestions?

So I want to do mining as a living and of course to do so requires a super miner, and I would like something of a 6 gpu setup to mine not just bitcoin but various other coins because bitcoin mining is becoming hard unless you have alot of power which isnt a problem in my case. Can anyone recommend me a super miner or some way to get started? Lets start assuming money isnt a problem and my end goal is to make about 100 in bitcoin a day. Feel free to send a private message.
submitted by TrishaFairbanks to BitcoinBeginners [link] [comments]

Today in History 02/08

submitted by Pickup_your_nuts to ConservativeKiwi [link] [comments]

ELI5: Does the meteoric rise of hashing power pose any risk of future catastrophic collapse of hashing power, stranding all the bitcoin?

submitted by BTCwarrior to Bitcoin [link] [comments]

Why Litecoin when there's Bitcoin?

I have a feeling that there will be a lot of people new to Litecoin dropping into this sub in the next 24 hours, as people see the LTC/BTC ratio rising. This is the first question on newbies minds, and there was a great response from u/shyliar in a thread a few weeks ago that I want to quote here:
I've used both LTC and BTC since 2012. I started with BTC and then discovered LTC. Even in 2012 there were discussions of the limited transactional capacity of BTC, five years later it's still being discussed. In 2012 having already made a purchase with BTC I was dissatisfied with the slow confirmation times and the necessity of additional coins seemed obvious. I suggest you make a small investment in both coins and try moving them around from wallet to wallet. You'll see the lite/light quickly.
Here's a list of reasons I like Litecoin:
With all the memes and price action posts, I think this is worth posting here again.
submitted by IM_THAT_POTATO to litecoin [link] [comments]

bit_by_bit's mining-cost analysis is wrong - here's mine

bit_by_bit publishes a daily mining-cost-per-coin watch.
Though his work is thorough and commendable, it is unfortunately incorrect, and his conclusions naive.
I'm sure he has misled people on this board, so I'm here to set the record straight.
Roughly using bit_by_bit's assumptions:
achieves these costs per coin:
Miner Cost per coin
Cointerra TerraMiner IV $1985
KnC Neptune $2030
Bitfury BF3500 $1650
Bitmain Aintminer s3 $866
Bitmain Aintminer s2 $1305
Average $1570


Given those two huge, highly variable (and unpredictable) factors, trying to work out a cost-per-coin is ... more-or-less impossible.
It's simply enough to assume that mining is extremely unprofitable at the moment and (probably) a very poor investment.
Here are some examples of variability:
Cointerra TerraMiner IV cost per coin
0% difficulty increase $759
20% difficulty increase $2640
15% difficulty, but starting at 30bn difficulty $3265

How are these numbers so different from bit_by_bits?

His calculations do not factor in an exponential difficulty increase. Instead, he says (in his maths) : "if the bitcoin network were composed of the miners here, and no extra miners are added/removed (i.e. difficulty remains the same) what would those miners (on average) achieve as a cost per coin over six months."

The problem with these numbers is

  1. The percentage of miners he uses to compose the network is unknowable, and as you see above, miner performance varies greatly. I'm quite sure that huge operations custom manufacture their machines and never sell them. Their performance is unknown. (an unknowable unknown)
  2. The makeup of the mining network in the future is unknowable, and difficulty will undoubtedly increase, but we can't know by how much. It has previously plateaued. Will it do the same? nobody knows.
  3. They assume the very latest miners, shipped immediately. Historically, new miners are not shipped on time. It's been suggested that the manufacturers keep them and do highly profitable day-zero mining with them.
Also, to suggest that it is possible to predict market movements (and depth) is naive as it asserts that demand is constant, and that supply is the major, or key, factor. This is highly unlikely to be the case.

Let's talk about mining's effect on bitcoin price or, first should we talk about the effect of the price of bitcoin on the mining industry?

The two are intimately linked chicken-and-egg in a feedback loop.
For a manufacturer to decide to make a rig, they need to design chips, get industry contacts, produce things (in china), make sure they work, then ship. They also need to get orders and decide if they are able to get the whole project in time for market.
These projects are multi-month/year, and I've heard success is largely decided by who you know in china (china's pretty busy already).
There is some kind of lag. Investors also pre-order, and must take a wild guess at future conditions with no guarantee whatsoever.
At times like now, where mining is so unprofitable, which miners are actually selling coins (at a loss)?
Large operations have large overheads, but to sell now, when the price might rise by 10x again would be idiotic.
So, really this "supply" aspect of the supply-demand equation is very difficult to get a decent hold on, though I would love somebody to attempt it as a PHD. The blockchain should provide some answers.
The other side of it (what miners will be produced) is also difficult to know. It could be that right now (with an unprofitable industry, and miners actually being quite close to desktop PC chip-size - i.e. as fast as humans can make them) no miners are in the pipe-line. This could (in crazy theory) lead to a zero difficulty increase for the lucky new owners of the above rigs. In that case, bit_by_bit's numbers would be spot on.
Unfortunately, it's absolutely unknowable.

So... why do people buy miners now?

Quite simply, getting your head around an exponential anything is hard. The exponential difficulty increase is a motherfucker. But it's good for bitcoin (it protects our network from meddlers).
Also, you could gamble that mining difficulty has to slow down... surely...


In my experience, looking at price charts is far more informative about future market movements. But, whilst I've got the microphone, I would remind newbies not to trade their coins.

Show your workings!

Using this mining profitability calculator and inputing the "profitability decline per year" from this tool.
I'll work through Cointerra TerraMiner IV as an example.
meh meh
Difficulty 18,736,441,558
ghash 2000
Elec $0.15 (varies quite a bit from country-to country, like 0.7 canada to 0.2 UK?)
power 2200
time frame 6 months
hardware cost $6000
price per BTC 600
profitability decline 0.00882406
I got these numbers off bit_by_bit. I don't care about the details. My argument is that it's not an answerable question.
meh meh
Electricity cost $1446
Total cost $7446
Income 2553
Coins 2252/600 = 3.75 BTC
$/BTC 7446/3.75 = $1985
Please, if I've made a mistake, let me know and I'll send bit_by_bit some flowers.

"Why are you just posting stuff directly against another user: that's not cool"

Well, it's whatever motivates you eh?
I just go wound up by our discussions. But, I'm quite sure there are people on this board who don't know this stuff, so ... it's probably beneficial.
Have fun
EDIT: Ok, so I genuinely thought that I had made a fact-based post. Er, I added a few comments that I thought were funny, but I guess that wasn't a great idea. I removed one of my comments myself, but it's true that the moderators were in touch.....
And - to bit_by_bit, I am sorry, because some of the things I said were above and beyond "spirited discussion".
I absolutely agree that polite conduct is the way forward, and my initial "hang on a minute" reply to him was nice.
But, I do have to admit that this subject has wound me up a fair amount. I genuinely believe that he's made a quite serious mistake - but I am happy to be proved wrong. Right now - I just want to get to the bottom of this.
More Edit:

I am a miner

I didn't want to add this before, because I'm sure it (incorrectly) gives my argument more weight. But I need you to understand that bitcoin difficulty is a total motherfucker.
I pre-ordered a BFL single for 11BTC in May 2013. The difficulty was about 4 million, and I worked out I'd make 30BTC/day at those conditions.
It arrived at around 30 million difficulty, and I think now we're 18 billion.
I've made about 0.7 BTC mining, and It's on the limit of believability that I'll make 1BTC before I throw it in the bin. I have a suspicion that it will be useful in the future for some altcoin/blockchain like thing. Also, I got free heating (which was the whole reason I discovered bitcoin in the first place!)
Horrific loss. I think it makes about $1 more than it costs in electricity to run (at current price......)
This whole post is not a "bitter miner" but somebody who has experienced bitcoin's exponential difficulty First Hand. Honestly, it is unbelievable.
I genuinely think that the guy that does the profitability calculator deliberately does not explain what the 'profitability decline per year' is ... because he knows it will adversely harm bitcoin and the manufacture of miners.
Even More EDIT:

Am I sure I've got the difficulty increase thing right?

So, I've made a spreadsheet thing to see if the 0.0022 difficulty thing is right. It is.
All this table tells you is that in order to calculate 15% difficulty increase, you need to use a number LIKE 0.0022 in the 'profitability decline per year' box, and not 0.98 (which bit_by_bit calculated).
I've sanity checked my numbers against the 'profitability calculator' and they don't quite line up, but they're close enough. The difficulty is not the same either, but it's in the same region. I don't know why. Also, the months aren't exact fortnights, so they don't line up. These are details.
This proves my above workings to my satisfaction.

what is this horrible data?

It shows how much BTC your miner earns each 2 weeks (average difficulty change period). The last 2 rows (calc:) are from the profitability calculator website (and so are right). My attempt is on the left. Fortnight 13 is 6 months.
Oh, this graph uses 14.07% difficulty.
fortnight number "profitability decline" BTC earned BTC earned accumulated calculator says BTC
1 1 0.7518 0.7518 x
2 0.8593 0.64602174 1.39782174 1.361666667
3 0.73839649 0.555126481 1.952948221 x
4 0.634504104 0.477020185 2.429968406 2.295
5 0.545229376 0.409903445 2.839871852 x
6 0.468515603 0.35223003 3.192101882 2.938333333
7 0.402595458 0.302671265 3.494773147 x
8 0.345950277 0.260085418 3.754858565 3.378333333
9 0.297275073 0.2234914 3.978349965 x
10 0.25544847 0.19204616 4.170396125 3.68
11 0.21950687 0.165025265 4.33542139 x
12 0.188622254 0.14180621 4.477227601 3.888333333
13 0.162083103 0.121854077 4.599081677 x
14 0.13927801 0.104709208 4.703790885 4.03
15 0.119681594 0.089976622 4.793767508 x
16 0.102842394 0.077316912 4.871084419 3.213333333
17 0.088372469 0.066438422 4.937522842 x
18 0.075938463 0.057090536 4.994613378 4.195
19 0.065253921 0.049057898 5.043671276 x
20 0.056072694 0.042155452 5.085826727 4.241666667
21 0.048183266 0.03622418 5.122050907 x
22 0.041403881 0.031127437 5.153178344 4.273333333
23 0.035578355 0.026747807 5.179926151 x
24 0.03057248 0.022984391 5.202910542 4.295
25 0.026270932 0.019750487 5.222661028 x
26 0.022574612 0.016971593 5.239632622 x
2 bold numbers. 1 is approximately the 3.75 coins that gives you $1900 / coin whatever. 2 is the "profitability decline per year" as a tiny number. The pro tool comes up with 0.01095125 and I got 0.02257 but I don't care - it's close enough.
My whole point is that these numbers are totally unworkably all over the place. You can't calculate them meaningfully.

Dear Bit_by_Bit

I CANNOT BELIEVE the amount of effort that I have had to go to in order to show you that you made a minor mistake. (at time of writing you still deny it).
There is no doubt in my mind now that I was right in the first place. Your calculations do not include a significant difficulty increase.
I wish you well.
submitted by inteblio to BitcoinMarkets [link] [comments]

Technical analysis: Bitcoin's 2019 horoscope

Since the genesis block was mined on January 3 2009, Bitcoin's sun sign is Capricorn. Here's its horoscope for next year.*
It's not easy carrying the weight of the cryptoworld, is it, Bitcoin?
But with Saturn and Pluto staying put in your sign, the load won’t get any lighter in 2019… unless, that is, you learn to deal with your scalability limits.
That’s easier said than done, especially with the South Node (also in your sign) lampshading your pyramid scheme ways. Fortunately, three eclipses dips in your sign this year obscure that fact and help you help people to let go (of their fiat).
This year, with Jupiter in Sagittarius, you’re feeling more playful—and hopeful—than ever. Venus conjuncts Jupiter twice this year, giving you reason to believe that whatever happens, it’s all good for Bitcoin.
True, with Jupiter also squaring Neptune in Pisces this year, Pollyannaish optimism is something to pursue . You’re also tapping into deep sources of dumb money —and that’s something you can trust!
“Logical” or “practical” concerns (FUD) often weigh you down, Bitcoin. But with Uranus entering Taurus on March 6, this year you’re ready to shake them off and MOON!
It’ll take some time, effort, and careful planning to make it work. But by the Virgo new moon on August 30, the conditions are right for a new ATH. With a Grand Earth Trine at this new moon—including five planets in Virgo, Uranus in Taurus, and Saturn and Pluto in your sign—freedom from taxes and the overthrow of the banking system are just around the corner.
TL;DR: mewn sewn. Buy the dip and trust the stars to bring the next all time high next year.
*Astrology mumbo jumbo mostly copied from an actual Capricorn 2019 horoscope.
submitted by Camika to Buttcoin [link] [comments]

The final chapter to that shit hole that was KnCMiner. Beating the low standards Butterflies set and some.

As most of you know, I have been keeping the community updated with the latest under handed practices and tricks.
If you need to catch up read the following posts:
Post A - Lies to keep customers from refund, only to backtrack on the promise
Post B - Censoring customers who are pointing out that the units they are getting for used
Post C - Sends out old used and broken units to customers
Post D - Scamming Customers out of 2 for 1 and Plan B
Post E - KnCMiner victimizes Customers
Post F - Lies about pending queue
In one of the final chapters of the over ~100,000,000.00 dollar scams that KnCMiner and its owners, Marcus Erlandsson, Michael Unnebäck, and Sam Cole, the victims of this international crime, try to come to terms with everything that unfolded in the last year in a half.
Using the hardware that the customers paid for, KnCMiner made a big profit using them for personal gain, as the months passed and the hardware lost its value, KnCMiner finally decided to start sending out some of Neptune to meet some of the initial orders that were placed, while continuing to using the majority of the hardware for their gain. As days turned into weeks, weeks into months, KnCminer would make false press releases offering MWYW, 2for1, etc... Having CoinDesk in their pockets, they used them as a main source of aveunue to press their agenda and false promises. KnCMiner exploited the lack of international laws that protect consumers, to completely screw over everyone that had placed an order with them.
Refusing Refunds, and claiming that they are busy working, KnCMiner went silent for the remainder of the coming winter. Wanting to take advantage of the cold winter, KnCMiner stopped sending any miners out, and instead used the opportunity to use the cold weather to mine at max profit.
Now, after a year an a half, some customers are still awaiting their shipments, while those who finally received them, had control boards that were stripped down, and second hand, Miners that did not work or had missing parts, making mining impossible since the ran at very hot temperatures, meant that even those that received their 1for2 order, were little better off than those that did not.
What KnCMiner leaves behind, are customers who tragically are still holding on to hope, and those who have already been victimized seeking some sort of justice, whether it be through the law, or through other means.
In the end, the only winners here are the now wealthy criminals that are the founders of KnCminer. One can only hope, that justice comes knocking, and puts these damn criminals behind bars.
PS My writing is not the best, but I hope for the most part, I was able to get the point across.
submitted by BostonHelper to Bitcoin [link] [comments]

Breaking! KnCMiner Refund Queue is COMPLETELY FAKE! These guys engaging in, without doubt, criminal activity. Please do not ignore this!

As most of you know, I have been keeping the community updated with the latest under handed practices and tricks.
If you need to catch up read the following posts:
Post A - Lies to keep customers from refund, only to backtrack on the promise
Post B - Censoring customers who are pointing out that the units they are getting for used
Post C - Sends out old used and broken units to customers
Post D - Scamming Customers out of 2 for 1 and Plan B
Most recently was how they screwed hundred and thousands of their customers out of Plan B and/or their 2 for 1 Neptune.
Over the course of the last few months I have created many contacts within the community and received messages from others who have also been victims of KnCMiner.
In the last 24 hours, I received a message from someone that works for KnCMiner, informing me that the claim of processing refunds taking so long because of the number of request, is completely false!
The tipster provided me with evidence to prove that he works for them, and as promised, I can not jeopardize his job by revealing anything about his identity, but I can tell you that there was absolutely no doubt he works for them
The tipster indicated to me that an executive decision was made to stop processing refunds, because Bitcoins had reached a low value, and handing out refunds would be too costly. As a result of this, the company started to claim that was there was a long queue for processing refunds and as a result, refunds will take much longer.
They are intentionally hold back refunds, waiting for BTC to go up, before they start processing them. These guys are Criminals.
The tipster told me I will find all the evidence I need online and through the forms; he told me just look at the chart of BTC Value and when Refund orders stop being processed.
Here is what I found for evidence:
Take a look at the when the price of BTC Drops to a long time low:
BTC Chart
You will notice that BTC takes a dive the start of April.
Now Take a look at just a few the customers, who to this day still haven't received a refund. What you will notice, few if any refunds get processed after the BTC Crash:
Another Note, is another excuse they are using now, is that they are too busy with the Neptunes and need to focus on that, instead of refunds.
We are currently in the production and shipping phase with the Neptune miners and our main priority and focus is on shipping the miners to customers as quickly as possible. Due to this extremely busy period the processing of refunds will be taking longer. - Kurt
Guys, we need the community to come together on this one, not only for the sake of justice, but for the future of our community.
------------------------------------------- UPDATE -------------------------------------------
I have been accused by the Lead Mod of /bitcoinmining HighBeamHater, to be making up stuff.
He decided to come over to /bitcoin and act like he was in touch with the state of affairs concerning KnCMiner.
His callousness, showed he was indifferent to the victims of criminals over at KnCMiner, who lost large sums of money. Calling them, "Sour grapes."
A few things to clear up right away.
First off
-Batch 0 Neptunes where $10,000 USD
-Batch 1 Neptunes where $13,000 USD
-The No Refund Policy was quietly implemented, prior to this, their refund policy was, I quote:
"All refunds will be refunded in dollars and you can refund up to shipment".
Here is the evidence KnCMiner deleted and tried to hide: Evidence Link
Everyone was under the impression and rightfully so, that you could cancel your order, as long as they had not shipped your order yet. However, that was another underhanded trick by KnCMiner. KnCMiner is refusing all Refunds, even orders whose status is Paid, and are no where near being shipped.
A lot of people, did not cancel their orders because of the two incentives KnCMiner offered. It was only After they had started their Processing and shipping phase, did they state that you can only pick one or the other.
Here is evidence that customers were mislead:
submitted by BostonHelper to Bitcoin [link] [comments]

Just when you thought KNCMiner couldn't get more filthy or low... they out do themselves.

I bought a miner from the scammers last year, a Neptune.
I fell for the 2 for one 1 offer and didnt take cloud mining as an option, I instead opted for the "bonus machine" but made one good decision, when given the option I opted for the Titan miner as the bonus machine and today I get this message:
Dear SiMadam. We can see from our records that you have selected to > > receive a bonus Titan miner as part of the 2 for 1 offer we > ran last year. Due technical issues in the selection process > the Titan miner was not correctly registered as a choice > and not accounted for. In this case we would like to offer > you the following options instead of receiving the bonus > Titan miner. Option 1: Swap the bonus Titan miner for a free Neptune > miner expected to ship within the next few weeks. Or Option 2: Receive a BTC payment of 3 Bitcoins per bonus > Titan miner you were entitled to. (If you select this option > please provide a BTC wallet address with your confirmation) Please reply to this email to confirm your choice before > the end of business 17:00 CET on Friday 3rd of April.> Thank you. KnCMiner Team.
The low down, sons of vipers and b**hes are trying to screw us over one last time.
The Neptunes are not worth crap, the Titans are still worth something and around 5 times the paltry 3BTC they are offering as "compensation". Had we taken the cloud hashing option months back, we would have made a few times over that 3BTC and KNC has been making money hand over fist but these dirty horrible people want to still cheat us one last time rather than give their suffering customers a breath of fresh air.
How can a company and the people running that company be so horrible??
submitted by Puge-_-Henis to Bitcoin [link] [comments]

Whitecoin, Hempcoin attacked exposing Altcoin exchanges to huge risk of bankruptcy

This was originally a comment post elsewhere but with the recent 51% attacks against coins, this needs its own thread.

All proof-of-work (PoW) based crypto currencies (of which Bitcoin is one) are vulnerable to a 51% attack. The first attack that double spends against the exchanges will be devastating to nearly all PoW altcoins. The attack is fairly simple:
1.) Acquire slightly more hashing power than currently is mining the altcoin to be attacked and use it to mine on a private blockchain fork of that coin.
2.) On the public blockchain for that coin, send coins to altcoin exchanges in which there is no identity required.
3.) At those exchanges, use those funds (once confirmed) to buy bitcoins then withdraw them.
4.) When the exchange has sent the bitcoins, the attacker broadcasts the blocks from the private fork. Since that attacker's fork has more hashing capacity than the public blockchain for that altcoin, the attacker's blockchain will "win" (i.e., it has block height greater than that for that coin's public blockchain.)
The result will be that the altcoin exchanges will have a financial debt -- the blockchain reorg (as the result of the attacker's fork being released) has caused the exchange to lose the altcoins received from the attacker (which had a sufficient number of confirmations). Additionally, the exchange no longer has the bitcoins that the attacker bought and subsequently withdrew. This action would likely either put the exchange into technical bankruptcy, or, cause the losses to be born by those holding funds at the exchange. (It may depend on bankruptcy law and/or the exchange's policy as to the exchange's handling for such an incident).
Bitcoin is protected today with SHA 55,474 Th/s. For the attacker wishing to do a 51% attack for the purpose of double spending, the amount of hardware needed would exceed $100M (using KNC Neptunes, of which the supply of anywhere near that capacity doesn't exist today.) There's nowhere near that much value that can be extracted anonymously from the exchanges thus such an attack using Bitcoin is just not economical, nonetheless does there exist some cartel willing to wager the $100+ million to attack Bitcoin this way.
But let's take a look at an altcoin from a recent Coindesk article on altcoins -- Limecoin. Protected with Scrypt 252 Mh/s (per ), that means an attacker needs just maybe $100K USD worth of GPU-based mining hardware to be able to gain success when attempting a 51% atttack against that coin. There are may individuals mining with that kind of capacity alone -- nonetheless any need for a cartel. Limecoin is a bad example as there's not enough exchanges to where there is a decent double spending potential with this coin so let's pick another. Blackcoin is a proof-of-stake (PoS) coin so it isn't vulnerable to a 51% mining attack.
Let's pick on Potcoin then. With Potcoin having Scrypt 5,100 Mh/s (per ) of mining capacity means only about $2M worth of GPU-based Scrypt mining hardware needs to be directed to a private fork of the Potcoin blockchain. Paying GPU miners for two hours of Scrypt 5,100 Mh/s is all that is needed to start a private fork, transfer Potcoins to those altcoin exchanges that it trades at, convert those altcoins to bitcoins and withdraw, and then finally broadcast the private fork. Minutes later, Cryptsy, Mintpal, SwissCEX will have seen withdrawals of maybe hundreds of thousands of dollars worth of Bitcoins but then the Potcoins that bought those bitcoins will be "gone" (having been double spent) now as well. If proper precautions were taken there would be no way to identify the attacker. [Edit: Potcoin's total capacity has dropped by half since this paragraph was first written, ... making an attack even easier and less costly.]
If Cryptsy, Mintpal, and SwissCEX haven't "temporarily" halted trading as a result, the attacker simply moves on to attack another Scrypt altcoin. Rinse and repeat until every last GPU miner has moved to Litecoin (the only Scrypt altcoin with enough hashing capacity such that a 51% attack is neither profitable nor possible without the participation of tens of millions of dollars worth of mining hardware).
In other words, such a sequence of attacks could obliterate the entire list of Scrypt-based altcoin markets in under a day. Should the altcoin vendor release software to ignore the attacker's chain -- the attacker could simply return to attack again. It's an arms race and as long as proof-of-work still determines the longest chain, the attacker has superior firepower.
A single party with exclusive access to the first Scrypt ASICs could finish off every one of the Scrypt altcoins too. For instance, KNC Miner plans to sell their Scrypt 300 Mh/s Titan miner for $10K. Just 417 of those Titans could successfully 51% Litecoin's 125,000 Mh/s network ( ). That's an investment of about $4M USD, and there's easily $4M worth of value that can be obtained, anonymously, from the altcoin exchanges where Litecoin is traded.
This argument was previously articulated here:
submitted by sgornick to CryptoCurrency [link] [comments]

[WTS][GROUP BUY] Ninja Group Buy .35BTC = 30GH

We have a large mining operation that is being installed in a world class data center. Mining begins this Saturday, at 18GH per share. A bonus 12GH per share will be delivered when KNC Neptunes ship. Please see for full details.
Redditors can pay to 1NiNJAGi1k51pfxKsQQQisf3MMwsPU5yCc and post the tx id here, no need to join bitcointalk to participate. We'll get a sub-reddit up for those that prefer to get their information about the operations here, once we reach critical mass.
Need Bitcoin? It's pretty easy to buy on coinbase with a bank account. Personally I recommend localbitcoins, you will pay a premium...but the experience of meeting with an experienced bitcoiner in person (plus the instant transaction) is worth it, especially if you are a newbie.
submitted by Coinninja to BitMarket [link] [comments]

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