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Offline stuartcharles

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block reward attack
« on: November 04, 2014, 09:48:41 AM »

How do we stop a person or group acquiring or merging a large group of shares in order to vote for short term profit?

This worries me because 10% is a great return on an investment, market manipulators with large enough funds could easily pump and dump the market enough times to acquire 51% stake then vote the full 10% for their delegates. They could even reinvest 2 or 3% back into the system to keep the price/development up.

Paid delegates is a great way to add value to the system but is there any way to ensure that this kind of attack doesn't happen?

Offline emski

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Re: block reward attack
« Reply #1 on: November 04, 2014, 10:50:59 AM »
We dont know the details of the system. It was extensively discussed here https://bitsharestalk.org/index.php?topic=9452.0 .
Lets wait until more finalised proposal is formed.
Your concerns are valid but we need to have a bit more clear understanding of the new rules.

Offline bytemaster

Re: block reward attack
« Reply #2 on: November 04, 2014, 02:22:25 PM »
How do we stop a person or group acquiring or merging a large group of shares in order to vote for short term profit?

This worries me because 10% is a great return on an investment, market manipulators with large enough funds could easily pump and dump the market enough times to acquire 51% stake then vote the full 10% for their delegates. They could even reinvest 2 or 3% back into the system to keep the price/development up.

Paid delegates is a great way to add value to the system but is there any way to ensure that this kind of attack doesn't happen?

Easily get 51%... you lost me there.  If a hostile takeover does occur then it gets forked out and we continue after thanking them for their donation.
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Offline stuartcharles

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Re: block reward attack
« Reply #3 on: November 04, 2014, 03:34:36 PM »
How do we stop a person or group acquiring or merging a large group of shares in order to vote for short term profit?

This worries me because 10% is a great return on an investment, market manipulators with large enough funds could easily pump and dump the market enough times to acquire 51% stake then vote the full 10% for their delegates. They could even reinvest 2 or 3% back into the system to keep the price/development up.

Paid delegates is a great way to add value to the system but is there any way to ensure that this kind of attack doesn't happen?

Easily get 51%... you lost me there.  If a hostile takeover does occur then it gets forked out and we continue after thanking them for their donation.

Easily is too strong but with patience and the funds. Im not sure it would be that easy to fork, the market would have no confidence. If a pool of shares voted to pay them selves without work could we stop that?

Im not trying to be doom and gloom i want this to go ahead but just want to make sure we have considered all the threats and how to counter them.

Offline Riverhead

Re: block reward attack
« Reply #4 on: November 04, 2014, 03:36:43 PM »
My thinking is that if BTS gets big enough to be worth attacking it means that the majority of trading will be done on in the client itself which means the exchanges will not have huge sums of BTS. If the on/off ramps also come on line there will be even less reason to leave money on an exchange.

Offline stuartcharles

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Re: block reward attack
« Reply #5 on: November 04, 2014, 03:44:00 PM »
My thinking is that if BTS gets big enough to be worth attacking it means that the majority of trading will be done on in the client itself which means the exchanges will not have huge sums of BTS. If the on/off ramps also come on line there will be even less reason to leave money on an exchange.

that will help, less bts on the exchange but it still wouldn't stop a greedy pool and with alot of incentive for your average Joe to park there shares we would loose valuable development funds.

 

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