PirateCoin: Hypothetical Coin To End All Coins

What's to stop an alt-coin from emerging that uses its computational power to undermine other coins, rather than purely mining hashes? Or rather, we can say that it mines its hashes in the process of undermining other coins.

The mechanism is pretty simple. We'll call our hypothetical coin PirateCoin. Remember that crypto currencies like Bitcoin follow a 51% consensus rule. This rule means that, as long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers, maintaining the blockchain's integrity.

Now let's assume that PirateCoin uses its computational power in order to make coordinated 51% attacks on other coins, in order to then engage in double-spending. The effect is two-fold: first, any coins spent in double-spending can be exchanged to directly increase the value of PirateCoin (i.e. bid into other coins, to ultimately bid up PirateCoin), and the attack would undermine the trust of the competing coin, drastically lowering its valuation, indirectly bolstering PirateCoin's while making an immediate exchange back into the attacked coin a losing investment.

Let's also assume that all spoils won as a result of attacking other coins are distributed among the PirateCoin network. This makes participation highly desirable.
(cont.)

Attached: PirateCoin.png (512x512, 42K)

Other urls found in this thread:

cryptovest.com/news/a-look-at-sharkpools-mission-to-break-altcoins-for-bitcoin-cash-bch/
twitter.com/AnonBabble

As a new alt-coin, it would never succeed in attacking the main coins. But, it would require relatively little participation before it could attack the lesser alts. As it attacks them successfully, it would grow in market cap and thus user adoption (as mining would become more profitable the more dangerous the coin became). It would be like a small fish eating tiny fish, and growing, and eating larger fish, and growing. Until eventually, it could become a real threat to the major coins. In the meantime, any new altcoins created would be vulnerable to attack, so long as they followed the 51% consensus rule (or similar) on a distributed network. This would severely depress new coin creation, drastically consolidating the coin market.

What are your thoughts?

in order to do a 51% attack someone would have to mine on the coins chain not the pirate coins chain.

heard of moon3d? 10x or 100x your crypto. ez money

Image writing all of this & not having a realistic grasp on crypto, Sad.

wait.
maybe the pirate coin could be hard forked an rerouted to another coin.

Which part confuses you?

the part where you get all retarded and shit

Thanks for the upvote

Staking token that uses the pooled token to buy up shitcap micros to either swing or sybil attack. Aye me hearties. Create it.

Brap.Me/JCH

>pic related my captcha for this post. No larp. Kek is amongst us.

Attached: Screenshot_20190712-223145.png (1080x1920, 785K)

Ahoy me matie! We'll get that booty, we will!

I'm still waiting for someone to give a reasonably coherent explanation as to why it wouldn't work. There's a huge long-tail list of tiny alt coins to feed off of to gain steam and notoriety. As a side-effect, the media would write articles about it all over the place, giving is more exposure than any other coin as it attacked other coins on the high seas.

Its computing power would grow quickly and it would take over all coins as master of the high seas.

The idea is that the coin could create a temprary 'shell' inside which its PirateCoin CPUs mine the competing coin's currency, temporarily taking it over and looting its booty. Once the damage is done, some kind of hash is created to memorialize the events and determine how the booty is distributed.

The implementation can be tweaked but the idea is sound. After all, the weakness of any alt-coin (that's distributed) is the consensus rule. The only thing needed to overcome that is computing power, so a coin built to leverage its power to rape other coins would be able to do so, as long as it could overpower them.

so instead of traditional mining, the computational power would be directed towards attacking other chains? what is the incentive then to "mine" this? how to you pay miners? it's just a bot net at that point, right?

nevermind. I'm posting too late build it user. build it and we will mine.

>tfw launch go-fund-me for PirateCoin
>reaches $5,000,000 in a day
>hire 15 PhDs
>take over the coin market in three years
We can dream lad.

[email protected]

Hit me up OP

Ok I'll bite, I sent something from hrsmalyx it's probably in your junk or spam folder

Oops just realized my address begins with hsu0tc.

Anyhow, I'm concluding that no one can tell me why this wouldn't work. I'd like to know why not. Even encryption doesn't work if 51% consensus shits on the honest nodes.

In that case, I predict it happens.

Maybe I'm retard but i set up a chain link node in docker, and when I did that the scripts run on your system, the only way it could "run in a temporary shell" to get this data would be intercepting communications on the blockchain through a node run on a private machine, which doesn't comply with gdpr and a bunch of other shit like telecommunications act and its essentially blackhatting no? Correct me if I'm wrong and it could do this in another way though because I only briefly looked into it

I'm not sure why it would be anything like blackhatting, against gdpr etc. The coins are unregulated. Even more-so for tiny ones which no one cares about defending but a few investors. As coins grow in market cap, it does become more politically untenable to dismantle them in a democracy because more of your constituents are personally invested, but that's a separate issue. Every coin-related service says basically "we guarantee nothing and everything is at your own risk k thanks."

To me it seems that there would be a way to run a process (that process being the PirateCoin network) where other blockchains are targeted via the PirateCoin's collective CPU and subject to a 51% attack. We know that 51% attacks have occurred in the past, Bitcoin Gold being one of the most famous. Think of PirateCoin as being the one orchestrating all the processes rather than the human 'hacker' who got away with the Bitcoin Gold attack. It's basically the Borg of coins. Maybe BORG would be a better name for it, actually.

And it's not breaking any laws. It's just using computing power to gain control of crypto currencies, double-spend them, and dump them, all while following the methematical rules that those networks were set up under. It's actually following all rules. Bitcoin doesn't have a EULA, that's why it's decentralized. And who would enforce it?

Am I wrong?

Firstly, you know that nobody uses CPUs to mine since like 2010, right? You keep mentioning them, and that's a big red flag immediately.

More importantly, though, is this question: What the fuck is the point of the coin? Let's say you manage to pull this off and make a network. If people are pooling their mining power together to do 51% attacks on other coins, why wouldn't you just distribute the """booty""" based on how much each individual contributed? Because if you aren't going to do that, what reason does anyone have to join the network? If that is how it would work, then again, what do the coins even do for a user?

>CPUs
Yes, but it's unimportant to the discussion.

>why wouldn't you just distribute the """booty""" based on how much each individual contributed?
You would. That's exactly how I described it if you read the thread.

>If that is how it would work, then again, what do the coins even do for a user?
Facilitate transactions, similar to bitcoin.

I assume the next question is "but what about when you run out of coins to destroy?" Will you claim that it will suddenly lose value because now it has no competitors? :) Or the moment a competitor pops up, it regains its value? :) In any case, it could be programmed to reward based on facilitating transactions in addition to looting other coins. It doesn't need to be strictly either/or.

Bump for interest

I'm unironically loving this idea.

Bump

>Borg
Hahaha great idea. Hard to say if that or pirate is better but 4 letters is hard to beat.

I think you would need some way to develop consensus on which networks to attack and when. Maybe make them based on hashes and pseudorandom. Also users would have to have alt-coin nodes loaded into the PirateCoin network, and when the network selects a coin to attack, it would duplicate the alt coin node across all its nodes, achieve consensus, and start double spending. Then there would need to be a hash that updates the state as the attack is occuring (and some way to break off if the attack is failing), some way to divide up the "bounty," and then delete the nodes
after so that hard drive space is not wasted.

You'd also want a protocol for judging which coin networks are the best targets, while keeping the next target pseudorandom. So a coin with a high market cap, but who you can easily take consensus from, would be an ideal target and prioritized. But tiny coins would be attacked too, for the pschological impact it would have on other tiny coins, like a tyrant randomly beheading people for jaywalking.

Thinking what this would do to the coin market is hilarious. I guarantee you this idea will be developed.

Only works on PoW coins with low hash power. PoS cannot be thwarted in such a way. Everything thats pure PoW is going to die anyway so you might as well accelerate the process. I say go for it.

>not sure why it would be anything like blackhatting, against gdpr
what is gdpr?

cryptovest.com/news/a-look-at-sharkpools-mission-to-break-altcoins-for-bitcoin-cash-bch/

Ethereum is the biggest PoS coin, right? Bitcoin as PoW will never change unless a threat like this was actually challenging it I suppose.

PoS could be vulnerable to PirateCoin by other methods, however.

In fact, PoS is vulnerable by other means. As long as the PirateCoin market cap is higher than the other coin, PirateCoin could execute a protocol where it uses it's purchasing power to purchase 51% stake in the other coin, takes control, runs up a tidy profit of double-spends and trades back into PirateCoins.

Keep us updated.