Hacking Decred

Discussion in 'Technical Development' started by Jazzah, Jan 10, 2016.

  1. 2017/12/15 - Decred v1.1.2 released! → Release Notes  → Downloads
  1. Jazzah

    Jazzah New Member

    Dec 20, 2015
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    I was thinking it would be cool to see what people can come up with in terms of scenarios that could destroy, cripple or otherwise endanger Decred. Other users could then rebuke them or propose fixes. This could provide valuable insights in terms of further strengthening and protecting Decred. I'm afraid my personal understanding is too limited as far as the technical aspects are concerned, so let me start it off from a macro angle:

    Some time in the future, at the monthly BIS meeting, the evil money managers decide that Decred has got to go. They simply buy all of it.

    Please help explain why this couldn't be, what could be done to prevent it or what would be a more accurate chain of events for this scenario. Of course this is a rather extreme example, so I'm not sure the options are numerous in this case. If you don't like this scenario, ignore it and please share your own!
     
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  2. jimmy16

    jimmy16 Jr. Member

    Jan 8, 2016
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    free market economices
     
  3. Jazzah

    Jazzah New Member

    Dec 20, 2015
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    Could you please elaborate on your answer?
     
  4. davecgh

    davecgh Hero Member
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    Dec 31, 2015
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    #4 davecgh, Jan 10, 2016
    Last edited: Jan 10, 2016
    First, in order to buy all of it, everybody would have to be willing to sell all of their coins (which is almost never the case to being with). Second, the more that is bought, the more the price is driven up which causes a bull market that has the effect of further decreasing those who want to sell.
     
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  5. Jazzah

    Jazzah New Member

    Dec 20, 2015
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    I see. I asked the question thinking the maximum amount of currency units would be so small it could easily be gobbled up by the huge amounts of $/€/£ being created out of thin air. My poor understanding was at fault, if I understand correctly now, each of the max 21 million coins can be broken down to a 100th Millionth piece, resulting in 21,00,000,000,000,000 total tradeable units. And this could rival the monetary bases of even the most established currencies...

    I hope the concept I proposed can still lead to relevant simulations nonetheless. Thank you
     
  6. anvoice

    anvoice Member

    Dec 22, 2015
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    Simply buying all of it is impossible: more will be mined, and more will have to be obtained. Not efficient.

    Many techniques do exist to damage a new project like this, but it should be possible to persevere with a solid foundation.
     
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  7. Jazzah

    Jazzah New Member

    Dec 20, 2015
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    Could you point me into a direction to find out more about these ?
     
  8. anvoice

    anvoice Member

    Dec 22, 2015
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    #8 anvoice, Jan 12, 2016
    Last edited: Jan 12, 2016
    They include disinformation, misrepresentation, ddos attacks on exchanges, rampant speculation (confidence drop), etc. None ethical.

    Holding a large amount and constantly speculating could be one of them, but it will get more difficult as Decred stabilizes. And there is always the community to help amortize that.
     
  9. anondran

    anondran Full Member
    Advocate (Reddit)

    Jan 13, 2016
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    Do u mean, hacking the website or the cryptocurrency itself?
     
  10. Jazzah

    Jazzah New Member

    Dec 20, 2015
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    I meant this could be a place in general for theory-crafting as if we were 'the opposing team'. Trying to broaden the participants understanding of the weaknesses of cryptos, and decred in particular (the governance aspect of this coin must have some particular vulnerabilities as well), by bouncing back and forth ideas and scenarios.
     
  11. marcelocoin

    marcelocoin New Member

    Jan 10, 2016
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    Marketing & Bitcoin
    Following a line of supply and demand, as more people have wanted to buy Decred in the future we will have a good economy for the currency and for the project, despite all the failures that we have seen in Bitcoin and can thus prepare motivate the market in many ways to rotate and keep warm and solid market!
     
  12. anondran

    anondran Full Member
    Advocate (Reddit)

    Jan 13, 2016
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    Widespread adoption is probably one of the best factors, that can heavily influence the growth of Decred
     
    marcelocoin likes this.

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