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Old Fortune article on Jeffrey Gundlach. It’s a fun read.
Firing the $70 billion man: Full version By Mina Kimes, writerMarch 10, 2010: 10:10 AM ET NEW YORK (Fortune) -- On November 19, 2009 Jeffrey Gundlach was named a finalist for Morningstar's award for bond fund manager of the decade. For Gundlach, the nomination recognized 10 years of stellar results, exceeding even the returns of the legendary king of bonds, Bill Gross. Two weeks later Gundlach was confronted, fired, and then pursued on foot out of a Los Angeles skyscraper by two lawyers working for TCW, the money management firm with $110 billion in assets where Gundlach had worked for 24 years. Not only did TCW oust Gundlach, but the firm also announced that it was acquiring an entire company -- crosstown rival Metropolitan West Asset Management -- to replace him. That in turn set off a wave of defections from TCW, as 45 of the 60 staffers who had worked for Gundlach streamed out the door to join him at a new firm that he had opened within days of leaving. Then things really turned nasty. TCW filed an incendiary lawsuit in January accusing Gundlach of conspiring with confederates at TCW to steal proprietary information as part of a long-running plot to form their own competing firm. The suit added a salacious twist of the knife, perfectly calibrated for maximum media interest -- Gundlach had allegedly stashed a trove of illicit material in his office: 70 pornographic magazines and videos, 12 "sexual devices," and several bags of marijuana. Gundlach has countered with his own lawsuit. He charges TCW and its owner, the French bank Société Générale, with pushing him out so that they can get their hands on his lucrative fees. In addition to his mutual funds, Gundlach had managed what were effectively two hedge funds for TCW, each of which commanded the amped-up fees typical of those vehicles. Gundlach calculates that he would have personally reaped $600 million to $1.2 billion over the next few years. What in the name of Peter Lynch is going on here? Sure, we've come to expect shenanigans from Wall Street. But even if the mutual fund world hasn't been exactly pristine (remember the market-timing scandals a few years ago?), more often than not its managers and executives have been well-behaved schoolboys compared with the leather-clad (in spirit, anyway) rock stars among the investment bankers and hedge funders. But unlike most mutual fund companies, TCW has always aspired to a Wall Street culture. In particular, it cultivated a star system. The company grew by importing ambitious money managers and granting them autonomy. They could invest as they liked; TCW would handle sales and marketing. The two sides would then split the fees, with each manager cutting an individual deal. The result could be huge rewards for managers -- Gundlach made $134 million over the past five years -- but some came to view themselves essentially as sole proprietors. TCW seemed content with the arrangement and did little to tie its managers' fates to the company as a whole. Few of them, for example, received significant stakes in TCW. That bred frustration in multiple generations of standout performers, who viewed corporate executives (some of whom did receive ownership shares) as getting rich off their toil. So it went for Gundlach, a bona fide investing star who, by the end, oversaw about 70% of TCW's assets, some $70 billion, putting him in charge of one of the biggest pots of money in the country. Gundlach didn't just generate steady returns; he avoided the blowup of the century. A specialist in mortgage-backed securities, he publicly warned in 2007 that "the subprime mortgage market is a total, unmitigated disaster, and it's going to get worse." He invested accordingly, not only delivering positive returns in the blighted year of 2008 but also earning himself a growing role as a media sage. His ego grew along with it. There are few people like Jeffrey Gundlach in the mutual fund world -- or in any world. A former rock-and-roll drummer, Gundlach, 50, is a math whiz (but not a quant). He views everything in binary terms: Either you perform to his standards or you don't, and he won't hesitate to let you know which category you fall into. Nor is he shy in articulating his view of himself. "I was by far the biggest revenue generator at TCW, by far the biggest performer," he says. "I created $4 billion in value for clients in '09. If telling you that is self-promotion, so be it. It's just a fact." With Gundlach, it's hard to tell which is largest: his brain, his self-regard -- or his resentment of TCW. He claims that his recent firing was actually the third time the company tried to get rid of him. "All three of them were an attempt to just steal the economics," Gundlach contends. "And this time they did it. Except they didn't steal the economics. They blew it up. They blew it up. They tried to steal the economics, but they didn't understand. They never understood." TCW customers, meanwhile, have been watching the blood feud in disbelief. Investors have fled, with assets shrinking $25 billion since Gundlach was fired. For those who have remained, it seems that their patience is limited. "I'm aware of the investment prowess of both [Gundlach and the new TCW team]," says Mansco Perry III, CIO of the Maryland State Retirement and Pension System, which has $50 million invested in TCW. "But right now I don't believe they're acting in the best interest of their clients." frey Gundlach is the sort of boss who inspires sharply divided opinion. He fostered loyalty among the members of his60-person team at TCW, handing out generous bonuses to his group. He also openly mocked the company's other divisions, especially its stock team. Many outside Gundlach's orbit viewed him as an ill-tempered bully. He subjected subordinates to withering cross examinations and relished pointing out errors. Some in TCW's New York offices celebrated his dethroning by posting printouts of his scathing e-mails in the halls. By contrast, loyalists valued his directness. Some would preserve his occasional written compliments as treasured mementos. "You don't have to guess where you stand with him," says Bonnie Baha, a portfolio manager who followed Gundlach to his new firm, called DoubleLine. An interview with Jeffrey Gundlach is less like conversation than like listening to a manic stream-of-consciousness monologue. Consider Gundlach's description of his aborted stint in a math Ph.D. program at Yale (after getting an undergraduate degree in the same subject at Dartmouth): "It was a four-year Ph.D. deal. And they gave me a full scholarship, and it was very hard to get into. There were only seven people accepted, and they had hundreds of applicants. And one of the guys, he was Korean, he had come in via Toronto. I was the only American left. The other American had flunked out. There was a Chinese guy who had polio. That guy was smart. That guy was something else. He had crutches. He had horrible dandruff. He never took a shower, but he was one smart motherf----r, let me tell you. That guy is probably the smartest guy I ever met in my life. And he was my friend. I was the only guy he would be friends with, and there was this other guy, this Korean guy out of Korea, out of Toronto, and I didn't like him very much, and I was walking down the street, and there he was. It was like, 'Hey, Jeff!' They called me Jeff in the day. 'Hey!' You know, good to see you. I was Ike -- I had this really heebie-jeebie feeling, and he goes, 'Let's go to the bookstore and get our books.' And I was like, 'Uh, I don't know.' And he was like, 'What do you mean?' I said, 'Uh, I don't know.' And it hit me right then. I said, 'I'm not going back. I'm not doing it. I can't do it. This is pointless.' " Gundlach's mind combines that feverish quality with a near-total recall of endless minutiae. But somehow, when it comes to investing, he's able to process huge quantities of details and extract a big-picture message. The result has been superb performance: His flagship $12 billion TCW Total Return Bond Fund returned nearly 8% annually over the past decade. Those results beat 99% of competitors, and his nonpublic funds have done even better. For all Gundlach's prowess with numbers, it was anything but obvious that he'd go into finance. He grew up outside Buffalo in a family of modest means. Their only savings, he says, consisted of some Xerox stock, courtesy of their uncle, Robert Gundlach, the inventor of the modern photocopier. "We owned Xerox, and it went way, way up, and for the first time it actually felt like we had a little money. And then it crashed," Gundlach says. He was 12 or 13 at the time. "It was my first experience with a bear market, and I remember it really well. The rallies are pennies, and the selloffs are dollars, and that's always the way bear markets behave." In his mid-twenties Gundlach played drums in a variety of rock bands that performed in L.A. clubs but never made the big time. Meanwhile he was holding down a dreary day job in the actuarial department at Transamerica. One night in 1985 he was watching an episode of "Lifestyles of the Rich and Famous," that described the most lucrative careers. Gundlach decided he would, as he told one interviewer, "figure out my life." The program identified investment banking as the richest occupation. Gundlach didn't know what investment bankers did, but he contacted 23 firms. Impressed by his math credentials, TCW invited him in and offered him a $30,000-a-year job as a research assistant in the firm's bond department. (This despite the fact that, according to Gundlach, he didn't even know what a bond was at the time.) Gundlach was thrilled. He loved wearing a suit and tie to TCW's elegant offices. He became fascinated by bonds. "I felt like I was in the middle of something that was important and exciting," he says. "I loved it! When I would walk into a meeting and be able to say, 'I'm from TCW and here's my business card,' I was proud." As a young analyst, Gundlach zeroed in on the mortgage market. By age 27, he says, he had developed a reputation in his niche as a "young hotshot." After four years at TCW, he was promoted to co-chair of a new division -- mortgage Bonds -- and then made a managing director in 1991. "That doesn't happen," he says. "You don't go from a trainee to managing director in seven years. I was running the most important department at the firm, but the firm didn't like the fact that I was growing so much." Gundlach is getting ahead of the story, but it appears he would later be right. When Gundlach arrived -- and still to a large extent today -- TCW seemed like a museum version of a Wall Street firm. Even in ultra-casual Southern California, for example, the firm had a suit-and-tie dress code. Gracious meals were served in its white-linen dining room. TCW was founded in 1971 as Trust Co. of the West by Robert Day, who inherited millions as the heir to the Superior Oil fortune and hobnobbed with the Martha's Vineyard elite. Day was a hard-nosed boss who used to smack errant employees on the head with his cigar, Gundlach says. (Day says he doesn't remember doing so.) In those days 80% of TCW's assets were in stocks, the rest in bonds. By the end of Gundlach's tenure, the ratio would almost flip. Day built the firm by luring in Wall Street talent. One prominent star, who joined in 1985, was Howard Marks, a junk bond manager who came over from Citicorp. Marks thrived, accumulating $7 billion in assets, about 15% of TCW's total at the time. But he grew increasingly dissatisfied with having to fork over half his fees to TCW. And he resented the fact that TCW would give him no more than a nominal stake in the company. In 1995 he announced that he was leaving and taking his team with him. Marks' departure was a less lurid, but still bitter, harbinger of what would occur with Gundlach almost 15 years later. Day sent a furious letter to clients blasting Marks' exit as "disloyal at the very least," according to press accounts at the time. TCW then quickly replaced Marks' team by purchasing Crescent Capital, a small high yield bond firm in West Los Angeles. The equity issue took on new importance when TCW decided to sell itself. In 2001, Société Générale bought 51% of TCW for $880 million. The deal, former employees say, meant lucrative paydays for a cadre of executives, including the founders of Crescent, who had received large chunks of the company. Some longtime TCW employees were embittered by the newcomers' windfall. Management tried to mend the problems that led to Marks' departure, but the lack of equity for many managers remained a sore point. SocGen announced it would escalate its ownership to 70% and leave 30% for TCW employees. But that 30% turned out to consist of SocGen stock options rather than TCW shares. By 2007 the French bank owned 100% of the company. Meanwhile Gundlach was accruing more and more influence and renown. In 2005 he was promoted to chief investment officer of TCW. And he was named Morningstar fund manager of the year in 2006. His decision to pull his mutual funds out of riskier debt and his accurate forecast of a looming recession brought him favorable publicity and a steady presence in the press. (Another division of TCW, also under Gundlach's umbrella but not his main focus, was a giant issuer of CDOs, many of which imploded.) It was Gundlach's time. His reputation was growing, and bonds were beginning to enjoy their moment in the sun. The result: Investments in his funds swelled. So, too, did his ego, according to former co-workers. "He started to think of himself as a god," says one who worked with Gundlach during that period. Gundlach remained mostly satisfied until January 2009, when SocGen announced that it intended to take TCW public in five years. The uncertainty, he says, made it harder to drum up new business. And he grew even more vexed a few months later when he was passed over for the job of TCW's new CEO. Instead, the position went to the company's former president Marc Stern, who came out of retirement to assume the position. Gundlach was infuriated by Stern's return. He was offered the job of president but turned it down. Always outspoken, Gundlach grew openly critical of TCW's management, even deriding executives while they sat a few feet away in the company dining room. Rumors began to circulate that Gundlach would be fired. By the summer of 2009, he says, it had become difficult to work under that stress, as well as to face TCW's uncertain future. In September, Gundlach met with Stern and offered to purchase the firm at a valuation of $700 million. TCW says Stern passed the offer onto SocGen, which rejected it. TCW and Gundlach disagree about exactly what was said at the meeting. What's clear is that Gundlach at least broached the possibility of taking his team and leaving. TCW interpreted the statement as a threat and prepared for combat: The company hired investigators to look into the affairs of Gundlach and his closest lieutenants, tapping their office phones and monitoring their e-mails. At the same time they initiated clandestine talks with MetWest, the $30 billion bond house that would eventually replace Gundlach's team. Gundlach was preparing too. He and his "co- conspirators" began e-mailing one another in September about their plot to steal information, according to TCW's complaint. The suit alleges that the group referred to Gundlach as "the Pope" and "the Godfather" and swiped 9 million pages' worth of client contacts, trade tickets, and software routines used to process the complex data that go into analyzing mortgages. They retained a realtor to find an office space with 50 trading desks. Gundlach acknowledges that his team looked at commercial real estate. It made him feel better, he says, to be making plans when he knew he was going to be fired. "I felt powerless," he says. He insists, however, that he had no knowledge of the downloading, his e-mails prove otherwise. Gundlach says he hired a third party to expunge his employees' computers of TCW data and returned all their hardware to the company. The crescendo of rumors -- of his ouster, of a sale -- was wearing on Gundlach. Still, he had no inkling of what was in store for him on Dec. 4, 2009. At 1 p.m. that day, when the markets closed on the East Coast, he was summoned to the 17th floor of TCW's headquarters. Michael Cahill, the company's general counsel, was waiting for him in a conference room with John Quinn, one of Los Angeles' top litigators. Cahill told Gundlach that TCW was putting him on administrative leave. Gundlach argued that the move would cause a disastrous customer exodus unless they negotiated a settlement that resolved various fee and management issues. The lawyers asked him to read a draft of the complaint TCW was planning to file against him. When Quinn tried to place the papers in his hands, Gundlach got angry. He stormed out of the room and began walking down the stairs. Quinn and Cahill trailed him, thinking he was headed for the trading floor one level down, but Gundlach kept going. It was a surreal procession, says Quinn; they marched down 17 stories in total silence. The lawyers followed Gundlach out of the building and onto the street until Gundlach finally turned around and told them he wasn't planning on stopping anytime soon. While all this was happening, chaos had erupted on TCW's trading floor. CEO Stern sent out a companywide e-mail announcing Gundlach's termination and the acquisition of MetWest. Then Stern appeared to reiterate the news in person. Analysts watched in shock as a team of private detectives and attorneys descended. Gundlach's suspected conspirators were herded into offices and conference rooms, where the investigators interrogated them and seized laptops and records. Some company-owned BlackBerrys went dark without warning. Nervous employees scurried around the floor, trying to figure out who had been terminated. By the end of the day, the tally was five. TCW proved inept in its efforts to stanch the turmoil caused by Gundlach's departure. On the rainy Monday morning after he was fired, TCW employees gathered in conference rooms for a companywide conference call. CEO Stern told his troops that the downpour was a sign of renewal, and that TCW would emerge as "a firm that has respect for everyone within the firm." But Day, TCW's founder and chairman, was less temperate in his remarks. He told the employees that he had been through this before -- i.e., with Marks -- and that there was no other choice. "It sort of reminds me a bit of General Washington crossing the Delaware," he said. "The general was in the back of the boat. It would be like a soldier getting up, trying to rock the boat, expecting to sink the boat. His choices are very simple. You shoot the soldier. You throw him off the boat." After a pause, nervous laughter emanated over the speakers. Some of Gundlach's former colleagues were horrified. A few started crying. Others walked out. "Whatever people may say about [Gundlach], here's a guy that has been working for his company for over 20 years and has made a lot of money for investors," says Luz Padilla, a fund manager at the company. "After that call, I was just incensed." Padilla hadn't been set on leaving TCW, she says, until she realized the current imbroglio bore an uncanny resemblance to the Howard Marks controversy -- a talented manager leaves after a fight over money, and a new team takes control. "It was a different set of players," she says, "but almost the same movie." There was also the fear that the arrival of the MetWest group would make the current bond team redundant. Dozens more followed Padilla out. Then came the surge of customer defections. By late February TCW's assets had dropped by some $25 billion. The most prominent deserter was the U.S. Treasury, which pulled out of the $4.1 billion Public Private Investment Fund it had started with Gundlach. Less than two weeks after he was fired, Gundlach announced that his new firm, DoubleLine, was partnering with a respected L.A. money manager: none other than Howard Marks. The onetime TCW star has thrived on his own, building a firm called Oaktree Capital with $70 billion in assets. Marks is buying 22% of DoubleLine and in exchange will provide the administrative backbone for Gundlach's new operation. Needless to say, an alliance between two of its former stars is also a not-so-subtle poke in the eye to TCW. After weeks of relative silence, TCW struck back. On Jan. 7 the company filed its explosive complaint. It emphasized the alleged plot to steal information. It also tarred Gundlach personally, referring to the pornography, sexual devices, and marijuana retrieved from his office. TCW justified the inclusion of the prurient material in the suit under the whisper- thin pretext that it constituted a breach of company policy. Asked about the contents of his office, Gundlach offers only the mildest of quibbles: "Not all of the items are mine." In a letter to investors, he noted, "I had every expectation of privacy in these spaces, which stored vestiges of closed chapters of my life." On a recent Thursday afternoon, Marc Stern sits in one of TCW's dining rooms with Jacques Ripoll, the head of SocGen's asset management division. The two couldn't look more different. Stern, 65, is barrel-chested with white hair and a loud, raspy laugh. Ripoll, 43, has a slick, dark coiffure and a heavy French accent. As Stern talks about growing up on a vegetable farm in New Jersey, one can't help but notice that his story resembles Gundlach's. Both were gifted kids who came from working-class families, and both share a love of art (Gundlach has an extensive collection of contemporary paintings; Stern is the chairman of the L.A. Opera, a passion he developed while riding on his father's tractor and listening to opera on the radio). Despite the controversy, Stern insists that TCW is better positioned than ever, and its new team, he pointedly adds, is "delighted to be here." Stern predicts that TCW will double its assets in three years. He stresses the importance of having "mechanisms where people share information and are willing to help each other." While not specifically naming Gundlach, the message is clear: The star manager didn't play well with others. TCW's new head of fixed income is MetWest founder Tad Rivelle, a self-effacing, professorial type -- the anti- Gundlach -- and no slouch as a manager. His Total Return bond fund has beaten 94% of its peers over the past decade. "TCW is ready for growth," Ripoll says. "To be transparent -- this was not possible before." And what of Gundlach's long-desired equity stake? TCW is giving shares to the new team from MetWest (as it did with the Crescent group) but is less definite about handing it to others. "When you have a company like TCW, it is very important that you have equity held by the employees," Ripoll says. "That is what we are putting in place." TCW's basic business model -- a collection of autonomous managers -- seems unlikely to change. In a separate interview, the founder and chairman defends the approach. "I started the company with $2 million, and it has $115 billion today," says Day. "The formula that has worked for 40 years is going to continue to work." (Day also insists Gundlach really didn't care about an equity stake; when given the choice, he always opted for more fees.) Gundlach, meanwhile, is still setting up shop. He has been through a lot of late. He showed up at meetings in January with a black eye and cuts on his face, which he says came from tripping and colliding with his desk at home. On Feb. 1, his wife of more than 20 years, Nancy, filed for divorce. And Bill Gross was named fixed-income fund manager of the decade; Gundlach thinks he would have taken the prize if he hadn't been fired. That said, Morningstar clearly still views him as legitimate: The organization invited Gundlach to deliver the keynote address at its annual investors conference this summer. DoubleLine has registered three mutual funds with the SEC, and it expects $10 billion in new accounts this spring. Gundlach says the most gratifying thing about the firing and its aftermath is that 45 people followed him from TCW -- proof, he says, that he isn't such a difficult guy to work with. As Gundlach walks through his new firm's offices, he looks happy. To reign there, it seems, is better than to serve at TCW. To top of page First Published: March 10, 2010: 4:46 AM ET
The pools are all reporting the wrong network data (I hope its this - but the rate of discovery of blocks by pools would suggest otherwise)”
(https://bitcointalk.org/index.php?topic=583449.msg6782852#msg6782852) -2192: “New source (0.8.8.1) is up with optimizations in the hashing. Hashrate should go up ~4x or so, but may have CPU architecture dependence. Windows binaries are up as well for both 64-bit and 32-bit." (https://bitcointalk.org/index.php?topic=583449.msg6788812#msg6788812) [eizh makes official announce of last miner optimization, it is may 17th] -2219: (https://bitcointalk.org/index.php?topic=583449.msg6792038#msg6792038) [wolf0 is part of the monero community for a while, discussing several topics as botnet mining and miner optimizations. Now spots security flaws in the just launched pools] -2301: "5x optimized miner released, network hashrate decreases by 10% Make your own conclusions. :|" (https://bitcointalk.org/index.php?topic=583449.msg6806946#msg6806946) -2323: "Monero is on Poloniex https://poloniex.com/exchange/btc_mro" (https://bitcointalk.org/index.php?topic=583449.msg6808548#msg6808548) -2747: "Monero is holding a $500 logo contest on 99designs.com now: https://99designs.com/logo-design/contests/monero-mro-cryptocurrency-logo-design-contest-382486" (https://bitcointalk.org/index.php?topic=583449.msg6829109#msg6829109) -2756: “So... ALL Pools have 50KH/s COMBINED. Yet, network hash is 20x more. Am i the only one who thinks that some people are insta mining with prepared faster miners?” (https://bitcointalk.org/index.php?topic=583449.msg6829977#msg6829977) -2757: “Pools aren't stable yet. They are more inefficient than solo mining at the moment. They were just released. 10x optimizations have already been released since launch, I doubt there is much more optimization left.” (https://bitcointalk.org/index.php?topic=583449.msg6830012#msg6830012) -2765: “Penalty for too large block size is disastrous in the long run. Once MRO value increases a lot, block penalties will become more critical of an issue. Pools will fix this issue by placing a limit on number and size of transactions. Transaction fees will go up, because the pools will naturally accept the most profitable transactions. It will become very expensive to send with more than 0 mixin. Anonymity benefits of ring signatures are lost, and the currency becomes unusable for normal transactions.” (https://bitcointalk.org/index.php?topic=583449.msg6830475#msg6830475) -2773: "The CryptoNote developers didn't want blocks getting very large without genuine need for it because it permits a malicious attack. So miners out of self-interest would deliberately restrict the size, forcing the network to operate at the edge of the penalty-free size limit but not exceed it. The maximum block size is a moving average so over time it would grow to accommodate organic volume increase and the issue goes away. This system is most broken when volume suddenly spikes." (https://bitcointalk.org/index.php?topic=583449.msg6830710#msg6830710) -3035: "We've contributed a massive amount to the infrastructure of the coin so far, enough to get recognition from cryptonote, including optimizing their hashing algorithm by an order of magnitude, creating open source pool software, and pushing several commits correcting issues with the coin that eventually were merged into the ByteCoin master. We also assisted some exchange operators in helping to support the coin. To say that has no value is a bit silly... We've been working alongside the ByteCoin devs to improve both coins substantially." (https://bitcointalk.org/index.php?topic=583449.msg6845545#msg6845545) [tacotime defends the Monero team and community of accusations of just “ripping-off” others hard-work and “steal” their project] -3044: "image" (https://bitcointalk.org/index.php?topic=583449.msg6845986#msg6845986) [Monero added to coinmarketcap may 21st 2014] -3059: "You have no idea how influential you have been to the success of this coin. You are a great ambassador for MRO and one of the reasons why I chose to mine MRO during the early days (and I still do, but alas no soup for about 5 days now)." (https://bitcointalk.org/index.php?topic=583449.msg6846509#msg6846509) [random user thanks smooth CONSTANT presence, and collaboration. It is not all FUD ;)] -3068: "You are a little too caught up in the mindset of altcoin marketing wars about "unique features" and "the team" behind the latest pump and dump scam. In fact this coin is really little more than BCN without the premine. "The team" is anyone who contributes code, which includes anyone contributing code to the BCN repository, because that will get merged as well (and vice-versa). Focus on the technology (by all accounts amazing) and the fact that it was launched in a clean way without 80% of the total world supply of the coin getting hidden away "somewhere." That is the unique proposition here. There also happens to be a very good team behind the coin, but anyone trying too hard to market on the basis of some "special" features, team, or developer is selling you something. Hold on to your wallet." (https://bitcointalk.org/index.php?topic=583449.msg6846638#msg6846638) [An answer to those trolls saying Monero has no innovation/unique feature] -3070: "Personally I found it refreshing that Monero took off WITHOUT a logo or a gui wallet, it means the team wasn't hyping a slick marketing package and is concentrating on the coin/note itself." (https://bitcointalk.org/index.php?topic=583449.msg6846676#msg6846676) -3119: “image” [included for the lulz] -3101: "[…]The main developers are tacotime, smooth, NoodleDoodle. Some needs are being contracted out, including zone117x, LucasJones, and archit for the pool, another person for a Qt GUI, and another person independently looking at the code for bugs." (https://bitcointalk.org/index.php?topic=583449.msg6848006#msg6848006) [the initial "core team" so far, eizh post] -3123: (https://bitcointalk.org/index.php?topic=583449.msg6850085#msg6850085) [fluffy steps-in with an interesting dense post. Don’t dare to skip it, worthwhile reading] -3127: (https://bitcointalk.org/index.php?topic=583449.msg6850526#msg6850526) [fluffy again, worth to read it too, so follow link, don’t be lazy] -3194: "Hi guys - thanks to lots of hard work we have added AES-NI support to the slow_hash function. If you're using an AES-NI processor you should see a speed-up of about 30%.” (https://bitcointalk.org/index.php?topic=583449.msg6857197#msg6857197) [flufflypony is now pretty active in the xmr topic and announces a new optimization to the crippled miner] -3202: "Whether using pools or not, this coin has a lot of orphaned blocks. When the original fork was done, several of us advised against 60 second blocks, but the warnings were not heeded. I'm hopeful we can eventually make a change to more sane 2- or 2.5-minute blocks which should drastically reduce orphans, but that will require a hard fork, so not that easy." (https://bitcointalk.org/index.php?topic=583449.msg6857796#msg6857796) [smooth takes the opportunity to remember the need of bigger target block] -3227: “Okay, optimized miner seems to be working: https://bitcointalk.org/index.php?topic=619373” [wolf0 makes public his open source optimized miner] -3235: "Smooth, I agree block time needs to go back to 2 minutes or higher. I think this and other changes discussed (https://bitcointalk.org/index.php?topic=597878.msg6701490#msg6701490) should be rolled into a single hard fork and bundled with a beautiful GUI wallet and mining tools." (https://bitcointalk.org/index.php?topic=583449.msg6861193#msg6861193) [tail emission, block target and block size are discussed in the next few messages among smooth, johnny and others. If you want to know further about their opinions/reasonings go and read it] -3268: (https://bitcointalk.org/index.php?topic=583449.msg6862693#msg6862693) [fluffy dares another user to bet 5 btc that in one year monero will be over dash in market cap. A bet that he would have lost as you can see here https://coinmarketcap.com/historical/20150524/ even excluding the 2M “instamined” coins] -3283: "Most of the previous "CPU only" coins are really scams and the developers already have GPU miner or know how to write one. There are a very few exceptions, almost certainly including this one. I don't expect a really dominant GPU miner any time soon, maybe ever. GPUs are just computers though, so it is certainly possible to mine this on a GPU, and there probably will be a some GPU miner, but won't be so much faster as to put small scale CPU miners out of business (probably -- absent some unknown algorithmic flaw). Everyone focuses on botnets because it has been so long since regular users were able to effectively mine a coin (due to every coin rapidly going high end GPU and ASIC) that the idea that "users" could vastly outnumber "miners" (botnet or otherwise) isn't even on the radar. The vision here is a wallet that asks you when you want to install: "Do you want to devote some of you CPU power to help secure the network. You will be eligible to receive free coins as a reward (recommended) [check box]." Get millions of users doing that and it will drive down the value of mining to where neither botnets nor professional/industrial miners will bother, and Satoshi's original vision of a true p2p currency will be realized. That's what cryptonote wants to accomplish with this whole "egalitarian mining" concept. Whether it succeeds I don't know but we should give it a chance. Those cryptonote guys seem pretty smart. They've probably thought this through better than any of us have." (https://bitcointalk.org/index.php?topic=583449.msg6863720#msg6863720) [smooth vision of a true p2p currency] -3318: "I have a screen shot that was PMed to me by someone who paid a lot of money for a lot of servers to mine this coin. He won't be outed by me ever but he does in fact exist. Truth." (https://bitcointalk.org/index.php?topic=583449.msg6865061#msg6865061) [smooth somehow implies it is not botnets but an individual or a group of them renting huge cloud instances] -3442: "I'm happy to report we've successfully cracked Darkcoin's network with our new quantum computers that just arrived from BFL, a mere two weeks after we ordered them." [fluffy-troll] -3481: “Their slogan is, "Orphaned Blocks, Bloated Blockchain, that's how we do"" (https://bitcointalk.org/index.php?topic=583449.msg6878244#msg6878244) [Major FUD troll in the topic. One of the hardest I’ve ever seen] -3571: "Tacotime wanted the thread name and OP to use the word privacy instead of anonymity, but I made the change for marketing reasons. Other coins do use the word anonymous improperly, so we too have to play the marketing game. Most users will not bother looking at details to see which actually has more privacy; they'll assume anonymity > privacy. In a world with finite population, there's no such thing as anonymity. You're always "1 of N" possible participants. Zero knowledge gives N -> everyone using the currency, ring signatures give N -> your choice, and CoinJoin gives N -> people who happen to be spending around the same amount of money as you at around the same time. This is actually the critical weakness of CoinJoin: the anonymity set is small and it's fairly susceptible to blockchain analysis. Its main advantage is that you can stick to Bitcoin without hard forking. Another calculated marketing decision: I made most of the OP about ring signatures. In reality, stealth addressing (i.e. one-time public keys) already provides you with 90% of the privacy you need. Ring signatures are more of a trump card that cannot be broken. But Bitcoin already has manual stealth addressing so the distinguishing technological factor in CryptoNote is the use of ring signatures. This is why I think having a coin based on CoinJoin is silly: Bitcoin already has some privacy if you care enough. A separate currency needs to go way beyond mediocre privacy improvements and provide true indistinguishably. This is true thanks to ring signatures: you can never break the 1/N probability of guessing correctly. There's no additional circumstantial evidence like with CoinJoin (save for IP addresses, but that's a problem independent of cryptocurrencies)." (https://bitcointalk.org/index.php?topic=583449.msg6883525#msg6883525) [Anonymity discussions, specially comparing Monero with Darkcoin and its coinjoin-based solution, keep going on] -3593: "Transaction fees should be a fixed percentage of the block reward, or at the very least not be controllable by the payer. If payers can optionally pay more then it opens the door for miner discrimination and tx fee bidding wars." (https://bitcointalk.org/index.php?topic=583449.msg6886770#msg6886770) [Johnny Mnemonic is a firm defender of fixed fees and tail emission: he see the “fee market” as big danger to the usability of cryptocurrencies] -3986: (https://bitcointalk.org/index.php?topic=583449.msg6930412#msg6930412) [partnership with i2p] -4373: “Way, way faster version of cpuminer: https://bitcointalk.org/index.php?topic=619373” (https://bitcointalk.org/index.php?topic=583449.msg6993812#msg6993812) [super-optimized miner is finally leaked to the public. Now the hashrate is 100 times bigger than originally with crippled miner. The next hedge for "cloud farmers" is GPU mining] -4877: “1. We have a logo! If you use Monero in any of your projects, you can grab a branding pack here. You can also see it in all its glory right here: logo […] 4. In order to maintain ISO 4217 compliance, we are changing our ticker symbol from MRO to XMR effective immediately." (https://bitcointalk.org/index.php?topic=583449.msg7098497#msg7098497) [Jun 2nd 2014] -5079: “First GPU miner: https://bitcointalk.org/index.php?topic=638915.0” (https://bitcointalk.org/index.php?topic=583449.msg7130160#msg7130160) [4th June: Claymore has developed the first CryptoNight open source and publicly available GPU miner] -5454: "New update to my miner - up to 25% hash increase. Comment and tell me how much of an increase you got from it: https://bitcointalk.org/index.php?topic=632724" (https://bitcointalk.org/index.php?topic=583449.msg7198061#msg7198061) [miner optimization is an endless task] -5464: "I have posted a proposal for fixed subsidy: https://bitcointalk.org/index.php?topic=597878.msg7202538#msg7202538" (https://bitcointalk.org/index.php?topic=583449.msg7202776#msg7202776) [Nice charts and discussion proposed by tacotime, worth reading it] -5658: "- New seed nodes added. - Electrum-style deterministic wallets have been added to help in the recovery of your wallet should you ever need to. It is enabled by default." (https://bitcointalk.org/index.php?topic=583449.msg7234475#msg7234475) [Now you can recover your wallet with a 24 word seed] -5726: (https://bitcointalk.org/index.php?topic=583449.msg7240623#msg7240623) [Bitcoin Pizza in monero version: a 2500 XMR picture sale (today worth ~$20k)] -6905: (https://bitcointalk.org/index.php?topic=583449.msg7386715#msg7386715) [Monero missives: CryptoNote peer review starts whitepaper reviewed)] -7328: (https://bitcointalk.org/index.php?topic=583449.msg7438333#msg7438333) [android monero widget built] This is a dense digest of the first several thousand messages on the definitive Monero thread. A lot of things happened in this stressful days and most are recorded here. It can be summarized in this:
28th April: Othe and zone117x assume the GUI wallet and CN pools tasks.
30th April: First NoodleDoodle's miner optimization.
11th May: First Monero exchanger
13th May: Open source pool code is ready.
16th May: First pool mined block.
19th May: Monero in poloniex
20th May: Monero +1100 bitcoin 24h trading volume in Poloniex.
21st May: New official miner optimization x4 speed (accumulated optimization x12-x16). Open source wolf0's CPU miner released.
25th May: partnership with i2p
28th May: The legendary super-optimized miner is leaked. Currently running x90 original speed. Hedge of the "cloud farmers" is over in the cpu mining.
2nd June: Monero at last has a logo. Ticker symbol changes to the definitive XMR (former MRO)
4th June: Claymore's open source GPU miner.
10th June: Monero's "10,000 bitcoin pizza" (2500 XMR paintig). Deterministic seed-based wallets (recover wallet with a 24 word seed)
March 2015 – tail emission added to code
March 2016 – monero hard forks to 2 min block and doubles block reward
There basically two things in here that can be used to attack Monero:
Crippled miner Gave unfair advantage to those brave enough to risk money and time to optimize and mine Monero.
Fast curve emission non-bitcoin-like curve as initially advertised and as it was widely accepted as suitable
Though we have to say two things to support current Monero community and devs:
The crippled miner was coded either by Bytecoin or CryptoNote, and 100% solved within a month by Monero community
The fast curve emission was a TFT miscalculation. He forgot to consider that as he was halving the block target he was unintentionally doubling the emission rate.
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Hardware Security: Why Fixing Meltdown & Spectre Is So Tough
Hardware-based security is very difficult to break but, once broken, catastrophically difficult to fix. Software-based security is easier to break but also much easier to fix. Now what? The security world has been rocked by Meltdown and Spectre, two critical hardware security exploits affecting every device from smartphones to desktops to cloud servers. One lesson to learn here is that hardware security alone is not a panacea. Memory isolation is arguably the most important security feature in modern computer architecture. For example, a malware-infested game should not be able to get access to your banking app’s login and password. These exploits demonstrate that isolation is now fundamentally broken. Meltdown and Spectre did not come out of thin air. They are based on a long line of research on micro-architectural attacks that have been going on for over 15 years. There have been dozens of researchers doing work in this space that have led to this result. 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We've come a long ways and I'm at a point where I've decided I'm going to really pursue this with everything I've got in terms of energy and devotion. I've got a prior commitment hanging over my head towards the end of this month, but once I resolve that, I'm planning on spending a couple months really digging into NYAN and seeing what I can do. So far we've just chipped away at the edges, but already we've seen some pretty impressive results. Just a brief recap of our successes first and then I'll talk about my ideas. We've gone from 1-3 satoshi to 10-30 satoshi prices. Not bad. We've got two new block explorers up in response to the previous one going down. We've got an irc channel and active community members both here and there. And we've got me, the crazy bastard who's locked up 25% of the available supply and is planning to do everything he can to build up NYAN to its proper greatness, and got tipnyan going and did a major giveaway with it. Oh, and we survived a dump of ~10% of the available supply quite comfortably. Probably other stuff I'm forgetting about right now. So, what next? Well, a lot of stuff. This is just a huge dump of ideas for discussion and inspiration. It's not necessarily ordered, although I'll try to have it go roughly from simplest to most complex. These are by no means promises or guarantees. This is just stuff I think would be cool. Some of this isn't a "implement this", it's more of a blog post prompt or general concept.
Faucet - often requested, should be pretty basic
Wheel - easy enough; various nyan gambling would be interesting; it does raise some questions which will need to be considered
Updating the client, by first porting the latest Bitcoin release to a generic ScryptCoin implementation (or find a Scrypt-based coin which is up-to-date and suitable; is DOGE still Scrypt or did they switch when they rebased onto Bitcoin?) and then porting that to NYAN, so we have all the latest updates. Document this process. Release new binaries. Document the Windows build process in particular (doesn't seem to be documentation in the bitcoin repo).
NYANshift - shapeshift concept for NYAN. Support NYAN <=> DOGE to start.
Bounties - post some bounties for various important things; Nyancoin graphics / memes are huge here
Mobile apps - wallets for all major platforms is obviously the biggest step here, but additional nyan presence would be good too
Games - we've got a couple; giving them some more love and making more would be good; bots are a concern, but having some way to pay out NYAN for free NYAN games would be cool
Tie-ins with other coins - DOGE is obvious, but there are also a few others (BAT, MEOW, DIME) which I think have a lot of the same advantages of being "almost-dead" coins as NYAN originally did and which make sense to encourage as related coins where people can get a million a lot cheaper to have a place to start.
Bank of NYAN - There are a lot of ideas I have here. Let me just give you one sample: NYAN certificates of deposits with decent interest rates, like 12% annual for a one-year to start out with. Now, how is it possible to pay above market rates on interest like that? Well, risky currencies always have to pay higher rates to attract deposits. But it's also because the interest is paid in NYAN, so I can afford to back an unlimited amount because of the fixed supply given my reserves. That is: I could pay a year's interest on the entire supply of NYAN which I don't control at that rate. And of course, I'm not going to have all (or probably even a majority) of the outstanding NYAN deposited with me. So there are a lot of cool things which can be done with this. Again, some issues this raises to consider (legal/accounting), but I believe this can be dealt with.
Recruit graphic design talent - we've got to get back to the shiny nyancoin memes
.nyan TLD - figure out what it takes to register with ICANN. I was inspired on this by .sucks being registered. It used to be that it was basically "be a country" to get a TLD, but that seems relaxed. coin.nyan, bank.nyan, there are a lot of cool options at that point.
We need a NYAN Council/Foundation/entity legal incorporation somewhere eventually. This raises a lot of questions. I believe I have a very good option for this, which will tie into an identity linking I'm going to do. My next post will talk more about this.
Peer exchange/list - Basically an on-going / automated version of the nyan nodes map, which will make it possible to see addresses to connect to, etc.
Going from 'almost dead' to 'survival inevitable' - this is more of a blog post idea, but this is sort of the phase we're in right now; finishing shoring up the essentials and getting to the point where we can lose anything and keep going
Going from 'survival inevitable' to 'steady growth' - Not necessarily growth purely in price, although that, but in community and tech particularly.
Going from 'steady growth' to 'spiky' - This is when we start to launch: when we're getting new buyers coming in and spiking the price. We don't have perfect stability then, but I'm glad to trade stability for growth.
NYANball - If you don't know what it is, you will. I guarantee it.
Ɲ > $ - 'Mars' goal; 3-5 years or longer? But this very idea has a lot of implications to consider. If NYAN can eventually surpass the USD, well, it'll be a very interesting world we'll be in. I consider the 'moon' target to be Ɲ > $0.01, which is certainly a stretch goal, to put it mildly. But it's these sort of dreams which inspire me to work on this project.
MERCH! - one consideration here is that I should try to get in touch with the creator of nyancat to confirm that we're cool and I expect that we'll need to make sure any merchandise is nyancoin and not nyancat to avoid infringing; make stickers, etc. and promote /nyancoins
Buying DOGE to back NYAN - in order to back 1Ɲ >= 1Đ, it's helpful to have a reserve of DOGE ready to buy NYAN. Of course, current market prices don't support 1Ɲ >= 1Đ, but I expect we'll get there again, and I expect DOGE and NYAN to be an increasingly active trade pair.
Using UNO to back NYAN - I'm not exactly sure what exactly this implies apart from making bids in UNO for NYAN. I've got a bunch of UNO (420) and don't necessarily want to keep holding it, so this would be a good use.
The Miracle of NYAN - blog post + general theme; so far what we've done can be seen as a blip; as we keep going, the incredible recovery will be one of the core strengths for us to talk about. It's the resiliency and determination and ultimate vindication. Everyone loves this trope. Well, perhaps apart from some haters, but haters gunna hate.
Rainbow log charts - this just came to me; wasn't on my main list. But now that it's occurred to me...yes, we need this. Graphing NYAN is a little insane. Sort of a U shape, lol.
"Radio" + TV programs / channel - obviously it'll take a long time before this a 24/7/365 thing, but the idea is like a DOGE/etc coverage from a NYAN perspective
ethics of NYAN - working on developing explicit standards beyond simply getting rich; looking at "virtuous circle" (positive feedback) effects from doing good things and not doing bad things; my commitment to disclosing my holdings and intentions is a part of this. We want to be totally up-front and honest in all things.
NYANworth - Look up the Goldworth radio ads; parody ads based on these sort of things for NYAN
Need to be able to buy alpaca socks with NYAN - because that's a major milestone for cryptocurrencies. Use NYANshift + a BTC alpaca sock provider for this, and have it be a demonstration of skinning.
NYANcon! - just a small get-together of NYAN supporters, rather than something big to flop. But it would be cool to have a meet-up.
online marketing - paid with NYAN? NYAN-based ad network? "Doublenyan"?
NYANVPS - more on this later; not saying it's an imminent possibility, just that my next post will tie into this idea in part
PayNYAN - billing/payment software, integrated so payment can be accepted in NYAN or other coins and automatically converted (possibly backed by NYANshift)
wallet-integrated pay in "any" currency - this would be a pretty damn sweet feature
"From Worst to First" - I highly recommend reading this book. Basically: do things right. People love this story. This is the "Miracle of NYAN" concept; as we keep getting things right and rebuilding, we build an attractive track record.
NYAN:gold analogy - All of the "de-dollarizing" future, hedge with gold types of appeals, but with NYAN. This seems like a massive stretch at this point, and it is, but we should build a track record of outperforming all other assets ultimately. That is the highest possible goal. Much as I normally don't like the expression, this is one of those "shoot for the moon, even if you miss you'll land among the stars" types of situations.
long-term - This is about building up GENERATIONAL wealth; we're not talking about the typical cryptocurrency "long-term" of a few months or a year. We're talking about decades and centuries that NYAN should last. This perspective is critical for building value.
'beginners' coin' - We need to make it easier and easier to get started. Ultimately, a person should be able to go through a Web 2.0 (or whatever we're on now), cutesy intro where they don't need tech knowledge to have an account with, say, 1000 coins to start.
DOCUMENTATION - teach BTC through NYAN. We should review and expand upon BTC core documentation. There is always a need for more and better documentation. This is all aspects, from end-user to core developer.
all-for-one - Cryptocoins work or they don't. We can try to outperform, but it's still largely a matter of everyone working together well or failing in my opinion.
how to beat BTC in long-term price growth - blog post as well as theme; goals for how to achieve this: faster iterations & innovation (we should ultimately be contributing upstream rather than just porting/forking everything), easier starting, no external attacks (we are our own "buttcoin"), humble, cute, non-threatening and high-performing, and ultimately, need a higher demand to buy versus lower supply to sell of course. Having a larger proportion of hodling and such.
NYAN central bank? - not really sure what this concept would be for, but sort of the NYAN Council type of idea but with an OPEC type of concept
NYAN Secret Society - ooops, not secret now. But this seems cool
NYAN religion ! - this seems like a brilliant idea to me. Also, rituals include pot brownies + milk. Because cultcoins are STRONK. See also: BOB
Get a country to accept NYAN as legal tender - okay, obviously it'll be a micronation or unrecognized or whatever, but it'd be a major step regardless and actually making it viable would be badass; needs a higher valuation of course
NYAN dark? - not a new coin, but figure out a way to use NYAN anonymously? shift into DASH or DOGED or something?
How to deal with legality questions - increasingly important as value grows; a lot of this will depend on the country; more on this in the next post
Trade sites - NYAN auctions; NYANlist, etc. As usual, prices listed in NYAN, but convertible payments (so can be paid in BTC and seller gets NYAN, or even can be done in reverse).
"Protect your paycheck with the power of NYAN" - building buyside; pitch NYAN as a cross between a hedge and a lotto ticket.
Politics? NYAN party? Advocates ending the fed and converting legal tender to NYAN. Basically a joke party, but still, doing campaigning would be good promotion and allows some points to be raised potentially. Also, like this project in general, good learning experience. Attempting to get on a ballet is always a good task.
NYAN - love-child of BTC, LTC, DOGE and buttcoin. - this probably doesn't deserve to be elevated to this list but I found it an amusing thought
Elected council? - how would voting rights work? Only thing I can think is a NYAN minimum, and unfortunately, that would seem to be basically the rich get more votes, since they could use multiple identities
Back to the NYAN Community Development Council - I've been meaning to get back to this; basically I need to nominate a bunch of you who have been doing cool stuff and basically declare this into existence
Rent for NYAN - I'll be posting more about this later. Basically, if you happen to have a spare room with an outlet and internet connection, and you wish to get NYAN and support NYAN, talk to me. ;-)
trading using NYAN - get NYAN without fiat and give value to NYAN holders
NYAN support - we've started with this in this forum, but it would be sweet to actually build a professional-style support system for NYAN where people can submit tickets, etc., and have questions answered
virtual nation - already have the currency; constitution? army? air force?
NYAN Financial Times - reporting financial news from a nyan perspective
NYAN connoisseur - all sorts of awesome nyan; something reflecting the cultured tastes of a Ɲekonaut
NYAN culture - building a community taste on 'good things', like cats (dogs are okay too); candy; computers; based on conversation today on IRC, it appears that an appreciation for sexy female British voices is also part of NYAN culture
NYAN for real estate? - requires a much, much larger market. We're going to need $10M+ minimum to consider this really I think.
NYAN stock exchange? - the nation this is based in is going to be critical
Find 'NYAN-friendly' countries - basically libertarian enough to support banking etc. Locate NYAN entities on servers in these countries.
Additional exchanges for NYAN - create our own exchange???
NYAN travel packages - NYANcon types of things
Borrow from FSM - religious worship here includes hodling
"NYAN is a poptart-based lovefest." - self-explanatory
NYANlife - all-expenses included luxury living in
Fix timeout on tipnyan - this is a minor thing I've had outstanding for too long; get to it finally
Liberté, égalité, fraternité (liberty, equality, brotherhood) - National motto of France, but very appropriate for NYAN I think; represents an overall ethic. I think it makes sense for NYAN to support a distilled version of the core philosophy originally behind BTC and to hold onto it (like libertarian principles generally).
NYAN as part of a retirement plan - Advocate something like 1% exposure to NYAN as a crazy hedge / lotto. The thing about its massive growth potential is that the 1% can end up doing better than all of the rest of it, and yet losing 1% completely wouldn't be a significant impact.
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As a DAO token holder, when I first heard that the DAO had been hacked I thought all the money was permanently gone. That was a bad feeling I felt not just for myself, but for the entire Ethereum community and the hope and promise of The DAO. When I heard there was a time lock, and soft and hard fork options to fix the problem, the pendulum swung the other way and I once again became overly confident in the tech, and falsely concluded there would be a painless 'fix.' However, thanks to the good work of Emin Gun Sirer, I realized just how many unexplored issues there actually were – technical, legal, social, governanace related, etc. I have posted his thoughts from his NY Meetup PPT below, and would encourage everyone to take a quick look them. We were talking about this in our Portland Ethereum meetup, and let's face it, mistakes were made by Slock.it, AND Solidity was not tested enough and ready for roll out, and we all made a mistake rushing ahead. We are all responsible for this mess. We all need to realize there are no good options here. But, if we can work together to find a distributed solution where we all share some of the pain, and come to an agreement collectively, that would be the least bad option. I first was attracted to the soft fork, but the more I learned about it, I realized it was temporary, would take extraordinary measures and cooperation from miners, which is not their original agreement and not what they signed up to do, and then it would only lock up the tokens, not recover them. Then the hacker joined the white hat draining of the DAO, which suddenly seemed like an endless loop, until we would further have to select white hats who would be allowed to transfer the tokens but nobody else would. It seemed to be a rabbit hole that became more temporary, and more convoluted, requiring an increasing number of actions that violated our core principles the further we pursued it. All of this is bad for the Ethereum Foundation and the future of the Ethereum. The idea of the soft fork quickly appeared a good temporary but bad intermediate and horrible long run option. I then felt that a hard fork was the only solution, but honestly that was strongly influenced by the idea that a hacker stealing $50m is bad short run, and it's bad long run, so the worst option. I have been involved with Ethereum for about a year, and must admit I did not come from the Bitcoin community, but from the currency mechanics and payments community, and was originally intrigued only by what might be possible using smart contracts, so that’s what I want to protect, and the real long run value for me. When I spoke with my technical friends who had come from the Bitcoin community, they really, really did not like the hard fork, and felt it would be better to let the hacker walk. I listened to them carefully, and changed my mind. I also realized that for most people in our community, either hard forking or letting the hacker walk was the worst option, with the other being the second worst option, and soft fork being the third worst option. From game theory and life, I have learned the longer this goes on, and the closer it gets to the time lock expiring, the higher probability for additional unexpected bad outcomes, unforeseen forks in the road, which I am sure the hacker is working furiously on. The quicker this is resolved, the better for everyone, maybe even the hacker. The soft fork should not lull us into complacency, but be a temporary measure of days and weeks, not longer. Ultimately, I realized the least bad option is to setup a binary outcome, where we agree to either pay a bounty to the hacker by a specific date, or if he is unreasonable, then go ahead and implement a hard fork. If it doesn't work, at least we tried, and I think the effort will count for something in the long run. As long as this decision happens before the time lock expires, the hacker knows a hard fork has been agreed to and is definitely coming, and the decision date is firm, the hacker's best outcome is to accept the bounty in exchange for releasing the rest of the ETH. Maybe the hacker would prefer to force the community into a hard fork due to antisocial or anti-Ethereum motives, but money is a powerful motivator. I know, people will not like negotiating or appeasing a hacker, but if we take responsibility collectively for this problem, our problem, that we all created, then this is the least bad solution, for the following reasons:
It avoids the worst (or second worst) option of a hard fork.
It avoids the second worst (or worst) option of the hacker walking away with $50m ETH.
It makes everyone pay a price, so avoids in some measure the moral dilemma problem.
It's the only negotiated solution, which can’t be understated how valuable and important that could be for our leaderless community.
It protects the Ethereum foundation and the miners from having to violate core principles to save slock.it's bad coding, or from being tempted to collude with the hacker.
Paying for bounties is part of the software ecosystem, and although the number is big in real terms, it's still just a number.
It solves the problem quickly, and as cleanly as possible. Again, there are no good options.
The key to negotiating is not focusing on what the hacker gets, which in this case will just make you frustrated and angry, but rather focus on what the community gets, the least bad option that maybe prevents the community from splitting into two camps. That alone is maybe the most important thing to me personally, and to others I know. Ethereum is still young, and as a community we have important challenges ahead; let’s put this behind us with minimal damage ASAP. That’s what taking responsibility collectively in practice really means. If you agree, then we simply need to set a price. I think I read someone else had proposed 5%, which is a relatively painless learning lesson for each of us individually, but a sizable and potentially life changing bounty for the hacker(s). Remember, it won't work unless the incentive to play nice is substantial. We have all had time to think about this and mull over the options, but now we need to find the will to come together and create a solution, the least bad solution. I say pay the bounty in exchange for returning the DAO tokens, kill the DAO 1.0, and be done with it. What say you? Gaming the DAO Emin Gün Sirer Department of Computer Science Cornell University Posted with permission. Thx Emin! DACs • Decentralized Autonomous Corporations/Orgs are incredibly powerful and promising • A computer program, with its own code and state, that can programmatically manage money flows • The entire behavior of the program is pre-ordained • Brand new era, with brand new functionality DAO Promise • Automate and eliminate the middlemen • Achieve far higher efficiencies o A hedge fund with 0% overhead? • Self-policing and/or self-arbitrating o Can’t eliminate the legal system, but can handle simple cases • Bring complete transparency to the operation of a company or trust o Insurance o Finance • Killer apps are yet to come... DAO Unknowns Is it actually possible to build secure, functional smart-contracts? • What about the fine print you see on regular contracts? • What’s in the fine print? • How to form the contract covenant The spirit of the agreement How to resolve disputes • How to modify the contract • How to terminate The DAO, as we will see, messed up almost all of these Enter The DAO • Usurped the phrase “The DAO” for a specific investment fund • Part kickstarter, part Andreesen-Horowitz o Built by Slock.It, a company originally intended to kickstart an IoT bike lock, but built a kickstarter instead • How it is supposed to work o We all buy into The DAO with ether o The DAO amasses a fund o Contractors come before The DAO with proposals o We all vote on the proposals o If we achieve a quorum, and there is support, proposals get funded o Proposals then return rewards, distributed back out The DAO Complications • Buying in • Voting • Exiting • Modifying the Contract • Payouts The DAO Buy-In • 27-day creation phase • Buy in with ether o 1.00 ether for 100 DAO Tokens for 14 days o +0.05 ether every day for 10 days o 1.50 ether for the last 3 days • Additional gains accumulate in “extraBalance” • Why is there a rising scale? • Do “viral features” have any place in sound investments? The DAO Proposals • Anyone can submit a proposal • Curators pick proposals o Requires a 5 out of 11 signature o 11 members of the Ethereum community, unrelated to SlockIt • The curators’ job description is unclear o Is it to just check identity? o Is it to “protect the DAO”? o The curators are not paid, but they are under substantial legal risk The Voting • Any DAO token holder can vote on a proposal • A proposal is funded if o There is a quorum (sufficient votes) o The majority of the quorum is in favor (voted YES) • Required quorum sizes vary by size of contract o Largest required quorum is 53% • Votes are weighted by a voter’s holdings • But a voter commits The DAO funds (i.e other people’s money) to proposals • Someone who voted cannot exit The DAO The Exit • Cannot just take money out of The DAO o Why? Because of viral/social reasons • To exit, you need to follow a 62-step process: o Initiate a proposal to make yourself a curator o Anyone can vote YES or NO on this proposal o It will likely fail o You can call splitDAO on a failed proposal o A new child-DAO will be created where you are the curator o You can now propose to withdraw funds, approve it as curator, vote on it, and then take the ether back out • Takes 27+7 days • Takes 27 + 7 days Upgrades and Rewards • There is no provision to modify The DAO in place o o No kill switch o No security upgrades o Cannot preserve the full state and change code • The extraBalances can only be spent after The DAO has spent an equivalent amount on proposals • Unclear about the intended behavior with regard to • rewards o Inherited into childDAO’s, but not into grandchildren The DAO Token Markets • DAO tokens can be bought and sold on open markets • Their price will reflect the expected value of future ether flows • Until The DAO funds a proposal, 1 token = 0.01 eth • But in USD terms, the price will fluctuate • The price difference will reflect the uncertainty in the • value of 1 eth, 34 days from now o o E.g. 1 eth = $15 o But 1 dao = $13 • This is a normal consequence of decisions in DAO design Taking Stock • Why was The DAO designed the way it was? o To avoid legal meddling? o To help fund illegal operations? o To create Ponzis? o “Sunny-day thinking” • Aspirational system design • Does The DAO idea even make sense? The Questions • Are the crowds even able to pick winning strategies? o Do fund managers really bring 0 value to the world? • Will we ever reach the quorums required? o Most token holders are passive o The risks of “going with the crowd” without voting • Are the mechanisms in The DAO suited for the tasks that need to be carried out? The Questions • Are the crowds even able to pick winning strategies? o Do fund managers really bring 0 value to the world? • Will we ever reach the quorums required? o Most token holders are passive o The risks of “going with the crowd” without voting • Are the mechanisms in The DAO suited for the tasks that need to be carried out? NO! The Call for a Moratorium • My colleagues and I were alarmed that The DAO managed to collect 11M eth, $220M USD • The internal mechanisms were broken • We rushed a manuscript that detailed the failures, called for a moratorium • The DAO community was convinced and wanted to upgrade The DAO The Hack • While we were in a holding pattern, someone emptied out a substantial fraction of The DAO • The hacker took $50+M worth of ether into a child-DAO called the Dark-DAO • Hacker took advantage of multiple attack vectors o A reentrancy bug in the DAO code o Additional tricks to avoid getting his balance reset o He also voted YES on every other split proposal, to reserve the right to pursue everyone who wanted to split • Hide your kids, hide your pets, there is no safe place The Hack Technicalities What If The DAO Had Not Been Hacked • It still would have been hacked • It was and is deeply broken • The design of voting mechanisms that capture the will of the crowds is a difficult nuanced task • Everybody on the Internet is an expert at three things: o Economics o Game theory o Distributed Systems • The DAO team, and others like it, full of hubris and the Dunning-Kruger effect, are easy targets Guiding Principle • DAO-1.0 is irredeemably broken, but let’s examine how one might build DAO-2.0 in light of what we have learned • The DAO voting mechanisms have to be truthful and strategy-proof o Truthful: token holders vote their true opinion o Strategy-proof: token holders fare best by voting their true opinion • The current mechanisms are broken in multiple ways Affirmative Bias • Every voter has a unique valuation for every proposal o o “Prop #37 will bring in 3% yearly over 3 years” o “Prop #37 will be a net loss, that team can’t pull it off” o “Prop #37 will take us to the moon!” • Ideally, you want everyone to vote their conscience o Positive Expected Value: +EV o Negative Expected Value: -EV • +EV folks are incentivized to vote early • Not so for -EV!!! o Negative votes lock people in • Early votes will be positive, feedback loops work against -EV folks Stalking • A stalker can vote YES on a split proposal and follow a splitter into the child-DAO • Stalker is not going to be the curator, but he can be the dominant (53%) shareholder in the child • Stalker can keep the splitter from taking out his funds • Stalker can then blackmail the splitter • If the splitter splits again, he loses his rewards from the original DAO • SlockIt claimed that the splitter could counterattack, but do you want to play corewars? Ambush • A -EV voter has a disincentive to vote, especially if his vote is not needed • So a big bloc of YES votes can come in at the last possible minute to pass a proposal that initially looked unpassable • This commits other people’s funds to a proposal, even though large fraction is against that proposal • Possible remedy: add time to the clock when the vote outcome changes Token Raid • An attacker can move the price of DAO tokens by o Incentivize people not to split but to sell their tokens o Keep the public from snapping up tokens • She can do this by o Creating social media panic, via stalker attack o Passing a -EV proposal, via ambush attack • The price of tokens will drop, she can short on the way down, and snap up when the attack is over • This is a legitimate manipulation strategy, often seen with penny stocks, except the mechanisms make it easy extraBalance Raid • Attacker forces people to split from The DAO, which leaves behind the extraBalance amount • Currently at 275,000 ether • DAO tokens should trade at 1.02 • If the attacker scares away 95% of investors, DAO will trade at 2.00 Majority Takeover • SlockIt identified and worried about a majority takeover • A voting bloc of 53+% can fund 100% to a 1 proposal • Curators are expected to guard against this o This scenario is specifically cited • But a voting bloc of 53+% can fund 10 proposals of 10% • No principled way to even define the attack, let alone defend against it o DAO defenseless against Soros-style attacks Reward Dilution • The DAO issues reward tokens as proposals pay back into the DAO • Akin to dividends • But the reward token math does not follow any accounting principle • In particular, reward tokens can be diluted even after someone has split off from the DAO Risk-Free Voting • One of the many “race conditions” • Investor votes YES on a proposal, committing funds • Then invokes “unblockMe” before the proposal is executed, and splits off • This allows her to commit the DAO to a proposal without committing her own funds • An attack amplification vector Concurrent Proposal Trap • Voting on any proposal commits the voter until the end of the voting period • Attacker poses a proposal o We have seen “do you believe in God?” for 0 ether • Everyone who votes is banned from splitting until the end of the voting period • Attack amplification vector: push an incendiary proposal with a long voting period, then launch short-fuse attack Independence Assumption • All of the discussion until now assumes that all proposals are independent • Yet in real life, proposals are linked o Funding a cluster of proposals might yield much higher returns than funding them individually • Not an attack, but undesirable • This can yield strategic behavior (i.e. people voting down worthy proposals) even when everyone means well What Have We Learned • The DAO is a fantastic experiment • The experiment has been a huge success • Enormous demand for smart contracts • The Ethereum core has some (well-contained) issues that need to be fixed o The design of a secure smart-contract language is very different from the design of a web-programming language • The DAO is a hot mess Methodological Issues • Why was The DAO designed the way it was? o To avoid legal meddling? o To help fund illegal operations? o To create Ponzis? • Carefully thought-out viral features • Common behaviors were purposefully made difficult • “Sunny-day thinking,” aspirational ideas about best case behaviors • Irresponsible design, no safety mechanisms • Flawed methodology Takeaways • Can we build a $1.2B ecosystem, while spending $0 on basic research and science of smart contracts? • How do we build and vet trustworthy smart contracts? IC3, Initiative on Cryptocurrencies and Smart Contracts http://initc3.org
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So I give you reasons why Extreme Profits System traders are looking for trading binary options: – Complexity versus simplicity. Binary options trading by several factors involved in your progress delay, namely: – Points difference: are the points taken by The Aussie Method platform against the opening of a new center, which makes it difficult to achieve any profits exceeded by these points, even if things are going in your favor. The Aussie Method Software platform make a profit from the difference in points with if you ignore what you win or not any sense that there is no correlation between interest and inquiry for-profit. As for binary options are closely linked The Aussie Method Software profit. If you open The Aussie Method need only one point in the expected direction in order to make a profit for you and your trading platform in this case you’ll get a profit by 85% and we are 15%. The one-point difference The Aussie Method trader profits. Download Aussie Method System Software %100 Risk-Free + $1000 Bonus Free NOW… Continuous work and focus sustained: When trading in the binary options trading markets, you obliged to pay attention to many factors, survival As computer screens throughout the day so you can reap profits but provide you with the mediation tools companies help you (stop loss) and (profit-taking) until the trading process becomes more simple . But in any case, trading in the binary options markets while you two choices: either a great time to work up to 12 hours a day on your own until you close the center in exchange for a big profit or to work for a few hours in exchange for profit is limited. Either in the binary options thou will get the best in any situation a combination of fixed returns on investment and the risk of pre-set losses in addition to the automatic closure of the center, that is, they provide you with greater profit shorter working hours. Leverage: one of the most tools that are offensive to trading in the binary markets. Binary markets offering financial jacks to achieve profits from The Aussie Method It may seem a right. But traders are obliged to open a huge centers to achieve huge profits in exchange for simple sums of money through the use of financial jacks but at the same time can also reveal your account within seconds. Either in the binary options. You can open the centers $20 minimum and make profits by 89% of the return on investment is great enough for the time you spent to achieve them and that Bonn need ‘me financial cranes. Investment simple, slim profits for a small investment, big gains: Binary Options Trading With The Aussie Method does not need only invest a lot of time, but you also need invest a lot of money. Because you need to thousands of dollars to open the Normal center walking naturally in the non-straight roads exposure to significant losses in exchange for a few profits. The bilateral losses, it is a simple system that helps you to make a profit. When only invest $1,000 in foreign exchange markets, the fear of it you just get The Aussie Method Software outweigh the value of the profit. But with binary options you’ll be in a state of reassurance as low risk and big gains. Where the investment amounts are determined according to personal preferences For example, you can trade up to $20 billion to make a profit of up to 17 equal to twice the original of your entire in within one minute. You can also amounts to simple trading techniques are subject as a “hedge” so you can use less capital with an opportunity to open more centers at the same time. The multiplicity of centers compared to restrict centers: Forex binary options offer you the same prices for the same assets, but not all the opportunities in the market are available to all traders. As most trading platforms resort to restrict traders through new policies that do not allow them to open new centers for them. These restrictions and conditions make it more difficult to use trading techniques such as hedging and speculation. The binary options enable you to open multiple centers was whether additional trading on the same or opposite direction Center against yourself, without conditions or provisions or restrictions. Many traders also keep my account Forex trading and binary options trading until that provides them with many opportunities to get the best positions during the trading. Sometimes you may not be able to get a perfect Centers Whatever type of trading platform or the ways in which traded out but when you have two accounts in this case be able to seize the profit opportunities and not waste it out of your hands, and you can also make a decision “hedge” between accounts, when you open a position in The Aussie Method binary account, you can open an account in bilateral opposite the options, and vice versa. Is Aussie Method A Scam Aussie Method System is not A scam, It’s Best Profitable Binary Options Trading Signals Software. 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