This is my first official post on STEEMit!
BOTNET ATTACK! Target --> BURSTCOIN
Burstcoin, a digital crypto currency, payment and smart contract system based on blockchain technology after years of minimal activity with the coin has in recent months traded as high as 969 satoshi has now garnered enough attention to be financially worthy of the creation of a BOTNet.
I am somewhat familiar with the concept of BOTNets, but from what have read and understand, someone or a group of people developed a 15,000 computer BOTNet powered by 300PB of hard drive space, plotted all of that hard drive space with BURST Coin plots to begin mining on the BURST Coin blockchain.
This BOTNet, over the past few weeks has mined hundreds of thousands of BURST Coins, creating a small fortune.
In my opinion, this is good and bad. The good part is that as a holder of BURST Coin, the fact that the price has risen, there is a lot more attention to the coin in the crypto and trading communities this only helps spread the word further of what I and lot of other holders of the coin already know.
The bad part is, even though it is a small amount of BURST Coins in comparison to the full supply and what is traded daily on the exchanges, the BOTNet was able to take down a couple of mining pools and take potential coins from the rest of us who are mining.
To give you some context, a small miner (50TB of hard space plotted for BURST) may earn at this point in time anywhere from 300 to 400 coins per day (depending on the day - my experience). The BOTNet was able to earn 10 to 20 thousands coin per day (10 to 20 blocks mined per day).
It is very wrong to hijack peoples computers and hard drives for your own financial gain but I am sure some of us are a little jealous but would never do something like this.
BTC and the other cryptos were created on the basis to "prove" work was done or prove hard drive space that you own in this case (POS - Proof of Space) so this is against all principles of what we are trying to do here.
The BOTNet was just a small blip in the history of BURSTCoin as seems like he/she has calmed down in recent days. The BOTNet did little to damage the coin and in the grand scheme of things did not really make too too much money.
I am unable to check the balance right now of the account but last time I checked it was around 4-500 USD.
I would love to discuss these topics with you further if you have any opinion or additional information about BURST, BOTNets and their affect on our counter-economy.