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The mining part protects the network against a 51% attack. The higher the network hashrate, the less likely it is for an attacker to gain 51% of the total hashing power.
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Title: Japanese researchers break 41 out of 64 steps of SHA256 with preimage attack.
Abstract: In this paper, we propose preimage attacks [...]
sensationalist 6/10
Do you not understand all scientific papers use propose? Propose as in "You can do it this way that we discovered" Not propose as in "We think" I think he means that you should evaluate the actual preimage attack that they propose before saying that they broke it. I mean i can propose an attack: Search for all the possible keys one by one... This is a nice theoretical attack but has no value in the real world... You could make a start on this attack by convincing people to pool their resources, perhaps by offering a financial incentive (maybe some bitcoins for contributing computing power)? People could even work on creating some sort of application specific hardware to efficiently search for SHA-256 hash values. You could structure it so that rewards are payed out proportionally to each persons contribution. |
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You think if I had evidence I'd be posting here?
Just postulating what I think per human nature is most likely
I postulate that's stupid. Its not that stupid. Governments consist of people. People in power. |
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Bitstamp will include a fee and the transfer should take no more than 1 hour.
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I'm in the UK. I've got a gyft account, unfortunately there isn't much choice yet for UK customers - they've said that they will be looking to improve this in 2014.
Can we use Gyft in the UK? Yeah, just not for very much right now. We have a very big market for gift cards here though so hope to see that change next year. Which ones can we use? As I mentioned in the other thread, buying giftcards would be a quick and easy way to convert you BTC into something you can spend on the highstreet, but here's hoping we wont need to use Gyft and many highstreet stores will just start accepting BTC themselves in 2014. Choose the UK option and see what there is. |
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I'm in the UK. I've got a gyft account, unfortunately there isn't much choice yet for UK customers - they've said that they will be looking to improve this in 2014.
Can we use Gyft in the UK? Yeah, just not for very much right now. We have a very big market for gift cards here though so hope to see that change next year. |
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I'm in the UK. I've got a gyft account, unfortunately there isn't much choice yet for UK customers - they've said that they will be looking to improve this in 2014.
I've just been on Bitdazzle and bought several items.
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I'm buying gifts and I'm looking for suggestions. I'm looking for gift which I can pay for in BTC - I just bought a knife from knives4bitcoin as a gift for my cousin. If anyone has any others they'd like to share, please post here.
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Where is a good place to buy some cheap USB eruptors other than ebay? No way im paying that price.
How many do you want? I have a spare few lying around (I bought them for 1 BTC each - what a deal!). Anyway they aren't running, I guess I'd like them put to use. |
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But the 2013 crash was much bigger in magnitude than the 2012 crash/correction. So I don't know that the "smaller swings" argument holds. I also think we are far from the days of low volatility.
Which one was the 2012 crash/correction? I was only counting two: 2011 (Which I wasn't around for) and then April 2013. |
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Thanks for that, interesting read. So indeed, gold is better than silver as a form of money, and yet silver is still used in pretty much the same way... |
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Question is, where will it settle?
I would guess ~$700
If we top lower than ATH... or triple top? You think we land considerably higher than the 576 bottom? To me, I was looking at the previous two 'bubbles' and 'crashes' - first was from $1-$32 then back to $2, followed by a long period of fairly stagnant price. Next was $32-$266 and down to $50 low, settling at around $100 for 6 months or so. I often hear people suggesting that as growth continues, the price swings ought to become smaller, as will the time for which price settles after making a big movement. This seems to make sense to me, so I was expecting something like a 50% drop from the peak of this last rally (which is more or less what we saw), followed by price settling somewhere lower than the peak but higher than the bottom of the dip, and for a period of less than 6 months. If we settle around $700 for 2-3 months without going below $576, I will be pretty confident that we'll see another big rally taking us past $1200, maybe to the next order of magnitude ($10 000+) (I know, past performance, future results etc. - there is no way to predict the future) |
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What an interesting thread.
I have extreme doubt that Bitcoin will succumb to an altcoin soon. As far as I can understand the blockchain has a very large potential for adaptability if needed.
But, like DeathAndTaxes says, Bitcoin is vulnerable because it has only one code. His evolutionary view is interesting, and probably similar to what happened in early evolution of life. How one life-form prospered and almost conquered everything, until a virus or a parasite came along.
It seems to me that as of yet no argument can be made of how Bitcoin can become permanent. Yes it can last for long, but not necessarily forever.
The simile is fiat. It started during the Song dynasty in China and has developed into new forms until this day. I think that Bitcoin is simply an evolution of fiat as fiat was an evolution of 'gold-or-other-precious-things' (or as gold was of barter).
So at some point the revision of the code needed to Bitcoin is going to become too great, but by that time, as always, intelligent and forward thinking people will have enough time to transition.
Hence we will either be not intelligent enough or not forward thinking enough and hence we will not deserve the new found wealth. But the altcoins that are currently in existence are no more than monopoly money.
This is a good post. Here's a question: Gold as money 'evolved' from the barter system, as a better way for people to transact with one another. Silver also found its way into use as a means of transaction/store of value. There is arguably no difference between silver and gold in terms of fundamental properties which make for a sound form of money. Why do we therefore have these two 'precious' metals? |
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Question is, where will it settle?
I would guess ~$700
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JayB
You could trade BTC as a local dealer in your spare time. You would need to figure out how to make a bank transfer to an exchange. Once you are set up to do this however, you can make a commission by selling to people. Sounds like your country could do with some local traders.
You could keep the profits in BTC, then you don't have to invest anything. You can build up a small amount of coins and hold onto them long term.
With regards to 'not seeing the point' at this stage:
I told many friends to buy BTC at $10 but they couldn't see the point.
I told them again at $100, but like you, they just couldn't see it going any higher.
If they had bought $100 worth of BTC at $10, it would now be worth nearly $10 000
If they had bought $100 worth of BTC at $100, it would now be worth nearly $1 000.
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I think there's a chart knocking about somewhere which shows the anatomy of a bubble...
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Good things come to those who are patient.
I sold some coins at $100 after the SR shutdown. This was after the initial selloff, which I missed, in the hope of a further selloff (I was looking to increase my coins) I then was hung up on whether or not to buy back in, once price had recovered and was pushing up past $150. In the end, I decided to use some of the fiat to pay bills, and keep the rest to wait for a dip. The dip never came. Fortunately I decided to put the remainder on Litecoin at around $2. |
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Max Keiser is a joker. And yeah, he has a pretty big audience.
I'm very interested to see what happens with Cyprus - I'd love to see them invent themselves as a global hub for Bitcoin related activity, would even consider relocating depending on how the UK decide to handle things...
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