what if they force ISPs to block 8333 port, it seems stupid but it is a possibility.
Dead easy to change the port - and as Bitcoin traffic is small compared to things like Bittorrent it could also be hidden within other protocols if push came to shove. it will take some time to change that, most nodes wont be able to broadcast/listen other nodes, and changing the port can create two different forks old nodes cant listen new nodes. Edit: and this can buy them some time.... |
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what if they force ISPs to block 8333 port, it seems stupid but it is a possibility.
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it is stupid to think that governments will buy Bitcoins but just for the fun of it lets imagine that they will do, so you pay Taxes to your goverments then they proceed and buy your Bitcoins with your taxes and tax you again for the money that money that you've got from selling Bitcoin and all over again.... what a funny loop right ?
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A government will spend a few billion dollars on paperclips or prison overtime or endless wasteful projects. The easiest way for any government to take down Bitcoin is to invest a few billion in mining kit and hoard all they produce. They would force up the difficulty while having the ability to flood the market so other miners would be pushed out.
Or they could just buy all Bitcoin. Again, a few billion is peanuts to a government.
yes it seems that I've been a bit ignorant, you remind me about the stupidity of some politicians, I forgot about the billions spent for endless and meaningless war, I guess you are right. |
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so the technical aspect of the scenario is possible, but the question that popup is why ? if I have that kind of power I would just mine and make money, because such operation will cost millions of dollars, who wants to invest (lose) millions of dollars to do such thing ?
the million dollar question is what the government and big organizations think of Bitcoin ? in which position Bitcoin stands ? is bitcoin a threat for them ? will they ever regulate bitcoin ?
it is a serious matter that should be discussed but when you have the answers to these questions it will be easier to imagine the 51% attack.
Thanks for the answers, to diverge again as to why: If bitcoin continues unchecked it will likely displace fiat currency to a large degree. Fiat currency is the main power source for the entire banking industry and to a lesser degree the US Govt. The US / European Establishment are very unlikely to stand by as a large portion of their power structure is dismantled and handed over to diffuse individuals. You can see already with the Mt Gox account seizure, bank account closures, etc. what the govt/banks think of bitcoin - they want to destroy it. They have already done the same with EGold, Liberty Dollar, and many others. However, bitcoin is so widely held, popular, apparently difficult to attack, and clearly a moral good that a traceable attack, at this point, is going to be a last resort. I'd expect to first see a continued propaganda effort and further attacks on the fiat-bitcoin interface. This will drive bitcoin further underground and give impetus to the propaganda that it is the currency of illegal activities. Eventually this can attempt to build public support for destroying bitcoin. So, back to the most important questions... at this point I cant imagine Bitcoin taking over the Fiat system, I might change my point of view when larger adoption appears or when governments make an official statement about the hole thing, but you have no idea of how governments are struggling to change their Falling fiat systems, they know the size of the mess they are dealing with but change is not that simple as we think. many will disagree about what I will say, but I truly think that regulation is a really important thing here, which bring us back to "technical part" of an attack. the theory of a 51% attack is possible, the motive is the question again. so lets say, to get a 51% of the network you need around $500 million worth of equipment add to that electricity AC,internet..... that money will be worth of using only once because when you take Bitcoin down you just achieved something and you lost $500M, but again this doesnt mean the death of Bitcoin. if you both have $50 billion, would you invest $500 million to "try" to kill a supposed threat, or wouldn't be easier to take the ride and invest and double/triple/... your money. I understand you input here, I just want to convince my self why anyone will try to kill Bitcoin. because you know if they wanted to do it, they could do it long ago when people used to mine with CPU then GPU. which again bring another question, if governments and banks hate bitcoin, why didn't they compromise the network when it was smaller and weaker ? |
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LTC late charts are looking really good, keep them coming, maybe there is not much replies but I am sure that there allot of people reads this
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mining these days is mostly centralized, you have few pools that have the most of the network hash power, p2pool is not that popular which really bothers me, so an attacker (could be US government or any one else) in has to achieve that 51% in order to start his own fork and do a big mess.
the easiest way and most efficient is to heavily DDOS the biggest pools, they say that they are DDOS protected but 100 DDOS protection is a myth, so lets say the attacker can take the biggest 3 pools (BTCguild, GHash.IO, Eligius) this is equal to 66% of the network hash rate.
so the technical aspect of the scenario is possible, but the question that popup is why ? if I have that kind of power I would just mine and make money, because such operation will cost millions of dollars, who wants to invest (lose) millions of dollars to do such thing ?
the million dollar question is what the government and big organizations think of Bitcoin ? in which position Bitcoin stands ? is bitcoin a threat for them ? will they ever regulate bitcoin ?
it is a serious matter that should be discussed but when you have the answers to these questions it will be easier to imagine the 51% attack.
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lets get to the bottom line here, it is not about BetCoin failure, we all agree on that, the whole thing is about someone holding 24% of the network hash power and using this position with bad attention. I'm not sure it's that simple. BetCoin Dice is currently* a DDoS attack against Bitcoin. GHash.IO's actions here could be construed as a kind of self-defence. * BetCoin has indicated they will correct this problem eventually. I really don't understand how can BetCoin or any other service be a threat to Bitcoin, can you please explain it, maybe I was missing something ? |
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lets get to the bottom line here, it is not about BetCoin failure, we all agree on that, the whole thing is about someone holding 24% of the network hash power and using this position with bad attention.
it worries me when they get close to 51%, then the question is if they are doing it now, what will they do with 51% and that what matters to me at this point.
what the cumunity can do about it, I guess nothing, they are a private pool , they will be adding more and more power this is no question, in the classic case, miners can always switch to other pools when they feel the threat but what is the solution when some big private pool does this.
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Can someone explain this to me like a 5yr old please
Sure. Imagine 3 sisters (let's call them the Potters). Annie owns 1 doll. Sally owns 1 doll. Jane owns no dolls. Now of course, doll ownership in the Potter household is only as good as to when Annie, Sally, Jane, Mom and Dad agrees to who owns what. Annie can't just take Sally's doll, as everyone knows it's not hers and will just restore rightful ownership. However, Annie comes up with a plan. She makes a bet with Sally at school. She rolls a dice, with the terms that if Sally wins Sally would get Annie's doll when they get home. If Annie wins, she would get Sally's doll. Let's say Sally is honest but Annie is not. The roll the dice. If Annie happens to win, Sally gives her the doll. They're both happy... well, except for Sally - but they're in agreement at least. However, if Annie happens to lose, she quickly goes running to Jane and say: "Hey Jane, remember that doll that I have, I can trade it to you for your bottle of Corona". Jane says ok, so then they phone up mom and dad, and say: "Hey mom, Annie's doll now belongs to Jane, and Jane's Corona now belongs to Annie". Mom and Dad says ok, so now Annie's doll now belongs to Jane, and Annie starts her long journey of Corona addiction that ends with her turning tricks on Hollywood Boulevard until one very unfortunate night with Gary Busey... but more about that at another time. Meanwhile, Sally gets home and finds that she's not getting Annie's doll. Since everybody else now thinks that Annie doesn't have a doll anymore, and it now belongs to Jane. Sally can complain like she wants, but mom and dad doesn't understand why Sally would make a bet with Annie against a doll that really belongs to Jane. Of course, in real life Sally would now beat up Annie with a baseball bet, which is why a stunt like this works better in BitCoin land than in Vegas (well, except if you cross DPR.). amazing story hahahaha, you should just add that Annie is Ghash.io and Sally is BetCoin and the parents are the Bitcoin protocol  which leaves Jane that I cant put anywhere. |
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Bitstamp is still crashing, it is sunday so it is still early for Europeans to wake up, we are a bit lazy and we like to sleep longer on Sundays, I just got lucky because I am in duty and they called me and woke me up, I might just catch a sweet spot |
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what happened, I just woke up to see this price !!! and the low was 290$, how long did it last ? I have an alert on my phone but it rang only once I couldnt hear it.... I am so angry that I missed the bottom.
do you think it will crush further ?
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Let's look at the past few months. http://ltc.block-explorer.com/chartsBTC/LTC: slowly decreasing (making it better to have held BTC, no matter what you say about fiat value) But much more important: Number of transactions: slowly decreasing. Difficulty: stopped increasing and locally varying (multipools?). And pretty please, do not make a case about "but XXX in the last YYY hours". calling Litecoin dead is so shortsighted sounds like sounds like I've just got out of the tardis in Bitcoin 2011.
Not the same people nor the same reasons, but this has been said a thousand times. this will be my last post on this worthless thread, you still didn't answer my question, what is the point ? why you keep coming and repeating the same thing over and over ? I am sure that everyone who've read this thread got your point, and yet people still invest into Litecoin, do you really want to change that ? if yes then you are really doing it the wrong way, you have literary beat the shit out of people to make them change their mind  now again, don't you have better things to do ? oh I forgot that this is the best you can do, you are paid to troll, so good job, you already deserved your money , carry on .... |
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did that wall got eaten wow  what does this prove ? that LTC is dying right And yet it's right back up now. 109k. Idiot.  thank you for that necessary input |
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did that wall got eaten wow what does this prove ? that LTC is dying right Edit: it is back but 20000 less !!!??? |
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u just mad u sold at $4 and try to bash it so u can buy cheaper
Yes, you figured out my master plan. Very mad at the near 2000% profit that I made.  Idiot. Enjoying being a bagholder when the price collapses again. This is literally a repeat of what happened earlier this year. Have fun when this guy decides he wants out: yes what is so strange about that ? I saw people dumping thousands of BTC at once, that they basically crashed the price 100% or more, or you forgot these days ? so lets call BTC dead right ?
Fuck. What's the point?
Carry on, I'm sorry I said anything.yes I am using your logic got it..... in fact it makes me wonder, you are not stupid as I thought but again whats the point of your posts, yes carry on sir... |
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u just mad u sold at $4 and try to bash it so u can buy cheaper
Yes, you figured out my master plan. Very mad at the near 2000% profit that I made. Idiot. Enjoying being a bagholder when the price collapses again. This is literally a repeat of what happened earlier this year. Have fun when this guy decides he wants out:  yes what is so strange about that ? I saw people dumping thousands of BTC at once, that they basically crashed the price 100% or more, or you forgot these days ? so lets call BTC dead right ? |
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I'm a Litecoin supporter, but to say Litecoin will overtake Bitcoin is crazy. It all boils down to two words: network effect.
no one said that Litecoin will over take Bitcoin, this wont happen ever, but saying that Litecoin is shit and will die and ..... is just a total fanatic Nazi shit over it. |
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Hmm...Bitcoin is at $340 so why is Litcoin up to almost $4.40 from $1.50 just a week or two ago? Based on your logic, Litecoin should be pennies right now. Seems you're making the same mistake bears made against early Bitcoin and the trend is actually that merchants and exchanges are looking to use both so, you might want to update your rhetoric with more recent facts. The trend is changing. Litecoin becomes more popular as Bitcoin does and Litecoin will get to benefit and rise faster due to Bitcoins momentum and adoption success.
seriously, ignore this guy, I mean I should be doing some useful work now, but look at us we are wasting time with some random guy that cant talk sense and doesnt even know how to think, if you go and lookup his posts you will be sorry for every minute you wasted.... I thought that most of users are good educated and smart people, but sometimes I run to some users like this which makes me question the time I spend over here. |
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I forgot to add this: you remind me of cumunism days, when we had only one choice of everything, one kind of milk and one kind of car and only one kind of everything because our leaders thought that we cant make choices and they have to make them for us, and you are doing it all again, so bitcoin or what.... death?
Correct, it's gonna be one digital currency or death. Only it won't be Bitcoin, it's gonna be a currency nobody is even considering right now. I think it's gonna be ixCoin, [IXC] but Zurich will give it the global currency symbol of XIC. Enjoy the little freedom you have left while it lasts, for the dictator that is coming, armed with the power of freedom robbing digital currency will make the Eastern Bloc dictators appear like kind, gentle Disney Characters. so ixCoin is the future ? why because you have a stack of it? I thought it was about adoption and market capacity and services around the coin and...... see this again proves that you have a delusional thinking, I mean you cant have one clear opinion or you do not even know what you are talking about, seriously I dont even know why I am wasting my time with you, sure you are right go ahead you are free of doing anything you want, just dont act as [sarcasm] the big saver that cares about us because we are going to lose everything if we invest into litecoin, you know everything and you can predict the future [/sarcasm] |
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