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My ancestors had the choice of coming to America or dying. They were kicked out of their homes by a military. Life is tough all over.
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I'm trying to differentiate between *identifying* a 51% attack and *defending* against it. Everybody on this forum will happily wax lyrical about how hard it would be for govt to eliminate bitcoin. And yet, nobody seems to notice the contradiction in declaring how easy it would be to exclude govt from bitcoin.
I guess that depends on where you believe that the power of government comes from. If Bitcoin is the will of the people, then it will happen. If drugs are the will of the people, then they will happen. Look at the prohibition of alcohol. Maybe some faction of a government will declare bitcoin illegal, but that doesn't mean they have the moral imperative. Bitcoin is here, and folks are gonna like it whether it's good or not. |
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Here's the bigger problem with THE CURRENT stock exchange. It IS 99% scams. FTFY Corruption on Wall Street is no longer fly-by-night. It is flaunted. |
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cunicula has presented a very interesting scenario and no one tried to prove it impossible except by trolling or personal attacks. I'll try to show that it's not so easy as cunicula claims it to be.
You see, the described scenario makes 51% attack very profitable (because the central bank profits off of it). This means that a third party will be very much motivated to claim this power to themselves, so the central bank will be constantly pressured to increase its hash power to compete with the third party, ideally to the point of next-to-zero returns from monetary policy. What do you think about that?
There are many third parties that can be involved. We the People are not always motivated by profit and can make a 51% attack very unprofitable for any attacker. Final counter 3: Block IPs not trusted; all central blocks would then go into thin air - ONE update.
torDoesn't matter: If I see a 51% attack and set my client to only trust the mtgox IP for instance then you can fake coming from all the IPs you want using TOR, but that will never get your block on my client. It's funny I am called the pig here when other posters are displaying such immense ignorance of basic TOR/IP/internet function. Woah, you'll have to educate my sorry ignorant ass here. What, are you gonna ask mtgox to ignore blocks coming from tor aswell? Identifying a 51% attack must needs be based in properties of the blocks mined, not which IP they come from. Andresens' crude PoS, for example, linked in this thread would work on block properties. TOR is an experimental network with limited capabilities. I doubt that Bitcoin will remain completely anonymous. A 51% attack would require tremendous resources that would be difficult at best to remain hidden and secret. |
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What's the incentive for someone to provide others with money (collateral is money) for free?
Good question. This would be more than just putting up an asset for collateral. This way, you don't have a bank getting stuck with something they don't want if the loan defaults. Sure, there would be consideration for the use of the collateral as well. Meh, this would probably end up becoming a club type organization. |
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It is pretty clear that the blockchain gives central banks unprecedented control over monetary policy. All they have to do is command 51% of hashing power. An absolutely negligible investment for such a well-capitalized institution.
Remember the Boston Tea Party? These servers will be easy to locate and isolate from the bitcoin network. Block their IPs, and if necessary, permanently. |
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Right, crypto based contracts can be trust-less. No need for a central legal authority for trading purposes. The investment itself however, is only worth as much as it can be trusted. This also opens up triple entry accounting for business which would make them much more trustworthy than any current business.
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I've been thinking about a way to mitigate lending risk through an expanding web of m-of-n transactions and historical analysis. I think it will work, but will still require collateral. Why not offer collateral to be used by someone that needs it? If you have a time-share, a sports car, or maybe a boat, it can be lent out to someone that is part of a collateralized lending web of trust. This is similar to other ideas out there, but the main difference is that removes some of the trust. Open Transactions might be a good way to implement this.
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I'm not sure why this is in Lending. I am starting one locally to educate about Bitcoin. Not much interest yet. I'm waiting for more mainstream acceptance before I bother to promote it. Hardly anybody knows about Bitcoin. The reason I think about it as investment is because few people know the difference between spending and investment anymore and Bitcoin will allow folks to take back control of their money and be their own bank.
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I learned that trance music may not have been invented in, but was most influenced by hippies residing in Goa, India in the early 1990s.
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I want 2 in gold on black in the second post. I'll pm the details.
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That does seem to add security against card theft, but doesn't address identity theft. Still, it will be a nice feature for good old plastic.
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So is this project dead? Or did MNW pass it along to a new team?
Rumor has it that a new team has picked it up and is currently taking pre-orders. Also, there's 2-3 other entities currently developing said device, therefore don't expect to see many images posted by the myriad of photographers currently attached to said entities. Enough said? ~Cackling Bear~ Sources say (who wish to remain non-existent) that Adele will be at the launch and has a theme song. I think I heard this on Faux News. *facepie* |
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Or what Bitcoiner if she had ten bitcoins, if she lost one bitcoin, wouldn't go online, optimize a drive, and seek diligently until she found it? When she has found it, she calls together her friends and neighbors, saying, 'Rejoice with me, for I have found the bitcoin which I had lost.' Even so, I tell you, there is joy in the presence of the devs of Satoshi over one noob archiving a wallet." - Book of Satoshi
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It's funny to me how people just accept violence as normal. I suppose it's much like in some cultures where cannibalism is normal. Whatever you are exposed to becomes acceptable. Maybe some of you nice folks put guns in people's faces daily, but I have never had that happen to me. And you are grossly exxagerating the threat of government force unless maybe you are currently incarcerated. It's all just fear and superstition. I'm not saying you shouldn't be aware of these things, but violent people are not such a serious threat to civilization. As observed by Spock "It was far easier for you as civilized man to act as barbarians, than for them as barbarians to act like civilized men." It is easy to spot the problem folks and help them if we allow ourselves to do so.
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Sorry to ruin your bitcoin dreams, but bitcoincard.org is down. I smell another crashed bitcoin startup.
lol their website is currently unavailable, and you think the hole project has been abandoned? your over reacting to the smallest thing  if I was bitcoincard, I'd wait a few years b4 releasing, to let the bitcoin user base grow. You only get to be new and hot for a few days, might as well make it count. I also think it needs more development. |
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A real simple and cheap advertisement is to rename your wifi/BlueTooth name to something with bitcoin.
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I would not doubt that the human body even requires some of these substances to stay in good health, much like it requires obtaining vitamin C from the environment. |
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I'm guessing this will affect property values in these states. It will probably drive the hydroponics industry up a bit as well.
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