I think you'll find the original source of this particular article is Pater Tenenbrarum http://www.acting-man.com/?p=21550 on his rather lightly read Acting-Man blog. He posts and reads on another out of the way place where I've been whispering "bitcoins" in their ears for a couple of years .... Acting-Man always has up-to-date and insightful commentary on state of markets generally. Of course seekingalpha is well known and more "mainstream" in a relative sense.
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Interesting. I like the "Lazlo's" name Where's the incentive for pizza shop owners to conform to the standards and contribute back to the OS plans?
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And you don't know much about mining. The fact that you are citing supercomputers when speaking about mining is nonsense. Please tell me, how the 10Petabyte of hard disks and the 710terabytes of memory are needed for mining? and again, why should you build a supercomputer to mine? I didn't say anything like that ... I'm giving you a comparison with similar size of govt. owned installed equipment to show how far out of whack your pathetic cost estimates are .... First they would need to Phase I; spend millions just researching the problem. Then there is the phase II; protoype pilot operation to prove operations, scaling, etc and finally Phase III; the full rig. Each phase is put out to competitive bid and scrutinised by legion of bureaucrats who's only job is scrutinising so they make sure it stays on their desks for an appropriate length of time .... it would take at least 3-5 years for the project you are talking about. No govt. department is going to risk $100 million (and a possible cost blow-out to much higher numbers, billions?) on a possibly failed attempt to ruin a global community-based network phenomena. As I said you don't know much about govt. projects do you? You must be smoking drugs or something? Is Gabi short for gabby, as in "run your mouth off"?
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Not 10? Meh, 20 are enough? Remember that a government/bank/company has billions. For us poor guys a million of dollars is a lot, but not for them. Mkay, current mining hash is 21 Th. With 2 7950 you can make a gighash. 200$ per card, 400$. Add 300$ to complete the computer, It is 700$ per gigahash. You can buy 21Th for like 15 millions $ and it would be like 21000computers. 10500 if you put 4 cards in a computer. You can put them in some buildings, add some millions. Some more millions for the staff, and we have done a 51% attack You don't know much about big govt. super-computing projects do you? For reference, the bigger HPC projects out there (10 petaflop); ~ e.g. http://en.wikipedia.org/wiki/Titan_%28supercomputer%29~ $100 million (this is installed cost only and doesn't include staffing, power, maintenance, operations)
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a suitably equipped agency can gradually build up a competing chain ... here's the flaw (again) in your argument. Describe technically how an "agency" would go about amassing the hashing power you are dreaming of, use real numbers and technical estimates of the equipment/labour/energy involved. To be realistic use something like the peak power we saw on halving day when a large portion of latent hashing power was on display ... e.g. 32 THash/sec. The answer to your question is much more gritty and mundane than you think.
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An entity acquires say 150% of the existing hashing power ... elaborate on this step, technical details if you would, and I'm sure you will get the feedback you need on how well you "understand" the 51% attack. NB: post it also in the "Mining" sub-forum to see what the experts think instead of merely just spooking the noobs in here.
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the guy is 4 million dollars richer! He's not. They took his money back, since he didn't get them legitimately. how did they get his money back? .... he never really "had" it ... like all those people with bitcoins in Mt. Gox, they only have an entry in a spreadsheet ... Mt. Gox holds the priv. keys itself. "You can;t sell what you don't own", is made real by bitcoin, but so few chose to really use it.
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So does this mean someone could have a premium account on MEGA totally anonymously? ... connect through tor, pay with bitcoins, upload encrypted "censored" material ... make mega internet credits, etc?
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Best response to a dullard reporter asking if bitcoin is being used for "money-laundering" ...
.... hmmmm, ahhh, meh.
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Zero-hedge, bitcoins ... of course there will be trolls. Not even a very convincing one to be honest. The only way to ensure peace and happiness is to delegate responsibility to democratically elected politicians with the skills, experience and education to manage complex social and economic issues. I mean even the most rabid statists don't speak like this ... it is dripping with heavy irony, or is it mocking cynicism?
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An anthropologist involved in pure guesswork and speculation ... well what a surprise.
Conveniently for him, without having a time machine to go back to observe exactly how people were using objects for trade in un-recorded history no-one will ever know if he is right or wrong.
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Let's make some bot to keep this thread alive forever (by means of a post every few days), so it no longer indicates anything . ..or we could just wait til the bots post here of their own accord.... then it'll be the bots who are the new wealthy elite: "Bitcoin the enabler - Truly Autonomous Software Agents roaming the net" https://bitcointalk.org/index.php?topic=53855.0I see, you think Atlas was/is a bot ... now that would explain quite a bit. I just get such a kick out of this thread title and OP every time it re-surfaces, such moxy, it's great ... dreams are free and BSing at the top of a rally is hilarious. Edit: an uncle mantis appearance would be the definite sell signal here, that guy might be doomed to be the contrary indicator extraordinaire of the bitcoin world.
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Definitely plenty of space for solutions to appear in this regard, and opportunity for clever minds that can come up with generalised solutions ... particularly solutions encoded into s/ware that can be installed and configured with ease.
Watch this space is all I can suggest. Having something like a true digital cash will bring many new opportunities, and lessons.
Innovate, evaluate, iterate.
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FUD-spreading view-troll coward.
I feel slimy just by clicking on that link, euchh.
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Upgrade complete.
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Quote from: killerstorm on 23 January 2013, 12:25:15 Quote from: marcus_of_augustus on 23 January 2013, 12:18:49 namecoin
Namecoin isn't very different from approach I've outlined, you still need to scan whole blockchain... Namecoin chain is certainly shorter than Bitcoin chain, but depending on that isn't cool.
You don't need to scan the whole namecoin chain, only from the end until you find the domain you're looking for, right?
This is basically correct and since names expire after 36,000 blocks then you will have to scan at most 36,000 blocks deep to find any name, obviously less on average. Of course, you could always also hold a local copy of the namecoin db scan that you can trust to look-up and update on a cron or something too.
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In case of the bus scenario: Let the core team decide among them and elect one to take his job! Otherwise we'll have some weird dynasty up there.
But who on the core team has the knowledge of the codebase like Gavin? That is what we trying to figure out... Think about if Gavin can't do bitcoins who will take over? He isn't expendable! There is no straight answer to this... You're making a mountain out of a molehill (not the first time either). There are at least three I can think of off the top of my head who could lead the devs quite happily ... and if it really comes down to it I imagine Satoshi would reappear, the same, though changed.
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