[mike]: How much work is enough? I think that can only be found by lowering the security of the network until we start seeing transactions be reversed by botnets and such, at that point people (or insurance companies) will start paying more fees in order to reduce or eliminate the reversals. There are other attacks they may require more security than double-spends. It is going to be really hard to answer the "How much is enough?" question until there is a systemic, existential threat presenting itself and we can measure the size of it .... or ? |
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Running through my head a scenario where an entity that wanted to gain by destroying the network could have the resources to manipulate difficulty and price simultaneously, albeit temporarily. There are three cases I can see;
i) drives difficulty and price higher together
ii) locks difficulty and price in tandem (presumably some kind of feedback mechanism)
iii) drive price lower and difficulty higher
They would achieve this through expending resources in both market activity and mining activity.
Case i) trivial, I don't see this as anything other than increased participation so no weakness there.
Case ii) interesting proposition but not sure if this is actually an attack or what would be the outcome, positive or negative.
Case iii) is the one to worry about I think. They would have to first buy up or otherwise accumulate BTC resources or have access to short-selling futures mechanisms as well as have access to significant mining resources that could be bought on-line in a co-ordinated manner. Then through concerted market selling and futures selling depressing the price and simultaneously they drive mining difficulty high by increasing mining to the max they create a dislocation in the natural pricing signal.
Net effect being that honest miners begin dropping off-line as they become uneconomic due to the pricing/difficulty dislocation. I guess the question to answer here is, how long could they keep it up and is it possible to sustain it sufficiently to destroy all value in bitcoin?
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If you want to create some excitement have a plant or two in the crowd to shout
"Hey, I just found a 100 bucks!"
at some point after the windfall begins and then watch the mayhem ... that might be bordering on disrupting the peace or some such though ...
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Someone told him that a prostitute dressed up like a hotel maid would be coming over and he could act out his rape fantasy with her.
... and then they sent in the legitmate hotel maid.
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July 4th,
Independence Day would be poignant given the history of the previous breaking from the clutches of the banking and currency cartel ... how many malls open though?
Maybe do it at the big fireworks rallies many towns and cities have?
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Like the multi-player table look ... how many players max at a table?
(Aside: will you have cute, excitable woman plants at the table like most casinos seem to manage to have around?)
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BTC could get confused with Bacon, Tomato and Carrot
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[Tycho]
Any official line on using j1.deepbit.net ?
Can we connect to it if we think it is a better route?
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Liking the new "New" button ...
how about we get the
"Show new replies to your posts."
link replicated at the bottom of the thread pages also? or put into the Jump To pull-down? (Scrolling back to top of page to get to new replies list and "New" button is lengthy)
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Some people talk about it, other people just do it.
Amazingly economists can get paid to sit around talking about shit seemingly endlessly.
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No problem, no "fixing" necessary.
Of course, there was going to be a bubble in mining, it is exactly analogous to a Klondike gold rush.
Anybody seen "Deadwood"?, most of these guys piling in now and cashing in there few nuggets and dust for fiat are Al Swearingen's "hoople-heads".
They'll spend it on whisky and woman and useless paper and go back to their usual jobs after they get over it with a hangover, an illegitmate child maybe and some great stories.
The guys making the real dough are the traders as usual not the hoople-head miners. Those selling mining equipment, supplies, gold traders (Mt. Gox), big miners who stockpile, anything that accrues the gold (BTC).
The side affect is we have people colonising the wide open BTC spaces, it's all good.
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I think there is some support in Open Transactions that will already do something very similar to this, i.e. same concept, different name ... look at Basket Currencies.
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Something's up with deepbit ... getting 5-6% stale shares ...
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Banning a revolutionary form of trade and commerce in the middle of the biggest global recession for 80 years?
Maybe they really are insane.
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Another "illegal" strawman troll I see .... what's that about the fifth one today?
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Personally I think the pentagon missing trillions are more of hazard.
Quite. We have every reason to believe that these trillions were actually spent on secret weapons of mass destruction. |
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