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What if there were a terror attack like 9/11 financed with cryptocurrency or the US government decided that the risks to financial surveillance and tax collection posed by cryptocurrency was so high that it decided to launch a war against cryptocurrency like its war against drugs or radical Islam and was willing to spend upwards of a trillion dollars over the next several years to combat it? Couldn’t they just mount 51% attacks on every current and future cryptocurrency and freeze all transactions?
For example, ballpark figures to duplicate current Bitcoin network hashrate would be $600 million equipment cost and $5 million per day electricity cost.
Might a response be to create niche, private, “underground” non open source, restricted access cryptocurrencies? Could these gather enough network effect to have any utility without being vulnerable to attack?
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Theoretically, could widespread cryptocurrency implementation prevent DoS (Denial of Service) attacks in the future by requiring payment of a few satoshis per web server HTTP request or would the process of screening out the unpaid HTTP requests slow things down as much as the DoS attack itself?
Sorry if this has been addressed elsewhere. Searched but couldn't find anything (although I know it's been discussed as a way to eliminate email spam)...
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"A lot of people like to say that you can't really take down Bitcoin but you can. You just have to raid the 3 or 5 big mining installations around the world and you're done." - Jackson Palmer at The Future of Money & Technology Summit 12/2/14 https://www.youtube.com/watch?v=SBvwUT3u31g&feature=player_detailpage#t=2930At 49:00 Huh? I believe one of the biggest mining farms, Cloudhashing in Iceland for example, has about 5% of total mining capacity. Suppose you suddenly shut down 25% of total mining capacity. Wouldn't that just slow down block confirmation time 25% until the next difficulty adjustment or until other miners joined in? I suppose in the future, if and when bitcoin mining becomes more and more centralized, this could represent a transient vulnerablity but even then wouldn't the network simply adjust and continue? Wouldn't the worse case scenario be if a 51% attack were successfully launched concurrent with a shutdown only resulting in an eventual fork and a resumption of the pre-attack blockchain? |
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Department of Financial Services superintendent, Benjamin Lawsky, who has been leading the charge in an effort to regulate bitcoin, is reportedly resigning from his position in early 2015. Benjamin Lawsky is perhaps the most powerful person in New York State to be pushing regulation on the bitcoin community. Many are curious as to where Lawsky will go: a bank? a finance company? a Bitcoin company? an elected position? https://www.cryptocoinsnews.com/bitcoin-regulator-benjamin-lawsky-resign-nydfs/moderator note: fixed date format |
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http://www.cnbc.com/id/102078876Sears' Kmart stores were hit with a data breach that compromised some shoppers' debit and credit card information, the company said Friday.
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http://youtu.be/6tXnq9bObyIGenerally positive. A couple senators asked the Bitcoin advocates, "What can we do to help?" One senator actually suggested that maybe the Canadian Government should accept bitcoin for payment of federal taxes! The best news though is that Andreas A. will be their featured invitee next Wednesday. 
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http://www.coindesk.com/banks-cut-ties-isle-mans-bitcoin-industry/Capital Treasury Services (CTS), the company that links bitcoin businesses to banks in the Isle of Man, is to cut ties with the digital currency sector as of next month. CTS, which is a subsidiary of Capital International Group, currently works with a number of digital currency companies in the Isle of Man, acting as their banking solution. The company is not a bank, but a treasury service, which holds funds for a number of companies across a variety of sectors. It works with banking partners, including HSBC and RBS in order to clear customer funds. Pressure from these banking partners has forced CTS to withdraw its services from companies in the digital currency space.
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https://www.facebook.com/BitcoinDocThe Rise and Rise of Bitcoin Hey Dave. Exciting announcement coming next week. Keep your eyes peeled! Like · Reply · 2 · Yesterday at 1:09pm Maybe this post belongs in Meta Section-news about news? 
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http://www.wcny.org/cpr080714/Department of Financial Services Superintendent Benjamin Lawsky on Bitcoin, BNP Paribas, and financial regulation in New York.
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www.soshibtc.comAnother Bitcoin Savings and Trust or Coinlenders.com or Btc-Banker.com? Given the bleak history of every company that has offered to pay interest on Bitcoin accounts, it seems obvious that a legitimate new player in this area would have to go overboard to insure investor adoption. We would need at the very least names, addresses and phone numbers of the owners and detailed descriptions of security measures and certified copies of insurance policies, etc.
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http://www.tradersmagazine.com/news/buyside/is-the-buyside-ready-for-bitcoin-112669-1.html?pg=1"2014 is going to be the year Bitcoin hits Wall Street," said Barry Silbert, founder and CEO of SecondMarket, a capital-raising platform for private companies and investment funds. Indeed, there is a growing consensus in some corners of Wall Street and the buyside community that the $7.8 billion Bitcoin industry is going to become the new, flashy darling of investors, with dedicated digital currency funds, venture capitalists and asset managers all chasing after those 12 million bitcoins currently in circulation.
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http://bitcoinexaminer.org/finnish-project-tv-network-broadcast-bitcoin-data/A new Finnish project is about to accomplish its ambitious mission within the Bitcoin ecosystem: the Koodilehto KryptoRadio project wants to broadcast Bitcoin-related transactional data around the world using digital television transmissions or, in other words, Digital Video Broadcasting – Terrestrial (DVB-T) networks.
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