 Show Posts
|
|
Pages: [1] 2 »
|
|
1
|
Bitcoin / Bitcoin Discussion / Thought Experiment: Deeper dive on a gov dedicated to shutting down Bitcoin
|
on: February 15, 2017, 10:08:21 PM
|
|
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?
|
|
|
|
|
3
|
Other / Off-topic / Can Cyptocurrency Eliminate DoS attacks?
|
on: December 28, 2014, 03:07:39 AM
|
|
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)...
|
|
|
|
|
5
|
Bitcoin / Mining speculation / Dogecoin creator states Bitcoin can be taken down by a raid on mining farms
|
on: December 04, 2014, 02:05:40 AM
|
"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? |
|
|
|
|
11
|
Bitcoin / Press / [2014-09-16] Banks Cut Ties with Isle of Man Bitcoin Industry
|
on: September 16, 2014, 10:18:18 PM
|
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.
|
|
|
|
|
17
|
Economy / Trading Discussion / Another Company Offering Interest Payments on Bitcoin Accounts
|
on: July 16, 2014, 07:57:37 PM
|
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.
|
|
|
|
|
