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901  Bitcoin / Bitcoin Discussion / Re: 51% attack is a myth on: May 13, 2013, 02:29:16 AM
In all actuality, succeeding with a 51% attack will reap exponential returns provided the attack is not immediately detected and does not cause an exodus from Bitcoin.

Executed correctly, a 51% attack will reap greater returns than directing that 51% of hashing power to mining.

For a 51% attack to be successful at double spending the attacker needs to hold solved blocks and then broadcast them all at once and overtake the longest chain in which confirmed transactions (6 blocks) are double spent.  How do you do that and it not be immediately detected?
902  Bitcoin / Bitcoin Discussion / Re: 51% attack is a myth on: May 13, 2013, 02:24:43 AM
a 10% or 51% attack is possible

Ok, let's clarify one thing.

This claim that getting a miner having 10% of the hashing capacity to be able to reject transactions is referring only to being able to get six blocks in a row.    This is no different than coin flip trials ... yes eventually you will get six tails in a row.  Eventually you will get sixteen tails in a row.    Eventually you will get six thousand tails in a row (though chances are none of us would live long enough to see it happen).

Now, because there is a financial penalty for each failed attempt (as you are using expensive hardware and consuming elecricity, but not earning any bitcoins on the failed attempts) then there is less and less chances that you will make this attempt.  The logic is, if you have 10% of mining capacity you might as well mine and earn 10% of the bitcoins issued.

Next, let's say that someone does take their million dollars worth of ASICs and do this to prove a point.  OK, so they try for an entire month and do actually get six blocks in a row.   They won't get seven though.  Not with only 10%.  So at best, this attack will cause double spending to occur for transactions in the first block for each side of the blockchain fork.     But the attacker is going for an entire month of trials, not knowing which block will be the one that the attacker follows by mining five more in succession.  

So sure, you might get six blocks in a row.  But you aren't going to be causing much financial harm as a result.  Every exchange has AML policies requiring identity for any significant amounts of funds (e.g., amounts over $1K USD per day withdrawal).   You might be able to get a withdrawal out.  It won't be a significant amount though.

So yes, an evil miner with 51% attack with 51% of the hashing power would be terrible for bitcoin.  

But an evil miner with 10% of the hashing power and a good string of luck would simply be providing a learning lesson (e.g., for an exchange/E-Wallet provider to start requiring more than six confirmations for larger transfer amounts ...  something one might realize might have already been put in-place. if you have your ear to the ground.)
903  Bitcoin / Technical Support / Re: How to generate Bitcoin Address? on: May 13, 2013, 12:51:10 AM
Yes, plz. I'm quite interested in this and would like to know more.

904  Economy / Service Discussion / Re: removed their search feature? on: May 13, 2013, 12:23:37 AM
They just removed search input field from the middle of the home page. You can still find it in the header.

This sucks.

If I am on a smaller display I can't see any search field as the browser window isn't wide enough and it shows no horizontal scrollbar.

Even on my laptop I don't see it until I make the browser window wider.
905  Economy / Service Discussion / Re: How long does Mt Gox Dwolla deposit take? on: May 12, 2013, 11:53:48 PM
I just did my first Dwolla to Mt Gox transfer and it was 7 hours ago and still no funds are showing up in Gox.

Do you have a verified account at Mt. Gox?

Mt. Gox will only process Dwolla transactions for Verified accounts.
906  Bitcoin / Bitcoin Discussion / Re: 51% attack is a myth on: May 12, 2013, 04:12:03 PM
even just slow down traffic at the right moments for the right servers, and a 51% attack turns into a %10 attack.

907  Bitcoin / Bitcoin Discussion / Re: A new Catchy name for 0.0001 BTC? on: May 12, 2013, 04:00:18 PM
Maybe we should have Bitcoin in base 2 too?

Like this?
908  Bitcoin / Bitcoin Discussion / Re: Offline Paper Wallet Creator - Raspberry Pi? on: May 12, 2013, 07:01:17 AM
And another:

Standalone Bitcoin Offline Wallet Printer Demo
909  Local / Alt Coins (India) / Re: Whats the deal with this so called "IndianCoin" ? on: May 12, 2013, 06:51:05 AM
Else someone else from 'LA' is going to be doing it.

I resemble that statement!   Cheesy

But you should be grateful it wasn't someone from India rolling out this IndianCoin alt coin, as later when asked you can give the assurance that it wasn't done by anyone from India and that there no Indians were being solicited as a result.

Now where opportunities lie may be with something like this:

That gives a way for a person without a smartphone or with technical skills to securely print a paper wallet at home.  That paper wallet can then be used to receive bitcoins from anyone with a smartphone, or from a Bitcoin ATM, for instance.
910  Bitcoin / Bitcoin Discussion / Re: Videos of Bitcoin on: May 12, 2013, 06:16:01 AM
Brian Warner of Mozilla gave a talk:

Also, there are a few hundred videos -- mostly Bitcoin-related, here:
911  Bitcoin / Bitcoin Discussion / Re: A new Catchy name for 0.0001 BTC? on: May 12, 2013, 01:45:54 AM
Anyway, I'd say 0.0001 BTC is called "a hundred microBit" or "point one milliBit".

In writing: 0.1 mBTC or 100 uBTC

I agree with this.  Keep it simple.

Agreed here as well.  

Just like we didn't automatically switch to using mBTC once a bitcoin passed parity with the dollar, there won't be any urgent need to jump to uBTC once prices below a single mBTC are more common.
912  Bitcoin / Bitcoin Discussion / Re: Time for a renewed push to get EFF to accept Bitcoins? on: May 12, 2013, 01:13:58 AM
buy a bundle for any desired amount of BTC and putting 100% on charity, assigning everything to EFF.

Ha, nice!

It will be interesting to see how they react to that!
913  Economy / Marketplace / Re: Shorting Bitcoins on: May 11, 2013, 09:02:26 AM

There really aren't too many methods to short.  That's why there is so much volatility -- no way for people to bet against the price increase.


If you look at the beta trial mode that has currently, you can see what they offer.  Coinsetter might be another.    If you have bank (and aren't from the U.S.) you might want to consult as they might offer short selling to you.
914  Bitcoin / Press / Re: 2013-05-10 TVNZ: Kirk Hope on Bitcoin + News Segment on: May 11, 2013, 08:59:08 AM
"We've got some AML legislation coming on the 30th of June"

And he comments on this from an earlier report:

So it looks like NZ is just now going to start requiring KYC.
915  Bitcoin / Press / Re: 2013-05-10 Video: Kashmir Hill's Week Of Bitcoin on: May 11, 2013, 08:42:59 AM
Awesome Stephen, thanks for sharing  Grin

You're welcome.

I now see there is a Youtube version of the same video now as well:

I was looking to see if I could see the firstbits for the 8.846 BTC transaction so that I could see how much fee was paid. 

That would be a good comparison ... since the restaurant takes credit card as well, how much was saved by the restaurant for accepting bitcoins versus VISA/Mastercard/AMEX.
916  Economy / Marketplace / Re: Is anyone buying call options? on: May 11, 2013, 08:18:18 AM
Looking to sell currently.

Wonderful.  You should find plenty of people willing to buy CALL options from you if the premium is reasonable and the coins are secured with escrow (that's kind of the hard part).
917  Economy / Economics / Re: Billionaires hate Bitcoin. on: May 11, 2013, 08:08:14 AM
Billionaires generally own large companies selling real goods

Microsoft sells a metric crap ton load of licenses to the national, state, county and local governments.  Anything that makes taxation harder means a potential impact to tax revenues which, in-turn, causes software sales revenue to those agencies to decline.

Buffet needs Krugman and [edit: economists who think like] Keynes for his portfolio to not blow up.

More importantly, if capital formation can come using bitcoins and cyber-equities platforms (e.g., BitFunder) then why go to work for Gates, Buffet, Dimon, or other companies like Cisco, BN, even.   Why not just pitch, get funded, and rule your own destiny.   Without a steady stream of talent these companies will have to switch to more performance-based compensation which really would introduce culteral and financial changes within these organizations.

They prefer things just the way they are.
918  Bitcoin / Development & Technical Discussion / Re: Bitcoin Client. on: May 11, 2013, 07:58:07 AM
Says I am running 0.8.1 - Beta. Will I need to update anything soon.

v0.8.1 is already able to accommodate the May 15th 2013 hard fork, if that's what you are asking.  Upgrading to v0.8.2 when it is released will be optioinal for you.
919  Other / Politics & Society / Re: U.S. CrowdFunding Bill on: May 11, 2013, 07:56:24 AM
so, when will the sec get the rules done?

The last thing anything near official said "no earlier than 3Q 2013".   Most in the space have concluded that since there's so little activity on the rulemaking occurring now this simply won't happen in 2013.

What is happening is that they are getting the process meted out using accredited investors and then when the rulings come out these companies in the crowdfunding space then will hopefully only need small changes to be compliant with whatever comes out the SEC's pie hole.
920  Bitcoin / Bitcoin Discussion / Re: Can D-Wave be used somehow to crack hash? on: May 11, 2013, 06:34:43 AM
For more info:

Quantum Computers META THREAD Defacto STICKY
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