Seems like a lot of wasted energy for something that doesn't have a big enough impact on the network as a whole. While it does damage some nodes and there are some things that end up being missed, it doesn't seem like something like this is even viable on the larger stage until there are some serious effects throughout the network because of something like this, in my opinion.
TL;DR While ISPs can disrupt Bitcoin's blockchain, I doubt they'll take the time to do that, yet.
What if it's a state sponsored attack say from the U.S. Government or something? |
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This looks scary, and it looks like there are those already looking to cause damage to the network. I would hope Bitcoin can withstand this. Boffins say BGP is a threat to the crypto-currency Attacks on Bitcoin just keep coming: ETH Zurich boffins have worked with Aviv Zohar of The Hebrew University in Israel to show off how to attack the crypto-currency via the Internet's routing infrastructure. That's problematic for Bitcoin's developers, because they don't control the attack vector, the venerable Border Gateway Protocol (BGP) that defines how packets are routed around the Internet. BGP's problems are well-known: conceived in a simpler era, it's designed to trust the information it receives. If a careless or malicious admin in a carrier or ISP network sends incorrect BGP route information to the Internet, they can black-hole significant chunks of 'net traffic. In this paper at arXiv, explained at this ETH Website, Zohar and his collaborators from ETH, Maria Apostolaki and Laurent Vanbever, show off two ways BGP can attack Bitcoin: a partition attack, and a delay attack. The upside of both of these attacks is that they need an insider, because they happen at the ISP level. They are, however, serious attacks. In the partition attack, if an ISP is the only route between significant chunks of the Bitcoin network, a blackhole would stop the two sides communicating with each other. Since the two “islands” will keep going – processing transactions, and mining new Bitcoin. When the “evil ISP” connects the islands together again, they have no option but to discard mined Bitcoins, transactions, and mining revenue. The delay attack is nastier, in a way, because unlike the partitioning attack, the researchers say it's undetectable. Here's how it works: Step 0: Nodes A and B advertise the same block to the victim, node C. Step 1: Node C requests the block via a GETDATA from node A. The attacker changes the content of the GETDATA such that it triggers the delivery of an older block from node A. Step 2: The older block is delivered. Step 3: Shortly before 20 minutes after the original block request made by node C, the attacker triggers its delivery by modifying another GETDATA message originated by C. Step 4: The block is delivered just before the 20 minutes timeout. The victim does not disconnect from node A. The delay attack impacts merchants by making them susceptible to double-spending attacks; miners waste their processing power; and ordinary nodes can't propagate the latest version of the blockchain. How did we get to this point? Part of the problem is that Bitcoin's nodes have tended to gather together at relatively few ISPs: thirteen in all host about 30 percent of the whole Bitcoin network; and 60 percent of Bitcoin traffic is visible to just three ISPs. The researchers say BGP hijacking (which is usually but not always inadvertent) already affects as many as 100 Bitcoin nodes a month. November 2015 saw a peak in this: around 8 percent of the whole Bitcoin network (447 nodes) suffered a traffic hijack in that month. The work is to be presented at the IEEE Symposium on Security and Privacy 2017 in May, in San Jose. The trio also say they'll release code on GitHub offering a prototype of the delay attack. https://www.theregister.co.uk/2017/04/11/evil_isps_could_disrupt_bitcoins_blockchain/ |
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And assuming I can't get my transaction into the block due to $10,000 fee, I would need to dump my bitcoin for the alts.
And I won't be the only one doing that.
A lot will dump their bitcoins for the alts.
And those buying from us selling our bitcoins will also know that unless they are the power brokers, they will also face the same issue we are facing (i.e. transaction not confirmed).
Thus if the ones buying from us are just like us, then the price of bitcoin vs alts will fall to compensate for the risk, which I don't think serves the interest of the power brokers.
To solve that, the power brokers need to be the ones buying.
$10,000 fee? Now that's nonsense. |
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This lull in the market is temporary. Be prepared for a storm.
When movement (either upward or downwards) happens, it tends to be violent.
I hope that it violently goes down. |
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My man, there isn't a person on this forum who can tell you with any sophistication why prices are or aren't volatile. People blame China for many things, and perhaps there hasn't been much news as of late. What has been happening is that we plateau and then break to the up- or downside. So place your bets according to whichever you think is going to happen.
I understand that, however, I created this thread to get people's opinion. There is no certainty ever, in the price of any asset (i.e stock, commodity, bond, or currency), however, people still analyze, predict, and give their opinions, based on facts, and what they know, and that was the whole idea. below is a nice report on the state of BTC for 4/10/17 http://www.newsbtc.com/2017/04/10/bitcoin-price-technical-analysis-04082017-supported-risk-off-flows/ |
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In my conservative estimation, if bitcoin was to be a world reserve currency to facilitate global trades, then by right today's price of bitcoin would be...
1. Say we use a conservative value of global trade back in 2009 (when stock market collapsed), which was around 12 trillion.
2. Say we use a money velocity (don't forget this) of 2.5.
3. 12 trillion / 2.5 to get the money supply of 4.8 trillion.
4. 21 million bitcoin means each will need to be around 228,571 today to facilitate global trades.
It is estimated that by 2030, according to the article, and probably the bitcoin clock as well, that, there will only be 20 million (not 21 million) bitcoin in circulation minus the ones that are lost (locked in the blockchain). Your numbers are off, and also don't account for supply and demand. |
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That is 499 000 more than the current price of bitcoin in just 13 years?! That is insane, how can bitcoin price goes up like that? Maybe I will be believeing that users blow up really, here in our place, bitcoin user starts in 3 persons and start to flurish after 3 weeks and became 10 now. Yes it is kust a little number, but if many plaves are dling the same, then it is not possible to reach a 6.5 million users. I will just continue to use bitcpin and see what will happen.
It appears that a lot of you are commenting without having fully read the article. He shows you the math, as to how he arrives at $500,000. Is it guaranteed? Of course not. Is it possible? Of course it is. |
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In the long run his words will be forgotten, it's a very big assumption and I feel he is doing it to hike the btc price which he has in order to sell his Bitcoins and get out. I don't think this is a reality especially with BU and Segwit. As far the number based maybe he's taken from the exchanges or just decided to quote a random number knowing very well no one can find the truth. I would be more than to Happy if the price reach half or 3/4 also
It's not an assumption. It's a forecast, based on facts and projections for the future. He is doing nothing different than any analyst does with any stock. Did you bother to read the article? He outlines clearly why he thinks it will go up. I see it as very plausible. |
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Hey guys, just thought maybe I can get some insight from some of you who have the knowledge. I noticed that there has been very little volatility in the last week. Can someone please explain why? Someone mentioned to me that there are not many bots operating, but I am not certain that is true.
Thank-you for your thoughts.
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it make sense, because they have no access to asicboost, and going against segwit is not giving anything for them, and probably still waiting for better solution
My understanding from the recent discussions is that you cannot use asicboost at the pool level without it being publicly known or obvious No, asicboost is being used covertly by some miners, and that is the problem, the overt way of using it is not a problem for the network. |
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Being that Bitcoin is near $1200 it looks like most Asset holders got it right, that is to hold. What are you doing with your Assets. Please let us know by voting, or share your opinion.
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I am glad that Bitmain's takeover attempt of Bitcoin is failing. I would love to see many users leave their cloud mining operations as well.
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Does anyone still use http://bitcoin-analytics.com/. Is the service worth it, and is there a better service? Can this type of information be gathered in real time elsewhere for free? Highly appreciated. |
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Does AsicBoost now sort of explain why the Chinese have invested hundreds of millions of dollars into mining?
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Holey Toledo!!! Dogecoin is through the roof!!!! It's doubled in price since i bought it a few days ago. If you don't believe me, check the charts. my $97.00 investment is now worth $200.00 Should I sell or hold?  ? Yes, i was suprised when i saw DOGE was hit 60 satoshi (You have bought it when it was at 30 satoshi, right?) Just hope you already sold all your DOGE, don't hold it too long or your investment will be back to your starting amount. You're right. I already sold it all. Almost doubled my money, which was only $100.00. I will buy again when it comes down to the original price I paid, and hope to do the same with it. Thanks peeps. Good job, i'm proud of you because you already made good amount from an altcoin which you don't even know it (lol)  . It was good timing, if It goes down to the amount I originally paid, I will buy again. I wish I would have been able to buy more. |
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I think the poll is starting to tell a true story, we have over 60 votes now. Would like to hit 100 at least. thanks for voting, and your comments are most welcomed.
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Boom! that's tough acting, tenactin baby, yea!!!
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Holey Toledo!!! Dogecoin is through the roof!!!! It's doubled in price since i bought it a few days ago. If you don't believe me, check the charts. my $97.00 investment is now worth $200.00 Should I sell or hold? ? Yes, i was suprised when i saw DOGE was hit 60 satoshi (You have bought it when it was at 30 satoshi, right?) Just hope you already sold all your DOGE, don't hold it too long or your investment will be back to your starting amount. You're right. I already sold it all. Almost doubled my money, which was only $100.00. I will buy again when it comes down to the original price I paid, and hope to do the same with it. Thanks peeps. |
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