UPDATE

[kaselit]

UPDATE

[Amph]

the last one is collission, and we can all agree that it's not a threat

the one before require quantum computer to break the ecdsa, not a threat for now, they said they would change the algo, but it will arise other problems

the first point is what the whole xt drama is all about, there are other better solution, one of these will kick in when needed, i hope for dynamic block limit bip103...

[OnkelPaul]

XT is not "another system" but a potential fork. Whether it will gain a majority is unclear.
Whenever a cryptocurrency enjoys/suffers a fork, transactions mined before the fork stay visible in both branches, so you don't need to fear for your BTC.
However, anything done in one branch only isn't visible in the other branch.
In reality, should a fork actually happen, one of the branches will die out relatively quickly, depending on what the majority of miners prefer.

Onkel Paul

[Next BillGates]

- the probability that anyone generate a bruteforce attack generating a lot of keys (public,private) and steal bitcoin

Thank you

All bitcoin private keys were already exposed here www.directory.io , www.buttcoins.com . Unfortunately, No one can find a bitcoin address with balance. Because of probability & maths.

[franky1]

Hi, as perfect cryptocoins newbie, i am wondering about the future of the BTC if:

- the weight of block-chain that can reach and go over 1TB (it start to become to big for a lot of users)

lets say the blocklimit is 20mb a block. and if every block was filled to the brim.. then the blockchain would grow by 1tb a year,
some people see this as a problem.
but the truth is we live in the 21st century.. where internet speeds are faster than the speed of block creations. where data storage is not millions of pounds. but hundreds.
for instance, the 1mb limit has been standard for a while now, but the blockchain has not grown by 52gb a year. so although its possible to download and store a 1tb a year blockchain growth, the chances that it would actually be 1tb a year is less of a worry.

- the computing power required to confirm every more and more transaction (not for all again)

more computing difficulty=more security,. yes hobby miners are a thing of the past. but then again so is digging up your own back garden and hoping for gold or oil,
in the end the reduction of block reward will find a balance as the profitability vs electric will make large farms change tactics... there will be a Plato effect that will level things out where industry's cant solely manage the mining and will require decentralised farms. in short the electricity companies wont have enough power to serve a single location, and thus it needs multiple locations/entities to get around electricity company limits

- the probability that the check system could go all to less companies that can substain power and storage

again the check system will actually become more decentralised in the future. because there is actually an electrical limit to a certain location.

- the probability that anyone can generate a private key from my public key

there are more grains of sand in the universe then chances of cracking it. but there are many other topics that will tell you the real numbers

- the probability that anyone generate a bruteforce attack generating a lot of keys (public,private) and steal bitcoin

Thank you

there are more grains of sand in the universe then chances of cracking it. but there are many other topics that will tell you the real numbers

even if things change.. the great thing about bitcoin. is that it can adapt.
1024bit encryption can be implemented.
setting up supernodes can ensure the blockchain ledger stays clean
businesses doing offchain transactions for instant and small transactions (pocketmoney amounts) to reduce bloat.

bitcoin can adapt.

[ranochigo]

-snip-
- the weight of block-chain that can reach and go over 1TB (it start to become to big for a lot of users)

Running a full node isn't mandatory for most user who requires basic functions such as sending and receiving. Additionally, users could implement block pruning in the future which would reduce the size. Only a few nodes are needed to run the full copy.

- the computing power required to confirm every more and more transaction (not for all again)

The computing power does not need to grow to confirm more transactions. Node wise, I believe there is a prototype that can achieve 4000transactions per second on a CPU that is 3 generations older. It should improve with the recent CPU release.

- the probability that the check system could go all to less companies that can substain power and storage

I don't get that.

- the probability that anyone can generate a private key from my public key.

No one can know your public key except those who have your private key.

- the probability that anyone generate a bruteforce attack generating a lot of keys (public,private) and steal bitcoin

Highly impossible and expensive. There is 2^160 keys that exist, it would take the power of several suns and extremely efficient computing power to stand a chance and it would still take thousands of years. However, it would be possible if the wallet has a weak RNG implementation, generating non random and easily guessable private keys.

Thank you

Welcome.

[franky1]

- the probability that anyone generate a bruteforce attack generating a lot of keys (public,private) and steal bitcoin

Thank you

All bitcoin private keys were already exposed here www.directory.io , www.buttcoins.com . Unfortunately, No one can find a bitcoin address with balance. Because of probability & maths.

thats an april fools joke.

the fool made like 1 page of valid addresses and then the other hundreds of pages are keys that are random and dont match.. in short it was a joke to scare people, and it looks like you fell for it

[franky1]

"There were about 370,000 nodes in past, but now it's only about 5000 nodes because blockchain is big
In future, i think there'll less nodes, but all of them are very powerful"


Is not a problem that the verify of transaction go in the hands of a "few" of person?

theres more then 5000 nodes.
that bitnodes site that meant to list the 5000, misses out sooooo many nodes.. i know of 10 people that have full nodes running and none of their IP's show up.

even if 1 out of 10 people i know was actually listed.. then thats roughly a 10% visability. meaning there would be potentially 50,000 nodes.
but because none of the 10 show up. i think the odds of visability are much lower.. so lets say it was 1%.. it would make the potential nodes 500,000.

short story
dont beleive all statistics, some key data may be missing

[Q7]

- the probability that anyone generate a bruteforce attack generating a lot of keys (public,private) and steal bitcoin

Thank you

All bitcoin private keys were already exposed here www.directory.io , www.buttcoins.com . Unfortunately, No one can find a bitcoin address with balance. Because of probability & maths.

Even though all the keys are valid but in no way these are indexed and kept in a library. Imagine the computing space and size just to keep and maintain the list. The pages with all the keys are generated on the go which means that whatever random page number that you enter, these will be instantly generated based on mathematically calculation. Trust me, your private keys are safe and in no way somebody is going to find it.

[brg444]

"There were about 370,000 nodes in past, but now it's only about 5000 nodes because blockchain is big
In future, i think there'll less nodes, but all of them are very powerful"


Is not a problem that the verify of transaction go in the hands of a "few" of person?

theres more then 5000 nodes.
that bitnodes site that meant to list the 5000, misses out sooooo many nodes.. i know of 10 people that have full nodes running and none of their IP's show up.

even if 1 out of 10 people i know was actually listed.. then thats roughly a 10% visability. meaning there would be potentially 50,000 nodes.
but because none of the 10 show up. i think the odds of visability are much lower.. so lets say it was 1%.. it would make the potential nodes 500,000.

short story
dont beleive all statistics, some key data may be missing

That's absolutely ridiculous. There probably isn't more than 1000 quality full nodes out there.

I'm not talking about the stuff that's run from VPS & other hosting solutions which probably accounts for a majority of the nodes you see on bitnodes.

[Next BillGates]

thats an april fools joke.

the fool made like 1 page of valid addresses and then the other hundreds of pages are keys that are random and dont match.. in short it was a joke to scare people, and it looks like you fell for it

I didn't fell without a reason! somone had found some cents on directory.io  Proof? https://bitcointalk.org/index.php?topic=1194333.msg12544561#msg12544561

- the probability that anyone generate a bruteforce attack generating a lot of keys (public,private) and steal bitcoin

Thank you

All bitcoin private keys were already exposed here www.directory.io , www.buttcoins.com . Unfortunately, No one can find a bitcoin address with balance. Because of probability & maths.

Even though all the keys are valid but in no way these are indexed and kept in a library. Imagine the computing space and size just to keep and maintain the list. The pages with all the keys are generated on the go which means that whatever random page number that you enter, these will be instantly generated based on mathematically calculation. Trust me, your private keys are safe and in no way somebody is going to find it.

I agree with you, but if someone have luck, he will found at least some bucks.

[ranochigo]

"There were about 370,000 nodes in past, but now it's only about 5000 nodes because blockchain is big
In future, i think there'll less nodes, but all of them are very powerful"


Is not a problem that the verify of transaction go in the hands of a "few" of person?

There wasn't actually that much node. It was a bug with the crawler and Bitcoin wasn't even that popular at that time.

The early December 2013 network snapshots, i.e. with over 100k nodes, are not valid as the crawler at that time took several hours just to complete one full network snapshot and it includes all nodes from addr responses which can be faked or likely stale. Those snapshots were linked to from getaddr.bitnodes.io/SNAPSHOT_NUMBER/ which have been removed since.

With the new crawler released in late Dec 2013, the crawl time was brought down significantly down to sub 5 minutes with considerably good churn rate. I use the churn rate to measure how good a network snapshot is. A value of 0 implies the network snapshot was taken instantly but of course that's not possible. At the moment, we are seeing a typical churn rate of 30+: https://getaddr.bitnodes.io/nodes/

Bitcoin does need more geographically distributed and stable node. Powerful nodes isn't a must. In the future, Block pruning would still allow the relay of TX which eliminates the problem of verifying transactions but it won't relay blocks. From what I understand, this would be a problem for SPV clients and they would rely on trusting miners even more.

thats an april fools joke.

the fool made like 1 page of valid addresses and then the other hundreds of pages are keys that are random and dont match.. in short it was a joke to scare people, and it looks like you fell for it

I didn't fell without a reason! somone had found some cents on directory.io  Proof? https://bitcointalk.org/index.php?topic=1194333.msg12544561#msg12544561

I would still consider it as a joke. That is merely several cents and it could just be placed there by people who want to troll.

[Kprawn]

Most of your questions would be answered with this video --> https://www.youtube.com/watch?v=ZloHVKk7DHk {The amazing math of private keys} You would have no doubts

after watching these video's https://www.youtube.com/channel/UCgo7FCCPuylVk4luP3JAgVw ...Hope you enjoy.

Please come back here and confirm if you found your answers.. and if we could assist you in anything else. James D'Angelo have mastered the art of explaining difficult concepts.   

[AdopterOfCoin]

"There were about 370,000 nodes in past, but now it's only about 5000 nodes because blockchain is big
In future, i think there'll less nodes, but all of them are very powerful"


Is not a problem that the verify of transaction go in the hands of a "few" of person?

theres more then 5000 nodes.
that bitnodes site that meant to list the 5000, misses out sooooo many nodes.. i know of 10 people that have full nodes running and none of their IP's show up.

even if 1 out of 10 people i know was actually listed.. then thats roughly a 10% visability. meaning there would be potentially 50,000 nodes.
but because none of the 10 show up. i think the odds of visability are much lower.. so lets say it was 1%.. it would make the potential nodes 500,000.

short story
dont beleive all statistics, some key data may be missing

I have one PC with bitcoin qt one all the time. It is a home computer with no fixed IP address. Does it still contribute to the community?

[ranochigo]

"There were about 370,000 nodes in past, but now it's only about 5000 nodes because blockchain is big
In future, i think there'll less nodes, but all of them are very powerful"


Is not a problem that the verify of transaction go in the hands of a "few" of person?

theres more then 5000 nodes.
that bitnodes site that meant to list the 5000, misses out sooooo many nodes.. i know of 10 people that have full nodes running and none of their IP's show up.

even if 1 out of 10 people i know was actually listed.. then thats roughly a 10% visability. meaning there would be potentially 50,000 nodes.
but because none of the 10 show up. i think the odds of visability are much lower.. so lets say it was 1%.. it would make the potential nodes 500,000.

short story
dont beleive all statistics, some key data may be missing

I have one PC with bitcoin qt one all the time. It is a home computer with no fixed IP address. Does it still contribute to the community?

It would contribute to the network if you port forwarded port 8333. However, since it is a dynamic IP, nodes would disconnect everytime you change the IP hence it would be a slight hassle. But you are still relaying blocks and TX.

[Mickeyb]

Thank you all for the answer.

Reading a lot of posts of famous media or some blog the alert everytime on:

- BTC cause to much pollution and energy usage (more than actual FIAT, bank, system)
- BTC can be cracked
- BTC need to much storage data
- BTC is not based on a real "value"

How u could answer to that so?

I wouldn't be taking those media experts and certain blog experts too seriously. I mean you have raised very valid questions but don't believe everything that they say under no circumstances.

Maybe 10% of them really have a clue what they are talking about. Maybe 5% of them really half understands Bitcoin!

[DannyHamilton]

Thank you all for the answer.

Reading a lot of posts of famous media or some blog the alert everytime on:

- BTC cause to much pollution and energy usage (more than actual FIAT, bank, system)

That is not true.  They can say it all they want, but saying it doesn't make it true.

- BTC can be cracked

There is no evidence that ECDSA signatures are vulnerable to anything other than poor implementation. As long a you don't use faulty software, you'll be fine.

- BTC need to much storage data

Then run a SPV wallet, or use a service such as Coinbase.

- BTC is not based on a real "value"

Of course it is. That's a silly thing to say.

[Amph]

So what is the target of various media and blog for sat BTC is a failure? Whad do them earn from this? Are them just not good informed or they have some "dark" interest? Do them are scared by loose their "power" gained with have a lot of milion in euro?

it's just how the rumor, spread you need one hater that wrote a crap on the internet, and this spread like a plug

then you have major institutions that trust these rumors without thinking, because they hate bitcoin also, there is also a lose, for bank and big circuit, in fees, if bitcoin would be used by their "customers"

[SebastianJu]

Hi, as perfect cryptocoins newbie, i am wondering about the future of the BTC if:

- the weight of block-chain that can reach and go over 1TB (it start to become to big for a lot of users)
- the computing power required to confirm every more and more transaction (not for all again)
- the probability that the check system could go all to less companies that can substain power and storage
- the probability that anyone can generate a private key from my public key
- the probability that anyone generate a bruteforce attack generating a lot of keys (public,private) and steal bitcoin

Thank you

Then think about what will happen if we have 200% more transactions regularly. It would mean that constantly 33% of all legit transactions will never get a confirmation. Can you imagine how useless bitcoin would be then?

And it doesn't matter if someone tries to host a full node on his smartphone or C64, we simply can't trim bitcoin down so much that it renders practically useless.

Don't you think?

And don't believe all the fear against bigger blocks. The people spreading it have their own project in the makings. The lightning network. The worse bitcoin works the more people will use their altcoin, they hope. Which would translate into income for them.

[dothebeats]

So what is the target of various media and blog for sat BTC is a failure? Whad do them earn from this? Are them just not good informed or they have some "dark" interest? Do them are scared by loose their "power" gained with have a lot of milion in euro?

The media doesn't even care about bitcoins but rather the views they will get from their articles that will make them money. Blogs also have the same goal: get traffic and take profit (though some of them I find really informative).