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Author Topic: Jacob Appelbaum: "Bitcoin Prediction: Major bugs in the near future ..."  (Read 13867 times)
qarl
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June 10, 2011, 07:24:30 PM
 #1

Jacob Appelbaum: "Bitcoin Prediction: Major bugs in the near future will mess with the 'market'".

http://twitter.com/#!/ioerror/status/78480502641803264

http://twitter.com/#!/ioerror/status/78520413315006465

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BotherMeNot
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June 10, 2011, 07:30:42 PM
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I agree.  For one thing it relies on encryption and a public log.  Encryption can be broken and with bitcoins as is, you can't force new encryption standards on old bitcoins.  As for the public log, if someone branches from it or introduces their own log then we loose credibility of the currency.

Bitcoins is a good proof of concept, but I think the concept will be taken over and improved upon by companies who don't respect the same level of anonymity that Bitcoins and Tor promote.

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June 10, 2011, 07:39:32 PM
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Considering what a little "announcement" on mtgox has done to the price today, any actual bug like this would crash the price back to $1.
paulie_w
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June 10, 2011, 07:41:01 PM
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why doesn't he just say what it is? why do some people choose to create panic?
qarl
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June 10, 2011, 07:42:30 PM
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why doesn't he just say what it is?

he's effectively bragging that he knows more than us.

can someone who knows what he's talking about speak to it, please?
Denicen
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June 10, 2011, 07:51:21 PM
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I agree.  For one thing it relies on encryption and a public log.  Encryption can be broken and with bitcoins as is, you can't force new encryption standards on old bitcoins.  As for the public log, if someone branches from it or introduces their own log then we loose credibility of the currency.

Bitcoins is a good proof of concept, but I think the concept will be taken over and improved upon by companies who don't respect the same level of anonymity that Bitcoins and Tor promote.



This is very silly, i've seen it mentioned several times that the encryption can be improved if need be.
Also: Lol at a company taking over the bitcoin concept, did you read a couple news reports about bitcoin and think you are an expert or something?
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June 10, 2011, 07:54:06 PM
 #7

Pfft, I expected a long analysis, twitter, classy.

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June 10, 2011, 07:54:25 PM
 #8

The 'public log' is the blockchain.

I suggest you read the whitepaper about 'forking' the blockchain, since your statement seems to suggest it is trivial.

http://www.scribd.com/doc/34237903/Bit-Coin-Whitepaper


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June 10, 2011, 07:58:03 PM
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I agree.  For one thing it relies on encryption and a public log.  Encryption can be broken and with bitcoins as is, you can't force new encryption standards on old bitcoins.  As for the public log, if someone branches from it or introduces their own log then we loose credibility of the currency.

You appear to know very little about how bitcoin works.

qarl
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June 10, 2011, 08:04:36 PM
 #10

Jeff - do you know what Appelbaum's concern is?
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June 10, 2011, 08:09:09 PM
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Appelbaum is claiming he has knowledge of a specific bug.

He says that we need to direct our questions to Gavin.  Is Gavin aware of this? 

My understanding of Appelbaum is that he would not risk his reputation on spreading lies, but I don't know him personally.

Can anyone confirm that Gavin (or other lead developers) have gotten specifics from Appelbaum?

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xf2_org
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June 10, 2011, 08:11:16 PM
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Jeff - do you know what Appelbaum's concern is?

No.

I do know that bitcoin has a history of newbies appearing, claiming to have found some major hole in bitcoin, and then nothing coming of it.

Beware fact-free FUD.

hoo2jalu
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June 10, 2011, 08:13:17 PM
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....
My understanding of Appelbaum is that he would not risk his reputation on spreading lies, but I don't know him personally.

Jacob Applebaum is an idiot! I repeat: Jacob Applebaum is a fscking idiot!

He is a posturing publicity whore who cannot hack shit. Just look at this Tor commits - all he works on is lame stuff, not core Tor code!
BotherMeNot
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June 10, 2011, 08:14:39 PM
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To each there own opinion, but I didn't read any news reports and don't think I'm an expert in BitCoins.  Thanks for the whitepaper link!  I did read up the wiki article when it was mentioned that people could be traced, but they didn't go into it in enough detail.  I'll see if it fits the concept of a group over taking the public logs by creating their own mining pools larger than what's currently out there.   By branching, I mean extending upon so that a new currency (or version of) is created on top of the old.  A poor choice of words on my part.

As for encryption, I haven't ran into any articles detailing how the current methods can be improved upon.  If you can provide me with links, that would be swell.
xf2_org
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June 10, 2011, 08:15:35 PM
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Can anyone confirm that Gavin (or other lead developers) have gotten specifics from Appelbaum?

I am still waiting for a response...  <insert sound of crickets chirping>

hoo2jalu
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June 10, 2011, 08:21:13 PM
 #16

why doesn't he just say what it is? why do some people choose to create panic?

Because Jacob Applebaum is an idiot, and has only heard things second hand (rumor). And that is assume he even knows what he is talking about. (Doubtful)

Look at all of the "security work" he's been involved in. He is Press Frontman, not actual hacker or talented coder!

Jacob Applebaum is idiot!
qarl
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June 10, 2011, 08:22:05 PM
 #17

I do know that bitcoin has a history of newbies appearing, claiming to have found some major hole in bitcoin, and then nothing coming of it.

agreed.  but given Appelbaum's core involvement in wikileaks and Tor - i don't think it's wise to treat him as a typical n00b.
Jack of Diamonds
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June 10, 2011, 08:25:11 PM
 #18

I do know that bitcoin has a history of newbies appearing, claiming to have found some major hole in bitcoin, and then nothing coming of it.

agreed.  but given Appelbaum's core involvement in wikileaks and Tor - i don't think it's wise to treat him as a typical n00b.

He hasn't contributed any real code to the TOR project at all. Check his commits.

1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
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June 10, 2011, 09:15:17 PM
 #19

You're all reading far too much into it. He thinks this will happen. For all you know, this is either some random prediction based on "complex software has bugs" (not an unture statement in general), or Appelbaum could have looked into bitcoin without a fundamental understanding of all the protection layers the blockchain has. He could even be trying to distort the price for personal gain (although I do not believe this myself).


tl;dr: dox or gtfo.
Chris Acheson
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June 10, 2011, 09:16:54 PM
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Dude probably just wants to buy some bitcoins for cheap.
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