2013-04-10 Bitcoin Should Get Ready for an Attack (Lew Rockwell.com)

[Black Arrow]

Interesting article on Lew Rockwell by the CEO of Cryptohippie USA, a provider of Internet privacy technologies.

Summarizes some important qualities of bitcoin and then talks about how and why authorities might want to attack it.

http://lewrockwell.com/rosenberg/rosenberg-p14.1.html

[ShadowOfHarbringer]

Oh, that is quite obvious, isn't it ?

It had to happen sooner or later and most people on this forum were expecting it almost since the dawn of Bitcoin.

[sunnankar]

What a useless article.

[tutkarz]

maybe someone built kingdoms around fiat money but they are currently loosing it and not because of bitcoin but because they printed too much fiat and took too much debt. Bitcoin actually can save them if they will use it correctly.

[cypherdoc]

maybe someone built kingdoms around fiat money but they are currently loosing it and not because of bitcoin but because they printed too much fiat and took too much debt. Bitcoin actually can save them if they will use it correctly.

this is true.

but don't expect them to do the right thing until they've exhausted all the wrong options.

[marcus_of_augustus]

What I find interesting is how the authorities are tolerating these known attacks on bitcoin sites as it is effectively criminal activity (they may even be encouraging or facilitating it in some way). For instance, if the same activity were taking place against banks, NYSE, IRS, etc there would be hell and fury raining down from everywhere. I don't think bitcoin businesses need the same protections as the established financial systems, in fact I think these attacks will only serve to make the whole bitcoin ecosystem stronger.

However, by tolerating criminal activity, against whoever, then authorities are allowing a culture to build up and desensitising the norms as to what is permissible behaviour. Therefore, it is only a matter of time until these types of attacks and malign forces that have been tolerated in the bitcoin sphere, turn their guns on the establishment exchanges, banks, institutions. They play a dangerous game thinking they can allow fires like these to burn only for them.

[Mike Christ]

What I find interesting is how the authorities are tolerating these known attacks on bitcoin sites as it is effectively criminal activity (they may even be encouraging or facilitating it in some way). For instance, if the same activity were taking place against banks, NYSE, IRS, etc there would be hell and fury raining down from everywhere. I don't think bitcoin businesses need the same protections as the established financial systems, in fact I think these attacks will only serve to make the whole bitcoin ecosystem stronger.

However, by tolerating criminal activity, against whoever, then authorities are allowing a culture to build up and desensitising the norms as to what is permissible behaviour. Therefore, it is only a matter of time until these types of attacks and malign forces that have been tolerated in the bitcoin sphere, turn their guns on the establishment exchanges, banks, institutions. They play a dangerous game thinking they can allow fires like these to burn only for them.

The authorities are on the beck and call of the dollar.  Why should they help us?  The sooner the state is put to rest, the better off we'll be.

[sunnankar]

in fact I think these attacks will only serve to make the whole bitcoin ecosystem stronger.

However, by tolerating criminal activity, against whoever, then authorities are allowing a culture to build up and desensitising the norms as to what is permissible behaviour. Therefore, it is only a matter of time until these types of attacks and malign forces that have been tolerated in the bitcoin sphere, turn their guns on the establishment exchanges, banks, institutions. They play a dangerous game thinking they can allow fires like these to burn only for them.

And what exactly could they possibly do?

Really, the bitcoin ecosystem just needs to step up the quality of their game. Currently they are behaving like amateurs. What does not kill you only makes you stronger and the Bitcoin economy will mature. In the meantime, enjoy the trees getting shaken and weak hands selling.

And this type of cyberwarfare happens against corporate companies all the time. The average cost is $6m and 4% to the stock price.

[marcus_of_augustus]

in fact I think these attacks will only serve to make the whole bitcoin ecosystem stronger.

However, by tolerating criminal activity, against whoever, then authorities are allowing a culture to build up and desensitising the norms as to what is permissible behaviour. Therefore, it is only a matter of time until these types of attacks and malign forces that have been tolerated in the bitcoin sphere, turn their guns on the establishment exchanges, banks, institutions. They play a dangerous game thinking they can allow fires like these to burn only for them.

And what exactly could they possibly do?

Really, the bitcoin ecosystem just needs to step up the quality of their game. Currently they are behaving like amateurs. What does not kill you only makes you stronger and the Bitcoin economy will mature. In the meantime, enjoy the trees getting shaken and weak hands selling.

And this type of cyberwarfare happens against corporate companies all the time. The average cost is $6m and 4% to the stock price.

Not expecting them to do anything or that they could do much besides talking about it.

However, the contrast is stark when there is similar attacks against established institutions it is all over the media and then a few months later some guys in FBI parka jackets frog-march some hapless autistic teenage kid in a hoody out of his mother's basement, and proudly and solemnly declare "We got the anonymous haxor!"

Absolutely the bitcoin ecosystem needs to up its game, and it is doing a pretty good job of improving to each level so far imho. Currently they are amateurs which is why they behave that way ...  but still it works.

My main point actually was that if bitcoin ultimately succeeds, then whatever it has had to endure will turn upon established institutions who will look like ripe plump targets in comparison at that point.