[2016-12-26] Is the Blockchain Rush a Search for Fool’s Gold?

[Gembul]

News Bitcoin - Is the Blockchain Rush a Search for Fool’s Gold?

Throughout 2015-2016 many headlines involved the concept of a blockchain being tested by some bank or agency attempting to transform their business. Typically, these stories included a description of how blockchain derived from the cryptocurrency bitcoin. However, these articles quickly steer towards the use of a private blockchain to meet the needs of the banks and businesses. These people in search of the coveted blockchain solution will likely fail because they will be digging up “fool’s gold.” This year technological expert Andreas Antonopoulos mocked these headlines earlier this year stating:

"Major banks complete first international transaction using a blockchain’— You mean, the same thing bitcoin has done several million times?"

Bitcoin is truly a revolutionary experiment that has changed how we look at money today. The digital asset is the longest running public distributed ledger in existence, and no blockchain prototype can match its strength. The cryptocurrency has the largest network of users, operators, developers, and people building applications with its code. Furthermore, the bitcoin network is immutable and has never “rolled back” to fix losses or major incidents. No altcoin, alternative consensus mechanism, or the many private blockchain prototypes come close to bitcoin’s massive power.

Read More>>>https://news.bitcoin.com/is-the-blockchain-rush-a-search-for-fools-gold/

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[Karartma1]

I'm glad to read these articles. All I am listening is :"Please, give us a blockchian, but we don't want bitcoin!" What the heck?
Maybe there will be something useful under tha name of blockchain in the future but today, like it or not, the only thing that works is a native digital asset like bitcoin and its own history (blockchain)

[Papa Bear]

When it comes to an evolutionary experiment with a significant network effect, bitcoin will be there for those in search of real digital gold.

[UGMZ]

To be honest I always wondered if there was a secret motive of bitcoin and mining.  Something along the lines of password or code cracking.
With all those high powered devices running 24/7 who know. It could be possibly to make a small bunch of miners and set them up to crack passwords or codes,  A world wide net of machines would be the equivalent to a super computer!

But that's just my "paranoid" view on the world coming from a security background where "everything is out to get you"

 

[Karartma1]

To be honest I always wondered if there was a secret motive of bitcoin and mining.  Something along the lines of password or code cracking.
With all those high powered devices running 24/7 who know. It could be possibly to make a small bunch of miners and set them up to crack passwords or codes,  A world wide net of machines would be the equivalent to a super computer!

But that's just my "paranoid" view on the world coming from a security background where "everything is out to get you"

 

Interesting: the Bitcoin computational network could be used for basically destroying and dismantling any other network. Thing is the protocol is very strict and it works only for mining bitcoin. It would be really hard to change that though. Don't worry

[UGMZ]

I know most mining ASICs are hard-coded to perform sha256(sha256(x)) which may as well be a random number with regard to sha256(x).

The only way in which an ASIC would be useful for password cracking is if someone happened to be using sha256(sha256(password))

ASIC could aid in password cracking if: the hashes are generated with sha256(sha256(x)) salt + password = 80 bytes or the hash starts with 4 zero-bytes.

So in theroy it might be possible but would require the whole network and protocol to be "shifted"

[veleten]

To be honest I always wondered if there was a secret motive of bitcoin and mining.  Something along the lines of password or code cracking.
With all those high powered devices running 24/7 who know. It could be possibly to make a small bunch of miners and set them up to crack passwords or codes,  A world wide net of machines would be the equivalent to a super computer!

But that's just my "paranoid" view on the world coming from a security background where "everything is out to get you"

 

they don't need worldwide computing power to do that
agencies have been doing it for ages now,they can decipher on the fly
just hear what Snowden said on the matter

[Gembul]

I'm glad to read these articles. All I am listening is :"Please, give us a blockchian, but we don't want bitcoin!" What the heck?
Maybe there will be something useful under tha name of blockchain in the future but today, like it or not, the only thing that works is a native digital asset like bitcoin and its own history (blockchain)

but in my opinion blockchains will continue to be a leading company in guarding bitcoin. Because since the beginning blockchain been guarding the bitcoin development, if there is any other company. I think it will take a long time to catch up blockchain. Hehe

[UGMZ]

To be honest I always wondered if there was a secret motive of bitcoin and mining.  Something along the lines of password or code cracking.
With all those high powered devices running 24/7 who know. It could be possibly to make a small bunch of miners and set them up to crack passwords or codes,  A world wide net of machines would be the equivalent to a super computer!

But that's just my "paranoid" view on the world coming from a security background where "everything is out to get you"

 

they don't need worldwide computing power to do that
agencies have been doing it for ages now,they can decipher on the fly
just hear what Snowden said on the matter

To be honest I always wondered if there was a secret motive of bitcoin and mining.  Something along the lines of password or code cracking.
With all those high powered devices running 24/7 who know. It could be possibly to make a small bunch of miners and set them up to crack passwords or codes,  A world wide net of machines would be the equivalent to a super computer!

But that's just my "paranoid" view on the world coming from a security background where "everything is out to get you"

 

they don't need worldwide computing power to do that
agencies have been doing it for ages now,they can decipher on the fly
just hear what Snowden said on the matter

"
I know very well. But i am not talking about a state of government. I'm talking what if a group were to be using the "power" of the network for other purpose (cracking launch codes) brute forcing something?  They have a new super computer in the UK just so happens to come just before the change in survailence laws funny enough. snoopers charter!

here is link to the computer.. a MILLION -  BILLON calculations a second... Ain't no cypher standing up to that kind of pressure not even sha-512

http://www.techradar.com/news/computing/uk-s-fastest-supercomputer-unveiled-1237623