zink
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June 29, 2011, 01:25:24 AM |
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What total Ghash/s level would be needed to make sure the current volume of transactions all go through in under 10min? I guess if you tried to cut the network hash power down then you'd run the risk of a >50% attack.
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Zoomer
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June 29, 2011, 06:15:25 PM |
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Why should I read it? I know that it's wrong.
Controversial, I know ... but maybe you should read it before you decide whether it's wrong or not. Seemed a very well thought out comment to me. This is the title... "Could BitCoin be a decentralized password cracking system?" This is the money quote... "Could these mining processes be used to crack highly encrypted passwords and encryption keys by linking together computers for unmatched processing power?" The answer is, no it cannot. Thus continuing is not worth my time. Anyone who can read the code, read the packets leaving their own computer, or even read blockexplorer.com, would know the answer to this question. Nothing, and I mean nothing is actually being encrypted or decrypted in the bitcoin system, and certainly not in the p2p portion. Bitcoin doesn't even use methods capable of encryption or decryption of arbitrary data. Bitcoin uses secure hashing methods and secure public/private digital signature methods. Nothing in bitcoin can actually do what it is accused of doing. The open nature of Bitcoin aside for just a moment, the code cannot actually do it. This crap is just FUD, and doesn't deserve the attention that I've already granted it. That said, pool mining potentially could be used as cover for a distributed brute force cracking network, but pools are not Bitcoin. What about making rainbow tables for the hash function? |
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MoonShadow
Legendary
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Activity: 1708
Merit: 1007
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June 29, 2011, 06:24:51 PM |
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Why should I read it? I know that it's wrong.
Controversial, I know ... but maybe you should read it before you decide whether it's wrong or not. Seemed a very well thought out comment to me. This is the title... "Could BitCoin be a decentralized password cracking system?" This is the money quote... "Could these mining processes be used to crack highly encrypted passwords and encryption keys by linking together computers for unmatched processing power?" The answer is, no it cannot. Thus continuing is not worth my time. Anyone who can read the code, read the packets leaving their own computer, or even read blockexplorer.com, would know the answer to this question. Nothing, and I mean nothing is actually being encrypted or decrypted in the bitcoin system, and certainly not in the p2p portion. Bitcoin doesn't even use methods capable of encryption or decryption of arbitrary data. Bitcoin uses secure hashing methods and secure public/private digital signature methods. Nothing in bitcoin can actually do what it is accused of doing. The open nature of Bitcoin aside for just a moment, the code cannot actually do it. This crap is just FUD, and doesn't deserve the attention that I've already granted it. That said, pool mining potentially could be used as cover for a distributed brute force cracking network, but pools are not Bitcoin. What about making rainbow tables for the hash function? Even that is easy to check for, since the packets entering or leaving your computer are not encrypted. |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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V4Vendettas
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June 29, 2011, 09:02:39 PM |
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What you're ignoring is the cost savings with regards to coinage, minting, and currency storage of physical currencies.
You know I was feeling a little guilt...THANK YOU I now feel much better..at least untill I think about it more no doubt...damit. EDIT: Little bit of a tree hugger sometimes I can be. |
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kgutteridge
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June 30, 2011, 09:43:34 PM |
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another way of thinking of this is all these silicon that otherwise would not be being put to use, hopefully academic/medical/govt projects will see the value in distributed computing such as this, protein folding, seti etc. The problem is usually working out how to break the task up into packets that might not necessarily be completed
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MoonShadow
Legendary
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Activity: 1708
Merit: 1007
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June 30, 2011, 09:51:18 PM |
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another way of thinking of this is all these silicon that otherwise would not be being put to use, hopefully academic/medical/govt projects will see the value in distributed computing such as this, protein folding, seti etc. The problem is usually working out how to break the task up into packets that might not necessarily be completed
If an academic wants to get processing done for his major project, this usually involves a block grant to buy processing time on some supercomputer. If, instead, these academics were able to break up the problem into distinct packets that can be distributed to a bitcoin-like pool and computed on video cards, they could get a huge project calculated in no time by simply offering Bitcoin in exchange for processing power. They only need to compete with the Bitcoin pools to attract that kind of power. As long as they offer slightly more for the same processing time, many of the pool miners would certainly consider it, and the price of Bitcoin would rise due to the block grants being used to buy up BTC to pay the pool members. |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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DiamondPlus
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Activity: 68
Merit: 10
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June 30, 2011, 09:52:09 PM |
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lol
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