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Author Topic: Bitcoin flaw could let group take control of currency  (Read 4686 times)
Actor_Tom_Truong
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November 05, 2013, 06:01:22 AM
 #1

Bitcoin flaw could let group take control of currency
http://money.cnn.com/2013/11/04/technology/bitcoin-flaw/

Researchers Say 'Bitcoin Is Broken' And Could Collapse
 http://www.businessinsider.com/researchers-say-bitcoin-is-broken-and-could-collapse-2013-11


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1511008253
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Melbustus
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November 05, 2013, 06:12:14 AM
 #2

Old and overblown news. Here's the more detailed tech thread on it, which notes, among other things, that the basic idea of this attack has been discussed for 3 years now:

https://bitcointalk.org/index.php?topic=324413.0

Something to be addressed long-term, but not a big deal. This thread's title is pretty misleading once you understand the issue.

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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keatonatron
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November 05, 2013, 06:14:43 AM
 #3

Quote
Solving a puzzle gives miners a much higher chance of solving the next one

As far as I know, that's not how it works. Is it?

1KEATSvAhbB7yj2baLB5xkyJSnkfqPGAqk
gannicus
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November 05, 2013, 07:19:25 AM
 #4

What everyone does when they "discover" a flaw to get bitcoins easily:

1. Get bitcoins easily, and then go do media with proof of what they did and could do

2. Claims they know how to do it <---------------
BittBurger
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November 05, 2013, 02:14:41 PM
 #5

You're going to see more and more of these nonsense articles as Visa and Mastercard and the Banks start to worry for their profits.
Scaring people away from Bitcoin will be the most effective and common way to stifle its growth.
One mention of "hackers" and most people would never put their money into such a risky environment.

Bitcoin's true purpose defined in Satoshi's message on the Genesis Block:
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
View it on the Blockchain | Genesis Block Newspaper Copies
Coinseeker
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November 05, 2013, 04:11:13 PM
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You're going to see more and more of these nonsense articles as Visa and Mastercard and the Banks start to worry for their profits.
Scaring people away from Bitcoin will be the most effective and common way to stifle its growth.
One mention of "hackers" and most people would never put their money into such a risky environment.

Except Visa and Mastercard have nothing to fear from Bitcoin, since Bitcoin doesn't scale and could never handle the transaction volume of either.  Let's not even start with banks and actual real world currencies.   Roll Eyes

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November 05, 2013, 04:13:55 PM
 #7

You're going to see more and more of these nonsense articles as Visa and Mastercard and the Banks start to worry for their profits.
Scaring people away from Bitcoin will be the most effective and common way to stifle its growth.
One mention of "hackers" and most people would never put their money into such a risky environment.

Except Visa and Mastercard have nothing to fear from Bitcoin, since Bitcoin doesn't scale and could never handle the transaction volume of either.  Let's not even start with banks and actual real world currencies.   Roll Eyes

According to people who actually know what they are talking about (https://en.bitcoin.it/wiki/Scalability) Bitcoin scales quite well, and can easily do many times the transaction volume of Visa and Mastercard.

fghj
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November 06, 2013, 07:33:15 PM
 #8

What everyone does when they "discover" a flaw to get bitcoins easily:

1. Get bitcoins easily, and then go do media with proof of what they did and could do

2. Claims they know how to do it <---------------

3. Bitcoin is broken srsly send 1BTC to 1totallynotmineaddress and it will send you back 2, hurry before they patch it up Smiley
Actor_Tom_Truong
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November 07, 2013, 08:27:47 AM
 #9

Bitcoin mining network vulnerability ‘not a big deal’
http://www.coindesk.com/bitcoin-mining-network-vulnerability/
Actor_Tom_Truong
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November 10, 2013, 08:30:16 AM
 #10

Bitcoin Vulnerability Could Allow Malicious Miners to Seize Control
http://www.technologyreview.com/view/521521/bitcoin-vulnerability-could-allow-malicious-miners-to-seize-control/
Barek
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November 10, 2013, 08:42:43 AM
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It's getting old.

Amazing how much coverage a half baked paper gets that has not even been peer reviewed, yet.

The "problem" has been discussed years and years ago.
freedomno1
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November 10, 2013, 08:46:10 AM
 #12

Mumble take over the testcoins lol practice for the real thing  Grin
mistermint
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November 10, 2013, 12:23:17 PM
 #13

Bitcoin troll could bore everyone shitless by posting really old news that news outlets only just got wind of:
https://bitcointalk.org/index.php?topic=325225.0

Community thinks Actor Tom Troll's brain is broken and could collapse:
https://bitcointalk.org/index.php?topic=325225.0
Raoul Duke
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November 10, 2013, 12:24:34 PM
 #14

Bitcoin troll could bore everyone shitless by posting really old news that news outlets only just got wind of:
https://bitcointalk.org/index.php?topic=325225.0

Community thinks Actor Tom Troll's brain is broken and could collapse:
https://bitcointalk.org/index.php?topic=325225.0

QFT

Blueberry408
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November 10, 2013, 04:49:50 PM
 #15

It's pool mentality.. I suppose that explains all those "xyz pool is hiding block data from us"
It's competitive against waves of increased hash power, but the kind of competition that US persons are not accustomed to. They risk splitting the chain each time to a degree the bitcoin supersystem May or May Not be Able to handle. Of course the typical doom is heard from the shortsighted.


Bitcoin flaw could let group take control of currency
http://money.cnn.com/2013/11/04/technology/bitcoin-flaw/

Researchers Say 'Bitcoin Is Broken' And Could Collapse
 http://www.businessinsider.com/researchers-say-bitcoin-is-broken-and-could-collapse-2013-11


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Come-from-Beyond
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November 10, 2013, 05:22:42 PM
 #16

According to people who actually know what they are talking about (https://en.bitcoin.it/wiki/Scalability) Bitcoin scales quite well, and can easily do many times the transaction volume of Visa and Mastercard.

Will it be able to run on anything except NSA supercomputers then?
Rassah
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November 12, 2013, 05:04:32 AM
 #17

According to people who actually know what they are talking about (https://en.bitcoin.it/wiki/Scalability) Bitcoin scales quite well, and can easily do many times the transaction volume of Visa and Mastercard.

Will it be able to run on anything except NSA supercomputers then?

You didn't read the link, as it answers that question.

beetcoin
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November 12, 2013, 05:14:02 AM
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i researched a bit on the OP and he just sounds looney http://www.cuongvtruong.com/

refers to himself as "his majesty the King." he is a prophetic "son of god in the 21st century."
Lauda
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November 12, 2013, 05:58:12 AM
 #19

This is old news.


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Come-from-Beyond
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November 12, 2013, 09:48:07 PM
 #20

You didn't read the link, as it answers that question.

30,000 tps == 5.85 MiB/s (30000 tps * 0.2 KiB) == 493 GiB/day (5.85 MiB/s * 86400 s)

If u mean SPV mode... I'm talking about the full mode. Half a terrabyte is the lowest bound assuming transactions r very small. My HDD will be filled completely within 2 days. Maybe it's just my problem.
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