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Author Topic: Bitcoin Is Broken  (Read 2209 times)
Pitstop
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November 05, 2013, 11:26:00 AM
 #1

Bitcoin Is Broken - And not just superficially so, but fundamentally, at the core protocol level. We're not talking about a simple buffer overflow here, or even a badly designed API that can be easily patched; instead, the problem is intrinsic to the entire way Bitcoin works.....

http://hackingdistributed.com/2013/11/04/bitcoin-is-broken/

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November 05, 2013, 11:32:09 AM
 #2

Published right when Bitcoin goes up.  Coincidence?  If I were you I would check the math before stating Bitcoin is broken.  Anyone can publish a "whitepaper" with sophisticated calculations signed by a fake person.
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November 05, 2013, 11:37:28 AM
 #3

Earlier post with same/similar topic here:

https://bitcointalk.org/index.php?topic=325225.0

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.
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November 05, 2013, 09:49:25 PM
 #4

I've got $250 that says it isn't.

                         
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November 05, 2013, 09:51:35 PM
 #5

FUD
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November 05, 2013, 09:56:06 PM
 #6

is it already going back up?
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November 06, 2013, 12:00:26 AM
 #7

Bitcoin Is Broken - And not just superficially so, but fundamentally, at the core protocol level. We're not talking about a simple buffer overflow here, or even a badly designed API that can be easily patched; instead, the problem is intrinsic to the entire way Bitcoin works.....

http://hackingdistributed.com/2013/11/04/bitcoin-is-broken/

The 51% attack has been known about from the start. It's not a "flaw," it's a compromise made in order to get the specific features that make bitcoin what it is. It's constantly addressed and factored into the actions of the community.

This is why many of us are happy with ASICs coming about; the higher the hashrate, the harder it is for any group to execute the attack. Although even if they did, there are limits to what a successful attacker could do, and how long they could sustain the attack. And regardless of all that, they still couldn't steal your coins.

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November 06, 2013, 12:08:47 AM
 #8

/sigh


well if it's broken then these ___ BTC are worthless.   

*boots computer to the sidewalk*

The only way to deal with an unfree world is to become so absolutely free that your very existence is an act of rebellion. – Albert Camus
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November 06, 2013, 12:33:14 AM
 #9

Well, if "selfish" mining strategy is more profitable then the "honest", everybody will (in theory) switch to it so they can compete with each other. However, this technique hugely depends on luck while trying to propagate competing block through the network which will not always be successful.
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November 06, 2013, 11:22:46 AM
 #10

So this is just plain, old >50% attack? Is that it?

People love creating panic, indeed :-)
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November 06, 2013, 03:09:00 PM
 #11

Bitcoin is not broken, but here are serious road-blocks ahead:
https://bitcointalk.org/index.php?topic=325642.0
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November 06, 2013, 03:15:20 PM
 #12

Bitcoin Is Broken - And not just superficially so, but fundamentally, at the core protocol level. We're not talking about a simple buffer overflow here, or even a badly designed API that can be easily patched; instead, the problem is intrinsic to the entire way Bitcoin works.....

http://hackingdistributed.com/2013/11/04/bitcoin-is-broken/

No. If Bitcoin were broken the price would be exactly zero.

The 4ner
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November 06, 2013, 03:23:45 PM
 #13

I've got $250 that says it isn't.

No. We've got $272 that say it isn't! I'm so happy BTC broke its last high price record of $266.  Grin
Woot! woot!
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November 06, 2013, 03:39:31 PM
 #14

I've got $250 that says it isn't.

No. We've got $272 that say it isn't! I'm so happy BTC broke its last high price record of $266.  Grin
Woot! woot!

Yey record high! Cheesy
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November 06, 2013, 04:12:05 PM
 #15

Yep useless fud


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November 06, 2013, 04:24:28 PM
 #16

Bitcoin at risk of network attack, say researchers

The Bitcoin virtual currency is vulnerable to a "selfish" attack that would let someone gradually take control of the digital cash system.

Quote
The theoretical attack tries to subvert the way that computers involved in Bitcoin share information.

It plays upon the fact that everyone involved in keeping track of Bitcoin assumes all participants are honest.

Such an attack could already be happening, said the US researchers who discovered the vulnerability.

"Bitcoin is broken, " wrote Prof Emin Surer, one of the Cornell University scientists who developed the attack, in a blogpost describing the work.

...

http://www.bbc.co.uk/news/technology-24818975


Date Registered:   October 26, 2013, 09:38:22 AM
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November 06, 2013, 04:57:14 PM
 #17

yep, i have to agree with the OP.

Bitcoin is broken to the upside!

Furthermore, Bitcoin is broken to a new high!

Yay!
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November 06, 2013, 05:16:30 PM
 #18

It is not a 51% attack. This is an attack that anyone can do, but the higher your hash rate, the more profitable it is.

Basically, the idea is to manipulate reporting of new blocks in a way that sometimes cheats other miners out of their block rewards. There are two natural resistances to this attack. 1. It works best if only one pool does it. If everyone does it, then everyone is equal and it fails. 2. The paper claims that the problem is that if a pool does it, then more people will join the pool putting it over 51%. However, the more people that join the pool, the less profit there will be from the attack, so there is an incentive to keep the pool small.

In short, there may not even be a problem, or there is a problem, it could be small.

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November 09, 2013, 12:26:12 AM
 #19

Gez!! It's not my article! I just added it to get feedback! Man!! the value of BTC will continue to rise to unimaginable high's I believe!! Don't take the post as an attack, it was just a heads up!!

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