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Author Topic: Is Bitcoin really broken?  (Read 2594 times)
Mitzplik
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November 05, 2013, 01:24:11 PM
 #1

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

http://www.businessinsider.com.au/researchers-say-bitcoin-is-broken-and-could-collapse-2013-11

http://hackingdistributed.com/2013/11/04/bitcoin-is-broken/
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Barek
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November 05, 2013, 01:32:35 PM
 #2

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.
cedivad
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November 05, 2013, 01:34:54 PM
 #3

Yes, it is.
Sell me your coins at half the price, right now.

Thanks.

https://twitter.com/gavinandresen/status/397706050591129601

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
Mitzplik
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November 05, 2013, 01:38:42 PM
 #4

Yes, it is.
Sell me your coins at half the price, right now.

Thanks.

https://twitter.com/gavinandresen/status/397706050591129601

Of course!


Thanks
Mitzplik
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November 05, 2013, 01:40:29 PM
 #5

Yes, it is.
Sell me your coins at half the price, right now.

Thanks.

https://twitter.com/gavinandresen/status/397706050591129601

OK, thank you
BittBurger
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November 05, 2013, 02:15:16 PM
 #6

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
justusranvier
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November 05, 2013, 02:20:10 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.
It's a fine strategy in the short term, except that it loses effectiveness over time. People who've been aware of Bitcoin for a while have heard many news stories about its imminent death, yet it still exists and gets stronger over time.

Eventually "The Boy Who Cried Wolf" Syndrome kicks in.
safeminer
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November 05, 2013, 02:35:19 PM
 #8

I always enjoy reading the brain farts of people stuck in old paradigm's

But yes if you want to believe BTC is going to die than id be happy to buy all your coins for 50USD each
indianplayers
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November 05, 2013, 04:00:47 PM
 #9

I'll buy all your coins for half the price also!
RoadToHell
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November 05, 2013, 04:21:14 PM
 #10




Send PM to sell yours to me.  I'm offering $99/btc!

Sam Spade: We were talking about a lot more money than this.
Kasper Gutman: Yes, sir, we were, but this is genuine coin of the realm. With a dollar of this, you can buy ten dollars of talk.
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November 05, 2013, 05:30:38 PM
 #11


Send PM to sell yours to me.  I'm offering $99/btc!

$99.02/btc here

and the order book begins again
MysteryMiner
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November 05, 2013, 05:48:55 PM
 #12

The article and so called research is total crap. It is a modified version of so called 51% attack. And Bitcoin does not assume that all nodes are honest, quite the opposite! For this attack to work you need a large pool and brain damage to not publish mined blocks. And all it can do is create blockchain fork that is shorter than the main chain (because >50% of hashing power is working on properly broadcast chain). The forked chain will be orphaned when published.

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Ecurb123
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November 05, 2013, 06:08:35 PM
 #13

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.

I think you're right, but it's ok. I think it's ok if BTC is slow to be accepted, although so far I think it's moving pretty fast.
LiteCoinGuy
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November 05, 2013, 07:05:36 PM
 #14


vpitcher07
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November 05, 2013, 07:07:03 PM
 #15



I laughed way too hard at that..

Bitcoin: The currency of liberty
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November 05, 2013, 09:46:37 PM
 #16


"Hey! The Bitcoin protocol allows for a 51% attack!"

Wow. Thanks, Business Insider.  Roll Eyes

Then again, maybe I should be a little lenient. It's not as if everyone knows about it, and it may sound alarming to some hearing it for the first time.

Still though, to suddenly act as if you've found some secret, previously-unknown "flaw" and to speculate on it leading to bitcoin's collapse... I guess such a thing makes one a journalist nowadays.

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The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
Etlase2
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November 05, 2013, 09:52:56 PM
 #17

The forked chain will be orphaned when published.

Perhaps you should understand the attack before lambasting someone else's misunderstanding of it.

cypherdoc
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November 05, 2013, 09:54:42 PM
 #18



ROFL!
cypherdoc
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November 05, 2013, 09:56:30 PM
 #19

is it already going back up?
IsaacGoldbourne
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November 05, 2013, 10:12:58 PM
 #20


Nope just fear mongering, don't worry.

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