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Author Topic: In light of our recent hackings...  (Read 2784 times)
bulanula
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October 09, 2011, 06:51:27 PM
 #21

I have essentially no experience with hardware design but I gather you could make a custom sha256 ASIC for under $500K.  If that's the case, I estimate it would take less than $1M to dominate the bitcoin network's hashing power.  If I was working for a government agency trying to disrupt bitcoin, I would start there.

On the other hand, the way the MtGOX hackers drove the USD exchange rate to approximately zero did seem extremely inefficient, and a perfect way to discredit bitcoin as a secure store of value.

They are driving price down so miners leave and hashing power falls and they can attack the system with just a couple of farms they already have etc.

Government is being smart and trying to save $$$ - no point getting billions of ATI cards to attack the system. "Control a country's economy and you control the people too".
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astana
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October 09, 2011, 06:57:30 PM
 #22

Do people really believe the government/controllers/bankers would give up their money monopoly without a fight?

they can fight but they will never win, this is just the start. it has begun, there is no turning back this is the way of the future. just like paypal, ebay, napster set a revolution in motion bitcoin will do the same.

but it's limited,  it needs 1,000,000coins in circulation not 21 million
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October 09, 2011, 07:02:12 PM
 #23

...
Assuming Bitcoin7 didn't just, you know, run off with the cash themselves, someone in eastern Europe, some parts of Asia, the south pacific etc... for all these people, whatever the hell was in Bitcoin7's wallet, whatever the hell was in MyBitcoin - I guaran-damn-tee you it was not an insignificant amount of money for these people. And thanks to the magic that is Bitcoin, they'll very likely have gotten away with it scot-bloody-free too.

But exactly this is my assumption.

Also a possible conspiracy would be much closer than most think, I can't see why the mtgox hack couldn't have been an inside job either - but as for former cases I think it is clear that it was 'self inflicted'

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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October 09, 2011, 09:17:11 PM
 #24

that's why I don't trust exchanges to a degree except tradehill, they seem to have their shit in order. in my country they comply with banking regulations,  and we have some of the strictest in the world.
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October 09, 2011, 09:36:06 PM
 #25

they can fight but they will never win, this is just the start. it has begun, there is no turning back this is the way of the future. just like paypal, ebay, napster set a revolution in motion bitcoin will do the same.
IFF a government/corporation is actively destroying bitcoin, they will win. period.

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astana
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October 10, 2011, 02:09:59 AM
 #26

they can fight but they will never win, this is just the start. it has begun, there is no turning back this is the way of the future. just like paypal, ebay, napster set a revolution in motion bitcoin will do the same.
IFF a government/corporation is actively destroying bitcoin, they will win. period.

That could be true, but it's started. If bitcoin fails another one will step up, bitcoin just opened pandora's box.
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October 10, 2011, 05:07:15 AM
 #27

I'm starting to agree with the grumpy old Austrians who believe a currency must have value in and of itself -- the same argument applies to fiat backed by debt or "In god we trust".

The PPT could push the price of gold as low as they want, but ultimately, regardless of what the markets say, I'll definitely buy a chunk of gold for a few dollars, no matter what I can sell it for. Bitcoin price (irrespective of the value of the protocol) is entirely based on speculation. If the user base is great enough and the price low enough, the velocity of exchange will simply increase (inflation) and that's actually where bitcoins are ideal, high velocity trade. Bitcoin can actually continue to depreciate if people buy it only long enough to make a trade and sell. Billions of people could use it every day, yet the price could be suppressed if no one believes the coin itself has value.

Anyway, as far as the price of bitcoin this minute, if bitcoin crosses under $4.05 it will crash again.

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October 10, 2011, 06:38:42 AM
 #28

Anyway, as far as the price of bitcoin this minute, if bitcoin crosses under $4.05 it will crash again.
Famous last words @ 4.03531
That big block of 1100 btc @ $4.05 vanished.
If only it were so easy to predict.

netrin
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October 10, 2011, 07:12:01 AM
 #29

my money is still counting on my last words.

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October 10, 2011, 08:02:53 AM
 #30

Do people really believe the government/controllers/bankers would give up their money monopoly without a fight?
Do people realize how important control of the money system is?

Quote
Permit me to issue and control the money of the nation and I care not who makes its laws. — Mayer Amsched Rothchild

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