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Author Topic: Andreas Antonopolous speaking about nation-states theoretical attack on Bitcoin  (Read 99 times)
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November 25, 2019, 05:42:48 AM
Merited by DdmrDdmr (1), bitmover (1)
 #1

I have never been more confident in Bitcoin, POW, and its working incentive-structure after listening to this talk by Andreas.

Don't be trolled. Cool

https://twitter.com/bitcoinmagazine/status/1197161029832265729

Quote

"If the let this stuff run, the can actually get some Bitcoin".



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November 25, 2019, 02:56:48 PM
 #2

He is right, states do not benefit from cryptocurrencies, if they do not want to develop, it is beneficial to people.
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November 25, 2019, 03:16:31 PM
 #3

Well it took him exactly 39 seconds (without adding his additional discussion) to answer that question and at the same time make the crowd cheer up and be confident that a government attack won't destroy Bitcoin. By doing so that government of a country is actually risking itself getting caught rather than succesfully destroying Bitcoin which I don't think a country would risk doing so. Now I'm more curious on what country is the reporter hinting us because I'm not aware of any country that hate Bitcoin so much that they are willing to destroy it.

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November 25, 2019, 03:42:10 PM
 #4

I have never been more confident in Bitcoin, POW, and its working incentive-structure after listening to this talk by Andreas.

Don't be trolled. Cool

https://twitter.com/bitcoinmagazine/status/1197161029832265729

Quote

"If the let this stuff run, the can actually get some Bitcoin".


The most important thing is that Bitcoin kind of currencies (whether physical or virtual) cannot be eliminated from the internet or real world if there are threats to freedom/privacy or lack of freedom/privacy.

By the way, it will take alots breaking of the law and possibly full blown dictatorship for Bitcoin or similar cryptocurrencies to banned.







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November 25, 2019, 03:53:46 PM
 #5

Those wise words from Andreas, and he is right, if a government tries to double-spend that will bring a fork to bitcoin to get the blockchain back on track. So, not even a government can destroy bitcoin.

Thanks for sharing that video, that kind of words only grows our trust in bitcoin.

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November 25, 2019, 03:55:48 PM
 #6

I have never been more confident in Bitcoin, POW, and its working incentive-structure after listening to this talk by Andreas.

Don't be trolled. Cool

https://twitter.com/bitcoinmagazine/status/1197161029832265729

Quote

"If the let this stuff run, the can actually get some Bitcoin".


This is when we see why pow is better than any other algorithm
An attack on Bitcoin would cause nation's to black out.
It would require a nation scale energy

This is not about scalability only, but security against big nation's.

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November 26, 2019, 06:30:23 AM
 #7

Well it took him exactly 39 seconds (without adding his additional discussion) to answer that question and at the same time make the crowd cheer up and be confident that a government attack won't destroy Bitcoin. By doing so that government of a country is actually risking itself getting caught rather than succesfully destroying Bitcoin which I don't think a country would risk doing so. Now I'm more curious on what country is the reporter hinting us because I'm not aware of any country that hate Bitcoin so much that they are willing to destroy it.


It took him 39 seconds to make a point that we should understand. Who secures Bitcoin, and who makes the miners "the miners"?

Hint, the big blockers don't want you to be one. Cool


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November 26, 2019, 02:26:06 PM
 #8

Andreas is totally right about this kind of attack, it would be terribly expensive, and it would fail very quickly. It is not easy (if at all possible), to destroy Bitcoin, and I think something like this would be the last option in some possible attempt to destroy Bitcoin.

However, given the fact that China has more than 50% of the hash power, I see a big problem in that fact. We all can see that China makes strange decisions when it comes to Bitcoin, and one day they can just decide that all mining farms become the property of the CP. Of course, it will not destroy Bitcoin, but the panic that would then prevail would have a devastating effect on price.

I also think that Bitcoin is no threat at this time and that no state plans to destroy it, but they turned more to the control and supervision of those who use it.

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November 26, 2019, 02:42:45 PM
 #9

The best thing states can do is to buy bitcoin, or mine bitcoin and be 'on the bus', instead of 'under the bus'

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November 26, 2019, 02:52:14 PM
 #10

Andreas is totally right about this kind of attack, it would be terribly expensive, and it would fail very quickly. It is not easy (if at all possible), to destroy Bitcoin, and I think something like this would be the last option in some possible attempt to destroy Bitcoin.

However, given the fact that China has more than 50% of the hash power, I see a big problem in that fact. We all can see that China makes strange decisions when it comes to Bitcoin, and one day they can just decide that all mining farms become the property of the CP. Of course, it will not destroy Bitcoin, but the panic that would then prevail would have a devastating effect on price.

I also think that Bitcoin is no threat at this time and that no state plans to destroy it, but they turned more to the control and supervision of those who use it.


Some of the Chinese miners are moving out of China because they're afraid of their governments.

In the end it all comes down to the cost of energy. In China they have surplus power because they overbuilt the hydroelectric dams during the Great Financial Crisis.

If the rest of the world can develop a lot of cheap solar or wind energy, then the mining will move there. It's literally about supply and demand of energy.

 
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November 26, 2019, 03:12:49 PM
 #11

Fear guides them, fear of something new.
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November 27, 2019, 07:07:02 AM
 #12


Andreas is totally right about this kind of attack, it would be terribly expensive, and it would fail very quickly. It is not easy (if at all possible), to destroy Bitcoin, and I think something like this would be the last option in some possible attempt to destroy Bitcoin.


It's going to be very expensive to do it, and the community will always be in consensus to kick out bad actors that are threat to Bitcoin's existence.

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However, given the fact that China has more than 50% of the hash power, I see a big problem in that fact. We all can see that China makes strange decisions when it comes to Bitcoin, and one day they can just decide that all mining farms become the property of the CP.


Will China decide to be a bad actor , or a good actor? Cool

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Of course, it will not destroy Bitcoin, but the panic that would then prevail would have a devastating effect on price.


That's a market problem, not the network's problem. The market will always sort itself out.

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I also think that Bitcoin is no threat at this time and that no state plans to destroy it, but they turned more to the control and supervision of those who use it.


They would leave it alone, if it wasn't a threat.


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November 27, 2019, 07:56:02 AM
 #13

Andreas Antonopolous is fully right. Bitcoin is capable of this, it’s such an instrument, and states are afraid of it. Pomp always discuss hot topics, I adore him  Cool
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