Gold collapsing. Bitcoin UP.

[thezerg]

Antonopoulos is out of his mind suggesting the current hashing power of the network is enough to secure a $1T Bitcoin market cap

I didn't watch but I agree with him in principle.  You can't steal coins with 51% only block service.  So the only entity who would waste the kind of $ to 51pct is governments.  But governments would simply legislate the problem away not waste 100 millions to build up hash.

[justusranvier]

Caveat:  SHA256 broken==blockchain corrupted--your BTC transferred ta hax0r's wallet--irreversible.  You can hardfork the ashes all you want, your money's gone.  Poof!  Fini.

You need to work in your FUD.

Your scenario is less incorrect for ECDSA than it's incorrect for SHA256.

[kodtycoon]

Caveat:  SHA256 broken==blockchain corrupted--your BTC transferred ta hax0r's wallet--irreversible.  You can hardfork the ashes all you want, your money's gone.  Poof!  Fini.

You need to work in your FUD.

Your scenario is less incorrect for ECDSA than it's incorrect for SHA256.

lol

[cypherdoc]

Caveat:  SHA256 broken==blockchain corrupted--your BTC transferred ta hax0r's wallet--irreversible.  You can hardfork the ashes all you want, your money's gone.  Poof!  Fini.

You need to work in your FUD.

Your scenario is less incorrect for ECDSA than it's incorrect for SHA256.

lol

Dude! Been waiting for you to show up! Did you actually produce this?

https://m.youtube.com/watch?v=cIasr2AiyZ0

[iCEBREAKER]

Gold will exist in 20 years, BTC not sure

But what will the value of gold be in 20 years?

The immutable value of shiny gold in 20 years will be the same as 1000 or 2000 years ago.

It will get you food, clothing, shelter, and intimate companionship.

Gold is proof of work, being born in a quasar or other extreme cosmic event.

SHA256 and ECC will be broken and forgotten long before we can duplicate the power of a supernova.

If you really think SHA256 will be broken, then you should be buying lead (bullets) and not gold. The entire financial network of the world is built on that encryption, ATMs, SWIFT, ACH, everything.  If SHA256 gets hacked, it's the Mad max scenario and we will all have much bigger problems than bitcoin. Besides, we can migrate the blockchain over to SHA512 with a hard fork a heluva lot easier that the bank's 40 YO computer networks can upgrade. Perhaps you remember what a clusterfuck it was to fix the Y2K bug in 1999.

I didn't say SHA will be broken anytime soon.  I only said that SHA will be broken and forgotten long before we have can harness the power of supernovas to create gold.

I expect SHA to be broken within 100 years.  Bulk transmutation of heavy elements will take at least another 100 because we'll need zero-point energy for power.

Regardless, you should be buying lead AND gold, not one or the other.  They are complimentary goods!   

[tabnloz]

Antonopoulos is out of his mind suggesting the current hashing power of the network is enough to secure a $1T Bitcoin market cap

Is there a link to this somewhere?

https://www.youtube.com/watch?v=lIgjogLipvk


@brg444, I took AA's point to be that btc has been under attack since its inception from a range of global players and it is yet to be broken; hence the currency may be $10000 or $100, the encryption is still yet to be cracked? Care to ELI5 differently?

[kodtycoon]

Caveat:  SHA256 broken==blockchain corrupted--your BTC transferred ta hax0r's wallet--irreversible.  You can hardfork the ashes all you want, your money's gone.  Poof!  Fini.

You need to work in your FUD.

Your scenario is less incorrect for ECDSA than it's incorrect for SHA256.

lol

Dude! Been waiting for you to show up! Did you actually produce this?

https://m.youtube.com/watch?v=cIasr2AiyZ0

lol no.. saw when it had like 2 views and I just thought shit more people need to see this lol yeah I am highly involved in an alt but that video is gold regardless!! Lol

[cypherdoc]

Caveat:  SHA256 broken==blockchain corrupted--your BTC transferred ta hax0r's wallet--irreversible.  You can hardfork the ashes all you want, your money's gone.  Poof!  Fini.

You need to work in your FUD.

Your scenario is less incorrect for ECDSA than it's incorrect for SHA256.

lol

Dude! Been waiting for you to show up! Did you actually produce this?

https://m.youtube.com/watch?v=cIasr2AiyZ0

lol no.. saw when it had like 2 views and I just thought shit more people need to see this lol yeah I am highly involved in an alt but that video is gold regardless!! Lol

Lol, that video is on par with Hitler, maybe even better. Whoever made that has great timing and nuance. Couldn't stop laughing  myself!

[NotLambchop]

Caveat:  SHA256 broken==blockchain corrupted--your BTC transferred ta hax0r's wallet--irreversible.  You can hardfork the ashes all you want, your money's gone.  Poof!  Fini.

You need to work in your FUD.

Your scenario is less incorrect for ECDSA than it's incorrect for SHA256.

FUD?  Simply replying to a redneck fireman from the sticks fellow Bitcoin intellectual & international financier, Billy Jo.  Mentioned mental giant posits that "SHA256 [being] hacked" would devastate our real financial institutions, while BTCeanie enthusiasts would simply hardfork their scheme to save the day.
If you wish, I could bring up yet another catch:  can't hardfork in real time.  The most recent patch (can't remember, something about 7TPS limit or 21 mil. max coin limit) has been in the works for forever, the one addressing SHA256 haxoring might take a bit longer  

[Pruden]

Dude! Been waiting for you to show up! Did you actually produce this?

https://m.youtube.com/watch?v=cIasr2AiyZ0

lol no.. saw when it had like 2 views and I just thought shit more people need to see this lol yeah I am highly involved in an alt but that video is gold regardless!! Lol

Lol, that video is on par with Hitler, maybe even better. Whoever made that has great timing and nuance. Couldn't stop laughing  myself!

As a Spaniard, I approve of this video. It's especially funny to someone who knows Risitas, who more than a comedian is a teller of personal anecdotes as miserable as they are funny.

P.S: Now I notice Risitas has become a meme, damn, I thought this video was one of a kind. No such thing on the net, I guess.

[cypherdoc]

Dude! Been waiting for you to show up! Did you actually produce this?

https://m.youtube.com/watch?v=cIasr2AiyZ0

lol no.. saw when it had like 2 views and I just thought shit more people need to see this lol yeah I am highly involved in an alt but that video is gold regardless!! Lol

Lol, that video is on par with Hitler, maybe even better. Whoever made that has great timing and nuance. Couldn't stop laughing  myself!

As a Spaniard, I approve of this video. It's especially funny to someone who knows Risitas, who more than a comedian is a teller of personal anecdotes as miserable as they are funny.

P.S: Now I notice Risitas has become a meme, damn, I thought this video was one of a kind. No such thing on the net, I guess.

Given the misery of the Spanish economy since 2008, i can imagine he's had plenty of material.

[Hfleer]

Caveat:  SHA256 broken==blockchain corrupted--your BTC transferred ta hax0r's wallet--irreversible.  You can hardfork the ashes all you want, your money's gone.  Poof!  Fini.

You need to work in your FUD.

Your scenario is less incorrect for ECDSA than it's incorrect for SHA256.

lol

Dude! Been waiting for you to show up! Did you actually produce this?

https://m.youtube.com/watch?v=cIasr2AiyZ0

lol no.. saw when it had like 2 views and I just thought shit more people need to see this lol yeah I am highly involved in an alt but that video is gold regardless!! Lol

Lol, that video is on par with Hitler, maybe even better. Whoever made that has great timing and nuance. Couldn't stop laughing  myself!

It really is. Spot on description. Cripti and Sys must be celebrationg that video

[tvbcof]

Caveat:  SHA256 broken==blockchain corrupted--your BTC transferred ta hax0r's wallet--irreversible.  You can hardfork the ashes all you want, your money's gone.  Poof!  Fini.

You need to work in your FUD.

Your scenario is less incorrect for ECDSA than it's incorrect for SHA256.

FUD?  Simply replying to a redneck fireman from the sticks fellow Bitcoin intellectual & international financier, Billy Jo.  Mentioned mental giant posits that "SHA256 [being] hacked" would devastate our real financial institutions, while BTCeanie enthusiasts would simply hardfork their scheme to save the day.
If you wish, I could bring up yet another catch:  can't hardfork in real time.  The most recent patch (can't remember, something about 7TPS limit or 21 mil. max coin limit) has been in the works for forever, the one addressing SHA256 haxoring might take a bit longer  

Real problems tend to be resolved with remarkable speed.  The BDB mis-config was a classic example and was actually quite impressive.  How fast a similar thing would happen today is not clear, but it remains the case that genuine problems are rapidly addressable.

In the case of the transaction rate, things are much slower because a decent percent of the players (including myself) consider some of the leading proposals to address the 'problem' to be an attack on the system and one which will sink it.  And we don't want to see that happen.  WRT the 21 mil, even stating that as a problem demonstrates some combination of ignorance and deceit (and worse still, a lack of a developed sense of humor.)  There is a real problem here, but if you don't mention undependable outputs it shows a lack of understanding and rigor.

Hopefully we can get to a point where core Bitcoin can simply freeze in a know working state and provide support to a multitude of sidechains.  This will protect Bitcoin core against unintended development failures and preserve it in a form where hard-fork resolutions to severe problems are resolvable with similar effectiveness of the BDB issue.  One of the many advantages of this would be that many sidechain economies could move on relatively unimpeded while any potential core Bitcoin issues were resolved.  That is a key advantage of the right balance of abstraction in system design.

[bracek]

another one

https://www.youtube.com/watch?v=JCR3722ACTI

[Wandererfromthenorth]

http://sidazhang.com/3-reasons-why-bitcoin-wont-be-the-new-internet/

Some valid points in there.

[Hfleer]

There seems to be consensus among some people that Gavin's scaling proposition would make the bitcoin network a lot less secure.

https://twitter.com/petertoddbtc/status/574582759508873216


Same with Mircea Popescu (who declared war to Gavin if his solution happens) and some other folks.

Well Mirceas war declaration isn't a big reason as he is offended fast. But Peter Todd has a good point. Security is the most important point and everything needs to be discussed before taking any step at all.

[tabnloz]

There seems to be consensus among some people that Gavin's scaling proposition would make the bitcoin network a lot less secure.

https://twitter.com/petertoddbtc/status/574582759508873216


Same with Mircea Popescu (who declared war to Gavin if his solution happens) and some other folks.

So the author doesn't think Bitcoin can solve the mining / tx fee issue without the price jumping, tx's increasing or hashing power rocketing. Fair enough, it's an ongoing debate in a live, global, experiment.

I dont know why critiques are always being so binary; it cant take over all retail, cant do this right now, will never adapt to that.... I don't think it ever was intended to take out all retail. I think it will exist as an option for those so inclined, much because that is what it is in all areas - an alternative. Birthed from the ashes of a financial meltdown and the biggest economic experiment in history (QE), it's whether people see the merit in it or not (and their ability to see it or not is a whole other discussion).

[sgbett]

The discussion will surely happen, but in the meantime everyone else will focus on the poop being flung by all the monkeys that aren't a part of that committee (I include myself!) heh

[Hfleer]

The discussion will surely happen, but in the meantime everyone else will focus on the poop being flung by all the monkeys that aren't a part of that committee (I include myself!) heh

I think that controversy is good to raise awareness. Even if this might hurt the "imgae" of the developer team and BTC in general, the overall effect in the end will be very positive.

[Erdogan]

There seems to be consensus among some people that Gavin's scaling proposition would make the bitcoin network a lot less secure.

https://twitter.com/petertoddbtc/status/574582759508873216


Same with Mircea Popescu (who declared war to Gavin if his solution happens) and some other folks.

So the author doesn't think Bitcoin can solve the mining / tx fee issue without the price jumping, tx's increasing or hashing power rocketing. Fair enough, it's an ongoing debate in a live, global, experiment.

I dont know why critiques are always being so binary; it cant take over all retail, cant do this right now, will never adapt to that.... I don't think it ever was intended to take out all retail. I think it will exist as an option for those so inclined, much because that is what it is in all areas - an alternative. Birthed from the ashes of a financial meltdown and the biggest economic experiment in history (QE), it's whether people see the merit in it or not (and their ability to see it or not is a whole other discussion).

It is also a point that now it can take a share of retail, a share of microtransactions, while these functions might have to be delegated to service companies in the future. It does not matter, it is important that these functions can expand bitcoin in the moment. The expansion can not be balanced, it will go into the areas where bitcoin can make a difference in the moment, then later, it will go into other areas.