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Author Topic: Interview With Jeff Smith, CIO CEX  (Read 915 times)
pollen_bit
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September 30, 2014, 01:05:12 PM
 #1

Interview With Jeff Smith, CIO CEX:
Harming Bitcoin will be economically impractical
http://www.iamsatoshi.com/harming-bitcoin-economically-impractical/

IamSatoshi is a project to explore ฿itcoin. https://www.onename.io/iamsatoshi
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September 30, 2014, 06:08:14 PM
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Not entirely impractically if you're the US Govt, but very very very expensive  Grin Estimates are around $666m right now, to do a 51% attack [1].

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[1] http://www.coinometrics.com/bitcoin/rix
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September 30, 2014, 07:37:16 PM
 #3

I certainly hope it's US $ and not Zimbabwe $  Grin Grin

Seriously ... It's just too much money for too little gain. Why would any sane person even want to waste that amount of money, to do that.

This is just a non-issue.

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September 30, 2014, 09:32:58 PM
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Well, some people actually suspect the US govt actually created Bitcoin - https://news.ycombinator.com/item?id=5547423

Probably in the same category of people who believe 9/11 was an inside job though.
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September 30, 2014, 10:10:53 PM
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Nice link , thanks.

All is Mine!

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October 01, 2014, 12:11:01 AM
 #6

Not entirely impractically if you're the US Govt, but very very very expensive  Grin Estimates are around $666m right now, to do a 51% attack [1].

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[1] http://www.coinometrics.com/bitcoin/rix
Even if you were to successfully launch a 51% attack on the network, the "honest" nodes and miners could simply ignore the blocks that were found by the attacking miners so the 51% attack would ultimately not work.

Also any 51% attack must be sustained over the long term and not just over a few hours or a few days, as the network could simply do a soft fork from when the attack had started if it ends early enough


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BayAreaCoins
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October 01, 2014, 01:14:23 AM
 #7

Not entirely impractically if you're the US Govt, but very very very expensive  Grin Estimates are around $666m right now, to do a 51% attack [1].

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[1] http://www.coinometrics.com/bitcoin/rix

You could do a 51% attack with a subsidized mining pool and the greedy ass miners.

It would be far cheaper than $666 million Tongue

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