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Author Topic: What it costs to kill Bitcoin: $20 million  (Read 5591 times)
mcdett
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May 14, 2011, 02:37:05 AM
 #41

I think the way to kill the currency is to own all or most bitcoins in existence and mined in the future.

yes... perfect!  You've figured out the key!

can we kill this thread yet?
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yeponlyone
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May 14, 2011, 03:50:42 AM
 #42

yes... perfect!  You've figured out the key!

can we kill this thread yet?

I'm confused, why the rush kill it? is this your attempt at some kind of peer pressure censorship to avoid contemplating something that makes you uncomfortable? I guess it makes sense if you have counted your eggs already, or carrots, whatever it is the Kids are callin 'em these days..

Or it could be that you wish it dead because you fear the free flow of uncomfortable ideas may turn off potential investors..

I suppose it could be that you are sick of having to exerting the energy it takes to move the mouse the extra 5 centimeters past the thread when you are looking for more sugary posts that tell you everything is going to be alright and you are going to live happily ever after..

in any case it seems that you favor ignorance for yourself and others in the name of temporary bliss. sounds like we got ourselves a drinker  Cheesy  i kid, i kid, i couldn't possibly know if you are a drinker by this one post...

perhaps you have a reason I missed?

lol, i thought of another one, maybe you think that if we hurry up and end it that the feds wont have time to check the forum and be clued in on the fact that they have the power to shut the party down. (pss.. i think they may already know)

you know, there is a way that you can assure that you come out on top no matter how/if this city gets burnt to the ground, simply convert portions of your profits occasionally to a more traditional currency so that either way at least you come out with more than you started with. granted this may just be me trying to get a dip in prices so I can get a better rate  Wink

please. let us know why you are so trigger happy.
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May 14, 2011, 05:05:50 AM
 #43

quote freemoney

"It's open source. People look inside at how it does what it does, it isn't a mystery or anything."


I'm aware, however, I was under the impression that both money invested and the earlier the attack began, the worse damage it could do. Is it not the case that those who have viewed and understand the code claim this?


how do you do those quote bubbles? I'm new to this..


Oh, I thought you were saying that the enemy had some advantage from writing the code. They don't so that doesn't matter.

Coming up with an awesome idea and implementing it so that you can destroy it instead of letting someone else do it and then you can destroy it is beyond me. If that's a good plan it's for reasons so subtle and amazing that I'll never understand.

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May 14, 2011, 05:06:43 AM
 #44

I think the way to kill the currency is to own all or most bitcoins in existence and mined in the future.

yes... perfect!  You've figured out the key!

can we kill this thread yet?

I really hope this the government's kill bitcoin plan.

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yeponlyone
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May 14, 2011, 01:56:28 PM
 #45

I know it's a long post, but theres a dick joke at the end :-)


Coming up with an awesome idea and implementing it so that you can destroy it instead of letting someone else do it and then you can destroy it is beyond me. If that's a good plan it's for reasons so subtle and amazing that I'll never understand.

with all respect, I beg to differ sir, I believe, of all people you would be able to understand this theory.

I'm proposing that people who have invested in btc are made up of two groups:

1)those who know the code is solid
2)those who trust people who know the code is solid, and are most likely to invest their money in such a trust

what I am saying is, most likely (1) represents 5% to 10% of the invested funds (and I'm of the opinion that this is a high estimate). group (2) represents the remainder.

What this means is, that if today we all log into our btc clients and discover that we have been the victims of a massive attack, both groups (1) and (2) will be quite pissed off, however these groups will handle their anger in two different ways, group (1) will, inspired by this idea set to work in making a system that is unattackable. If they are successful, then they are going to run back to (2) and say "ye did it! we did it! we made a super currency! its the way of the future.. revolution.. bla bla.. invest your money again group (2) we got it right this time!" and group (2) will just be reminded of that time when group (1) said something quite similar(remember btc?) which resulted in them losing their investment and its profits, thus, be much less likely to invest again. now imagine this happens when btc hits 100$, that is a massive group (2) to be disgusted by the idea of decentralized currency, they won't know the specifics, they don't think in specifics, they just know they were millionaires, now they are back to being the poor middleclass schmucks they have been since birth, all thanks to decentralized currency, good luck getting them to invest again.

I know this may seem pessimistic or paranoid, however, I am of the mindset that if I hear a proverbial noise in my closet, I go open it to see whether or not there is a monster in their instead of hiding under my sheets and letting my fear fester in in the back of my mind. By discussing it, instead putting my fingers in my ears and saying "bla bla bla, i can't hear you" or "can we just kill this thread yet?"(which i feel mcdett is by no means alone in his sentiment), we are doing ourselves a favor.

I think the chances of the scenario i propose are slim, it seems like the enemies would be better off waiting for a network to emerge and then trying to crush it. This brings up the question, at what point can we be sure that the network is large enough to not be crushed? It seems like we are in a sort of race right now to get to that size, which makes it a real shame that those who claim they believe in btc as a method of changing the world for the better, don't take this belief to almost a religious zealousy in order to win this race and actually change the world. Instead it seems they would rather just keep clicking refresh over at mtgox and patting themselves on the back for that one good decision they made months ago when they first invested in btc. It really pains me considering how easy it would be to get the word out on a much more massive scale than it now is, just look a my '"I've heard of that" post' if a mere hundred btcers commit to just 10 little pieces of paper a day, thats 30,000 new btc exposures in a month(now calculate 1000 - I think we'd win race), but instead they would rather hide under their sheets jackin their dicks with a refresh button, if the monster gets 'em it gets 'em.
BitterTea
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May 14, 2011, 03:10:00 PM
 #46

Yeah, you obviously have a better grasp on this community and the projects being worked on than the rest of us. We're all just sitting around with our dicks in hand, not building infrastructure for the Bitcoin economy. Nothing to see here.
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May 14, 2011, 03:52:22 PM
 #47

Yeah, you obviously have a better grasp on this community and the projects being worked on than the rest of us. We're all just sitting around with our dicks in hand, not building infrastructure for the Bitcoin economy. Nothing to see here.
hat. Your

I'm not sure how you thought i was referring to people who are actually capable of building infrastructure, and doing it, as the ones with "their dicks in their hands" maybe you misunderstood the metaphor somehow? I wish I was already capable of making technical advancements for bitcoin, unfortunetly, until now I have had no interest in doing any sort of programing whatsoever. I was simply referring to those who, like me, currently are unable to help in that respect, due to their ignorance of the programing, so they assume there is nothing they can do to help. i was giving an option to them which could be very helpful. Looking back on my post, I suppose I wasn't 100% clear.

however, at risk of coming of as an asshole and hurting your feelings BitterTea, I would suggest that outbursts of defensiveness general come from those who feel they have something they need to defend. Maybe you feel like you could do more? It may just be that you are doing so much for bitcoin that you feel you deserve recognition for it. I havn't done any research into you personally, so I don't know.
BitterTea
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May 14, 2011, 05:33:19 PM
 #48

No, it just gets old seeing a constant parade of new people who think they have everything figured out, as if we've never considered these issues before.
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May 31, 2011, 05:47:07 PM
 #49

No, it just gets old seeing a constant parade of new people who think they have everything figured out, as if we've never considered these issues before.

Indeed. That's exactly why I wrote that: http://thebitcoinsun.com/post/2011/05/31/Will-it-blend

If at least it was more in the form of a question. "But what if…?", it would show some sense of modesty.

Blog posts about Bitcoin - 1KdRBbhjo72CqKTrFsQed6s9NMrvwvrUkq
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May 31, 2011, 06:21:21 PM
 #50

Assuming the amount of money miners spend on hardware is <= the amount they get paid, it follows that any individual or cooperative entity can own 50% of the network's computational power for a cost <= the amount the miners get paid.

That's not a safe assumption at all.  A lot of people who just brought mining rigs online didn't understand the ramifications of the exponentially rising difficulty level, and made "investments" that will never pay back.  Also, there are lots of people who own suitable hardware for other reasons (e.g. gaming), for whom the cost of the equipment is already a sunk cost, and any earnings are pure profit.
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