Topic: 50% - page 3. (Read 7656 times)

If we cannot withstand an attack, then there is really no point in any of it.

The network can recover. Will the public's trust?

Which public? The majority of geeks that are using it? Or the minority of clueless people who don't care about topics like this?

Maybe the significant majority of liquidity providers who joined....you know, your lost-future buyers. Yeah, their trust, and those in their web, bye-bye. Closed-minded nerds never had any trust to contribute.

Serge

legendary

Activity: 1050

Merit: 1000

If we cannot withstand an attack, then there is really no point in any of it.

The network can recover. Will the public's trust?

Depends on amount of lost value and if its recoverable or not.
If network has weaknesses I rather we went through them early in development and learned how to react before whole countries adopt it. Without network's experience and ability in resisting attacks countries unlikely will ever trust bitcoin in order to adopt it on that scale.

grndzero

sr. member

Activity: 392

Merit: 250

If we cannot withstand an attack, then there is really no point in any of it.

The network can recover. Will the public's trust?

Which public? The majority of geeks that are using it? Or the minority of clueless people who don't care about topics like this?

bullox

full member

Activity: 131

Merit: 100

If we cannot withstand an attack, then there is really no point in any of it.

The network can recover. Will the public's trust?

No.

tehcodez

newbie

Activity: 42

Merit: 0

An attack is one thing...blind ignorance is another.

You can survive russian roulette too...5 out of 6 games. Better to use the gun when you need it, not on yourself.

IlbiStarz

full member

Activity: 336

Merit: 100

If we cannot withstand an attack, then there is really no point in any of it.

The network can recover. Will the public's trust?

Nada.

rezin777

full member

Activity: 154

Merit: 100

Quote from: IlbiStarz on June 08, 2011, 12:24:59 AM

If we cannot withstand an attack, then there is really no point in any of it.

The network can recover. Will the public's trust?

Serge

legendary

Activity: 1050

Merit: 1000

If we cannot withstand an attack, then there is really no point in any of it.

grndzero

sr. member

Activity: 392

Merit: 250

They hit 51%

It's broke now ... sell your coins while you can. The end is near. Fate is imminent.

lol

tehcodez

newbie

Activity: 42

Merit: 0

Quote from: grndzero on June 08, 2011, 12:27:36 AM

Quote from: KnuttyD on June 08, 2011, 12:24:18 AM

Quote from: kiwiasian on June 08, 2011, 12:07:44 AM

Deepbit just hit 50%. We are still alive. Now everyone stop whining.

This proves you DON'T GET IT. It's not a "50%..the end" thing...its a

User A: "....some time later...what's this? double-spending? can't be...."

User B: "@twitter...btc chain broken..sell."

Thing.

The possibility of your scenario is so slight that it's not even funny.

In the even that it did happen, the price will drop, mining won't be profitable and everyone that's only in it for the money and they would get out.

The network would recover and rebuild, a little more wiser.

From a new block chain. Thats not a very easy thing to do, now that people can look at the original Bitcoin blockchain and say "Oh, yea, you can double spend in that thing.... Not very secure. Lets NOT use that technology."

The exploit was recognized and explained by the creator. I trust the protocol. If you don't then you should sell out and close up shop.

But the protocol is insecure once someone gets >50% (or even close). So why would anyone trust it after a failure like that?

The protocol is not insecure. At 50% it is prone to a single type of attack which is most effectively done by an anonymous person, not a very well known figure.

Really? ::FACEPALM::

Ooo yeah, I remember in the bitcoin paper it did mention a large scale attacker, but with clear stipulations on that it couldn't be a long term forum poster. Whew...close.

KnuttyD

member

Activity: 109

Merit: 11

bitcoins.lc is back up.

rezin777

full member

Activity: 154

Merit: 100

Quote from: grndzero on June 08, 2011, 12:28:52 AM

Quote from: rezin777 on June 08, 2011, 12:27:27 AM

Quote from: rezin777 on June 08, 2011, 12:27:27 AM

The exploit was recognized and explained by the creator. I trust the protocol. If you don't then you should sell and close up shop.

If you people want to play with fire and tempt fate, so be it. It may never bite you in the ass, but if it does, kiss all this "free money" goodbye.

Thanks for clarifying your point of view.

Could you elaborate?

grndzero

sr. member

Activity: 392

Merit: 250

Quote from: KnuttyD on June 08, 2011, 12:24:18 AM

The exploit was recognized and explained by the creator. I trust the protocol. If you don't then you should sell and close up shop.

If you people want to play with fire and tempt fate, so be it. It may never bite you in the ass, but if it does, kiss all this "free money" goodbye.

Thanks for clarifying your point of view.

grndzero

sr. member

Activity: 392

Merit: 250

Quote from: kiwiasian on June 08, 2011, 12:07:44 AM

Deepbit just hit 50%. We are still alive. Now everyone stop whining.

This proves you DON'T GET IT. It's not a "50%..the end" thing...its a

User A: "....some time later...what's this? double-spending? can't be...."

User B: "@twitter...btc chain broken..sell."

Thing.

The possibility of your scenario is so slight that it's not even funny.

In the even that it did happen, the price will drop, mining won't be profitable and everyone that's only in it for the money and they would get out.

The network would recover and rebuild, a little more wiser.

From a new block chain. Thats not a very easy thing to do, now that people can look at the original Bitcoin blockchain and say "Oh, yea, you can double spend in that thing.... Not very secure. Lets NOT use that technology."

The exploit was recognized and explained by the creator. I trust the protocol. If you don't then you should sell out and close up shop.

But the protocol is insecure once someone gets >50% (or even close). So why would anyone trust it after a failure like that?

The protocol is not insecure. At 50% it is prone to a single type of attack which is most effectively done by an anonymous person, not a very well known figure.

rezin777

full member

Activity: 154

Merit: 100

The exploit was recognized and explained by the creator. I trust the protocol. If you don't then you should sell and close up shop.

First, it's not about you or I trusting the protocol. It's about the people all over the world who might want to buy some Bitcoins trusting the protocol. Once something is has shown to be vulnerable, it's kind of difficult to regain that trust.

Satoshi designed Bitcoin to be decentralized. CPUs all around the world contributing to the network security. Having so much of the network hashing power in one place just isn't healthy.

When deepbit was DDOSed recently it took the network 50 minutes to solve 2 blocks. Ignoring any >50% attack, that simply isn't a healthy network.

There is no reason we should be reactive to a possible problem, when we can be proactive and prevent it from being possible in the first place.

If you people want to play with fire and tempt fate, so be it. It may never bite you in the ass, but if it does, kiss all this "free money" goodbye.

IlbiStarz

full member

Activity: 336

Merit: 100

They hit 51%

tehcodez

newbie

Activity: 42

Merit: 0

Quote from: kiwiasian on June 08, 2011, 12:07:44 AM

Deepbit just hit 50%. We are still alive. Now everyone stop whining.

This proves you DON'T GET IT. It's not a "50%..the end" thing...its a

User A: "....some time later...what's this? double-spending? can't be...."

User B: "@twitter...btc chain broken..sell."

Thing.

The possibility of your scenario is so slight that it's not even funny.

In the even that it did happen, the price will drop, mining won't be profitable and everyone that's only in it for the money and they would get out.

The network would recover and rebuild, a little more wiser.

From a new block chain. Thats not a very easy thing to do, now that people can look at the original Bitcoin blockchain and say "Oh, yea, you can double spend in that thing.... Not very secure. Lets NOT use that technology."

The exploit was recognized and explained by the creator. I trust the protocol. If you don't then you should sell out and close up shop.

I love the laissez-faire attitude with the emerging technology. Obviously a real champion for bitcoin stability and prosperity among all segments, especially the early-adopter and more recent screwed groups.

KnuttyD

member

Activity: 109

Merit: 11

Quote from: kiwiasian on June 08, 2011, 12:07:44 AM

Deepbit just hit 50%. We are still alive. Now everyone stop whining.

This proves you DON'T GET IT. It's not a "50%..the end" thing...its a

User A: "....some time later...what's this? double-spending? can't be...."

User B: "@twitter...btc chain broken..sell."

Thing.

The possibility of your scenario is so slight that it's not even funny.

In the even that it did happen, the price will drop, mining won't be profitable and everyone that's only in it for the money and they would get out.

The network would recover and rebuild, a little more wiser.

From a new block chain. Thats not a very easy thing to do, now that people can look at the original Bitcoin blockchain and say "Oh, yea, you can double spend in that thing.... Not very secure. Lets NOT use that technology."

The exploit was recognized and explained by the creator. I trust the protocol. If you don't then you should sell out and close up shop.

But the protocol is insecure once someone gets >50% (or even close). So why would anyone trust it after a failure like that?

grndzero

sr. member

Activity: 392

Merit: 250