Are there some problems in bitcoin system (?)

top10merchant

newbie

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Quote from: DannyHamilton on March 27, 2014, 08:55:36 AM

Quote from: top10merchant on March 27, 2014, 08:14:16 AM

Bitcoin system is a developable system or the mean is develop another system with another name and clients?

Yes.

Quote from: top10merchant on March 27, 2014, 08:14:16 AM

I'm talking about technology in next hundred years, future technology and facilities. bitcoin is a useless payment in 2114?

It is unlikely that technology in the next hundred years will surpass the ability of bitcoin to be modified to adapt to that technology, but without a time machine it is impossible to predict what will happen 100 years from now. Since I'll be dead, and you probably will be too, why don't we let the people of the future decide how they want to use the technology that they discover and stop trying to make those decisions for them today?

We are talking about property and money,
Did you hear about selling house in Dubai for 99 years (or some other places)? the price of these houses are 30% of original price, of course the owner will be dead after 99 years, but longtime investing in such things is not logic, Also BTC shows short term investing on bitcoin doesn't help, Am I right ?

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: top10merchant on March 27, 2014, 08:14:16 AM

Bitcoin system is a developable system or the mean is develop another system with another name and clients?

Yes.

Quote from: top10merchant on March 27, 2014, 08:14:16 AM

I'm talking about technology in next hundred years, future technology and facilities. bitcoin is a useless payment in 2114?

It is unlikely that technology in the next hundred years will surpass the ability of bitcoin to be modified to adapt to that technology, but without a time machine it is impossible to predict what will happen 100 years from now. Since I'll be dead, and you probably will be too, why don't we let the people of the future decide how they want to use the technology that they discover and stop trying to make those decisions for them today?

top10merchant

newbie

Activity: 28

Merit: 0

Quote from: Foxpup on March 27, 2014, 07:34:45 AM

Quote from: cbeast on March 27, 2014, 06:02:28 AM

1. Not with Eliptic Curve function.
2. Theoretically if the problem of controlling space/time is solved.
3. Use the best security methods available and don't take shortcuts to save pennies.

*facepaw*

Quote from: top10merchant on March 27, 2014, 04:39:55 AM

1- Is it possible one bitcoin address has 2 or more private key case of pigeonhole principle? if yes, we have to worry?

Yes. Bitcoin addresses are RIPEMD160 hashes, so of course there are more possible private keys than addresses. But it is not a problem, because 2^160 is still an inconceivably large number.

Quote from: top10merchant on March 27, 2014, 04:39:55 AM

2- Bitcoin has been based on sha_2 (?), so break is possible theoretically http://eprint.iacr.org/2008/270.pdf

Yes, a break is possible; but no, it will almost certainly not be a problem. MD5 for example is horribly broken, but not in any way that would make it unsuitable as a proof-of-work function.

Quote from: top10merchant on March 27, 2014, 04:39:55 AM

3- This money based on technology and new technologies are on the way, is it possible to have a hacked system in future?

Well-designed cryptosystems are not broken overnight. Rather, weaknesses are gradually discovered over time. If any such weakness is discovered in Bitcoin, there will almost certainly be plenty of time to fix it or develop a new system.

Clear and nice answer, thanks

Quote from: Foxpup on March 27, 2014, 07:34:45 AM

there will almost certainly be plenty of time to fix it or develop a new system.

Bitcoin system is a developable system or the mean is develop another system with another name and clients?
I'm talking about technology in next hundred years, future technology and facilities. bitcoin is a useless payment in 2114?

Foxpup

legendary

Activity: 4536

Merit: 3188

Vile Vixen and Miss Bitcointalk 2021-2023

Quote from: cbeast on March 27, 2014, 06:02:28 AM

1. Not with Eliptic Curve function.
2. Theoretically if the problem of controlling space/time is solved.
3. Use the best security methods available and don't take shortcuts to save pennies.

*facepaw*

Quote from: top10merchant on March 27, 2014, 04:39:55 AM

1- Is it possible one bitcoin address has 2 or more private key case of pigeonhole principle? if yes, we have to worry?

Yes. Bitcoin addresses are RIPEMD160 hashes, so of course there are more possible private keys than addresses. But it is not a problem, because 2^160 is still an inconceivably large number.

Quote from: top10merchant on March 27, 2014, 04:39:55 AM

2- Bitcoin has been based on sha_2 (?), so break is possible theoretically http://eprint.iacr.org/2008/270.pdf

Yes, a break is possible; but no, it will almost certainly not be a problem. MD5 for example is horribly broken, but not in any way that would make it unsuitable as a proof-of-work function.

Quote from: top10merchant on March 27, 2014, 04:39:55 AM

3- This money based on technology and new technologies are on the way, is it possible to have a hacked system in future?

Well-designed cryptosystems are not broken overnight. Rather, weaknesses are gradually discovered over time. If any such weakness is discovered in Bitcoin, there will almost certainly be plenty of time to fix it or develop a new system.

top10merchant

newbie

Activity: 28

Merit: 0

Quote from: cbeast on March 27, 2014, 06:02:28 AM

1. Not with Eliptic Curve function.
2. Theoretically if the problem of controlling space/time is solved.
3. Use the best security methods available and don't take shortcuts to save pennies.

Thanks

cbeast

donator

Activity: 1736

Merit: 1014

Let's talk governance, lipstick, and pigs.

1. Not with Eliptic Curve function.
2. Theoretically if the problem of controlling space/time is solved.
3. Use the best security methods available and don't take shortcuts to save pennies.

top10merchant

newbie

Activity: 28

Merit: 0

I have some questions:

1- Is it possible one bitcoin address has 2 or more private key case of pigeonhole principle? if yes, we have to worry?

2- Bitcoin has been based on sha_2 (?), so break is possible theoretically http://eprint.iacr.org/2008/270.pdf

3- This money based on technology and new technologies are on the way, is it possible to have a hacked system in future?

Huh

Topic: Are there some problems in bitcoin system (?) (Read 741 times)