3. There seems to be a foolish assumption that nobody would bother exploiting this systemic flaw in Bitcoin because to do so would destroy the very thing they would be investing in exploiting. Alas gentlemen, you shall be hoist be your own petard.
As foolish as a Nash equilibrium. See you at the end of times to debrief about why Bitcoin didn't fail. 
Topic: Bitcoin really is in trouble. (Read 9039 times)
Kouye, you only need to consider the countless drug dealers the governments have threatened with, "show us where the money is or face X amount of prison time" to know it's false.
Whether they use multi-sig or bury cash in a treasure chest in the middle of the desert, either way government will get it's way.
Trust me, in that sort of predicament, you will be rolling over faster than you can say "multi-sig!" by either giving them the password or revealing who the other people involved are.
Whether they use multi-sig or bury cash in a treasure chest in the middle of the desert, either way government will get it's way.
Trust me, in that sort of predicament, you will be rolling over faster than you can say "multi-sig!" by either giving them the password or revealing who the other people involved are.
There is no way to resist this.
Now lets fast forward some years and he has the choice to be a free man as soon as he gives the key or stay buried alive in a concrete room. How many nights will he go to bed knowing he could enjoy live and not have the door slammed closed behind him?
What good is x amount of coins with no access to it ever.
Also giving up the coins would be considered being part of the "rehabilitation process".
Of course the smart move is to accept the deal offered and get reduced time to start with.
Now lets fast forward some years and he has the choice to be a free man as soon as he gives the key or stay buried alive in a concrete room. How many nights will he go to bed knowing he could enjoy live and not have the door slammed closed behind him?
What good is x amount of coins with no access to it ever.
Also giving up the coins would be considered being part of the "rehabilitation process".
Of course the smart move is to accept the deal offered and get reduced time to start with.
Please get familiar with multi-signature before being so sure.
It's called give us the password to your Bitcoins (in this case, ill gotten funds), or face another 20 years in prison.
There are ways to resist to this.See https://bitcointalksearch.org/topic/about-seizing-and-extraction-323993 for a starter, multisigning is probably the best bet until some specific, unreplicable devices become reality.
Now lets fast forward some years and he has the choice to be a free man as soon as he gives the key or stay buried alive in a concrete room. How many nights will he go to bed knowing he could enjoy live and not have the door slammed closed behind him?
What good is x amount of coins with no access to it ever.
Also giving up the coins would be considered being part of the "rehabilitation process".
Of course the smart move is to accept the deal offered and get reduced time to start with.
It's called give us the password to your Bitcoins (in this case, ill gotten funds), or face another 20 years in prison.
There are ways to resist to this.See https://bitcointalksearch.org/topic/about-seizing-and-extraction-323993 for a starter, multisigning is probably the best bet until some specific, unreplicable devices become reality.
Thank you all for quick deletion of my post which was not rude or offtopic!
this is reallly polite democratic discussion
and also thank you who managed to answer my curious question about bitcoin before someone disliked it and deleted it...
this is reallly polite democratic discussion
and also thank you who managed to answer my curious question about bitcoin before someone disliked it and deleted it...
Probably because you posted the exact same thing in 4+ threads.
hello all
I dont understand all technical details but how it is possible that FBI bureau has located and seized a collection of 144,000 bitcoins???
I thought that BTC cannot be seized or taken away by officials or police. especially when someone encrypt the wallet.
How they could easily seized firstly btc of users of silkroad (in october) and now at second also seized ulbrichts money?
?
I dont understand all technical details but how it is possible that FBI bureau has located and seized a collection of 144,000 bitcoins???
I thought that BTC cannot be seized or taken away by officials or police. especially when someone encrypt the wallet.
How they could easily seized firstly btc of users of silkroad (in october) and now at second also seized ulbrichts money?
?You answer your own question. Either his wallets were not encrypted, not encrypted well, or he was convinced to cough up the key.
It's called give us the password to your Bitcoins (in this case, ill gotten funds), or face another 20 years in prison.
Thank you all for quick deletion of my post which was not rude or offtopic!
this is reallly polite democratic discussion
and also thank you who managed to answer my curious question about bitcoin before someone disliked it and deleted it...
this is reallly polite democratic discussion
and also thank you who managed to answer my curious question about bitcoin before someone disliked it and deleted it...
I don't even know what the OP is saying. He's concerned that the core devs will add in some sort of backdoor into the main Bitcoin client and "make" everybody change their client to this new client? Why would they switch to the new client, exactly?
You're essentially saying that the devs will create a flawed altcoin and all Bitcoiners will randomly decide to switch to the flawed altcoin. Only this has been tried in the past, and has failed, for really obvious reasons: Nobody wants to change their good Bitcoins into crap Bitcoins which is what they're doing by switching their client.
You're essentially saying that the devs will create a flawed altcoin and all Bitcoiners will randomly decide to switch to the flawed altcoin. Only this has been tried in the past, and has failed, for really obvious reasons: Nobody wants to change their good Bitcoins into crap Bitcoins which is what they're doing by switching their client.
I thought that BTC cannot be seized or taken away by officials or police. ...
That is incorrect. It may be hard for them to do, but they can be seized if they are involved in a crime. Or a corrupt government somewhere could take them for whatever reason they want.
hello all
I dont understand all technical details but how it is possible that FBI bureau has located and seized a collection of 144,000 bitcoins???
I thought that BTC cannot be seized or taken away by officials or police. especially when someone encrypt the wallet.
How they could easily seized firstly btc of users of silkroad (in october) and now at second also seized ulbrichts money? ?
I dont understand all technical details but how it is possible that FBI bureau has located and seized a collection of 144,000 bitcoins???
I thought that BTC cannot be seized or taken away by officials or police. especially when someone encrypt the wallet.
How they could easily seized firstly btc of users of silkroad (in october) and now at second also seized ulbrichts money?
?You answer your own question. Either his wallets were not encrypted, not encrypted well, or he was convinced to cough up the key.
Much bigger trouble on the horizon, affects not just bitcoin:
https://bitcointalksearch.org/topic/internet-to-fracture-along-national-borders-325642
https://bitcointalksearch.org/topic/internet-to-fracture-along-national-borders-325642
if internet fractures along national borders how it could influence btc?
I thought its kind of P2P network which is able to operate independently and if necessary, some easy adjustments can be done to keep p2P net alive...
apologize, I am not developer, I have only common IT skills.
Quote
fundamental flaw?
The fundamental flaw with bitcoin is that it is not a UNIT. Currency is 3 things. 1. a store of value
2. a medium of exchange
3. a UNIT of account
Bitcoin is not currency because it is not a UNIT. Units are definable in objective terms and are a constant
Bitcoin is not definable and is not a constant. Bitcoin has the same problem as the dollar since 1971. It cant be defined.
This is crackpot gibberish you basically just pulled out of your ass.
Umm, yeah. Right. Bitcoin isn't currency because, according to you, it "has the same problem as the dollar," since apparently the dollar isn't currency either according to your utterly idiotic made-up bullshit.
Dick face, Open up your pee brain a little.
Is currency a system of measurement? .... (yes)
Are all systems of measurement dependent on a unit of measurement? .... (yes)
Is bitcoin a UNIT? No none of the worlds "currencies" are.
The gold that the central banks still hold is a UNIT.
1. Despite what Bitcoin cultists claim, Bitcoin does have a central authority. Specifically, the group responsible for the most popular Bitcoin client wields as much power over Bitcoin as any central bank does over state fiat.
This is true. Under orders from the secret committee that runs the foundation, I added a secret file to the bitcoin source master repository. Don't bother looking for it on your copy of the source , it is hidden secret file. This file allows the cabal to push updates to all nodes, changing the block validation rules. The end result is that the central
(Note: I'm mocking the idiot here. Not only is this not true, it couldn't possibly become true, no matter how many sock puppet accounts Atlas creates to spread these lies.)
Its funny how such an obvious and easy money-making exploit has been described in detail and broadcast to the world, yet no one has taken advantage of it.
It was only a few days ago. Give it time.
you really think that highly of yourself, eh?
The esteem in which I hold myself is irrelevant. I was merely pointing out that there has not been sufficient time for someone to create and debug an attack based on the selfish mining principle explained in the paper.
Its funny how such an obvious and easy money-making exploit has been described in detail and broadcast to the world, yet no one has taken advantage of it.
It was only a few days ago. Give it time.
you really think that highly of yourself, eh?
Its funny how such an obvious and easy money-making exploit has been described in detail and broadcast to the world, yet no one has taken advantage of it.
It was only a few days ago. Give it time.
Typically, Bitcoin cultists have dismissed the latest which demonstrates that Bitcoin has a fundamental vulnerability. Some salient facts pertinent to this issue largely ignored by this community of rampant speculators.
1. Despite what Bitcoin cultists claim, Bitcoin does have a central authority. Specifically, the group responsible for the most popular Bitcoin client wields as much power over Bitcoin as any central bank does over state fiat.
2. A fork of the most popular client with what we shall call a war miner module (extra credit for spotting the gaming reference) would quickly become popular with all those people who invested in ASIC hardware, but ended up out of pocket as mining difficulty moved ahead of them.
3. There seems to be a foolish assumption that nobody would bother exploiting this systemic flaw in Bitcoin because to do so would destroy the very thing they would be investing in exploiting. Alas gentlemen, you shall be hoist be your own petard. For all the talk of a brave new world of cryptocurrency, free from the ruinous short-termism of state fiat, what you have is a community whose engagement with Bitcoin is entirely speculative in nature. It's all about riding the bubble and cashing out before it explodes, very few people seem truly committed to Bitcoin as a currency, rather a means to acquire more of the sate fiat they claim to detest. You've collectively recreated the very worst excesses of the Wall St. Mafia, and as a consequence there are plenty in the Bitcoin community who will seek to exploit this core vulnerability for profit.
The greed that created the bubble in Bitcoin will burn it to the ground just as quickly.
"No!" to what you wrote.
My $.02.
1. Despite what Bitcoin cultists claim, Bitcoin does have a central authority. Specifically, the group responsible for the most popular Bitcoin client wields as much power over Bitcoin as any central bank does over state fiat.
2. A fork of the most popular client with what we shall call a war miner module (extra credit for spotting the gaming reference) would quickly become popular with all those people who invested in ASIC hardware, but ended up out of pocket as mining difficulty moved ahead of them.
3. There seems to be a foolish assumption that nobody would bother exploiting this systemic flaw in Bitcoin because to do so would destroy the very thing they would be investing in exploiting. Alas gentlemen, you shall be hoist be your own petard. For all the talk of a brave new world of cryptocurrency, free from the ruinous short-termism of state fiat, what you have is a community whose engagement with Bitcoin is entirely speculative in nature. It's all about riding the bubble and cashing out before it explodes, very few people seem truly committed to Bitcoin as a currency, rather a means to acquire more of the sate fiat they claim to detest. You've collectively recreated the very worst excesses of the Wall St. Mafia, and as a consequence there are plenty in the Bitcoin community who will seek to exploit this core vulnerability for profit.
The greed that created the bubble in Bitcoin will burn it to the ground just as quickly.
"No!" to what you wrote.
My $.02.
Its funny how such an obvious and easy money-making exploit has been described in detail and broadcast to the world, yet no one has taken advantage of it.
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