I wrote an article about it which includes an interview with Gavin on what they learned and plan to change as a result of this.
http://endthelie.com/2013/03/13/financial-crisis-revealed-and-resolved-in-the-world-of-bitcoin/
Topic: Bitcoin: The worst case scenario. (Read 901 times)
Quantum computer is not a threat to bitcoin. If quantum computer develops, the whole banking system and I mean, all banks in the world would be at risk... (credit cards, all websites that rely in ssl, etc)
So bitcoin would be the least of our worries...
So bitcoin would be the least of our worries...
Wasn't the blockchain farked couple of weeks back.
Quantum computer is not a threat to bitcoin. If quantum computer develops, the whole banking system and I mean, all banks in the world would be at risk... (credit cards, all websites that rely in ssl, etc)
So bitcoin would be the least of our worries...
So bitcoin would be the least of our worries...
Wasn't the blockchain farked couple of weeks back.
Quantum computer is not a threat to bitcoin. If quantum computer develops, the whole banking system and I mean, all banks in the world would be at risk... (credit cards, all websites that rely in ssl, etc)
So bitcoin would be the least of our worries...
So bitcoin would be the least of our worries...
I wish a quantum computer did exist. Imagine the computer games possible.
I read that Deepbit had over 50% of Bitcoin's computational power (which poses another problem besides the obvious). What if it were attacked? Now Bitcoin doesn't seem quite as distributed to me. Such an attack would slow transactions down tremendously?
That's a very old report you were reading. The current data can be found at www.bitcoinwatch.com, down near the bottom in a pie chart. BTW "other" is a collection of unknown miners, that may or may not be a single entity, but probably not. No single group comes close to 50%.
I think worse case scenario could involve quantum computing breaking all the public keys - but I don't even know what this means.
DDOS... against who ? Every person out there ? It'd be like everyone pinging each other... ping pong..
DDOS... against who ? Every person out there ? It'd be like everyone pinging each other... ping pong..
ping pong ping pong.....
hhaha love it!
Quantum computer is not a threat to bitcoin. If quantum computer develops, the whole banking system and I mean, all banks in the world would be at risk... (credit cards, all websites that rely in ssl, etc)
So bitcoin would be the least of our worries...
Worst case the bubble bursts and BTC go back down to let's say $10 and I buy back what I just sold, oh, wait that does not sound that bad now that I read it back.
If massive amounts of computational power, cryptography, and distributed networks are the only things backing the Bitcoin economy, would it be possible for distributed attacks to bring it down? Virii, DDOS, EMP's, network outages. What's the worst case scenario that Bitcoin can withstand?
The computational power doesn't back the bitcoin economy, it secures the blockchain against a brute force attack, commonly called a "51% attack" here. Even a successful 51% attack would not "bring it down". More like aggravate the legit users for as long as the attacker can keep it up, and maybe perform a double spend against a particular user the attacker recently had a transaction with. If that user isn't you, then your coins are safe even during a 51% attack, you just can't spend them while the attack is ongoing.
Worst case scenario, asteroid hits the earth, we all die, no more bitcoin
I think worse case scenario could involve quantum computing breaking all the public keys - but I don't even know what this means.
DDOS... against who ? Every person out there ? It'd be like everyone pinging each other... ping pong..
I read that Deepbit had over 50% of Bitcoin's computational power (which poses another problem besides the obvious). What if it were attacked? Now Bitcoin doesn't seem quite as distributed to me. Such an attack would slow transactions down tremendously?DDOS... against who ? Every person out there ? It'd be like everyone pinging each other... ping pong..
That's a very old report you were reading. The current data can be found at www.bitcoinwatch.com, down near the bottom in a pie chart. BTW "other" is a collection of unknown miners, that may or may not be a single entity, but probably not. No single group comes close to 50%.
I think worse case scenario could involve quantum computing breaking all the public keys - but I don't even know what this means.
DDOS... against who ? Every person out there ? It'd be like everyone pinging each other... ping pong..
I read that Deepbit had over 50% of Bitcoin's computational power (which poses another problem besides the obvious). What if it were attacked? Now Bitcoin doesn't seem quite as distributed to me. Such an attack would slow transactions down tremendously?DDOS... against who ? Every person out there ? It'd be like everyone pinging each other... ping pong..
Where did you read that? I'm pretty sure they're nowhere close anymore.
Everything you read is the truth on the internetz... Here bookmark this please: http://bitcoinchain.com/
And here is another good one: http://bitcoinwatch.com/
I think worse case scenario could involve quantum computing breaking all the public keys - but I don't even know what this means.
DDOS... against who ? Every person out there ? It'd be like everyone pinging each other... ping pong..
I read that Deepbit had over 50% of Bitcoin's computational power (which poses another problem besides the obvious). What if it were attacked? Now Bitcoin doesn't seem quite as distributed to me. Such an attack would slow transactions down tremendously?DDOS... against who ? Every person out there ? It'd be like everyone pinging each other... ping pong..
Where did you read that? I'm pretty sure they're nowhere close anymore.
I think worse case scenario could involve quantum computing breaking all the public keys - but I don't even know what this means.
DDOS... against who ? Every person out there ? It'd be like everyone pinging each other... ping pong..
I read that Deepbit had over 50% of Bitcoin's computational power (which poses another problem besides the obvious). What if it were attacked? Now Bitcoin doesn't seem quite as distributed to me. Such an attack would slow transactions down tremendously? DDOS... against who ? Every person out there ? It'd be like everyone pinging each other... ping pong..
the worst case: the us govenment declare bitcoin to a terroristic instrument and plan to arrest every user in Guantanamo -> game over
If massive amounts of computational power, cryptography, and distributed networks are the only things backing the Bitcoin economy, would it be possible for distributed attacks to bring it down? Virii, DDOS, EMP's, network outages. What's the worst case scenario that Bitcoin can withstand?
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