Topic: Bitcoin's strength is that nobody can crack it yet - page 13. (Read 1850 times)

It is not true that governments cannot ban it. It is just that any sensible government knows that is has so many advantages for the investors and will thus not do that.

bitcoin's strength is in a lot of things. security (in other words: "nobody can crack it") is just one of them.
the thing about banning it or not, is related to its decentralization and it is called being "permission-less" which in simple terms means nobody can tell you how to use bitcoin or where or when. you can do whatever you like with it.

Banning internet is useless. Bitcoin in itself is the new Internet. The ignoramus will never know that.

I agree with the guy who started this topic. Bitcoin is really have no true competitors and real enemies. It is part of our life today and we must think about how to use blockchain and bitcoin for the purposes to improve more lives!

Now it is only short part of bitcoin story told. LN and RSK will bring it on new level.

authoritarian governments don't particularly care unless they think there will be a popular uprising, which is why some of them are still banning it. the truth is that most of these governments (algeria, morocco, bolivia, kyrgyzstan, and so on) aren't in a position to effectively enforce a ban anyway. the bans are just a deterrent.

still, legislators in major countries can make things a real hassle for us. SB1241 (a bill that keeps getting revived in the US) threatens to define most custodial bitcoin businesses, payment processors and mixers as financial institutions. that will introduce huge compliance and licensing overheads, which will discourage a lot of companies from doing business with americans. the bill would also make it illegal to misrepresent your identity to financial institutions, apparently deterring us from avoiding taxes by using offshore exchanges via VPN.

major global powers keep saying that regulations are coming......i'm not looking forward to it.

They will never solve it. Because they also can not destroy all the computers in the world in an instant because it can damage all existing networks. The only thing they can do is fight through prohibitions and regulations to propose their own solutions Or they will try to adjust and slowly assume it exists in various ways. In some countries the state politicians do not like the change of a rule of law because they will keep the status quo good for them too, but if there is a mass in the critical they will not be able to stop, then they will try to adapt very quickly to understand the situation and noticing where there is an opportunity for them.

The concept of recording a transaction in the blockchain technology is an extremely secure digital  ledger to investors in the world of Bitcoin. No matter what the experts in centralized currencies dictate, there is no solid evidence against cracking the protective elliptic curve signature in Bitcoins. Also, the use of Block hashing algorithm has been the best technique and the most secure transaction recording method. Bitcoin mining uses the hashcash proof of work function; the hash cash algorithm requires the following parameters: a service string, a nonce, and a counter. In bitcoin the service string is encoded in the block header data structure, and includes a version field, the hash of the previous block, the root hash of the merkle tree of all transactions in the block, the current time, and the difficulty. Bitcoin stores the nonce in the extra Nonce field which is part of the coinbase transaction, which is stored as the left most leaf node in the merkle tree (the coinbase is the special first transaction in the block). The counter parameter is small at 32-bits so each time it wraps the extra Nonce field must be incremented (or otherwise changed) to avoid repeating work. The basics of the hash cash algorithm are quite easy to understand and it is described in more detail here. When mining bitcoin, the hash cash algorithm repeatedly hashes the block header while incrementing the counter & extra Nonce fields. Incrementing the extra Nonce field entails re-computing the merkle tree, as the coinbase transaction is the left most leaf node. The block is also occasionally updated as you are working on it.

Bitcoin will not be banned, any country doing so would be essentially banning freedom of choice, I doubt that would sit well with the general public. Using SHA-256 encryption means that bitcoin is extremely resistant to brute force style attacks, so it is almost computationally impossible to hack, certainly nowhere close with todays most powerful computers, or those producible using current and prototype technology. Bitcoin is here to stay.

Bitcoin is a decentralized cryptocurrency that can not be banned by someone and there is no influence on it from outside, than it is good. I believe that this model will change the world and the view of money in the other direction. I fully support this project and am confident that bitcoin will achieve even greater success. It is very good that bitcoin is not controlled by any state and is a decentralized coin.

Maybe
But you can do a lot of harm and without hacking

Yeah but for me is the beginning of free world.
The government can't track, ban or cant dictate your own rules.
Thi is the power of descentralized system, but Bitcoin must improve some things like fee, confirmations, anonymity.

Hell yeah, that's true that nobody can do anything to Bitcoin system. Satoshi has made the system so effective that even himself cannot stop this network so no government or banks can do anything to it. But still, everyone should be aware because there are some spoofing techniques by which someone can monitor your device and can get access to your wallet and other personal files it's just like spying on someone's another device.

I agree, but also the strength of bitcoin in the great prospects of technology and different ways of development. Decentralization and freedom of speech in everything.

Exactly. They cannot crack it. They cannot destroy all the computers in the world and hence crash the network. The only thing they can do is fight through oppression (bans, regulations (in a bad way, FUD), propose their own solution or the one they could control (Ripple?), or try to adapt and adopt (by taking their usual share, of course.....). Politicians usually don't like changes because keeping the status quo is good for them, but when there is a critical mass they cannot stop, then usually they adapt fast and note where the opportunities for them lay.

It's too late for that. At this point, with so much global involvement, governments (the most civilized ones) can't just prevent people from using something. It would yet again be a sign of suppression from the government of their own people, and they know that. Another thing they know, is the fact that regardless of the actions they come up with, it won't have any actual impact on Bitcoin at all. Bitcoin IS everything the government and this banking system can't provide to people. It's not for nothing that Bitcoin popped up at all -- the change to do something about the dominance of corporations when it comes to our payment traffic, is absolutely brilliant. People don't realize it, but ALL our payment traffic happens through centralized ecosystems controlled by corporations, and Bitcoin breaks through this system ending their dominance.

 Yeah bitcoin will not be controled by anyone government assets or other group. Ecen a rich people cant do that. Thats why many people are trust in bitcoin. Because there money will safe. Because there are no corruption in bitcoin. Unless if therr will be a inside job curruption.

They do not have to ban the internet. There are a lot of people who would prefer to remain as law-abiding citizens, irrespective of how absurd the laws are. If the government bans Bitcoin, a lot of people would blindly follow the law. That would relegate Bitcoin to a niche currency, primarily used by criminals and money launderers.

It is up to people’s reaction to cryptocurrencies. If people keep using bitcoin and altcoins, they will be stronger. Governments have to accept them then.

Obviously, isn't ?..., the strength of bitcoin lies in its users yes it's us and it is absolute, they or anyone can't possibly stop it as long as we are still there.
Only one can stop it, with 'The Unity Of Government' across the country and all doing 'decisive action' together.