Topic: Gold collapsing. Bitcoin UP. - page 471. (Read 2032286 times)

Real problems tend to be resolved with remarkable speed.  The BDB mis-config was a classic example and was actually quite impressive.  How fast a similar thing would happen today is not clear, but it remains the case that genuine problems are rapidly addressable.

In the case of the transaction rate, things are much slower because a decent percent of the players (including myself) consider some of the leading proposals to address the 'problem' to be an attack on the system and one which will sink it.  And we don't want to see that happen.  WRT the 21 mil, even stating that as a problem demonstrates some combination of ignorance and deceit (and worse still, a lack of a developed sense of humor.)  There is a real problem here, but if you don't mention undependable outputs it shows a lack of understanding and rigor.

Hopefully we can get to a point where core Bitcoin can simply freeze in a know working state and provide support to a multitude of sidechains.  This will protect Bitcoin core against unintended development failures and preserve it in a form where hard-fork resolutions to severe problems are resolvable with similar effectiveness of the BDB issue.  One of the many advantages of this would be that many sidechain economies could move on relatively unimpeded while any potential core Bitcoin issues were resolved.  That is a key advantage of the right balance of abstraction in system design.

It really is. Spot on description. Cripti and Sys must be celebrationg that video

Given the misery of the Spanish economy since 2008, i can imagine he's had plenty of material.

As a Spaniard, I approve of this video. It's especially funny to someone who knows Risitas, who more than a comedian is a teller of personal anecdotes as miserable as they are funny.

P.S: Now I notice Risitas has become a meme, damn, I thought this video was one of a kind. No such thing on the net, I guess.

FUD?  Simply replying to a redneck fireman from the sticks fellow Bitcoin intellectual & international financier, Billy Jo.  Mentioned mental giant posits that "SHA256 [being] hacked" would devastate our real financial institutions, while BTCeanie enthusiasts would simply hardfork their scheme to save the day.
If you wish, I could bring up yet another catch:  can't hardfork in real time.  The most recent patch (can't remember, something about 7TPS limit or 21 mil. max coin limit) has been in the works for forever, the one addressing SHA256 haxoring might take a bit longer  

Lol, that video is on par with Hitler, maybe even better. Whoever made that has great timing and nuance. Couldn't stop laughing  myself!

lol no.. saw when it had like 2 views and I just thought shit more people need to see this lol yeah I am highly involved in an alt but that video is gold regardless!! Lol

https://www.youtube.com/watch?v=lIgjogLipvk


@brg444, I took AA's point to be that btc has been under attack since its inception from a range of global players and it is yet to be broken; hence the currency may be $10000 or $100, the encryption is still yet to be cracked? Care to ELI5 differently?

I didn't say SHA will be broken anytime soon.  I only said that SHA will be broken and forgotten long before we have can harness the power of supernovas to create gold.

I expect SHA to be broken within 100 years.  Bulk transmutation of heavy elements will take at least another 100 because we'll need zero-point energy for power.

Regardless, you should be buying lead AND gold, not one or the other.  They are complimentary goods!   

Dude! Been waiting for you to show up! Did you actually produce this?

https://m.youtube.com/watch?v=cIasr2AiyZ0

lol

You need to work in your FUD.

Your scenario is less incorrect for ECDSA than it's incorrect for SHA256.

I didn't watch but I agree with him in principle.  You can't steal coins with 51% only block service.  So the only entity who would waste the kind of $ to 51pct is governments.  But governments would simply legislate the problem away not waste 100 millions to build up hash.

Caveat:  SHA256 broken==blockchain corrupted--your BTC transferred ta hax0r's wallet--irreversible.  You can hardfork the ashes all you want, your money's gone.  Poof!  Fini.  

With "legacy" banking?  Lol, not much happens.  A few delayed/reversed transactions, a bit more boring old paper money, a few hax0ring scumbags lined up against a wall & shot for their faggotry

BTW, what happened in Y2K?   Did I miss something?  I mean, other than all those ICBMs accidentally Atlantis into smoking molten glass?

Wanted to report to moderator but found out that "I like this post" was not an option.  Really like your posts, bro.

If you really think SHA256 will be broken, then you should be buying lead (bullets) and not gold. The entire financial network of the world is built on that encryption, ATMs, SWIFT, ACH, everything.  If SHA256 gets hacked, it's the Mad max scenario and we will all have much bigger problems than bitcoin. Besides, we can migrate the blockchain over to SHA512 with a hard fork a heluva lot easier that the bank's 40 YO computer networks can upgrade. Perhaps you remember what a clusterfuck it was to fix the Y2K bug in 1999.

It was from this stream https://www.youtube.com/watch?v=lIgjogLipvk of the MIT Bitcoin Expo but looks like you can't rewind back to his presentation.

A video should be upped soon.

It was downright troubling to hear.

Is there a link to this somewhere?

The problem is that the current hashing power might not even be enough to support the current network. This is not an issue of a too little hashing power, but a flawed way of securing the network.

Seperation of maintainance and usage is not the best idea tbh.

you say? what about 20X-leveraged exchanges (which btw being unregulated may be fractional reserving, inside trading, front running, and god knows what else, being backed just by pixels on their users' screens), 100X leveraged CFDs, and wait for the incoming btc ETFs.

But I agree that stacking on the cheap some phyzz that one can hold sounds like a good idea.