Author

Topic: Is Bitcoin really broken? (Read 2717 times)

legendary
Activity: 1764
Merit: 1002
November 05, 2013, 04:56:30 PM
#19
is it already going back up?
legendary
Activity: 1764
Merit: 1002
hero member
Activity: 798
Merit: 1000
November 05, 2013, 04:52:56 PM
#17
The forked chain will be orphaned when published.

Perhaps you should understand the attack before lambasting someone else's misunderstanding of it.
legendary
Activity: 980
Merit: 1004
Firstbits: Compromised. Thanks, Android!
November 05, 2013, 04:46:37 PM
#16

"Hey! The Bitcoin protocol allows for a 51% attack!"

Wow. Thanks, Business Insider.  Roll Eyes

Then again, maybe I should be a little lenient. It's not as if everyone knows about it, and it may sound alarming to some hearing it for the first time.

Still though, to suddenly act as if you've found some secret, previously-unknown "flaw" and to speculate on it leading to bitcoin's collapse... I guess such a thing makes one a journalist nowadays.
sr. member
Activity: 342
Merit: 250
November 05, 2013, 02:07:03 PM
#15
legendary
Activity: 1148
Merit: 1014
In Satoshi I Trust
November 05, 2013, 02:05:36 PM
#14
full member
Activity: 182
Merit: 100
November 05, 2013, 01:08:35 PM
#13
You're going to see more and more of these nonsense articles as Visa and Mastercard and the Banks start to worry for their profits.
Scaring people away from Bitcoin will be the most effective and common way to stifle its growth.
One mention of "hackers" and most people would never put their money into such a risky environment.

I think you're right, but it's ok. I think it's ok if BTC is slow to be accepted, although so far I think it's moving pretty fast.
legendary
Activity: 1512
Merit: 1049
Death to enemies!
November 05, 2013, 12:48:55 PM
#12
The article and so called research is total crap. It is a modified version of so called 51% attack. And Bitcoin does not assume that all nodes are honest, quite the opposite! For this attack to work you need a large pool and brain damage to not publish mined blocks. And all it can do is create blockchain fork that is shorter than the main chain (because >50% of hashing power is working on properly broadcast chain). The forked chain will be orphaned when published.
full member
Activity: 237
Merit: 101
November 05, 2013, 12:30:38 PM
#11

Send PM to sell yours to me.  I'm offering $99/btc!

$99.02/btc here

and the order book begins again
sr. member
Activity: 260
Merit: 250
November 05, 2013, 11:21:14 AM
#10



Send PM to sell yours to me.  I'm offering $99/btc!
member
Activity: 113
Merit: 10
November 05, 2013, 11:00:47 AM
#9
I'll buy all your coins for half the price also!
member
Activity: 110
Merit: 10
November 05, 2013, 09:35:19 AM
#8
I always enjoy reading the brain farts of people stuck in old paradigm's

But yes if you want to believe BTC is going to die than id be happy to buy all your coins for 50USD each
legendary
Activity: 1400
Merit: 1013
November 05, 2013, 09:20:10 AM
#7
You're going to see more and more of these nonsense articles as Visa and Mastercard and the Banks start to worry for their profits.
Scaring people away from Bitcoin will be the most effective and common way to stifle its growth.
One mention of "hackers" and most people would never put their money into such a risky environment.
It's a fine strategy in the short term, except that it loses effectiveness over time. People who've been aware of Bitcoin for a while have heard many news stories about its imminent death, yet it still exists and gets stronger over time.

Eventually "The Boy Who Cried Wolf" Syndrome kicks in.
hero member
Activity: 924
Merit: 1001
November 05, 2013, 09:15:16 AM
#6
You're going to see more and more of these nonsense articles as Visa and Mastercard and the Banks start to worry for their profits.
Scaring people away from Bitcoin will be the most effective and common way to stifle its growth.
One mention of "hackers" and most people would never put their money into such a risky environment.
member
Activity: 102
Merit: 10
November 05, 2013, 08:40:29 AM
#5
Yes, it is.
Sell me your coins at half the price, right now.

Thanks.

https://twitter.com/gavinandresen/status/397706050591129601

OK, thank you
member
Activity: 102
Merit: 10
November 05, 2013, 08:38:42 AM
#4
Yes, it is.
Sell me your coins at half the price, right now.

Thanks.

https://twitter.com/gavinandresen/status/397706050591129601

Of course!


Thanks
legendary
Activity: 1176
Merit: 1001
November 05, 2013, 08:34:54 AM
#3
Yes, it is.
Sell me your coins at half the price, right now.

Thanks.

https://twitter.com/gavinandresen/status/397706050591129601
full member
Activity: 168
Merit: 100
November 05, 2013, 08:32:35 AM
#2
Earlier post with same/similar topic here:

https://bitcointalksearch.org/topic/bitcoin-flaw-could-let-group-take-control-of-currency-325225

Old and overblown news. Here's the more detailed tech thread on it, which notes, among other things, that the basic idea of this attack has been discussed for 3 years now:

https://bitcointalksearch.org/topic/majority-is-not-enough-bitcoin-mining-is-vulnerable-324413

Something to be addressed long-term, but not a big deal. This thread's title is pretty misleading once you understand the issue.
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