Is Bitcoin really unbreakable? - page 5.

Amph

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Quote from: amaclin on July 07, 2015, 03:48:47 AM

Quote from: Amph on July 07, 2015, 03:31:33 AM

well the nextwork can handle 150 TX sec, with some downside... based on the last stress test, we are still far away form visa and company but the difference in power should be the same at the end

Impossible because of decentralization.

you think that because of it, the miners will grow indefinitely and thus rising the power to a much greater extent? well a central autorithy could see this as a competition, and use more energy to increase its network/circuit in the case of a centrlized system like visa/matercard

or maybe you are referring to the contrary

amaclin

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Quote from: Amph on July 07, 2015, 03:31:33 AM

well the nextwork can handle 150 TX sec, with some downside... based on the last stress test, we are still far away form visa and company but the difference in power should be the same at the end

Impossible because of decentralization.

Amph

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Quote from: amaclin on July 06, 2015, 06:40:08 PM

Quote from: Jhacker on July 06, 2015, 05:35:25 PM

I would imagine that the cost of mining and running the blockchain is far less than the cost of the current banking system and financial industry.

per one transaction? Grin

much more!

well the nextwork can handle 150 TX sec, with some downside... based on the last stress test, we are still far away form visa and company but the difference in power should be the same at the end

Quote from: Jhacker on July 07, 2015, 01:41:37 AM

Quote from: Hollingsworth on July 06, 2015, 11:28:44 PM

Yes, it really is unbreakable, with various caveats.

At the point of bitcoin exchange, there is vulnerability with bogus wallets and nefarious schemers...see Mt Gox fiasco.

Otherwise the system is sound, secure, decentralized, and pseudo-anonymous.

Well, it's certainly forkable. And this leads to problems with it being accepted more widely. The recent fork wasn't that bad (a 5 hour confirmation time is still great compared to credit cards), but you could imagine a situation where 51% adopt new specs but a 49% blockchain goes on for a long time, wreaking havoc among merchants and customers.

the miners are both the strengths and weaknesses of bitcoin

but you can always restart from zero if soemthing bad happened, cryptocoin will never die no matter what

Jhacker

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Quote from: Hollingsworth on July 06, 2015, 11:28:44 PM

Yes, it really is unbreakable, with various caveats.

At the point of bitcoin exchange, there is vulnerability with bogus wallets and nefarious schemers...see Mt Gox fiasco.

Otherwise the system is sound, secure, decentralized, and pseudo-anonymous.

Well, it's certainly forkable. And this leads to problems with it being accepted more widely. The recent fork wasn't that bad (a 5 hour confirmation time is still great compared to credit cards), but you could imagine a situation where 51% adopt new specs but a 49% blockchain goes on for a long time, wreaking havoc among merchants and customers.

jubalix

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Quote from: amaclin on July 06, 2015, 09:35:46 AM

Quote from: BillyBobZorton on July 06, 2015, 09:30:59 AM

that solved the byzantine generals problem.

What if the cost of solving byzantine generals problem is more than a cost of army? Grin

the army does not work at all unless you solve the byzantine generals problem. Eg everyone just hyperinflates when taken to fiat currency issuance.

Hollingsworth

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Yes, it really is unbreakable, with various caveats.

At the point of bitcoin exchange, there is vulnerability with bogus wallets and nefarious schemers...see Mt Gox fiasco.

Otherwise the system is sound, secure, decentralized, and pseudo-anonymous.

amaclin

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Quote from: Jhacker on July 06, 2015, 05:35:25 PM

I would imagine that the cost of mining and running the blockchain is far less than the cost of the current banking system and financial industry.

per one transaction? Grin

much more!

Jhacker

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Quote from: Amph on July 06, 2015, 09:28:09 AM

Quote from: amaclin on July 06, 2015, 08:46:03 AM

Quote from: ranochigo on July 06, 2015, 08:38:42 AM

I believe that Bitcoin is one of the first to implement cryptography to prevent double spending in p2p technology.

Yes. But what is the cost for it?

the cost is high but the price of bitcoin is high too, the ratio will be maintained at 1:1, thing about it when it was the beginning, the cost of the network was very low, but so it was the price

the price for maintaining the nwtwork it doesn not matter if it's reflected by a good cost in the market

not to mention that the heat can be actually useful in the winter

i remind you this quote from satoshi

"The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Therefore, not having Bitcoin would be the net waste."

I would imagine that the cost of mining and running the blockchain is far less than the cost of the current banking system and financial industry.

amaclin

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Quote from: BillyBobZorton on July 06, 2015, 09:30:59 AM

that solved the byzantine generals problem.

What if the cost of solving byzantine generals problem is more than a cost of army? Grin

BillyBobZorton

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Quote from: amaclin on July 06, 2015, 08:46:03 AM

Quote from: ranochigo on July 06, 2015, 08:38:42 AM

I believe that Bitcoin is one of the first to implement cryptography to prevent double spending in p2p technology.

Yes. But what is the cost for it?

The fact p2p is spending is one of the reasons it's so valuable, all costs to achieve this goals are nothing compared to what you get with a decentralized wordwide p2p currency that solved the byzantine generals problem.

Amph

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Quote from: amaclin on July 06, 2015, 08:46:03 AM

Quote from: ranochigo on July 06, 2015, 08:38:42 AM

I believe that Bitcoin is one of the first to implement cryptography to prevent double spending in p2p technology.

Yes. But what is the cost for it?

the cost is high but the price of bitcoin is high too, the ratio will be maintained at 1:1, thing about it when it was the beginning, the cost of the network was very low, but so it was the price

the price for maintaining the nwtwork it doesn not matter if it's reflected by a good cost in the market

not to mention that the heat can be actually useful in the winter

i remind you this quote from satoshi

"The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Therefore, not having Bitcoin would be the net waste."

ThEmporium

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By analyzing all comments, it gives me understanding that Bitcoin will be mere age till it finishes it's 21 millions productions, once it overs or in the middle, any other new innovations will raise up by individual or Government itself, if Government brings such attractive crypto solutions then everything will become centralized, that won't be an appropriate for us.

amaclin

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Quote from: ranochigo on July 06, 2015, 08:38:42 AM

I believe that Bitcoin is one of the first to implement cryptography to prevent double spending in p2p technology.

Yes. But what is the cost for it?

ranochigo

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Crypto Swap Exchange

Quote from: amaclin on July 06, 2015, 07:47:22 AM

Quote from: Coinshot on July 06, 2015, 07:38:44 AM

they are currency to all effects

No. There is one significant problem: cryptos like bitcoin takes too much energy to prevent doublespends comparing with any other ways.

I believe that Bitcoin is one of the first to implement cryptography to prevent double spending in p2p technology. Other ways would just make it more decentralized. The Bitcoin network hashrate and energy consumption rate can be huge but ASICs are getting much more efficient and slow miners are gradually shutting them down. Basically, to get cheap power, most of the mining farms are located at places which have renewable energy. POS might be a solution but 51% attack would be made much easier with much less expenses. I would say that Bitcoin miner consume less electricity than all the datacentres.

amaclin

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Quote from: Coinshot on July 06, 2015, 07:38:44 AM

they are currency to all effects

No. There is one significant problem: cryptos like bitcoin takes too much energy to prevent doublespends comparing with any other ways.

Quote from: Coinshot on July 06, 2015, 07:38:44 AM

plus they can be used as a great investments

great? are you crazy? Grin

Coinshot

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Quote from: amaclin on July 06, 2015, 06:38:50 AM

Quote from: lorylore on July 06, 2015, 06:25:51 AM

That is for sure. If there is no bitcoin there will be something else replacing it immediately.

Fiat, gold, jewelry etc.

Quote

Arent there many many other coins?

And all of them have the same flaw: they can not be used as financial tool.

what is the reason for that? why they cannot be used as a financial tool,, they are currency to all effects
plus they can be used as a great investments, they have the right to be used in the same way as fiat
but with a store of value and better fee and security

amaclin

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Quote from: lorylore on July 06, 2015, 06:25:51 AM

That is for sure. If there is no bitcoin there will be something else replacing it immediately.

Fiat, gold, jewelry etc.

Quote

Arent there many many other coins?

And all of them have the same flaw: they can not be used as financial tool.

lorylore

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Quote from: amaclin on July 06, 2015, 06:22:24 AM

Quote from: jubalix on July 06, 2015, 06:07:01 AM

you miss the point even if BTC was broken, then another crptocoin would swiftly take its place

Are you sure? Grin

That is for sure. If there is no bitcoin there will be something else replacing it immediately. Arent there many many other coins?

amaclin

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Quote from: jubalix on July 06, 2015, 06:07:01 AM

you miss the point even if BTC was broken, then another crptocoin would swiftly take its place

Are you sure? Grin

Quote from: lorylore on July 06, 2015, 06:12:41 AM

Since it is so popular it takes time to break it.

Are you sure? Grin

lorylore

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Quote from: jubalix on July 06, 2015, 06:07:01 AM

you miss the point even if BTC was broken, then another crptocoin would swiftly take its place, and BTC core would likely update to that tech. Eg POS if miners failed.

So yes BTC coin as a crypto, the idea is unbreakable. Go and take a look in alts if you doubt this.

I think since the bitcoin was one of the first digital currency(crypto currency) it's not much breakable.
Since it is so popular it takes time to break it.
There are more other coins(inc. crypto 2.0) that are much faster but not so pupular like bitcoin

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