PoW is not what makes Bitcoin secure - page 3.

Maus0728

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Quote from: FreeStreamer on July 20, 2020, 11:48:01 PM

Bitcoin promised to be a decentralized Peer-to-Peer digital cash and a privacy coin

Hmm..I can't remember bitcoin promised that he is a "privacy coin". bitcoin is still in its infancy where the optimum privacy can't still be achieved because of its existing structure where the 3 main cryptographic technique that monero is using such as "stealth address", "ring transaction" and "ring signature" is not fit for bitcoin.

The only thing that bitcoin could achieve at least an increase of privacy is the implementation of schnorr and taproot signature, educating ourselves on how to achieve optimum privacy using different wallet and as much as possible, avoiding KYC.

pooya87

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security of a cryptocurrency like bitcoin is not defined by only one tiny factor such as the mining algorithm, and 51% attack is only one of many attacks that can take place against a cryptocurrency. it is the result of many different factors that come together and make the final product secure or insecure. some factors off the top of my head are the hash algorithm used, the asymmetric cryptography used, script language and OP codes, and the implementation of all these, number of full nodes and their distribution, number of miners and their distribution,...

Wind_FURY

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Quote from: Jating on July 20, 2020, 06:03:04 PM

All I can say is this... Grin

Feed them more than they can eat in my opinion. It's our opportunity to start a debate, and let the newbies/plebs like us to know the debates/thoughts/insights from ALL sides.

OP, full nodes secure Bitcoin.

FreeStreamer

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Quote from: JeromeTash on July 20, 2020, 05:58:19 PM

Quote from: FreeStreamer on July 20, 2020, 04:23:53 PM

I had many comments saying that the Proof-of-Work algorithm is what makes Bitcoin secure and resist the 51% attack. This is not true. What makes Bitcoin practically resilient to the 51% attack is its size. Because of Bitcoins size it's extremely expensive to perform this attack and therefore nobody will likely do it. But also because of Bitcoins size and because it doesn't really scale, it's very slow. Also Proof-of-Work algorithm is still very susceptible to the 51% attack.

So what's you point here Huh

If the Bitcoin network is large, shouldn't that be good news?
What's the point of decentralization then?
I don't see any point you are trying to make here except shill a less popular Monero. If you wanna discuss Monero, head over to the altcoins discussion board.

Quote from: FreeStreamer on July 20, 2020, 04:23:53 PM

Monero is basically everything Bitcoin promised to be.

What did bitcoin promise to be?

Bitcoin promised to be a decentralized Peer-to-Peer digital cash and a privacy coin

FreeStreamer

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Activity: 70

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Quote from: Jating on July 20, 2020, 06:03:04 PM

All I can say is this... Grin

All you can say? You must be very smart. I admit I am trying to arouse discussion. Is that what trolling is?

Jating

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All I can say is this... Grin

JeromeTash

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Heisenberg

Quote from: FreeStreamer on July 20, 2020, 04:23:53 PM

I had many comments saying that the Proof-of-Work algorithm is what makes Bitcoin secure and resist the 51% attack. This is not true. What makes Bitcoin practically resilient to the 51% attack is its size. Because of Bitcoins size it's extremely expensive to perform this attack and therefore nobody will likely do it. But also because of Bitcoins size and because it doesn't really scale, it's very slow. Also Proof-of-Work algorithm is still very susceptible to the 51% attack.

So what's you point here Huh

If the Bitcoin network is large, shouldn't that be good news?
What's the point of decentralization then?
I don't see any point you are trying to make here except shill a less popular Monero. If you wanna discuss Monero, head over to the altcoins discussion board.

Quote from: FreeStreamer on July 20, 2020, 04:23:53 PM

Monero is basically everything Bitcoin promised to be.

What did bitcoin promise to be?

FreeStreamer

member

Activity: 70

Merit: 15

I had many comments saying that the Proof-of-Work algorithm is what makes Bitcoin secure and resist the 51% attack. This is not true. What makes Bitcoin practically resilient to the 51% attack is its size. Because of Bitcoins size it's extremely expensive to perform this attack and therefore nobody will likely do it. But also because of Bitcoins size and because it doesn't really scale, it's very slow. Also Proof-of-Work algorithm is still very susceptible to the 51% attack. I encourage to look into Monero. Monero is basically everything Bitcoin promised to be.

Topic: PoW is not what makes Bitcoin secure - page 3. (Read 640 times)