[Cryptography] BitCoin bug reported
hallam at gmail.com
Mon Feb 10 08:03:41 EST 2014
The MtGox people are claiming that the reason they have been offline is a
bug in the BitCoin protocol:
Does anyone with deep knowledge of the protocol know if this is a credible
I am getting mighty fed up of a group of people who mouth off constantly
that we can't trust the government but take great offense and try to bully
anyone who asks questions about the scheme.
There are some people in the community that I trust completely. But some of
the names involved in the BitCoin world are people that I know I can;t
trust and neither can anyone else. They have lied to and cheated me, they
have lied to and cheated others.
They are currently using as much electricity as the nation of Cyprus. This
is way beyond a science project. If it continues then in a few years
BitCoin will be taking all the electricity generated by the Three Gorges
Dam project. Which is why I suspect China will soon be introducing condign
punishments for mining.
Its not a Ponzi scheme, but the design of the blockchain it pretty
interesting. Since the upper limit on the value of a bitcoin is set by the
cost of electricity to mine it, the value increases as the difficulty of
mining increases. Since that is exponential, there is a built in bubble
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