[Cryptography] Another Bitcoin issue (maybe) (was: BitCoin bug reported)

[Phillip Hallam-Baker]

Some MIT students have been targetted by a NJ Prosecutor over Tidbit, a
mine bitcoin for content scheme...

http://tech.mit.edu/V134/N4/abelson.html

Of course it is easier to go after a bunch of students than the Winkelvoss
twins and their heavily lawyered-up BitCoin fund. But not if the students
are from MIT.

Only reason to choose MIT is if someone wants to get embroiled in a messy
and very public lawsuit.


On Sat, Feb 15, 2014 at 8:42 PM, Natanael <natanael.l at gmail.com> wrote:

> Den 16 feb 2014 02:12 skrev "Phillip Hallam-Baker" <hallam at gmail.com>:
> Sounds like Ripple. Which have asset issuing "gateways", and all the
> servers check the transactions in batches with the other servers it trusts.
> I don't like that system myself. Relies far too much on trust. And systems
> like it far to often don't have a good way of reacting to errors.
>
> Also, a 51% attack when there are tons of idle miners will be fought off
> in hours or even minutes simply by turning on the miners. It is likely more
> economical to pay for the extra electricity than to pay through the loss of
> value off the coins.
>
You are underestimating the amount of electricity required. BitCoin is
already using vast amounts of electricity. According to one site as much as
the Island of Cyprus. People could spend $10,000 of their money in cash to
defend the stability of BitCoin but now you are relying on a social compact.

If I am going to sell a house for BitCoin, I want to have more certainty
that the money has been transferred than some folk might do some mining out
of the goodness of their hearts to stop an attack.


Blockchain is the new bearer.


-- 
Website: http://hallambaker.com/
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