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Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions

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Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions

#22

Post by gowld »

jacquesc wrote: post #17
drexlspivey wrote: post #14

Earlier quoted context omitted.

Maybe all that energy spent to secure the chain is not so bad after all.

So it's not a complete waste of natural resources because it helps secure "the chain"?

Is it a complete waste of natural resources to lock a bank vault door, or run a network firewall?

Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions

#23

Post by cachvico »

jacquesc wrote: post #17
drexlspivey wrote: post #14

Earlier quoted context omitted.

Maybe all that energy spent to secure the chain is not so bad after all.

So it's not a complete waste of natural resources because it helps secure "the chain"?

Exactly. We should stop using the word "waste" to describe the energy consumption of the Bitcoin miners. It's not waste if it serves a purpose. The service it provides is to guarantee the integrity of the blockchain without the requirement of a central authority.

Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions

#24

Post by Smaug123 »

gowld wrote: post #22
jacquesc wrote: post #17

Earlier quoted context omitted.

So it's not a complete waste of natural resources because it helps secure "the chain"?

Is it a complete waste of natural resources to lock a bank vault door, or run a network firewall?

Those are both activities which use up trivial quantities of those natural resources. Bitcoin uses up nontrivial quantities of electricity.

Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions

#25

Post by GW150914 »

gowld wrote: post #22
jacquesc wrote: post #17

Earlier quoted context omitted.

So it's not a complete waste of natural resources because it helps secure "the chain"?

Is it a complete waste of natural resources to lock a bank vault door, or run a network firewall?

If locking it or running the firewall required energy waste on the order of bitcoin they would. Fortunately both have been designed with minimizing energy use in mind, rather than wastefully maximizing it.

Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions

#27

Post by georgemcbay »

tedunangst wrote: post #21
sizzzzlerz wrote: post #16

Earlier quoted context omitted.

but what is the jurisdiction?

Wherever the exchange is?

Does wherever the exchange is recognize Bitcoin Gold as legal tender?

The issue seems a lot more complex than either "of course this is illegal" or "of course this isn't illegal".

I'm certainly not arguing in favor of either of those positions.

Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions

#28

Post by PeterisP »

sizzzzlerz wrote: post #16
mike-cardwell wrote: post #15

Earlier quoted context omitted.

I think stealing is illegal, yes.

but what is the jurisdiction?

Both the location of the victim and of the attacker could prosecute; the location of the victim is more likely to start the process since they'll receive the complaint.

Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions

#30

Post by ggg9990 »

mike-cardwell wrote: post #12

Crypto currencies are worthless unless they have an enormous amount of hashing power behind them. We could really do with a webpage with a list of crypto currencies, the hashing power currently behind them, and how much it would cost somebody to take over 50% of the network. Or does that already exist?

Interesting point. The cryptocurrency energy consumption problem will never be solved, since if it is, it will be economically feasible to attack. So cryptocurrency adoption in the mainstream will require massive electricity consumption.
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