341–350 of 428 posts
Interesting: Reading the first page of the bitcointalk forum, the puzzle originated from this wallet, which has an incredible amount of volume going through it. 10,000+ transactions and over a million BTC sent/received. https://www.blockchain.com/explorer/addresses/btc/173ujrhEVG...
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But touch that $1B+ wallet and suddenly nothing is worth anything... so if I had the capability to silently steal money from the bitcoin blockchain, I would go slow, and in discrete places.
Coin ignorant here: Why would it not be worth anything?
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Coin ignorant here: Why would it not be worth anything?
All transactions are publicly visible, so everyone would know that it was now possible for someone to take bitcoins from people. Value depends on resale. Why would anyone ever buy a bitcoin or accept payment with them if they can just disappear at any time?
Discussion thread here: https://bitcointalk.org/index.php?topic=1306983.msg64526037#... Bitcoin puzzles are private keys with just a few unknown bits so that anyone can bruteforce them to collect a reward. Puzzle 66 contained 66 unknown bits and had 6.6 BTC deposited into it by the initial puzzle creator. The private key was 0x000000000000000000000000000000000000000000000002832ed74f2b5e35ee or 256 bits with mostly ze…
Am I correct in assuming that beyond a certain point, this is basically an existence proof for somebody having a quantum-supreme solution to Shor's Algorithm? "Here's $400,000 sitting on the table, hope nobody takes it" which triggers an alarm telling us to replace all our old prequantum cryptography.
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What if it’s 100% green energy? Is it a waste?
Yes. You can do actual useful stuff with electricity no matter where it came from, like smelting aluminium, training AI models or desalinating water. Wasting it on mining bitcoin is literally the last thing we should be doing with spare energy. If that spare energy doesn’t have a use yet, negative pricing will find one… but allowing that use to be “computing mathematical puzzles to support a deregulated financial ins…
So while this is going on https://www.youtube.com/watch?v=Vl6VhCAeEfQ (ted talk) a lot of people created co2 to take part in a btc lottery and the winner was now randomly found. I hate crypto :|
It’s easy to put those two pieces of information together and arrive at crypto bad. I think it’s worth noting that bitcoin uses a fraction of the energy required to mine gold for example. It’s also a driving force in renewables, by stabilising energy grids (mining can use the spare capacity during quiet periods and switch off during peak hours). So I don’t think it’s as black and white as “bitcoin uses energy = bad”
In NYC they bought a Gas power plant only for bitcoin. In Texas they had to pay millions to bitcoin miners for them to shut down. In china they stole power from normal people left and right.
It also allows to sell local limited energy globally and pushing energy into the trading/gambling area. Instead of giving local people cheap energy, some bitcoin miner will try to get as much of that cheap energy possible. It also incentivives using bitcoin miners to use flare gas instead of doing something to actually capture and use it as it is a limited resource.
Nonetheless PoW is stupid. its the worst scenario we can come up with in a society with scare resources and a very limited co2 budget by now ( have you watched the TED talk? ). And at the end bitcoins PoW system even still stand on our existing PoW system. Someone stole your bitcoins? You go to the police... Without our existing PoS System, you would need to keep your bitcoin wallet and address always anonyme otherwise you would trust our law and order (part of our PoS system) and you could literaly only send bitcoins around and nothing else. (Smart contracts are also not scalable and not stable solution to this issue).
Btw. yes gold need energy to be mined but its a one time cost YOU HAVE TO DO to use this material. Bitcoin is a Waste Resource all the time to use. And Gold has real value in science, manufacturing and in styling/model/art. Nonetheless we need to get the co2 production of Gold down and Bitcoin we just don't need. The best solution is to get rid of bitcoin and keep reducing co2 production for gold.
And yes i do have a lot more arguments on why bitcoin is useless.
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How's the electricity you're using produced? ;)
are we talking about people doing bitcoin mining or hash cracking? bitcoin mining is an extremely competitive business of finding the cheapest sources of energy and mining hardware; because the cheapest energy sources are all renewable, mining bitcoin with fossil-fuel-produced power is unprofitable. so the electricity we're using to mine bitcoin is mostly solar, wind, and hydroelectric as for the cracking, i don't th…
One major exception to this is geothermal electricity in places like iceland where there's abundant green electricity, but you can't transport it to any neighbors.
So just using renewable sources for electricity doesn't actually make mining renewable until we're in a society that's 100% renewable.
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You need 2^65 operations so this is likely not what happened. What you're thinking about is the birthday attack that only works to find collisions and not to find a specific "pre-image"
No knowing the public key reduces the number of keys you have to attempt to find the corresponding private key. If it required the same number of attempts they would have just found it first without having to wait for the broadcast to snipe it. https://en.wikipedia.org/wiki/Pollard%27s_rho_algorithm_for_...
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How is this "block lattice" secured?
Quite well, thank you! Coming up on nine years without hacks, and apparently quantum-resistant. The next release of Nano (the original and best imo*) manages spam to the point where fee-less sub-second transactions can be maintained even while under a directed spam attack. If you want to learn more there's plenty of documentation: Overview: https://docs.nano.org/what-is-nano/overview/ More technical docs: https://doc…
The Raiblocks and BitGrail hack sealed it's death.
Interesting: Reading the first page of the bitcointalk forum, the puzzle originated from this wallet, which has an incredible amount of volume going through it. 10,000+ transactions and over a million BTC sent/received. https://www.blockchain.com/explorer/addresses/btc/173ujrhEVG...
Probably an exchange wallet ?