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Bitcoin Exchanges Under ‘Massive and Concerted Attack’

coindesk.com

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Re: Bitcoin Exchanges Under ‘Massive and Concerted Attack’

#111

Post by jafaku »

gus_massa wrote: post #89
thisiswrong wrote: post #60

Earlier quoted context omitted.

Wow this makes a lot of sense. I personally believe that this is yet again another one of BTC's large dips that will eventually recover onto it's upwards path. But then if people panic and see how hard it is to get back into fiat from BTC won't they just go into relatively stable altcoins instead? For example DOGE is skyrocketing as we speak and it's USD price was totally unaffected by BTC's recent plummet. http://co…

Is doge inmmune to this multiple hash malleability feature? EDIT: "If" -> "Is".

No coin is immune to this.

What, you thought other coins had their own code? Nope, they are all just a copy/paste of Bitcoin's code.

Specifically Dogecoin was "coded" (copy/pasted) in a Friday night, according to it's founder. So I don't know what you were expecting.

Re: Bitcoin Exchanges Under ‘Massive and Concerted Attack’

#112

Post by jafaku »

bduerst wrote: post #58
brian_cloutier wrote: post #50

Earlier quoted context omitted.

Unfortunately in that respect Bitcoin is a bit of a one-trick pony. It relies on the honesty of a plurality of the network hash-strength. Systems which use the bitcoin mechanic need a lot of adoption before they become trustworthy.

Not only that, but the bitcoins themselves need solid liquidity before becoming a feasible currency. That's impossible with the impending cap. Right now, bitcoins are treated like digital gold. People hoard them and treat them like investment assets. And for the same reason the world's major currencies unlinked from gold, bitcoins also exhibits recessionary behavior. (bad news for a currency)

> impending cap

Seems like every American is going to have trouble with this, since they are not taught how to use decimals and powers of ten. The rest of the world will do just fine using mBTC and uBTC.

Re: Bitcoin Exchanges Under ‘Massive and Concerted Attack’

#113

Post by jafaku »

bduerst wrote: post #59
pera wrote: post #52

Earlier quoted context omitted.

> I'm just saying that Bitcoin is something that I don't really understand, and so I don't entirely trust it. Then read the paper! :) it's not complicated and it's pretty short. btw do you understand how the banking system works?

That is horrible financial advice.

I guess your comment is horrible financial advice too then.

Re: Bitcoin Exchanges Under ‘Massive and Concerted Attack’

#114

Post by MartinCron »

smrtinsert wrote: post #102

Someone should pen the next James Bond story around Digital currency manipulation. What a fascinating world.

That's probably the easiest way to make a James Bond story that feels out-of-touch now and out-of-date tomorrow.

Re: Bitcoin Exchanges Under ‘Massive and Concerted Attack’

#115

Post by jafaku »

RRRA wrote: post #73
smtddr wrote: post #29

Earlier quoted context omitted.

As much as I don't condone this kind of abuse, that's exactly what I'm preparing for. If BTC drops below $500, I'm buying more.

If BTC drops, below 500 or less, why exactly 500? Why not wait for 400? I'm new to this but maybe we need to make it easier to move money from wallet to wallet, from wallet to "hard" currencies and back, etc. Right now it's practically impossible to get verified on an exchange, get money out, paying anywhere with it, etc. You are lucky if you have a bitcoin ATM where the rate is probably not that good but at least yo…

> maybe we need to make it easier to move money from wallet to wallet, from wallet to "hard" currencies and back

Thank you Captian Obvious!

Re: Bitcoin Exchanges Under ‘Massive and Concerted Attack’

#116

Post by johnny635 »

eterm wrote: post #40
ayanb wrote: post #10

Earlier quoted context omitted.

Also worth noting is the fact that the Bitcoin Price Index has been massively resilient to all the bad "news" thats been pouring in this month. It has been consistently hovering around the 670-700 mark.

I can't find the article now, but there have been several good articles explaining the lack of gravity on bitcoin in general. Basically, the price goes up quickly when new people are attracted to bitcoin and rush to buy. When the price dips however, because so much is bought for long term speculation, the price doesn't really dip much, as no one is incentivised to sell and hold out for when it gets better. At some po…

Sounds like the reason they gave for why houses always goes up.

Re: Bitcoin Exchanges Under ‘Massive and Concerted Attack’

#117

Post by gus_massa »

jafaku wrote: post #111
gus_massa wrote: post #89

Earlier quoted context omitted.

Is doge inmmune to this multiple hash malleability feature? EDIT: "If" -> "Is".

No coin is immune to this. What, you thought other coins had their own code? Nope, they are all just a copy/paste of Bitcoin's code. Specifically Dogecoin was "coded" (copy/pasted) in a Friday night, according to it's founder. So I don't know what you were expecting.

Just curiosity. I thought they copied the code from Litecoin and I was not sure if in any of the intermediate steps someone decided to fix this.

It will be interesting to see how each developer set and community handle this problem (and the future problems).

Disclaimer: I don’t own BTC or DOGE (or LTC or any other virtual currency).

Re: Bitcoin Exchanges Under ‘Massive and Concerted Attack’

#118

Post by eclipxe »

branchan wrote: post #96
watty wrote: post #81

Earlier quoted context omitted.

If someone is going to physically break into your house and access your money what's to stop them from physically assaulting you until you give them the password? Or just taking the computer that stores the "offline" wallet?

Unless someone has some kind of insider information, no burglar is going to assume that you have a stash of bitcoins.

Until now!

Re: Bitcoin Exchanges Under ‘Massive and Concerted Attack’

#119

Post by smrtinsert »

MartinCron wrote: post #114
smrtinsert wrote: post #102

Someone should pen the next James Bond story around Digital currency manipulation. What a fascinating world.

That's probably the easiest way to make a James Bond story that feels out-of-touch now and out-of-date tomorrow.

Haha. Not necessarily, the general public is becoming aware of btc as you can now pay regular companies with it. also you could tie it into typical James Bond fare such as funding for terrorist organizations etc.
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