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re: Predict the 12/31/2014 bitcoin price (plus 2013 year in review)
Posted on 1/9/14 at 10:22 am to Broke
Posted on 1/9/14 at 10:22 am to Broke
quote:I did.
This thing has the potential (at least according to the article) to crumble right before our eyes.
Can someone please clarify for me what the issue is?
Is it if, according to the set protocol, someone or some group can control more than 50% of the mining computing power, that group can override the protocol and rewrite the "rules" for bitcoin?
If that's it, and if a group of amateurs can band together enough to threaten btc, how difficult would it be for a government, say China or the U.S., to provide the resources and plug in and control the mining or rules making process?
Isn't that the ultimate threat to bitcoin?
3
Posted on 1/9/14 at 10:24 am to LSURussian
quote:
s it if, according to the set protocol, someone or some group can control more than 50% of the mining computing power, that group can override the protocol and rewrite the "rules" for bitcoin?
Well if that's the way it works, that's a massive liability. But like I said, I have no idea how it works but it will be spun to be a non-event real shortly. With that said, it very well could be a non-event. I have no earthly idea but it sounds bad.
Posted on 1/9/14 at 10:29 am to LSURussian
quote:
Isn't that the ultimate threat to bitcoin?
Seems to me Bitcoin may have all the protocols in place to protect itself from "outsiders," but may have more than a few weak spots if the government wants to become an "insider."
Posted on 1/9/14 at 10:43 am to LSURussian
quote:
Is it if, according to the set protocol, someone or some group can control more than 50% of the mining computing power, that group can override the protocol and rewrite the "rules" for bitcoin?
I have no fricking clue... I'd like an explanation. The article also talked about being able to use a bitcoin twice in that scenario.
Again, if I mined the bitcoin, stored it in my wallet, how could it be used again by someone else
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