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Concern About Bitcoin

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Concern About Bitcoin

Post by livingintheloop69 on Thu Jan 09, 2014 12:06 pm

hey guys as you know im a big fan and proponent of bitcoin. apparently something concerning happenned yesterday though. i guess basically the security of bitcoin is the large number of miners and people on bitcoin which makes it "nearly" impossible to defraud the system, spend the same bitcoin twice, etc. someone would have to mine more than 51% of the coins to be able to manipulate the system. some big miner or company was able to reach something like 43% or 46% which is dangerously close to that 51% threshold. 

ill post the article below. i dont think its as big a deal as its being made out to be but is concerning

http://qz.com/165273/the-existential-threat-to-bitcoin-its-boosters-said-was-impossible-is-now-at-hand/

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Re: Concern About Bitcoin

Post by Kevind53 on Thu Jan 09, 2014 9:30 pm

Might be significant, but perhaps not. Keep in mind if man can devise it, someone else can, and will find a way around it. That is always the way it has been in cryptology, and that is the way it will always be.

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Re: Concern About Bitcoin

Post by livingintheloop69 on Fri Jan 10, 2014 6:29 pm

@Kevind53 wrote:Might be significant, but perhaps not. Keep in mind if man can devise it, someone else can, and will find a way around it. That is always the way it has been in cryptology, and that is the way it will always be.
on a totally seperate note i know alot of dinarians are into secrecy or confidentiality, etc. 

for those who dont know about cryptology and basically coding messages look into pgp. stands for pretty good privacy, basically a way to encrypt your email messages or even messages to other membes on forums. basically you have a public key and a private key. you give your public key to others, they encrypt their message and then send it to you, you use your private key to decrypt their message. 

has some very good practical purposes like if you had to emaili someomen your social or a cc number but heck even just kinda cool to mess around with.

i just started getting into this. if anyone is curious kleopatra is the most popular free program to do this but i found it very confusing. i use portable pgp. if anyone is interested feel free to message me. i know when i first started doing this i didn't know if i was doing things right or how to do certain things. id' be happy to help anyone out, i can send you a message and see if you can decrypt it. just kinda fun thing to mess around with. it may have some more practical purposes for osme of you who own or run businesses or for other things

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Re: Concern About Bitcoin

Post by judywhite on Wed Jan 15, 2014 8:30 am

Considering how unstable BTC value is, for some it's more sensible to use plain dollars for now. But if you find it as a potential investment, go ahead and take the risk. They say that the investors who are avoiding bitcoin will realize soon that they missed the train; couldn’t agree more on that.
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