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Litecoin founder talks about cryptocurrency risks
- Frogolocalypse 9y agoIt's nice to see some big warnings about the volatility of crypto from such established players, and the type of corrections that are envisaged. It is really important to understand how risky an asset class they are.
- vkou 9y agoI am not a bitcoin fan by any means, but this is an incredibly low quality article. "Good regulation would be good. BTC is really volatile. People use it to speculate, not transact. ICOs are a great way to get burnt." I suppose it's worth saying, but I don't think it'll convince the faithful.
- Frogolocalypse 9y agoStill needs to be said. And lots. I'm a crypto investor, but i know what it feels like to have an 80% correction over the space of a year. There are a lot of people who don't even think that's possible.
- Timbaker 9y agoI agree with you. These days, the situation changes dramatically but, the world's trend go "Virtual Currency market" This article said, "virtual currencyt gaining popularity" http://www.galesburg.com/news/20171215/virtual-currency-gaining-popularity http://www.galesburg.com/news/20171215/virtual-currency-gain...
- justifier 9y agoWas encouraged but disappointed that proponents still ignore the risk that cryptographic hashes are reliant on unsolved mathematics
- carlsborg 9y agoLitecoin uses scrypt and mutliple rounds of sha-256 for the proof of work. Are you referring to cryptographic signatures in general?
- justifier 9y agothe hash functions are robust, though collisions are a concern But my greater concern is in regard to nonce detection
- tyrust 9y ago>collisions are a concern Could you elaborate? Probability of collisions should be very low.
- zeroxfe 9y ago> the hash functions are robust, though collisions are a concern you are more likely to be eaten alive by ants, than witness a sha-256 collision with today's hardware > But my greater concern is in regard to nonce detection what does this mean? nonces here are used to prevent duplicate transactions.
- justifier 9y agoBut probabilities are subjective, if you build your home on a anthill your scenario's probability increases Nonces are used to find hashes that satisfy a specific 'target' requirement
- vmarsy 9y agoThat's one worrying part. The one I'm more scared about is: it's not all clear to me what would happen if the network gets suddenly partitioned. With China apparently having a big chunk of the mining power, what would happen if they decide to isolate all those miners via the 'Great Firewall'? And what happens if they keep mining, and after a few months the Firewall gates get re-opened? My understanding is that the miners are important, without them you can't have a 'liquid market' of transactions, is that right? What's the risk if you loose a huge chunk of miners overnight?
- mancerayder 9y agoMaybe someone's anticipating some massive selling by folks who own a lot. Perhaps some of those folks are known personally to Lee, or includes Lee himself. I suppose he'll be able to say, I told you so.
- KasianFranks 9y agoLets upvote a postive article on crypto, not always the negative ones.
- tehlike 9y agoOne must-have feature of all cryptocurrencies should be privacy. Only a few support full anonymity today.
- omgbananas 9y agoa few support full anonymity today. And of those, one more than others.