4 ms·

Some of these numbers are very low. $30/h for Bitcoin Private? Seems inexpensive, what am I missing?

by NathanCH 8y ago

brianwawok 8y ago
No one uses it. So you attack it. Cool. You can't turn it into USD or anything else, so you just spend $30 for nothing.
- IncRnd 8y ago
  And, that's exactly why it only costs $30.
- matte_black 8y ago
  But you still get the prestige of having taken down a coin.
  - baddox 8y ago
    What makes you think there would be any such prestige earned?
    - matte_black 8y ago
      It’s not very often you get a chance to take down a currency. In 30 years from now you’ll be able to brag about how back in your day you took down entire cryptocurrencies with 51% attacks.
      - vasilipupkin 8y ago
        51% attacks are quite possibly wire fraud so I would refrain from bragging about them. More accurately, trying to double spend the coins is wire fraud.
        AlexCoventry 8y ago
        Not if you have the consent of the counter-parties (or are the counter-parties.) It might be against some other law to manipulate the price like that, though.
        matte_black 8y ago
        Which government will prosecute?
        rando444 8y ago
        The person they are swindling can go through their own authorities, and if the authorities in the criminal's country are alerted to his activities, they can go after them as well. Theft and fraud don't take on different meanings just because the currency is digital.
        matte_black 8y ago
        So basically it sounds like you'll never get caught.
      - deleted 8y ago
        [deleted]
      - brianwawok 8y ago
        In 30 years no one will use crypto and people that invested in crypto will be laughed at.
  - stale2002 8y ago
    "prestige" is exactly what smart criminals are attempted avoid. "Prestige" is how people end up in jail, or otherwise...
- xur17 8y ago
  It's listed on several exchanges [0], so assuming you can carry out the attack, you could pretty easily profit. Not a ton of volume, but you could make some money. [0] https://coinmarketcap.com/currencies/bitcoin-private/#markets https://coinmarketcap.com/currencies/bitcoin-private/#market...
johndunne 8y ago
You're not missing anything. The coins are literally worthless other than to those who trade them on crypto exchanges, to steal each other's lunch money. Plus, launching an attack isn't just a case of paying $30 per hour. You need to have a client able to perform whatever your aim is for the attack, which requires a level of coding knowledge. And dev's at that level of knowledge are probably earning real money for their time.
- deleted 8y ago
  [deleted]

Some of these numbers are very low. $30/h for Bitcoin Private? Seems inexpensive, what am I missing?

brianwawok 8y ago

No one uses it. So you attack it. Cool. You can't turn it into USD or anything else, so you just spend $30 for nothing.

IncRnd 8y ago
And, that's exactly why it only costs $30.
matte_black 8y ago
But you still get the prestige of having taken down a coin.
- baddox 8y ago
  What makes you think there would be any such prestige earned?
  - matte_black 8y ago
    It’s not very often you get a chance to take down a currency. In 30 years from now you’ll be able to brag about how back in your day you took down entire cryptocurrencies with 51% attacks.
    - vasilipupkin 8y ago
      51% attacks are quite possibly wire fraud so I would refrain from bragging about them. More accurately, trying to double spend the coins is wire fraud.
      - AlexCoventry 8y ago
        Not if you have the consent of the counter-parties (or are the counter-parties.) It might be against some other law to manipulate the price like that, though.
      - matte_black 8y ago
        Which government will prosecute?
        rando444 8y ago
        The person they are swindling can go through their own authorities, and if the authorities in the criminal's country are alerted to his activities, they can go after them as well. Theft and fraud don't take on different meanings just because the currency is digital.
        matte_black 8y ago
        So basically it sounds like you'll never get caught.
    - deleted 8y ago
      [deleted]
    - brianwawok 8y ago
      In 30 years no one will use crypto and people that invested in crypto will be laughed at.
- stale2002 8y ago
  "prestige" is exactly what smart criminals are attempted avoid. "Prestige" is how people end up in jail, or otherwise...
xur17 8y ago
It's listed on several exchanges [0], so assuming you can carry out the attack, you could pretty easily profit. Not a ton of volume, but you could make some money. [0] https://coinmarketcap.com/currencies/bitcoin-private/#markets https://coinmarketcap.com/currencies/bitcoin-private/#market...

johndunne 8y ago

You're not missing anything. The coins are literally worthless other than to those who trade them on crypto exchanges, to steal each other's lunch money. Plus, launching an attack isn't just a case of paying $30 per hour. You need to have a client able to perform whatever your aim is for the attack, which requires a level of coding knowledge. And dev's at that level of knowledge are probably earning real money for their time.

deleted 8y ago
[deleted]