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>FAIL #2: Even if it was a good idea, governments would squash it. Anyone could destroy (read: fake transactions, etc) it given enough computational power. I a
by nwmcsween 15y ago
>FAIL #2: Even if it was a good idea, governments would squash it.
Anyone could destroy (read: fake transactions, etc) it given enough computational power. I also remember reading that the main developer was invited to talk to the CIA.
- Groxx 15y agoGiven nearly impossible computational power. Quantum computers pose a risk, but that would just mean it would have to switch to some different public key system (there are plenty to choose from on http://pqcrypto.org/ http://pqcrypto.org/ ). If any one attacker gets, say, 9/10ths of the world's computer power, the best they can do is get 9/10ths of the generated coins, and slow down the system by not including transactions. Falsifying transactions is far, far harder to do, on an astronomical scale. See: https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_computing_power https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_... (the rest of the page has a decent breakdown of attacks)
- Xk 15y agoAnd I could destroy (read: fake transactions, etc) the current banking system given enough computational power. I would start by brute forcing their private keys, and go from there.
- deleted 15y ago[deleted]