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Bitcoin may be susceptible to Goldfinger-style attacks
- vrotaru 15y agoWhat I like about bitcoin, even if it only a side benefit, is that make people think about things that most of the time are taken as granted. That the conclusion is flawed, as it is in this case, is not that relevant. PROOF: Suppose you have garnered half of all the bitcoin in existence. An absurd supposition, but it is only to make a point. Now you have half of the purchasing power of the bitcoin economy, the other half being hold by other people. Now if destroy half of your coins you (surprise, surprise) you only hold ⅓ of the all bitcoins. So you have succesfully reduced you purchasing power. Congratulations.
- gravitronic 15y agoHyperbolic headline. I'm not a bitcoin fan but read the post: it's just a property of the bitcoin cryptosystem that if one can destroy others coins then their own increase in value. It's not in itself a vulnerability by any means
- cs702 15y agoI submitted it. Now that I look at the headline with fresh eyes, I agree -- it's exaggerated, so I'll change it. Thanks. UPDATE: Changed the headline to use Bruce Schneier's description: http://www.schneier.com/blog/archives/2012/03/bitcoin_securit.html http://www.schneier.com/blog/archives/2012/03/bitcoin_securi...