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"Based on cryptography, it is secure and deterministic as we require for digital services." This is a bad understanding of cryptography. Bitcoin does not prov
by betterunix 14y ago
"Based on cryptography, it is secure and deterministic as we require for digital services."
This is a bad understanding of cryptography. Bitcoin does not provide security in the cryptographic sense, any more than Skype or Hushmail. It uses secure cryptographic primitives but can be successfully attacked (double-spent) in polynomial time.
- jerguismi 14y ago> It uses secure cryptographic primitives but can be successfully attacked (double-spent) in polynomial time. Does that kind of sentence promote better understanding how cryptography or bitcoin works for the average Joe?
- betterunix 14y agoNo, perhaps it would be better phrased as this: Bitcoin does not meet the minimum standard of security required by modern cryptography despite being built on systems that do meet such a standard. Even that phrasing is suboptimal, though, since the definition of "security" for a hash function is different from the definition for a signature system and both are different from the definition used for digital cash.