jedunnigan

9 ms·

31.
by jedunnigan 12y ago
It's funny, the article basically perfectly describes Ripple in its gateway section. It gets a lot of heat for the XRP business but in reality it's a very clever system that opens up a lot of possibility. It just needs more gatewa
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by jedunnigan 12y ago
Critiques of Bitcoin like this baffle me. First of all, the whole point of a decentralized protocol is such that whoever follows the rules can transact accordingly. Plain and simple. People are going to scam, they are going to swindle, they
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by jedunnigan 12y ago
Any sort of "decentralized" network of autonomous agents acting at the behest of identity verification would be extremely easy to game. There must be some incentive for these verifiers to act as an agents of the protocol, so you w
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by jedunnigan 12y ago
Tolstoy, we're almost halfway there.
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by jedunnigan 12y ago
>During the game, children were left alone for 1 min and told not to cheat by peeking at the toy. Because of the highly tempting nature of the situation, most children were expected to cheat (e.g., Talwar & Lee, 2002). Before confron
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by jedunnigan 12y ago
This was bound to happen eventually, especially given the indication of insider trading the day before SD was bought out.[0] [0] http://sinistercyb.org/wp/2013/07/satoshi-dice-sale/
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by jedunnigan 13y ago
>it won't help extend lifespan and do other meaningful things I think that's taking a short view of things. There is no way to know who or what will be enabled by access to a powerful monetary instrument where financial tools a
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by jedunnigan 13y ago
>On the other hand, perhaps Bitcoin, etc. have inherited the apparent male-dominated attributes of the tech scene from which they emerged? It definitely has. At least in the NYC Bitcoin scene there is rarely a female presence at any of t
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by jedunnigan 13y ago
So having a miner in your pocket is certainly one way to execute a double spend. That's a Finney attack.[0] The other and less costly way is all about node connectivity.[1] If you are going to execute a double spend all you 'need&
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by jedunnigan 13y ago
A very informative piece by Mike Hearn breaking down the inconsistencies in the Newsweek piece: http://www.mikehearn.com/Hosted-Files/Nakamoto-Could-Newswee...
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by jedunnigan 13y ago
Note, this coin is not officially backed by the Oglala Lakota Nation Tribal President Bryan Brewer or the Oglala Sioux Tribal Council.[0] Reservations have to follow federal not state law, I feel like this is issuing a currency. They (well
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by jedunnigan 13y ago
Those funds were seized because of their relation to SR and other illicit activity. As such I don't think that has an effect on Gox's solvency.[1] [1] http://thegenesisblock.com/mt-gox-seizures-linked-silk-road-...
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by jedunnigan 13y ago
This is closer to CoinSwap then CoinJoin: https://bitcointalk.org/index.php?topic=321228.0
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by jedunnigan 13y ago
Ah yes, my mistake. I had assumed that was the case but I read too far into my FinCEN link.
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by jedunnigan 13y ago
That depends on a lot of things. They are currently licensed up on the federal and state level, so they have that much covered: http://www.fincen.gov/financial_institutions/msb/msbstatesel... If they defrauded the
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by jedunnigan 13y ago
Well, MSBs are held criminally liable for any illegal activity their platforms help facilitate. Banks can be fined heavily (see: HSBC, Wells Fargo) for such behavior. It's ironic their customers can be held criminally liable but they c
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by jedunnigan 13y ago
>We can follow this line back to arguing that nothing is more disruptive than the Big Bang. Well yes, but the Big Bang was not a discovery/invention made by man. Discovery of how to start a fire would probably be a good candidate fo
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by jedunnigan 13y ago
Haha yes! Qualifying the importance of things against one another is usually a silly exercise.
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by jedunnigan 13y ago
I saw this earlier, I still don't get the logic of the conclusion. Can you really qualify technology B (Bitcoin) as being more disruptive then technology A (internet) when B requires A to operate? Maybe if you look at the technologies
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by jedunnigan 13y ago
> Yes, there's no intrinsic value. I always find this argument silly, as I see intrinsic value in finance as a logical fallacy, but I'll entertain the idea anyway. From Wikipedia: >In commodity money, intrinsic value can be
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by jedunnigan 13y ago
It wouldn't take but a few thousand wafers of 65nm ASICs to overpower the rest of the network. With direct access to chip manufacturing facilities this can be pulled off fairly easily.
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by jedunnigan 13y ago
Off chain is always a solution, but requires some form of trust in most situations. In all honesty I see Bitcoin becoming more of a commodity in the long term, and it is traded sparingly, or other coins/digital currencies are built tha
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by jedunnigan 13y ago
I would say the largest existential threat to Bitcoin is scale. All the problems cited by WU are fixable; same with user security. However, dumping even half of the Visa/MC daily tx volume would bring the network to a halt. The transac
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by jedunnigan 13y ago
Well there would need to be a server/host to manage all the signatures, but it could be built into a client. There is one implementation I know of so far: https://github.com/calafou/coinjoin I wouldn't recomm
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by jedunnigan 13y ago
Sure. It's basically a transaction-level mixer. When you are building a transaction, you can hand pick the inputs and outputs you want to use. There are no constraints or limits. CoinJoin effectively allows you to collude with multiple
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by jedunnigan 13y ago
>state-sponsored media exposure The CCTV spot wasn't state sponsored per se, but I know what you mean. >the large number of Chinese bitcoin miners Oh? Here's to hoping. I'd love it to be real.
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by jedunnigan 13y ago
I think Github agrees. I have a feeling their 100M investment from Andreesen will be used for this goal.
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by jedunnigan 13y ago
Good post. No doubt there are better ways. If there were no useful data points (e.g. stolen then mixed via CoinJoin, traded atomically to another chain with less traceability then back again) then maybe it would be helpful. But then again,
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by jedunnigan 13y ago
> Even generous estimates of what the world's energy economy could devote to Bitcoin leave an awful lot of room for an attack, and while the attack might not make economic sense in terms of the market value of Bitcoin or the mining
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by jedunnigan 13y ago
>that it is an expensive attack, in the low billions of dollars to pull off. Preventing that attack would require half the computing resources in the world to be devoted to Bitcoin at all times. That sounds like a 51% attack, although th

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