Why doesn't the NSA use their super computer to mine the rest of the bitcoins? - GoFuckYourself.com

HushMoney · 04-07-2013, 08:46 AM

Wouldn't that pop the bubble? or couldn't it? one entitly owning 50% or more of the bitcoins, and no more available? Then they just sit on them......

I know little about bitcoins, however I just had that thought and saw this article (don't know the date on it)

https://www.privateinternetaccess.co...at-to-bitcoin/

Vapid - BANNED FOR LIFE · 04-07-2013, 10:00 AM

The ants have strength in numbers. Superior strength.
http://en.wikipedia.org/wiki/FLOPS
Petaflops, hundreds of petaflops.
ALL the super computers that exist working together don't beat out the ants in the rain.

dyna mo · 04-07-2013, 10:07 AM

Quote:

Attacker has a lot of computing power
An attacker that controls more than 50% of the network's computing power can, for the time that he is in control, exclude and modify the ordering of transactions. This allows him to:
Reverse transactions that he sends while he's in control. This has the potential to double-spend transactions that previously had already been seen in the block chain.
Prevent some or all transactions from gaining any confirmations
Prevent some or all other miners from mining any valid blocks
The attacker can't:
Reverse other people's transactions
Prevent transactions from being sent at all (they'll show as 0/unconfirmed)
Change the number of coins generated per block
Create coins out of thin air
Send coins that never belonged to him
It's much more difficult to change historical blocks, and it becomes exponentially more difficult the further back you go. As above, changing historical blocks only allows you to exclude and change the ordering of transactions. It's impossible to change blocks created before the last checkpoint.
Since this attack doesn't permit all that much power over the network, it is expected that no one will attempt it. A profit-seeking person will always gain more by just following the rules, and even someone trying to destroy the system will probably find other attacks more attractive. However, if this attack is successfully executed, it will be difficult or impossible to "untangle" the mess created -- any changes the attacker makes might become permanent.

https://en.bitcoin.it/wiki/Weaknesse...omputing_power

dyna mo · 04-07-2013, 10:11 AM

conspiracy theory-

the nsa created/coordinates encyrption, including sha-256, the encryption that bitcoin is based on.

http://en.wikipedia.org/wiki/SHA-2

that's far from meaning they can hack the encryption, over time though, encryptions have proven hackable so it is a matter of time IMO that sha-256 is hacked.

however, sha-3 is on the horizon, pending authorization from nist.
http://en.wikipedia.org/wiki/SHA-3

Vapid - BANNED FOR LIFE · 04-07-2013, 10:19 AM

dyna mo they are going to upgrade the encryption in bitcoin over time.

dyna mo · 04-07-2013, 10:29 AM

Quote:

Originally Posted by Monotony

dyna mo they are going to upgrade the encryption in bitcoin over time.

i see, is it tweaked/customized or such in the process or no?

04-07-2013, 08:46 AM	#1
HushMoney Confirmed User Industry Role: Join Date: Apr 2005 Location: Hermosa Beach & Miami, FL. Posts: 2,256	Why doesn't the NSA use their super computer to mine the rest of the bitcoins? Wouldn't that pop the bubble? or couldn't it? one entitly owning 50% or more of the bitcoins, and no more available? Then they just sit on them...... I know little about bitcoins, however I just had that thought and saw this article (don't know the date on it) https://www.privateinternetaccess.co...at-to-bitcoin/ __________________ Hushmoney.com Interracialpass Hushpass

04-07-2013, 10:00 AM	#2
Vapid - BANNED FOR LIFE Barterer Industry Role: Join Date: Aug 2004 Posts: 4,864	The ants have strength in numbers. Superior strength. http://en.wikipedia.org/wiki/FLOPS Petaflops, hundreds of petaflops. ALL the super computers that exist working together don't beat out the ants in the rain. Last edited by Vapid - BANNED FOR LIFE; 04-07-2013 at 10:12 AM..

04-07-2013, 10:11 AM	#4
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 60,350	conspiracy theory- the nsa created/coordinates encyrption, including sha-256, the encryption that bitcoin is based on. http://en.wikipedia.org/wiki/SHA-2 that's far from meaning they can hack the encryption, over time though, encryptions have proven hackable so it is a matter of time IMO that sha-256 is hacked. however, sha-3 is on the horizon, pending authorization from nist. http://en.wikipedia.org/wiki/SHA-3

04-07-2013, 10:19 AM	#5
Vapid - BANNED FOR LIFE Barterer Industry Role: Join Date: Aug 2004 Posts: 4,864	dyna mo they are going to upgrade the encryption in bitcoin over time.