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<p>[QUOTE="Prime Mover, post: 2665541, member: 38783"]Oh, this is rich. Did that sentence really just get written by you?</p><p><br /></p><p><br /></p><p>Yes, yes, that previous sentence really did get written by you.</p><p><br /></p><p>You clearly have no understanding of how Bitcoin works with what you have said above. You keep going back to distributed computing power "overwhelming" Bitcoin.</p><p><br /></p><p>Bitcoin's very design is to prevent any single user (or single group of users) from doing what you state above. And there are numerous failsafes built into the system to either prevent an overwhelming attempt, or be able to rollback and recover from it very quickly.</p><p><br /></p><p>You keep espousing "51% attack", but you do not seem to understand exactly what happens with a 51% attack, which I described above, but a simple Google search will bring you enough articles and info to educate you. A 51% attack has been possible from day 1, is possible today, and could be possible tomorrow. It is VERY much less possible today given what Bitcoin has grown into, and with advances in computing and cryptography, it will most likely continue to keep pace.</p><p><br /></p><p>You have not yet once explained in detail _exactly how_ someone with that much processing power (which doesn't exist today in useful practicality) could overwhelm Bitcoin. And, please don't go back to the PGP analogy, whether you think it or not there is a very pointed difference between being able to crack a PGP keypair, and being able to do anything of value with a Bitcoin address keypair (which, even if it were to be cracked, there is very little that can be done. Go ahead, research it, or not as you've proven).</p><p><br /></p><p>You have not mentioned anything about how mining works, how nodes function, and the criticality of mining pools and how they can easily thwart such an attack. THIS is the key to all your answers. Mining pools are what controls the _entire_ Bitcoin ecosystem, and are the kryptonite to all the computing power that is, or ever can be.</p><p><br /></p><p>You keep going back to a future technology's ability to crack security standards and algorithms from current day, which is certainly not based in any sort of reality, and security will grow and evolve as it has over the past decades to keep pace with future computing technology.</p><p><br /></p><p>I get it, you want metals and something that might have "real" value, and you prefer to invest in those. Fine, to each their own, I like shiny metal and own quite a bit of it myself.</p><p><br /></p><p>But the reasons you give for fearing Bitcoin are not valid, and the technology and its risks are clearly misunderstood, fueling those fears. There are plenty of reasons why investing in Bitcoin may be bad, may be good, but unless you are willing to do the proper research and understand the functions, you are doing a disservice to those who are looking for valid information.[/QUOTE]</p><p><br /></p>
[QUOTE="Prime Mover, post: 2665541, member: 38783"]Oh, this is rich. Did that sentence really just get written by you? Yes, yes, that previous sentence really did get written by you. You clearly have no understanding of how Bitcoin works with what you have said above. You keep going back to distributed computing power "overwhelming" Bitcoin. Bitcoin's very design is to prevent any single user (or single group of users) from doing what you state above. And there are numerous failsafes built into the system to either prevent an overwhelming attempt, or be able to rollback and recover from it very quickly. You keep espousing "51% attack", but you do not seem to understand exactly what happens with a 51% attack, which I described above, but a simple Google search will bring you enough articles and info to educate you. A 51% attack has been possible from day 1, is possible today, and could be possible tomorrow. It is VERY much less possible today given what Bitcoin has grown into, and with advances in computing and cryptography, it will most likely continue to keep pace. You have not yet once explained in detail _exactly how_ someone with that much processing power (which doesn't exist today in useful practicality) could overwhelm Bitcoin. And, please don't go back to the PGP analogy, whether you think it or not there is a very pointed difference between being able to crack a PGP keypair, and being able to do anything of value with a Bitcoin address keypair (which, even if it were to be cracked, there is very little that can be done. Go ahead, research it, or not as you've proven). You have not mentioned anything about how mining works, how nodes function, and the criticality of mining pools and how they can easily thwart such an attack. THIS is the key to all your answers. Mining pools are what controls the _entire_ Bitcoin ecosystem, and are the kryptonite to all the computing power that is, or ever can be. You keep going back to a future technology's ability to crack security standards and algorithms from current day, which is certainly not based in any sort of reality, and security will grow and evolve as it has over the past decades to keep pace with future computing technology. I get it, you want metals and something that might have "real" value, and you prefer to invest in those. Fine, to each their own, I like shiny metal and own quite a bit of it myself. But the reasons you give for fearing Bitcoin are not valid, and the technology and its risks are clearly misunderstood, fueling those fears. There are plenty of reasons why investing in Bitcoin may be bad, may be good, but unless you are willing to do the proper research and understand the functions, you are doing a disservice to those who are looking for valid information.[/QUOTE]
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