Dogecoin bubble..



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You'd be shocked at how low the output is of all the big companies (BFL included).

The chip fabbing process isn't very advanced, they're just now fabbing chips on 28nm which is still a generation or two behind what intel and AMD are doing.

They don't HAVE to get right at 51% to be successful, or to do the attack right. Increase the difficulty a ton in the process and force the small guys out too. It would be relatively easy to distribute the machines all over a country.

And then, if you're talking about whitelisting servers and pools, then you're automatically anticompeditive and it could really cause some major client problems.
 
lukep said:
BRACE YOURSELF:

The flood of a bajillion altcoins is coming:

https://forum.btcsec.com/index.php?/topic/2858-programma-kriptokonstruktor-cryptonit-all/
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I don't see this making much difference. It's easy enough to make an altcoin as it is, anyone who has enough determination to make any sort of dent in the market would be able to either set it up themselves or pay someone a cheap price to get it going.

But yeah, the amount of altcoins is beginning to take the piss. It's going to be very interesting to see what happens over the next 5-10 years.
 
lukep said:
Lol... Selfish mining is no threat.

Is bitcoin broken? Gavin Andresen responds to mining vulnerability paper
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That's not an answer, that's someone saying, "don't worry guys, it's not a threat. We won't tell you why it's not, but trust us, it's not"


lukep said:
1. A huge factory is created to make and assemble ASICs. It would clearly have to have a capacity at least 2x or more larger than all other ASIC manufacturers put together at a very minimum. 10x the size of the existing industry gives them more of a real chance. 100x might be a sure-thing, if they build it very quickly. (Of course such a factory would take up a whole state, but I digress...)

2. As they bring these new miners online, the hash rate goes up by the amount they've added, and miners will have to adjust their calculations.

3. Since the known output of all GHs produced by existing miners is already known and reported on; all this new hashing power coming out of nowhere might as well be wearing a clown suit with a giant red target on it.

4. Responding to this imminent threat, the Devs will code up something for the miners that will have them whitelist each other.

Boom; no more gov mining allowed on the blockchain.

Just like that, the government wastes $1 trillion, and looks like an ass to the world.

(So you know, like normal.)
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Why is a huge factory needed? I'm sure all the existing ASIC manufacturers have budgets to rival the NSA, right? You don't even need to do any R&D, all you need is one Jupiter ASIC, just copy that, it's not like you're going to be selling them. Why do you need a factory the size of an entire state? It's 1700 boards. You can buy a motherboard for $50 retail. That sounds about as much of an exaggeration as "With all the money in the world, you can try and then you only get 5% of the network".


You didn't really bother refuting my points, but I'll refute yours.

2. As I mentioned. Of course the percentage will be lower than at the time of work beginning.

3. And? (although, they could easily time it with the launch of a new ASIC to create confusion)

4. How? How do you find a way to determine real miners from NSA miners? 1700 IPs is a drop in the ocean.
 
Fuck Dogecoin. Where's bitcoind v0.9? New functionality coming that allows you to embed up to 80 bytes of additional data in a transaction, which gets stored in the blockchain. I need that.
 
After all the trashing of Gold, he does now believe that it's difficult and/or expensive to assemble some Fuckin silicone.

Imagines asic manufacturers that can't even ship the three items they sell per month to be the largest corporations in the world.

No clue about dimensionality.

There actually are supercomputers the size of small States.

The nsa is in on all encryption algorithms and that's not even a secret anymore.

Luckily, the blockchain defies Turing because it can already do every possible program and then some.

Merry Christmas, conemasters
 
wayn3 said:
After all the trashing of Gold, he does now believe that it's difficult and/or expensive to assemble some Fuckin silicone.

Imagines asic manufacturers that can't even ship the three items they sell per month to be the largest corporations in the world.

No clue about dimensionality.

There actually are supercomputers the size of small States.

The nsa is in on all encryption algorithms and that's not even a secret anymore.

Luckily, the blockchain defies Turing because it can already do every possible program and then some.

Merry Christmas, conemasters
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This is only true in Wayn3's world.
 
Sorry about the late reply, Joe. It was xmas, what can I say? ;)

-joe- said:
That's not an answer, that's someone saying, "don't worry guys, it's not a threat. We won't tell you why it's not, but trust us, it's not"
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Sorry about that, wrong article actually... It was some kind of "teaser" Coindesk article responding to this issue. Here's the one with meat in it:

Bitcoin mining network vulnerability 'not a big deal'



-joe- said:
Why is a huge factory needed?
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Right now there are factories in a half dozen different countries, and several in both china and the usa, that produce the Current crop of Asics... Together the shipped products including miners still mining on their GPU cars and other old equipment all add up to the current 10.2 Petahashes per second:

https://blockchain.info/charts/hash-rate

If you zoom that chart out, you'll see that the hash rate isn't simply going in an upwardly direction; It's practically doubling every month! Since the beginning of October, when it was already the most powerful network of computers on the face of the planet, the power has multiplied over 10 times.

So logic would dictate, if they set out to build a factory to produce 20 Petahashes worth of ASICs, by the time they produce them the hash rate will be over 200 petahashes... If they're competent enough to build such a tall order.


-joe- said:
3. And? (although, they could easily time it with the launch of a new ASIC to create confusion)
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We don't just know the time they launch; we know how many gigahashes are pushed out on which days.

This is required because miners want to know if a mining equipment company is bringing this hardware online themselves and mining the easy coins before shipping them out to miners... So literally, we can tell who created every last gigahash on the network and when. There are several analysts that track this stuff.


-joe- said:
4. How? How do you find a way to determine real miners from NSA miners? 1700 IPs is a drop in the ocean.
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It isn't an IP thing... It'd get traced at the company level, old-school with shipping address metadata.

So for instance, if we know that Butterfly Labs is the only one shipping out any major equipment in Feburary, 50 monarchs, for a total of 20 Terrahashes; and during Febuary 40 Terrahashes come online... Then eyebrows will be lifted, and Josh @ BFL would post to the community (if it's not already posted in real-time somewhere) the meta-data like which states how many GH were shipped to.

Then we just watch on the miner map where the others are coming online and we'll even know which cities the fedcoats are mining from!
 
Considering the gov't spent in excess of 600 million to build one broken healthcare website, I'd expect any efforts to try to overwhelm the mining network to cost them about 10,000 times more than it should and to fail miserably.
 
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