Post
Topic
Board Altcoin Discussion
Re: Alts market if C. Wright moves coins from early blocks
by
sockpuppet1
on 11/05/2016, 12:08:07 UTC
Theymos defacto in effect admits TPTB_need_war might be correct with his technical allegation upthread that Bitcoin could possibly have a back door that could be cracked:

Edit: To be absolutely clear: I am not proposing (and would never propose) a policy that would have the goal of depriving anyone of his bitcoins. Satoshi's bitcoins (which number far below 1M, I think) rightfully belong to him, and he can do whatever he wants with them. Even if I wanted to destroy Satoshi's bitcoins in particular, it's not possible to identify which bitcoins are Satoshi's. I am talking about destroying presumably-lost coins that are going to be stolen, ideally just moments before the theft would occur.

This issue has been discussed for several years. I think that the very-rough consensus is that old coins should be destroyed before they are stolen to prevent disastrous monetary inflation. People joined Bitcoin with the understanding that coins would be permanently lost at some low rate, leading to long-term monetary deflation. Allowing lost coins to be recovered violates this assumption, and is a systemic security issue.

So if we somehow learn that people will be able to start breaking ECDSA-protected addresses in 5 years (for example), two softforks should be rolled out now:

Vindicated!