Quote from: DannyHamilton on November 13, 2013, 01:37:27 AM

Quote from: razorfishsl on November 13, 2013, 01:33:43 AM

What is sad.. is the number of people who tie them selves in knots trying to figure out clever ways to attack bitcoin using 51% attacks and other 'clever shit' and working out all the cost that it would entail.

In reality it only requires an attack on the software.

All that money trapped by the FBI it's only trapped because that is the way the software is written.

The hard part isn't changing the software.

The hard part is convincing every single node on the network to run your changed software instead of the original software.

Sorry I'm not software savvy. Could you explain in layman's terms how an "attack on the software" could destroy bitcoin? I have never heard of this. As I understand it, the best way to eradicate bitcoin would be a 51% attack which can apparently be launched secretly at an insignificant price compared to the monetary benefit for the US Govt/banks.

As for other methods of attack centering around "make it illegal and start seizing bitcoins and punishing users" - we have countless exmples for how that plays out in the gold market. It works to an extent but never entirely - and there is currently not even the political will in the US to keep gold illegal, much less bitcoin. Furthermore the "make it illegal" approach would likely be slower moving and more predictable. Many of my friends and myself are traders and investors, but it is the uncertainty surrounding an unexpected takedown of bitcoin that is generally our biggest concern and impediment to significant buy-in at this point.