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Showing 6 of 6 results by jornaldobitcoin
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Topic
Board Bitcoin Discussion
Re: hypothesis: BU motivations (NO PROOF)
by
jornaldobitcoin
on 28/03/2017, 14:42:35 UTC
i do think it is a dangerous idea. i´am trying not to spread it but i don´t have connections with people that have capacity to verify this and i am trying to reach someone because bitcoin matters a lot to me.
I also ask you not to spread it to the general public yet.
Post
Topic
Board Project Development
Re: [ANN] Bitcoin PoW Upgrade Initiative
by
jornaldobitcoin
on 28/03/2017, 14:08:10 UTC
There is collateral damage.

But the trade-off is this: allow a certain attack from a malicious actor or potentially allow cheaper-than-usual attacks from unknown actors temporarily.

Right now the mining cartel protects us from any other potential attackers in terms of hashing. Still, not an acceptable situation.

If theres a POW upgrade what will happen to the Chinese miners? Will it be possible for them to continue to mine using the old SHA256 and fork away from the upgraded POW algorithm? I think that would be a losing move for the current developers and the ones behind them.

They can try to keep their fork alive but who wants to use a crypto completely dominated by 4 odd dudes from China? Maybe Roger and a few other lunatics? Win-win.

exactly!, who wants?
i say Banks or SWIFT
!!imagine a new SWIFT based in sha256. As secure as bitcoins(because it would have a considerable hash capacity!), at least for now. 250millions usd$? its a bargain for a startup that aims to detrone SWIFT! People need to prepare , investigate this hyphotesis. we must be negotiating with people(BU miners) that are already out of bitcoin.
Read my post , few posts below, for more info.
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Topic
Board Bitcoin Discussion
Re: hypothesis: BU motivations (NO PROOF)
by
jornaldobitcoin
on 28/03/2017, 03:46:08 UTC
I would like to share an hypothesis.

With enough asics a group of miners could offer/sell an alternative to SWIFT for banks?

The group could settle a secret agreement with some banks to raise a few billion US$ for their hash capacity (they would have to leave bitcoin).
They would need something like 40% to 50% of bitcoin hash rate to avoid attacks (Bitcoin unlimited is in almost 40%?).
They would have to keep building asics to keep hash capacity in bitcoin level. Or build even more.
Them we would live in a world with 2 major coins. Both only vulnerable to each other hash capacity.
The miner (banks backed) would have lot of budget to keep pumping asics until bitcoin is forced to change POW or other mitigation strategy.
The group would guarantee its future in asics manufacturing and operations and would ´t care if bitcoin fails. Quick $ with low risk. As it would have a signed contract with major banks to back them.
Actually this group of miners would gain with bitcoin suffering.
Banks could have a chance to have its own SWIFT and damage bitcoin considerably, gaining more time for their fiat party, with very low costs for them(comparing to acquisitions we are seeing today and the SWIFT value)

I have no doubt banks are plotting something sinister with hashing, but what does this have to do with the blocksize?  

I'm not seeing the connection...can you explain?


in this hypothesis they would be using blocksize discussion to divide and conquer.
They are already sold to the banks. No possibility of losing money.they sold their future mining operations, hardware, manufacturing.
It would create a possibility to stole bitcoin traction, name, or just try to hurt it for a cheaper cost of mining bankscoin in the future, or to prevent competition.
Users get hurt , at least in short term.
If someone reading this could make it reach higher levels in bitcoin community for analysis! i don´t want to spread this to the general public.
Post
Topic
Board Bitcoin Discussion
Re: hypothesis: BU motivations (NO PROOF)
by
jornaldobitcoin
on 28/03/2017, 03:12:12 UTC
no shills, i actually hate BU.Just worried and looking for concrete and substantiated feedback for my hypothesis.could you read it and point what is wrong?
Post
Topic
Board Bitcoin Discussion
Topic OP
hypothesis: BU motivations (NO PROOF)
by
jornaldobitcoin
on 28/03/2017, 02:34:09 UTC
I would like to share an hypothesis.

With enough asics a group of miners could offer/sell an alternative to SWIFT for banks?

The group could settle a secret agreement with some banks to raise a few billion US$ for their hash capacity (they would have to leave bitcoin).
They would need something like 40% to 50% of bitcoin hash rate to avoid attacks (Bitcoin unlimited is in almost 40%?).
They would have to keep building asics to keep hash capacity in bitcoin level. Or build even more.
Them we would live in a world with 2 major coins. Both only vulnerable to each other hash capacity.
The miner (banks backed) would have lot of budget to keep pumping asics until bitcoin is forced to change POW or other mitigation strategy.
The group would guarantee its future in asics manufacturing and operations and would ´t care if bitcoin fails. Quick $ with low risk. As it would have a signed contract with major banks to back them.
Actually this group of miners would gain with bitcoin suffering.
Banks could have a chance to have its own SWIFT and damage bitcoin considerably, gaining more time for their fiat party, with very low costs for them(comparing to acquisitions we are seeing today and the SWIFT value)
Post
Topic
Board Project Development
Re: [ANN] Bitcoin PoW Upgrade Initiative
by
jornaldobitcoin
on 28/03/2017, 02:05:55 UTC
I would like to share an hypothesis.

With enough asics a group of miners could offer/sell an alternative to SWIFT for banks?

The group could settle a secret agreement with some banks to raise a few billion US$ for their hash capacity (they would have to leave bitcoin).
They would need something like 40% to 50% of bitcoin hash rate to avoid attacks (Bitcoin unlimited is in almost 40%?).
 They would have to keep building asics to keep hash capacity in bitcoin level. Or build even more.
Them we would live in a world with 2 major coins. Both only vulnerable to each other hash capacity.
The miner (banks backed) would have lot of budget to keep pumping asics until bitcoin is forced to change POW or other mitigation strategy.
The group would guarantee its future in asics manufacturing and operations and would ´t care if bitcoin fails. Quick $ with low risk. As it would have a signed contract with major banks to back them.
Actually this group of miners would gain with bitcoin suffering.
Banks could have a chance to have its own SWIFT and damage bitcoin considerably, gaining more time for their fiat party, with very low costs for them(comparing to acquisitions we are seeing today and the SWIFT value) .