Wouldn't they be able to use their computing power to take over the network and kill it? I'm sure Microsoft or Apple could if they wanted to, right?
It is called a 51% attack. Yes they can, with less than 100 millions $ they can buy enough ASICs to do that.
And it would be much more effective than trying to "ban" it or try to "manipulate" it
Hell, just look at what is happening, a single pool without even trying has almost reached 51% of total hashrate, so long for people that say "nah a 51% attack is so hard to do it is impossible"
lets wait for the first attack then.... it will probably be only once ... and then it will ex/implode that particular pool that would be all,i think?
Post
Topic
BoardBitcoin Discussion
Re: Central Banks could EASILY destroy Bitcoin (if they want)
"WHAT IS THE MATTER WITH YOU??? HOW IN THE NAME OF CHRIST CAN YOU BUY $40 Billion of bitcoins at $900 each??? Hahahhaaaaa you are hilarious. I don't know if you are just trolling or you really have no idea that there are buy and sell orders for limited amounts of bitcoins on the exchanges. I would guess trolling..."
:-) I did not say that they would buy 40 bln in one time. They could buy slow in low volumes and then dump it all at once. Again and again. Each time causing a small crash. This is how you could manipulate a price in all kind of markets.
** I am long on BTC, but wanted to check / discuss this scenario **
"The Hunt brothers famously bankrupted themselves trying to corner the silver market¨ ...(s.n.)
change huntbrothers for :fed, and fill in bitcoin for: silver....what do you read now?
Post
Topic
BoardBitcoin Discussion
Re: Central Banks could EASILY destroy Bitcoin (if they want)
by
ouwe
on 10/01/2014, 18:46:31 UTC
¨This will scare most investors who will leave.¨
maybe few bigger investors will leave, but 100 of thousands of smaller btc users will think itś a good moment to step in?
Post
Topic
BoardBitcoin Discussion
Re: Central Banks could EASILY destroy Bitcoin (if they want)
by
ouwe
on 10/01/2014, 18:32:46 UTC
July 9, 2010: When someone tries to buy all the worlds supply of a scarce asset, the more they buy the higher the price goes. At some point, it gets too expensive for them to buy any more. Its great for the people who owned it beforehand because they get to sell it to the corner at crazy high prices. As the price keeps going up and up, some people keep holding out for yet higher prices and refuse to sell. The Hunt brothers famously bankrupted themselves trying to corner the silver market in 1979.
Always interesting to see mr.Nakamotos opinion-.....
still strange that the confirmed earnings are not showing up in ´account´
Because if they showed up in 'account' that would trigger automated payouts, but the 'wallet is empty'..... so junior-operator-on-duty 'closed the tap' to avert disaster.... (but is that good enough? surly someone could have estimated the needed BTC for pool cash flow before they went incommunicado) [/quote] so why does jr operator not give any updates on the forum this has been going on for 24 h now...
Post
Topic
BoardPools
Re: [450 TH] Slush's Pool (mining.bitcoin.cz); TX FEES + VarDiff
For Slush members wondering what is going on with threshold delayed payments...
"Typically, the pool sends confirmed rewards which are over threshold to users every hour.
For security reasons, the server's hot wallet (keeping funds immediately available for payouts) has quite a low balance. When the hot wallet becomes empty, the pool administrator has to load the wallet from the cold storage (a highly secured offline computer keeping pool's bitcoins). Since this process cannot be automated and only very limited number of people has an access to cold wallet, it can introduce a few hours' delay in sending coins to user's wall
if you found this post helpful, feel free to tip. I will have a drink of Jack Daniels in honor of every tipper. Donations: 16WFsEEfi2Ui6jzXSGhfN5MKokCqoyCZTt
still strange that the confirmed earnings are not showing up in ´account´
Re: The 3rd Round Auction for the AntMiner S1 Dual Blades, 120 units, 24 hours
by
ouwe
on 04/12/2013, 10:37:07 UTC
O.my mt God sushi what shall i say... more friends (śerious not jokin´...can i make them happy too? so please 6 more at 4.25 so:15 @4.25 please.. .fingers crossed
Post
Topic
BoardAuctions
Re: The 3rd Round Auction for the AntMiner S1 Dual Blades, 120 units, 24 hours
by
ouwe
on 04/12/2013, 10:02:20 UTC
Sir Sushi ...talkin about friends.. there they are again askin me for more... its gonna be 9 alltogether if poss... so: 9@4.25 please