The Bitcoin Tracking Thread

[Golden]

The exchange systems are the achilles heal. Achtung mania!

[madfranks]

Last price:$60.11100

[Son-of-Liberty]

I really don't know much about bitcoin either but I am pretty skeptical.

Nobody really knows who developed it and I can't help but think if you were the original designer why not rig it so you start with millions of bitcoins that you just don't spend. Nobody else would know they exist and you could just sit back and wait until bitcoins rise in price to $1000 each or more then you start to convert your bitcoins and bam, instant billionare off the backs of all the chumps.

Of course I don't know enough about programing to know if this is even possible but if they are anonymous and can be stored offline I don't see why there wouldn't be a way to game the system if you were the developer of the whole thing.

[Ares]

I really don't know much about bitcoin either but I am pretty skeptical.

Nobody really knows who developed it and I can't help but think if you were the original designer why not rig it so you start with millions of bitcoins that you just don't spend. Nobody else would know they exist and you could just sit back and wait until bitcoins rise in price to $1000 each or more then you start to convert your bitcoins and bam, instant billionare off the backs of all the chumps.

Of course I don't know enough about programing to know if this is even possible but if they are anonymous and can be stored offline I don't see why there wouldn't be a way to game the system if you were the developer of the whole thing.

That's the beauty with Bitcoin, every coin in circulation points back and is authenticated with the ledger that created it. So if the creator wanted to come back with a million or so coins. The network would discard them as being fakes and not allow them into circulation. The source code is freely available here So if you're familiar with code you can go through and look for back doors. It's completely open source, nothing is hidden.

The bitcoin network uses SHA256 encryption. With network hashing rate of 47Thashes a sec which equals to 503.57 PetaFLOPS, making it faster than 500 of the worlds fastest super computers. The only real way to "hack" the bitcoin network is to outperform it's hash rate. Which currently is impossible with current technology.

Now get into quantum computing then it might be possible.

[madfranks]

Of course I don't know enough about programing to know if this is even possible but if they are anonymous and can be stored offline I don't see why there wouldn't be a way to game the system if you were the developer of the whole thing.

Every transaction is independently verified by tens of thousands of separate computers in a system called the block chain. The block chain is the ledger showing every transaction in the bitcoin universe. This is what bitcoin miners do; they run software that independently tracks and verifies every transaction in the network. If a sole entity tried to add even a single bitcoin to his account without a corresponding entity sending him that bitcoin, the block chain would not verify that transaction and it would be rejected. Imagine a room with a thousand accountants tracking the same transactions and one of them tried to pull some funny stuff, the 999 other ones wouldn't verify it.

[woodman]

Every transaction is independently verified by tens of thousands of separate computers in a system called the block chain. The block chain is the ledger showing every transaction in the bitcoin universe. This is what bitcoin miners do; they run software that independently tracks and verifies every transaction in the network. If a sole entity tried to add even a single bitcoin to his account without a corresponding entity sending him that bitcoin, the block chain would not verify that transaction and it would be rejected. Imagine a room with a thousand accountants tracking the same transactions and one of them tried to pull some funny stuff, the 999 other ones wouldn't verify it.

This stuff is way over my head. Usually when something is so complex it is open to various methods of attack. If I can't understand something, it just doesn't seem wise to me. Often the reason for complexity is to hide the truth. In the real world, the more complex an organism is, the more ways there are to circumvent it's defenses. I think this is an accident waiting to happen to those who put too much faith in it.

[vacuum]

The value of bitcoins is so high right now that you could make a lot of money by being the first one to find a weakness.

I'm sure the code has been gone through with a fine-toothed comb by many people.

[Shami-Amourae]

This is the first time I've held absolutely 0 Bitcoins in several years.

Just saying.

[woodman]

The value of bitcoins is so high right now that you could make a lot of money by being the first one to find a weakness.

I'm sure the code has been gone through with a fine-toothed comb by many people.

I'm really not trying to be argumentative. I just believe that everything has it's weak spot. Weak points will be exploited.

[Shami-Amourae]