Cryptocurrency

[milanbenes]

Is there a difference between this and large corporations choosing which country to pay tax? I'm not so sure...

What happens if those same corporations start using crypto without borders? A number of hedge funds already are.

Yes, hacking is possible. How you hack every copy of the blockchain at the same time though is a mystery to me.

not if you have the backdoor key

Milan.

[The_Equalizer]

I will not be surprised if we wake up one morning to hear that, oh dear bitcoin's impervious decentralized ledger has been, ooops, hacked

That aside, it seems the Chinese Central Bank is creating their own digital currency - this makes sense.

But Joe Bloggs acme Digital Currency doesn't have a future IMO

For the brave good luck with trading the swings

But as a buy and hold the jury is out

Milan.

But it's different this time.

[pjclarke]

you only need to backup the wallet file.

I know.

However what I've experienced is the wallet crashing. When I restart it crashes again. The log message is not that helpful but seems to indicate a corrupt block, failed read or write. Only solution I've found is a brute force delete of the contents of the \blocks and \chainstate folders and start again, whereupon the software reloads 5 years+ worth of blocks, a process that can take 14 hours and may well crash again.

What I'm thinking is to script a daily backup of the whole parent folder and if I get a crash, restore from the 'last known good' version, hopefully just a day or so old.

Or there's the paper wallet or hardware options, getting to the point at which the expense of a hardware solution is becoming justifiable....

[Lance]

that's the only thing that stops me with Bitcoin, since it doesn't take a genius to know that everything can be hacked, who can say that there isn't some either, built in backdoor, or a hackable entry point that hasn't been discovered yet, who can say those aren't there or won't happen and that one day Bitcoin holders will wakeup and find that the whole thing has been hacked and the Bitcoins are now not "worth" anything.

Gold is gold, it's purity can be proven and it's quantity too.

How can the two be compared and how can Bitcoin be trusted.

I would say Bitcoin cannot be trust, do we really trust any software ?

But what Bitcoin has on it's side, is as long as some kind of belief exists, it is a very useful medium for
holding and transferring wealth between holders.

I mean, let's say you want to take a flight and want to take a pile of money with you, if you take gold or cash there's
a high chance of attracting attention at security and a risk of confiscation. If you have a pile of money on a usb stick
in a wallet, problem solved.

So for the moment Bitcoin is solving a purpose and therefore accepted. But do we really trust it, could you trust to bury a usb stick with a bitcoin wallet under a tree in your garden as you would a bag of gold (as has been done for hundreds and hundreds of years) and believe that it will have value in 10, 20, 30, 40, 50 years time ?

Not me.

Milan.

you don't understand Bitcoins, nor the 'last fool' principle which keeps gold at a certain value. Neither have inherent value.

As for hacking them.... Someone can steal your wallet. Keep a safe encrypted backup. You can even print your wallet and lock it in a safe.
But the system itself is in effect a bruteforce hack of types. You want coins for free? Then you simply mine them. You just need the computing power. It's not a system that you can hack in the broader sense of the term meaning where you can circumvent the system.

[FrontEnder]

not if you have the backdoor key

Milan.

The "backdoor key" analogy only makes sense if you're trying to break into one house.

What you're trying to do with a cryptocurrency is break into many hundred or even thousands of houses all at once.

[milanbenes]

you don't understand Bitcoins, nor the 'last fool' principle which keeps gold at a certain value. Neither have inherent value.

As for hacking them.... Someone can steal your wallet. Keep a safe encrypted backup. You can even print your wallet and lock it in a safe.
But the system itself is in effect a bruteforce hack of types. You want coins for free? Then you simply mine them. You just need the computing power. It's not a system that you can hack in the broader sense of the term meaning where you can circumvent the system.

oh dear,

you're right I don't understand the digital currency (let's not mislead people with the word crypto), it doesn't make sense, and smells of the Tulip bubble in Holland

I've said my part and can't be bothered to argue with the deaf

that having been said, well good luck anyway Lance

Milan.

[milanbenes]

The "backdoor key" analogy only makes sense if you're trying to break into one house.

What you're trying to do with a cryptocurrency is break into many hundred or even thousands of houses all at once.

you're right FrontEnder and I am sure if thieves could figure out a way to break into hundreds or thousands of houses at once they would

good luck with your digital currency

Milan.

[vadhert]

I love listening to the negative views of people sitting on the sidelines hating.

[WTFH]

I love listening to the negative views of people sitting on the sidelines hating.

Are you sure you meant to post that on this thread and not several others?

[vadhert]

Are you sure you meant to post that on this thread and not several others?

True this can apply to many a post in General.