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#27 Apr 03 2013 at 4:48 PM Rating: Decent
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Elinda wrote:
Perhaps bitcoins will forge the road through red tape and come out on the other end as a regulated viable world currency...Will alternate privately held/distributed electronic currencies help or hinder the world economy?


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#28 Apr 03 2013 at 5:08 PM Rating: Good
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Rachel9 wrote:
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"In the future" wasn't referring to thousands of years from now though, but like maybe 5.
Yeah, you're insane.


You're the one who referred to storage of bitcoins over multiple lifetimes.
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#29 Apr 03 2013 at 7:53 PM Rating: Decent
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gbaji wrote:
Rachel9 wrote:
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"In the future" wasn't referring to thousands of years from now though, but like maybe 5.
Yeah, you're insane.


You're the one who referred to storage of bitcoins over multiple lifetimes.
Which is a little different than 5 years. If you need your million bitcoin wallet to be safe for 300 years, then you probably don't want to just encrypt it with AES, and call it a day. But if you plan on spending it in 5 or 10 years, then encrypt it a couple times, and your biggest risk is of someone kidnapping you and torturing you for the passwords.

Edited, Apr 3rd 2013 9:53pm by Rachel9
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#30 Apr 04 2013 at 6:20 AM Rating: Good
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According to the comments he turned $30k into $272k in a month.

Time to cash out almost totally into other investments NOW.
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#31 Apr 04 2013 at 6:24 AM Rating: Good
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But if you plan on spending it in 5 or 10 years, then encrypt it a couple times, and your biggest risk is of someone kidnapping you and torturing you for the passwords.

Well, your BIGGEST risk is that it becomes completely valueless. I'd rate being kidnapped and tortured pretty far down on the list of probably negative outcomes.
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#32 Apr 04 2013 at 6:43 AM Rating: Good
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Rachel9 wrote:
But if you plan on spending it in 5 or 10 years, then encrypt it a couple times, and your biggest risk is of someone kidnapping you and torturing you for the passwords.


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#33 Apr 04 2013 at 7:19 AM Rating: Excellent
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#34 Apr 04 2013 at 7:39 AM Rating: Excellent
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I have the best idea for alternative currancy of all time!
Batcoins!
They're shaped like batman logos. Difficult to counterfit because they aren't round, and they douible as a throwing batarang. Only one image side though, so twoface can't use them to flip for decisions. Their value will be tied to the golden age of comics standard, an'd there will be a catchy tresury department theme song for them. "na na na na na na na na Batcoin!"
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#35 Apr 04 2013 at 7:43 AM Rating: Excellent
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Dread Lörd Kaolian wrote:
I have the best idea for alternative currancy of all time! Batcoins!
I'm still waiting on Bat Female Villain Repellent spray.
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#36 Apr 04 2013 at 7:55 AM Rating: Excellent
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I've only vaguely followed this whole thing but I recall once upon a time reading that while you could mine coins via computers running algorithms to "find" them, the return probably wasn't worth the cost of electricity. At the time though, they were like 7¢ each. I wonder if it's a profitable venture now.
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#37 Apr 04 2013 at 7:56 AM Rating: Good
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Wasn't that the plot to Office Space?
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#38 Apr 04 2013 at 8:53 AM Rating: Excellent
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I've only vaguely followed this whole thing but I recall once upon a time reading that while you could mine coins via computers running algorithms to "find" them, the return probably wasn't worth the cost of electricity. At the time though, they were like 7¢ each. I wonder if it's a profitable venture now.

There was a sweet spot where you could cover the cost of the hardware and electricity in about 6 months or so. The problem is that as time goes on, it takes longer to generate bitcoins, hence the return is slowed even as the value is increased. I never really got into it but I did have a friend who used it as an excuse to build a massive gaming system. I think he about broke even in the end, which isn't bad given he still had the superpowered computer. If he hadn't sold the coins, I suppose he would have made a decent amount of money by now.
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#39 Apr 04 2013 at 9:23 AM Rating: Decent
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Rachel9 wrote:
Which is a little different than 5 years. If you need your million bitcoin wallet to be safe for 300 years, then you probably don't want to just encrypt it with AES, and call it a day. But if you plan on spending it in 5 or 10 years, then encrypt it a couple times, and your biggest risk is of someone kidnapping you and torturing you for the passwords.


"encrypt it a couple times" L O L omg this is priceless.

"I can pick that lock in ten seconds"
"Well I'll just put a lock on the lock!"

Encryption is pretty much hitting a point now where it's next to useless as a security method for anything of significant worth. Anonymous currency is pretty much out the window in the next couple of decades because it'll be too easy to duplicate regardless of the medium used. Future currencies will have to be managed by some type of organization, like a government, to ensure someone actually knows how much money you have without having to rely on what you or some 3rd party says. Currency must have a trusted backer with a vested interest that can guarantee its authenticity or it doesn't work.

What happens when you can't spend your bitcoins? Who do you go to?
#40 Apr 04 2013 at 9:49 AM Rating: Decent
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Encryption is pretty much hitting a point now where it's next to useless as a security method for anything of significant worth.

Not really. Public key encryption can essentially always be broken given sufficient computational power, but one time pad encryption is viable here and is secure against infinite computational resources if implemented properly. If the use case is you want to encrypt data once, and keep it encrypted until the same actor decrypts it for use, it becomes a problem of physical security around the pad and not computational security of the key. Useless if Alice wants to encrypt and send Bob data that Bob decrypts, perfectly secure if Alice wants to encrypt and then Alice later wants to decrypt.
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#41 Apr 04 2013 at 11:00 AM Rating: Decent
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Smasharoo wrote:
Not really. Public key encryption can essentially always be broken given sufficient computational power, but one time pad encryption is viable here and is secure against infinite computational resources if implemented properly. If the use case is you want to encrypt data once, and keep it encrypted until the same actor decrypts it for use, it becomes a problem of physical security around the pad and not computational security of the key. Useless if Alice wants to encrypt and send Bob data that Bob decrypts, perfectly secure if Alice wants to encrypt and then Alice later wants to decrypt.


No. More secure sure, but there is no such thing as perfect encryption even in this case. You can still brute force this, currently you're looking at millenia of computing time to do it but that changes pretty rapidly at the pace computing power is increasing. Given recent research into quantum computing it may actually be instantaneous in the relatively near future. Relatively being a...relative term of course. 3rd party duplication and verification of transactions with reconciliation of discrepancies properly implemented is the only truly secure option for any digital currency.

The incentive to crack it is just too high for there to not be some form of record to compare against in the event of a discrepancy. Think about what would happen if someone got a hold of all of the equipment and exact materials/know how to create American currency at will. That's what we're talking about here, except now you don't need the materials, the know how is readily available, and there is nobody to tell you you can't or punish you for doing it since it's not regulated by any organization.
#42 Apr 04 2013 at 11:03 AM Rating: Good
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No. More secure sure, but there is no such thing as perfect encryption even in this case. You can still brute force this

False.
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#43 Apr 04 2013 at 11:06 AM Rating: Decent
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Smasharoo wrote:
False.


Incorrect.
#44 Apr 04 2013 at 11:07 AM Rating: Excellent
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#45 Apr 04 2013 at 11:09 AM Rating: Good
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Incorrect.

Are we going on knowledge of cryptanalysis then? Because, due respect, I think you're going to lose the reputation battle there, sport. If you want to demonstrate some evidence of a successful computational attack against one time pad encryption in the history of the world, I'd be interested to see it. So would every mathematician on the planet.
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To make a long story short, I don't take any responsibility for anything I post here. It's not news, it's not truth, it's not serious. It's parody. It's satire. It's bitter. It's angsty. Your mother's a *****. You like to jack off dogs. That's right, you heard me. You like to grab that dog by the bone and rub it like a ski pole. Your dad? ***. Your priest? Straight. **** off and let me post. It's not true, it's all in good fun. Now go away.

#46 Apr 04 2013 at 11:12 AM Rating: Good
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Yodabunny wrote:
No. More secure sure, but there is no such thing as perfect encryption.


Red herring, much?
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#47 Apr 04 2013 at 11:13 AM Rating: Decent
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Yodabunny wrote:
Rachel9 wrote:
Which is a little different than 5 years. If you need your million bitcoin wallet to be safe for 300 years, then you probably don't want to just encrypt it with AES, and call it a day. But if you plan on spending it in 5 or 10 years, then encrypt it a couple times, and your biggest risk is of someone kidnapping you and torturing you for the passwords.


"encrypt it a couple times" L O L omg this is priceless.

"I can pick that lock in ten seconds"
"Well I'll just put a lock on the lock!"
Well when the other locks require entirely different knowledge to pick, it's not so ridiculous.
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#48 Apr 04 2013 at 11:24 AM Rating: Excellent
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Now now, everyone, I'm sure all of your respective e-penii are plenty large.
#49 Apr 04 2013 at 11:35 AM Rating: Excellent
Mine is ******* massive.

Something Something encryption. HAH.
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#50 Apr 04 2013 at 11:56 AM Rating: Excellent
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I encrypted mine so no one can tell how big it is.
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#51 Apr 04 2013 at 12:14 PM Rating: Good
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False.
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