Bitcoin - is this the end?

[The Dharma Bum]

jesus christ you are out of it

[Dylan]

[Dylan]

Great article on the bitcoin cult.

http://nymag.com/daily/intelligencer/20 ... tcoin.html

[Mr.Bill]

It was pointed out here months ago much of this Bitcoin craze is due to the hope and prays of libertarians that this digital currency will become a unregulated currency, thus a libertarian dream come true..

But not only is the bitcoin failing, but even if it does catch on it will be heavily regulated.. Japan is talking about regulating them, as is the US..

[Winchester]

[exploited]

I'm just going to put this out here, because I called this when Dharma started proselytizing. I was told this wasn't possible and that I was stupid for having a concern about this.

http://bitcoinmagazine.com/9402/mining- ... 1391879410

One of the key requirements for the Bitcoin network to be secure is that mining, the distributed process in which the network processes and secures transactions, must be decentralized; that is to say, there should be no single individual or entity with more than 50% of the computing power of the entire network. If the condition is not met, then Bitcoin essentially collapses into a less efficient model of a centralized database, where the majority shareholder can unilaterally block and even reverse transactions at will. Most of the time in Bitcoin’s history, this condition has been met; although miners do organize themselves into centralized groups known as pools, there have been a wide array of pools to choose from, and usually no single one has had more than a quarter of the network’s power. Over the past few months, however, a new mining pool has emerged that has come to be a serious threat to this status quo: GHASH.io. The mining pool’s hashpower first increased to 30%, then 40%, and now the situation has hit a peak where the pool controls an impressive 45% of the network – just shy of the 50% needed for Bitcoin to turn into a system of de-facto centralized trust.

...

The BitCoin community is losing their minds over this. They have started encouraging people not to join this pool because of how close they are to the 51%. That's right: the only way this currency can continue to function is if more people deliberately adopt market inefficiencies

[Dylan]

HERESY DO NOT QUESTION HIS COINY HOLINESS

[Professor]

This is the end
Beautiful friend
This is the end
My only friend, the end

Of our elaborate plans, the end
Of everything that stands, the end
No safety or surprise, the end
I'll never invest in your lies ...again

[Gremlin]

You might want to actually know what a 51% attack is before you, riding hope, blindly proclaim it as the coming collapse.

Bitcoin defiantly wont be the lead dog forever, but it defiantly brought a whole new dawn to the world of cryptography.

[exploited]