Why does JPM Coin need a distributed ledger if it will inevitably have identity requirements and central control by the bank itself? This is something like when CompuServe wanted to create their own version of the internet, and pretend it was still open. No thank you. Bitcoin is both open, distributed, and has a non-inflationary gold-like token as its underlying currency.
Readit Newshybridsole commented on JPM Coin Is the Wildest Big Bank Idea in Many Years bloomberg.com/opinion/art... · Posted by u/adventured
hybridsole commented on When Security Compromises Security – The Caesars/Defcon debacle defiant.com/caesars-palac... · Posted by u/mmaunder
We live in a sad world when hotel room searches are normal and accepted.
They don't make any sense. Anyone planning something will now anticipate this. It only discourages honest people from staying in a traditional hotel. You can either relax in an air-bnb or worry about the hotel service demanding entry to your room (while being reminded of horrific mass shootings).
hybridsole commented on Cryptocurrencies: looking beyond the hype bis.org/publ/arpdf/ar2018... · Posted by u/jonbaer
Imagine trying to pay for something with crypto and having the seller deride it as fake money that they refuse to accept. That is illegal with officially minted currency.
I'll give you $5k for a bitcoin, and I could find you 100 people within 100 miles of you who would do the same thing today. It has value because people give it value.
hybridsole commented on Cryptocurrencies: looking beyond the hype bis.org/publ/arpdf/ar2018... · Posted by u/jonbaer
Cryptocurrencies are interesting to me right now in that they have not suffered any plausible advanced attacks capable of zeroing them. What is stopping a state actor from using their backdoors in internet infrastructure to destroy the Bitcoin network topology for a long enough period of time to destroy the network? Is secp256k1 backdoored? My bet is that state actors are saving their guaranteed Bitcoin destruct buttons for the perfect moment.
To which the honey badger says, "Bring it on". Bitcoin is a public network that has been attacked relentlessly by the best hackers in the world for the past 10 years. It is currently protecting/storing around $115 billion dollars in wealth, which can be seen as a bounty to anyone who succeeds in bringing it down. So far it hasn't happened, and even in the face of hypothetical challenges there's no reason why the protocol cannot patch a fix and move on.
hybridsole commented on Simcoin – A Docker-Based Blockchain Simulation Framework github.com/simonmulser/si... · Posted by u/simonmulser
yes, and so does orphans
But it doesn't mean they propagate "fine" if it pushes smaller participants off the network. That is exactly what cryptos like Bitcoin are trying to avoid.
hybridsole commented on Coin Dance – Bitcoin Cash Hard Fork cash.coin.dance/... · Posted by u/csomar
The adjustment is by block-count not time, if they only produce a block per day it'll take ~144 days to lower the difficulty.
I think people would abandon long before that.
The difficulty recalculation in Bitcoin ABC was reduced significantly. I believe it is 6 blocks but could be wrong. At most it would take several days as opposed to several weeks.
hybridsole commented on Coinbase adds support for Litecoin techcrunch.com/2017/05/03... · Posted by u/tmlee
Why should I use litecoin for transfer money when there is bitcoin with more liquidity? I really don't get this yet. Anyone could explain?
PS: I am a Bitcoin enthusiast, and I am not criticizing Litecoin, I just want to understand the possible advantages it could have.
Litecoin has a fraction of the transaction fees of bitcoin, so instead of buying something that costs $10 and paying about $1 in miners fees, with LTC you would pay a few pennies at most. Granted, most retailers only accept Bitcoin if they accept cryptocurrency at all, but this may change as more people use LTC for smaller payments.
hybridsole commented on Select a document and have it certified in the Bitcoin blockchain proofofexistence.com... · Posted by u/ptr
It's computationally difficult for anyone to forge it. While the operators of archive.org could easily forge an old timestamp.
Computationally difficult is a bit of an understatement. It is not possible to alter the bitcoin blockchain once a block is added and confirmed. With limitless resources, you could perform a withholding attack to modify the most recent half-hour to one hour's worth of transactions, but that would take tens of millions of dollars in hardware and only be temporarily successful.
hybridsole commented on Uber's playbook for sabotaging Lyft (2014) theverge.com/2014/8/26/60... · Posted by u/isomorph
Lyft user here. I always ask the question "What do you like about Lyft compared to driving for Uber"? The answer is that Lyft takes better care of them with better pay incentives and less rigorous scheduling demands. If you want more of your money to go to the driver instead of a central command, use Lyft. I've never noticed a lack of drivers in most medium-to-large sized cities that I'm.