I never said "backdoor", as it's distributed, there won't be one. So the extant records can't be changed as the historical record is out there for all to see. But that doesn't mean there's no way to exploit or disrupt the system. How do conflicting claims or records get resolved? What happens if some bellends like Lizard Squad decide to DDOS the system with false claims somehow?Yossarian wrote:When you say a backdoor into blockchain, what exactly do you mean? If you mean a way to affect the blockchain ledger, then from my understanding it’s extrememly difficult as you have to affect more than 50% of the potentially millions of individual ledgers at once for this to work. As for scaling, as the computing power is distributed and everyone with a computer who wants to have a chance at earning a bit of money can join simply by downloading and running some software, scalability is baked into the system.
Hmmm... I think it's a bit more involved than that. The network then has to propagate and verify, surely?Yossarian wrote:The Christmas rush shouldn’t be an issue because as far as spending or exchanging money goes, these are fairly trivial operations which involve two machines changing states and then sharing that change across a network.
Well, if they're text files then they'll be larger than a compressed binary file, for a start. How large is each transaction or block in the chain in these files? How many transactions do we think are going to happen every year if it gains worldwide adoption? And how far back does/should this public record of *all* transactions extend? 1 year? 10 years? 100 years?Yossarian wrote:The ledgers are text files, they shouldn’t be taking up too much space however big they get.
Yeah, I've seen enough "how did this ever work?" moments in code to be skeptical of both mathematical proofs and code implementations of mathematical systems.Yossarian wrote:FWIW, people at work with a far greater understanding of maths than I’ll ever have have taken apart the blockchain theory and proof and it seems pretty watertight.
But the file exists, and must be verified and passed around to be distributed, surely? So whenever a new transaction is added, the ledger must be passed around eventually.Yossarian wrote:You don’t pass around the whole 149GB file, just the last block of that file.
Bitcoin's blocks include the transactions on the bitcoin network.[4]:ch. 2 In contrast to Visa's peak of 24,000 transactions per second,[5] the bitcoin network's theoretical maximum capacity with the 1MB block size limit sits between 3.3 and 7 transactions per second
djchump wrote:But the file exists, and must be verified and passed around to be distributed, surely? So whenever a new transaction is added, the ledger must be passed around eventually.Yossarian wrote:You don’t pass around the whole 149GB file, just the last block of that file.
djchump wrote:Aye, for limited applications like buying stuff on silkroad, or distributed cloud CGI rendering and stuff, sounds grand and very handy.
As a "disruptive technology" that's going to "change the world"? I'm not seeing it yet.
There’s a lot of forgotten tech along that VHS road though - bitcoin might be like Betamax.djchump wrote:Yup.
VHS -> DVD -> bluray = okay, I see the benefits to me and I'm on board.
Pounds + credit cards + applepay etc -> bitcoin = why would I?
monkey wrote:No exchange rates if you're using a worldwide currency.
Who’s currency? Uk or Zimbabwe?Yossarian wrote:What benefits might the VHS of bitcoin offer over our current currency?
I would argue that most people in the world do have these challengesYossarian wrote:Those questions barely factor in to most people’s day to day thinking about money. Answering them provides no incentive to switch my currency.
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