Hey folks! Peter and bro’ have put something great together here. I’m loving it.
I’ve been a computer geek forever, and I somewhat successfully day traded for a time years back. I’ve been watching the crypto thing for a number of years, and saw this pullback we’ve seen as the time to get involved. So I’ve been sucking up information like crazy and have made a few trades over the last 30 days or so. I’ve chosen a paid Guru to help me with picks and education. That was my first real commitment. Being here and signing up for The Challenge is the second. I’d love to make my Guru unnecessary.
I started the #b90x challenge today. I’m going to double up, and do two sessions a day…rain or shine. I’m going to endeavor to do all of the homework.
Towards that end, I just re-read the S. Nakamoto paper and am writing this reply…
My first comment is that’s striking how short and simple it is. I’ve read a lot of white papers as a software engineer. I don’t think I’ve ever read one shorter and simpler than this that was worth a darn. It’s great to have the cornerstone of the whole Crypo Craze be so approachable.
Having an engineering degree, and still remembering a fair amount of my math, I can follow the more technical parts of the paper. I find the tables of probabilities of the network being compromised to be quite intriguing. I’m trying to wrap my head around it and the 51% dilemma. I’m wondering what’s really possible for an attacker, at say 49%, or 53%. I don’t see that gaining a majority of CPU power necessarily breaks the piggie bank.
Is there a discussion thread here or somewhere else that someone can point me to that delves into the exploitability of BTC and other blockchain, proof-of-work based cryptos? I’d love to read more about this and maybe get in on the discussion.
I’m also very interested in the sustainability of BTC in the face of growing adoption. I wonder how long BTC can remain viable…how long it will be before it fails due to its own weight (of necessary compute power and storage space).
Finally, I wonder if BTC could topple due to something like this, or a similar social issue: