10 scary facts about Bitcoin Network World

Adi Schamir claims "new calculations show that 33 percent [of mining power] are sufficient, probably only 25 percent, to disrupt the BTC network" (Austrian newspaper)

Translated by Google: Edit: original Link https://derstandard.at/2000063670260/Drei-grosse-Bitcoin-Miner-koennten-System-zerstoeren
Cryptographer Schamir: Only a Few Large Drives Digital Currency The Digital Currency Bitcoin is pushing the way for virtually everyone to download the software and create new bitcoins themselves. In practice, however, the effort is now so great that only a few large organizations can afford to calculate new bitcoins. If two or three would deny themselves, they could also destroy the system, says the cryptographer Adi Shamir. "Cryptography is very good" Schamir is a public star of the cryptographic scene, which 30 years ago developed some of the foundations for today's digital currencies. He gave a lecture on Tuesday at the University of Vienna as part of the anniversary of the Association for Social Policy. "The cryptography is very good", Schamir attests to the anonymous inventor of Bitcoins good work. In this respect, there is no reason to worry about safety. Bitcoins are, however, in the criticism, because the associated anonymity leads to, to pay criminal transactions with it. Also, Shamir says, payments with bitcoins, mainly larger amounts, accounted primarily for illegal activities. But currently only a very small part of bitcoins is used for payments. The majority were harbored as a speculative object. If you use bitcoins, you also need to be aware that there is no one in this system that can make you complain if you feel deceived. Errors, such as when you mistyped in a payment, can not be reversed. It may also take up to one hour for a transaction to be finalized. For small everyday business such as the newspaper purchase in the Trafik hardly practicable, means Schamir. Basic problems For the specialist Schamir this abuse is not the decisive question. He points to much more fundamental problems in the design of the bitcoins, which can be used by influential groups for systematic fraud or destruction of the system. It has long been known that if 51 per cent of the bitcoin brokers declare themselves, they can manipulate or destroy the system. New calculations show that 33 percent of these are sufficient, probably only 25 percent. This is so threatening, because bitcoins are already not scared by countless individual fighters. Meanwhile, the effort to produce new bitcoins is so great that only a few large organizations are involved - mostly near particularly low-cost power sources in China. The electricity consumption for Bitcoin production is as large as that of a German city, has recently been estimated. "Two or three Chinese miners could destroy Bitcoin," said Shamir. But since the prospectors are not interested, the danger is not so great. It would be quite conceivable, however, that once a government builds up a third of the exploration capacity - and then very well develops an interest in the destruction of bitcoins. This is serious. At the same time Schamir remembers that there are already around 1,000 different cryptos. Only a few pay with Bitcoin Already now invest in Bitcoins, who believes in the digital currency later to sell more expensive to others. Thus, only about 20 percent of the users make payments. Strictly speaking, it could be called a pyramid game, according to Schamir. He continues to expect very strong erosion in value. Even so far, the value of a Bitcoin could fall or rise by a few hundred euros in one day. Between the beginning of the year and the beginning of September 2017 there was a fivefold increase in the value to 5,000 euros per piece. Probably a regulation by governments - that would break the course massively. The comparison with the first bitcoin payment in the real world is shown in the comparison of the first bitcoin payment in the real world. At that time a pizza was ordered and delivered - against the payment of 5,000 bitcoins. According to current course, the pizza would be worth 25 million dollars. Shamir does not start from a crash of Bitcoin, but from a slow "fading". It is important, however, that the technological foundations of bitcoins remain, the encryption and in particular the blockchain. It is a kind of database in which all transactions are booked with a time stamp. The technology is now being tested by banks and insurance companies, and this is also being experimented with in other sectors of the economy. (APA, 6.9.2017)
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limit my search to r/Bitcoin. use the following search parameters to narrow your results: subreddit:subreddit find submissions in "subreddit" author:username find submissions by "username" site:example.com find submissions from "example.com" url:text search for "text" in url selftext:text search for "text" in self post contents self:yes (or self:no) include (or exclude) self posts nsfw:yes (or ... Dorit Ron and Adi Shamir Department of Computer Science and Applied Mathematics, The Weizmann Institute of Science, Israel {dorit.ron,adi.shamir}@weizmann.ac.il Abstract. The Bitcoin scheme is a rare example of a large scale global payment system in which all the transactions are publicly accessible (but in an anonymous way). We downloaded the full history of this scheme, and analyzed many ... “New entrants to the banking industry will be able to apply for a Restricted ADI license, which will have a lower barrier to entry than a full ADI license, to assist their transition into the industry over a two-year period… Restricted ADIs will be subject to an aggregate deposit limit of $2 million and must disclose to all its customers that they are operating on a restricted license.” Adi Shamir’s Secret Sharing is an algorithm that allows participants to share ownership of a secret by distributing shares, which can be thought of as parts of a secret key.In order for someone to gain access to the original secret, a minimum number of shares (the threshold) must be used together. Adi Shamir’s scheme is a securely encrypted secret sharing scheme that requires some or all participants are needed to reconstruct a secret.

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Adi Shamir - YouTube

The BBVA Foundation Frontiers of Knowledge Award in the Information and Communication Technologies category goes, in this tenth edition, to Shafi Goldwasser, Silvio Micali, Ronald Rivest and Adi ... I had the chance to sit down with Integrative Nutritionist Adi Shamir of Overland Park, KS. Check her out on Instagram! @adibarlasshamir. In this video, we do a dry run of the scriptpubkey showing how the bitcoin stack based language evaluates the script that it is given. I would like to also reiterate that there are other scripts ... RSA was designed by Ron Rivest, Adi Shamir and Leonard Adleman in 1977. #POS : Proof of stake (PoS) is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed ... Leading cryptographers at the conference included Whitfield Diffie, pioneer of the public key cryptography that made Bitcoin possible, and Ron Rivest, Adi Shamir, and Leonard Adleman, who came up ...