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Silicon Valley Bank Collapses
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james_s:

--- Quote from: EEVblog on March 16, 2023, 10:36:38 am ---
--- Quote from: tom66 on March 16, 2023, 10:26:19 am ---Meh.  We've had so many try to make crypto a success and all I see is one scam after another.  Any financial industry would be shaken by a major bank collapsing but effectively from crypto in the space of just a decade we've seen Terra/Luna crash, FTX completely implode, Celsius bankruptcy, Mt.Gox theft, numerous rug pull coins, and many more.  There's a reason banks are regulated, and if crypto is to succeed it will need to be tightly regulated, which kinda defeats the whole point so I'm not sure whether crypto in the current form ever makes any sense except for criminal activity.
--- End quote ---

Crypt is a direct threat to governments and their coming CBDC's, they'll take every opportunity they can to shut it down.

--- End quote ---

My problem with crypto is the massive amount of energy wasted mining it. I am fundamentally bothered by the idea of expending HUGE amounts of electricity to run hardware that does useless busy work, and that alone is enough that I personally would like to see the whole thing shut down. It is far too volatile to be useful as currency, most of the economic activity and profits are from just speculating on the currency itself.
coppice:

--- Quote from: james_s on March 16, 2023, 04:43:29 pm ---
--- Quote from: EEVblog on March 16, 2023, 10:36:38 am ---
--- Quote from: tom66 on March 16, 2023, 10:26:19 am ---Meh.  We've had so many try to make crypto a success and all I see is one scam after another.  Any financial industry would be shaken by a major bank collapsing but effectively from crypto in the space of just a decade we've seen Terra/Luna crash, FTX completely implode, Celsius bankruptcy, Mt.Gox theft, numerous rug pull coins, and many more.  There's a reason banks are regulated, and if crypto is to succeed it will need to be tightly regulated, which kinda defeats the whole point so I'm not sure whether crypto in the current form ever makes any sense except for criminal activity.
--- End quote ---

Crypt is a direct threat to governments and their coming CBDC's, they'll take every opportunity they can to shut it down.

--- End quote ---

My problem with crypto is the massive amount of energy wasted mining it. I am fundamentally bothered by the idea of expending HUGE amounts of electricity to run hardware that does useless busy work, and that alone is enough that I personally would like to see the whole thing shut down. It is far too volatile to be useful as currency, most of the economic activity and profits are from just speculating on the currency itself.

--- End quote ---
They are trying to move these crypto systems from proof of work to proof of stake, although it might be steak as the whole idea seems BS.
vad:

--- Quote from: EEVblog on March 16, 2023, 09:58:45 am ---Blackchain based crypto by its very nature is 100% traceable, that's the point of it.
Criminals have to jump through a lot of hoops to avoid detection using it.

--- End quote ---
Bitcoin is a blockchain crypto. Bitcoin transactions are 100% traceable to bitcoin wallet, but are completely untraceable to the wallet owner.

For example, it is known that the largest bitcoin wallet with 1.1 million BTC belongs to Bitcoin creator, but the identity of the creator is still disputed.

Criminals use crypto extensively to safely defraud victims, while hiding their identity.
Bud:

--- Quote from: coppice on March 16, 2023, 02:20:18 pm ---
--- Quote from: Bud on March 16, 2023, 02:15:38 pm ---
--- Quote from: coppice on March 16, 2023, 02:05:04 pm ---
As it says on the Wikipedia page, "A network of communicating nodes running bitcoin software maintains the blockchain.". Attack those, and you have control.

--- End quote ---
What control ?

--- End quote ---
He who manages the ledger controls the ledger. He who controls the ledger controls what's on the ledger.

--- End quote ---

Yo can't change (tamper with) what is on the ledger because you do not have everyone's private keys and the private keys for every single record on the ledger. The hash of Each given  record is fed into the next record and becomes part of the next record which is hashed with the next transaction owner's private key. This is where the "chain" term of the blockchain comes from.
And you can't "control" the ledger because there is no central copy of it, every participant gets a latest copy.
coppice:

--- Quote from: Bud on March 16, 2023, 05:18:58 pm ---
--- Quote from: coppice on March 16, 2023, 02:20:18 pm ---
--- Quote from: Bud on March 16, 2023, 02:15:38 pm ---
--- Quote from: coppice on March 16, 2023, 02:05:04 pm ---
As it says on the Wikipedia page, "A network of communicating nodes running bitcoin software maintains the blockchain.". Attack those, and you have control.

--- End quote ---
What control ?

--- End quote ---
He who manages the ledger controls the ledger. He who controls the ledger controls what's on the ledger.

--- End quote ---

Yo can't change (tamper with) what is on the ledger because you do not have everyone's private keys and the private keys for every single record on the ledger. The hash of Each given  record is fed into the next record and becomes part of the next record which is hashed with the next transaction owner's private key. This is where the "chain" term of the blockchain comes from.
And you can't "control" the ledger because there is no central copy of it, every participant gets a latest copy.

--- End quote ---
I suppose you would have expected the Maginot line to hold, too. You have addressed the obvious bits, where the system is clearly solid unless you can break some very basic things like the public key system used. That currently seems intractable. That probably means you could never tamper with what is well established in the blockchain. What gets into the blockchain is another matter. All the existing crypto systems have problems combining sufficiently fine granularity with a sufficiently compact blockchain. That's where  most of the current development work is expended, and its also where most of the weakness to control freaks like politicians and bankers lie.

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