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A little light Bitcoin reading

Discussion in 'Financial Cents' started by Byte, Dec 20, 2018.

  1. Byte

    Byte Monkey+++

    Anybody interested in liberty should be familiar with Wendy Mcelroy. If you aren't, read some of her work here.

    The Satoshi Revolution - Bitcoin News

    It's quite a good argument for cryptocurrencies in general. What they are, what they represent and why we need what they offer.

    Edited to ad Wendy's last name for clarification.
    Last edited: Dec 20, 2018
    Motomom34, Grandpa Patch and 3M-TA3 like this.
  2. Grandpa Patch

    Grandpa Patch Monkey+

    Bookmarked for further reading. Thanks for the link.
  3. BTPost

    BTPost Stumpy Old Fart Snow Monkey Moderator

    My Issue with CryptoCurrencies is that you are REQUIRED to trust the Coder that they did NOT leave a BackDoor into the System that could be exploited to the point of taking ALL of you currency, and leaving you with NOTHING... Or at a minimum you must trust the people who reviewed the Code that they did NOT find any BackDoors, in the code.... Consider this, What if someone found a Backdoor, and shipped all your currency, who are you going to complain to? Some anonymous email Address. or some Dude on the Internet... or some supposed X-Spurt who said he look at the code?
    Your money is GONE and there you are....
  4. Byte

    Byte Monkey+++

    I agree on general principal but I am a huge proponent of any voluntary solution that isn't godvernment coercion. I'm still only a few chapters in and my interest is piqued.. It's a full length online book she has agreed to publish in segments at the site. So far the gist has been about bringing the power of decision making and control of monetary systems back to the individual vs the godvernment monopoly that currently exists.

    Even items physically in your possession, it being 9/10th of the law as we all know, aren't strictly safe. Right now, we're really just at the cusp of a paradigm shift in how we look at money. The early history of private minting and money usage is rather interesting. Even if you'd never trust crypto anything, read the first few chapters. I think you'll appreciate the history she presents. It's a crazy deep rabbit hole... We gotta start somewhere... We gotta start sometime... What better time than now? With props to Zach de la Rocha for that little ditty!

    Oh here's an interesting tidbit I stumbled upon recently also.

    Why Everyone Missed the Most Important Invention in the Last 500 Years

    Blockchain technology revolutionizes what can be. It doesn't have to be Bitcoin. Or Etherium. Or anything we see in the next decade. But crypto technologies like blockchain will bring change. If there's one thing I trust, it's the fact that those that stand to lose the most will do the worst to protect whatever it may be they stand to lose. Wealth? Of course! Power? You better believe it. No holds bared. I don't expect things to get better before humanity suffers through some pretty rough stuff, however.
    Last edited: Dec 20, 2018
    SB21 likes this.
  5. DarkLight

    DarkLight Live Long and Prosper - On Hiatus Site Supporter

    There is a LOT of "nerdspeak" in the CVE linked below, but the other issue is that there are now KNOWN vulnerabilities in the cryptographic libraries and algorithms used in Bitcoin and other TLS (think SSL, SSH, FTPS) encryption mechanisms. In this specific case, it is not unreasonable to assume that the NSA has had a back-door into OpenSSL (and anything that used specific versions of the code implemented in OpenSSL for encryption). They pushed very hard to get some things into OpenSSL and the encryption standards it uses...VERY hard, and one should ask why.

    CVE-2011-1945 : The elliptic curve cryptography (ECC) subsystem in OpenSSL 1.0.0d and earlier, when the Elliptic Curve Digital Signature
    Byte, SB21 and sec_monkey like this.
  6. SB21

    SB21 Monkey+++

    Interesting stuff . I'll read some of that later as well . Some of it may be above my paygrade , but I'll attempt it .
    Motomom34 likes this.
  7. Byte

    Byte Monkey+++

    Yep definitely going to be some speed bumps along the way. It's been quite a roller coaster so far. Blockchain is sound tech that I hope continues to evolve further. It's not there yet. I've never had any money to throw at it, though I do have a few friends that profited quite handsomely when it boomed its loudest. It hasn't reached critical mass and not even a small fraction of the people needed to make that a reality are using it. It needs to mature on many levels before it can be the method my grandma uses to buy milk and eggs at the grocery store across town. Given time, I'm still convinced the tech will be of great benefit to human liberty in the long run. Something to definitely keep an eye on.
  8. Ganado

    Ganado Monkey+++

    I'm not a fan of something for nothing.

    We need the bit chain technology but not the crypto currencies'
  9. Byte

    Byte Monkey+++

    Missed your response, Ganado. I disagree. It's the notion of crypto currency that we need most. We need a secure (yes I know about the vulnerability in the algorithms currently) decentralized method of exchange. Blockchain is the tech that allows that. Crypto currencies are the method of exchange that grows out of that tech. Financial power has to be taken back into the hands of the individual. Liberty cannot happen with any godvernment monopoly over the monetary system(s). As I said, current implementations may not wind up being the answer, but they sure are one of the catalysts to take us where we need to be. We must disconnect ourselves from the centralized financial stranglehold.
    Ganado and oldman11 like this.
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