Okay. Initiate Rage: You guys went potato on Bitcoin in latest video

Level1Techs INBOX.deb
1

Seriously. Let me address the levels of potato here:

1: "Difficult to link with bank"

If  you didn't think about this, if it was able to be linked with a bank, it would be more centralized and also remove the levels of pseudonyminity bitcoin offers. Further, on a competition level, Bitcoin is poised to become a replacement banking technology independent of governments and countries.

2: "What if bitcoin was an inside job"

Just... Just.. What? I mean really guys. If you go back in the github, you'd realize that Satoshi... Whilst he is a genius and understands programming logic, his actual code was.... Mediocre, and very difficult to work with. His code worked, but that was about it. It has taken years to make it as complete as it is, and you can take a look at the currency's programming yourself. Here is a tinfoil hat for this one. Use it to cook potato brain better good.

3: "How secure is this stuff?"

Bitcoin is completely secure. The "Hacks" of bitcoin/litecoin/namecoin/dogecoin(kill it with fire before it lays eggs), are due to PEOPLE being complete morons and trusting a website not to run off with their coins. Right now the automation investment of bitcoin isn't fully set up, and further, people have been proven time and time again to be unable to build a secure website. When you make it securing thousands if not millions of dollars of currency which can't have the transaction reversed, many people will go after it. Hell I'd spend a few months trying to break a website for a free 10k of any money which can't be reverted.

4: "What if this mining was to crack passwords?"

Okay. Bitcoin is sha256^sha256; No password system uses this since it would cause too much server load without much payback. Even better still is that bitcoin encrypts the previous encryption. AND EVEN FURTHER: the length of these "Pass phrases" if they were such a thing would be too long for any website tor store efficiently.

 

Please guys. Tell me you're trolling. That was bad. I mean. That was really bad.

You guys went 4 levels of potato there. The second level of your  potato even gave you a tin foil hat.

 

Otherwise.. cool show as usual.

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trolling, 8/10 this side ;)

However, I do think it is interesting that purpose-built hardware can be created for this that is orders of magnitude faster and more efficient than any general purpose unit out there. And, from a hardware perspective, you must admit that mining bitcoins looks a lot like password cracking, which is interesting.

In my mind asics for mining bitcoin demonstrate that it would be pretty easy for state-level operations to build hardware built to crack password hashes (even salted ones) quickly.

Oh, and the 'link with bank' was not actually that -- it was a passing thought about JP Morgan basically attmepting to patent a bitcoin-like system for "regular banking"

http://www.zerohedge.com/news/2013-12-15/jpmorgans-bitcoin-alternative-patent-rejected-175-times

More specifically, though, bitcoin (with transactions of 0.000001 or so) or a bitcoin-like system can be used to sign & execute contracts, buy shares of stock, etc. It would be possible to link "traditional" systems with btc (using these very small transaction amounts) to sign, verify, track, publicly audit (to an extent) things within the traditional banking system (if there was a desire to do that inside the financial sector). Obviously the banking industry sees this as a threat as most of their money is made on the friction of the existing systems. This is like using BTC for a ledger rather than a "currency", though. I would think that would be important during a transitionary period.

 

 

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Thank you. The level of potato hurt my head. Also what is the best way to contact you?

I know what you're talking about with the bitcoin-like banking system. It has been discussed before, but as usual, you have to trust the banks. I'm sorry but my money not being able to be sent to the people I support is not something I will use or approve of. Already I've seen censorship of people through the cutoff of funding, so I'm whole-heartedly anti-banking system.

The sad part: bitcoin has all these features enabled in the protocol already. If you want them implemented, you'll have to wait, The bitcoin foundation is really slow to commit changes to the satoshi client, so Litecoin or some alt currency is going to be the first to commit these features.

 

Calling it: Bitcoin over 15k 2014

2014 is the year of Bitcoin