20 Oct '13, 6pm

Excellent response by Stephen Gornick on "Bitcoin, Alt-coins, & Free Money Theory" via @BTCTheory_Fe…

The reason Bitcoin has value is because it is resistant to censorship (e.g., prohibiting transactions related to illicit purchases) and corruption (e.g., an authoritative source changing the rules). It does this thanks to the innovation known as proof-of-work. But this proof-of-work means Bitcoin is vulnerable to attack from a party or cartel with more than 50% of the hashing capacity. The cost to perform the attack is enormous, and there is no economic incentive to do so — thus the likelihood that will occur is significantly discounted. Litecoin also is a proof-of-work based crypto currency. The primary difference between Bitcoin and Litecoin is the algorithm used for the proof-of-work (Bitcoin uses SHA256, and Litecoin uses Scrypt) and the amount of hashing capacity needed to be successful with a 51% attack. With an arsenal of maybe ten thousand GPUs and a distributed de...

Full article: http://btctheory.com/2013/10/20/bitcoin-alt-coins-and-fre...

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Is Bitcoin the future of money?

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