18 Oct '12, 12pm

Peer review of "Quantitative Analysis of the Full Bitcoin Transaction Graph"

This is a review of "Quantitative Analysis of the Full Bitcoin Transaction Graph" by Dorit Ron and Adi Shamir. There are some incorrect details and analyses that warrant attention. tl;dr (the short version) The Ron/Shamir paper contains provably-false key assumptions. Further, their data source (website scraping) is a secondary data source known to have served invalid data in the past. We do not claim this wholly invalidates their statistical results, but given the web wallet and cold storage examples, seems likely to introduce statistically significant changes in the results. Appearance of data and conclusions obtained by a web crawl rather than close analysis of the actual bitcoin system. Quote #1: "On May 13th 2012 we downloaded the full public record of this system, which consisted of about 180,000 HTML files." Quote #2: "Nodes broadcast transactions to this network, w...

Full article: https://gist.github.com/3901921

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