@habi I think authority may even go so far as to break its own rules to stop Bitcoin. It could destabilize the stock markets if allowed
@silner bitcoin is not related to the stock market, and - from my understanding - it's in a pretty unbreakable state now. humongous effort would need to be taken to maliciously take over the block chain...
@habi I'm guessing the more of the economy is hidden, the more it weakens the stock markets? It was an assumption
@habi It may well be unbreakable, but trust in it can be broken if enough exchanges are compromised, for example
@silner yes indeed. but as far as i understand it, the block chain is now so big and distributed, that a malicious attack is extremely unfeasible. a malicious attacker would need more computing power than all the other people combined...
@habi I need to do more research into it, but from what I have read about BTC, it uses sound crypto. Guessing that malicious computation could happen, but unlikely to breach the currency. Probably more likely to have wallet breaches or fraudulent sale/purchase of goods than anything else.
@habi @silner #Bitcoin is not related to stocks or investments, but as @encycl has pointed out, the traders have gotten involved in a big way (that’s why you can now get daily reports of BC vs Euro/Dollar/Pound/Yen). It is the traders that risk getting bank & securities regulators involved in bitcoins.
@lnxwalt I didn't realise that. That's very interesting. I wonder what their interest is; purely curiosity?
The bitcoin network is well designed against abusive application of supercomputing power. I can see weaknesses in the exchanges though.
@encycl I think BTC's built-in transaction cost is a good defense against microtransaction trading.
@encycl the transaction cost would hinder this. and also that BTC transactions are far from instantaneous, they need to be confirmed by multiple clients, which can take considerable time.
After watching the way US went after other electronic currencies, I’ve not been willing to try bitcoin myself.
@habi If I was going to get involved with BTC it would only be using them to buy and sell products and services. To me financial trading (any kind: stocks, bonds, precious metals, collectables) is high-stakes gambling.
@lnxwalt of course. i bought some BTC to pay for some goods, the rest sits semi-idly in my wallet at Mt. Gox. It's a fairly small amount which can also be taken as gambling-money...
@habi I hope I'm wrong though