Cryptocurrency

[Mordecai]

So Bitcoin broke through its alltime high and I expect one or two conversations on the topic at Christmas lunch. Anyone interested in crypto? Any tips?

 

[Hojuman]

I still don't get it.

 

[Mordecai]

I still don't get it.

Ask a question (even if it's a veiled criticism) and I'll try to answer. Or I'll try to find an answer. Or I'll concede I don't get it either.

 

[Hojuman]

Worth a watch Mordi

 

[Mordecai]

Worth a watch Mordi

Love these types of videos where it's one guy putting together some great investigation.

No question it's the wild west out there. Raiblocks, Bitconnect, mtgox, the ethereum fork come to mind. You need to get into this stuff with your eyes wide open. That means accepting the bad and the good.

If you go in with your eyes closed... then stuff like this can happen - https://www.smh.com.au/national/nsw...-investors-fret-millions-20201211-p56mub.html

People put their money into self-managed super funds like this one . Showing the numbers once a year... yep, it's up a billion percent. Great. 'i invested your super in airlines and one tel. little bit on myspace. some enron to balance it out'

The point being, and you obviously know this, that scams aren't limited to crypto.

 

[Hojuman]

Love these types of videos where it's one guy putting together some great investigation.

No question it's the wild west out there. Raiblocks, Bitconnect, mtgox, the ethereum fork come to mind. You need to get into this stuff with your eyes wide open. That means accepting the bad and the good.

If you go in with your eyes closed... then stuff like this can happen - https://www.smh.com.au/national/nsw...-investors-fret-millions-20201211-p56mub.html

People put their money into self-managed super funds like this one . Showing the numbers once a year... yep, it's a billion percent. Great. 'i invested your super in airlines and one tel. little bit on myspace. some enron to balance it out'

The point being, and you obviously know this, that scams aren't limited to crypto.

He has some good stuff. Aussie guy from Perth.

 

[ferball]

What happens if I blow up the servers?

 

[ferball]

Or cut their power supply?

 

[Mordecai]

What happens if I blow up the servers?

This type of thing?

The distribution of nodes is a bit all over the place. Part of the appeal is that it's decentralized and a ledger held and maintained by everyone. You or I could run our own node at home (different from mining) to maintain the ledger.

https://bitnodes.io/ can see the distribution here. If you cut power to 51% of those then you can attack the ledger. I think that would be pretty difficult to do though looking at that map.

Something like Bitcoin cash though is harder to setup as a node for the everyman. This means it's more centralized and more open to an attack.