Showing posts with label Play money. Show all posts
Showing posts with label Play money. Show all posts

Thursday, April 17, 2014

Bitcoin 101 - The Nightmare of a 51% Attack - Part 1 - Calculating The Costs

The bitcoin logo
The bitcoin logo (Photo credit: Wikipedia)

Proof of work is a new technology, and it has amazingly protected Bitcoin for five plus years. Still, there may be no greater point of weakness in Bitcoin. While a 51% attack doesn't appear to offer a lot of financial gain, monetary gain may not be the motive of the attacker. In part one, we go through a cost analysis of the current hardware needed to launch a successful 51% attack to get a better picture how much it might cost. Unfortunately, the numbers are lower than expected, and most of the previously published values come in three to fifty times higher than actuality. In part two we will talk more about what an attacker might be able to do (double spending is not the worse tool at their disposal) and we prod at some possible solutions. Stay tuned.

Welcome to WBN's Bitcoin 101 Blackboard Series -- a full beginner to expert course in bitcoin. We hope you enjoy. And remember the official WBN launch is coming up : July 1st, 2014.
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Tuesday, February 11, 2014

Bitcoin 101 - Getting Your BTCs out of Your Paper Wallets & Cold

Bitcoin Wallpaper (2560x1600)
Bitcoin Wallpaper (2560x1600) (Photo credit: PerfectHue)

Are your bitcoins stuck in cold storage or on your paper wallet? Sure those are both GREAT places to keep them, but how do you get them out? That's the goal of this video. Hopefully by the end of these videos you will no longer be afraid to take your bitcoins out of the reaches of malware programmers.

This is part two of our bitcoin security series. Here's the intro to the series...


Bitcoin security? UGH!!! Way too many bitcoins are being stolen by crafty malware programmers.

Bitcoin does so many things better than banks (trusts, escrows, programmable money, cheap transfers, instant accounts, etc.), but one area that is not quite so nice, is security.

While the bitcoin network, itself, appears bullet-proof, lots of bitcoins are being stolen, via hacking, malware and flaws in online wallets and even google's random number generator.

The answer is to get your bitcoins entirely offline, and the two ways to do this are paper wallets and cold storage. The previous video is an introduction to making both, while this video focuses on how to get your bitcoins out of cold storage (to spend, to move to another wallet, etc).

James walks you through the software and ideas used in making 'sloppy' offline wallets (which are great to have). He also gives suggestions at making even better offline wallets. This is the first of many videos we will make on bitcoin security, and the least technical.

We hope you'll enjoy.

Here's the public address to the wallet we sent the funds too...good luck...hope you get there first.
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