Bitcoins: waiting for growth to the level of 304.23

By | March 8, 2015

Despite the long time spent in the price range Cryptocurrency escaped from a range of. Through expectations of rising interest rates the Fed and the dollar strengthening, suppresses the growth of Bitcoin.

Price 235.22 USD per Bitcoin  was broken and able to consolidate above the level that is able to further increase technical. As a fundamental prerequisite for strengthening Cryptocurrency can call it a fact that the fund Bitcoin Investment Trust is the first publicly-traded-fund Bitcoin, received approval and official ticker, which opens the way for him to be traded on an electronic platform OTC Market Group. This is quite a serious step towards mass acceptance Cryptocurrency.

Bitcoin
Bitcoin

Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes only and do not guarantee the results obtained.

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3 thoughts on “Bitcoins: waiting for growth to the level of 304.23

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  2. Rohini

    > [ Ed Castranova ] has been very patient in the> conemmts to his posts even though the trolls> are out in force.Yes, I commend Ed. He seems to be learning something attentively, as well as retracting some of his misunderstandings.> Just for starters, the economy demands an increase> in the money supply as it grows, just to prevent> arbitrary deflation.When you say the economy’, do you mean any economy’, global economy’, or this particularly (virtual) economy’? Bitcoin does have monetary inflation (100% in the first year, 50% second, about 30% now, until 0%). However bitcoin is also experiencing price deflation due to a demand rate far greater than supply growth (or as some like to say, demand for fiat currency is shrinking).Deflation is dangerous in a credit-backed system such as Japan, USA, and Europe. Because fiat money is only backed by loan debt, defaults and principal payments shrink the money supply creating monetary deflation and in most cases rapid price deflation. Massive loan defaults will set the banks in violation of their reserve requirements, perhaps bankruptcy. Thus banks will have a disincentive to lend money out at any interest rate (even 0% as in Japan). The economy halts. Monies not backed by debt, but by scarcity, do not suffer this disadvantage.> I also don’t see how Bitcoin’s prevention of a> double-spend is secure against a botnet attack.What sort of attack do you mean? That a botnet will mine/validate an alternate block chain after validating previously spent coin essentially spending bitcoins, waiting for 8 confirmations (1-2 hours), then accelerating the creation of a new longer block chain forked from before the double spend?Yes. This *is* theoretically possible.If an attacker were to spend a coin, then after it’s acceptance in the block chain use stolen 51+% computation power to produce the next two blocks before the real’ chain produced one more (statistically this would require 75+%).However, since no node will accept a respent coin until after about 10 blocks, the attacker would have to wait for the first spend be be confirmed (~2 hours) before launching the botnet attack which would require much more than the 51% computational power often posited. If I’m not mistaken, the attacker would require 1-(1/2)^10 of the global bitcoin network’s computational power (99.91%). Perhaps the attacker could keep a loosing’ block for maybe eight blocks, and then accelerate the block production for the next four before the real’ block validates two.There are two reasons I don’t think this is a concern in the near future. First, the numerous good guys’ command a computational performance that (I have heard) is greater than all of the earth’s top (10? 100?) supercomputers combined.Second, it would likely be more profitable for a botnet controller to simply mine for legitimate coins. It would be a disgusting crime to steal computational power to generate 300 btc (~$4500) per hour, but could be sustained for a long time, rather than destroying confidence in the entire bitcoin economy.If the attack was launched by an attacker not wishing to gain from bitcoin finances, but with the sole desire to destroy the bitcoin economy at any cost (say a large malicious bank or ten), then yes, I think they could succeed by harnessing the power of a botnot to destroy confidence in the block chain.

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