BitCoin BubbleFollow

Why do you hate GOD?

He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.” Revelation 13:16-17

Which is a little different than 5 years. If you need your million bitcoin wallet to be safe for 300 years, then you probably don't want to just encrypt it with AES, and call it a day. But if you plan on spending it in 5 or 10 years, then encrypt it a couple times, and your biggest risk is of someone kidnapping you and torturing you for the passwords.

Edited, Apr 3rd 2013 9:53pm by Rachel9

But if you plan on spending it in 5 or 10 years, then encrypt it a couple times, and your biggest risk is of someone kidnapping you and torturing you for the passwords.

Well, your BIGGEST risk is that it becomes completely valueless. I'd rate being kidnapped and tortured pretty far down on the list of probably negative outcomes.

Made me too amazing. It's quite the burden.

I'm still waiting on Bat Female Villain Repellent spray.

Wasn't that the plot to Office Space?

"encrypt it a couple times" L O L omg this is priceless.

"I can pick that lock in ten seconds"
"Well I'll just put a lock on the lock!"

Encryption is pretty much hitting a point now where it's next to useless as a security method for anything of significant worth. Anonymous currency is pretty much out the window in the next couple of decades because it'll be too easy to duplicate regardless of the medium used. Future currencies will have to be managed by some type of organization, like a government, to ensure someone actually knows how much money you have without having to rely on what you or some 3rd party says. Currency must have a trusted backer with a vested interest that can guarantee its authenticity or it doesn't work.

What happens when you can't spend your bitcoins? Who do you go to?

No. More secure sure, but there is no such thing as perfect encryption even in this case. You can still brute force this, currently you're looking at millenia of computing time to do it but that changes pretty rapidly at the pace computing power is increasing. Given recent research into quantum computing it may actually be instantaneous in the relatively near future. Relatively being a...relative term of course. 3rd party duplication and verification of transactions with reconciliation of discrepancies properly implemented is the only truly secure option for any digital currency.

The incentive to crack it is just too high for there to not be some form of record to compare against in the event of a discrepancy. Think about what would happen if someone got a hold of all of the equipment and exact materials/know how to create American currency at will. That's what we're talking about here, except now you don't need the materials, the know how is readily available, and there is nobody to tell you you can't or punish you for doing it since it's not regulated by any organization.

Smasharoo wrote:

False.

Incorrect.

Incorrect.

Are we going on knowledge of cryptanalysis then? Because, due respect, I think you're going to lose the reputation battle there, sport. If you want to demonstrate some evidence of a successful computational attack against one time pad encryption in the history of the world, I'd be interested to see it. So would every mathematician on the planet.

Well when the other locks require entirely different knowledge to pick, it's not so ridiculous.

Mine is ******* massive.

Something Something encryption. HAH.

False.