Pierre Rochard: “Until your altcoin successfully defeats a coordinated attack like NYA/S2X, with 90% of the hashrate and major businesses trying to force a hard fork, its immutability is untested and its monetary policy is suspect. Bitcoin has earned its keep, its immutability is beyond question”

Pierre Rochard: "Until your altcoin successfully defeats a coordinated attack like NYA/S2X, with 90% of the hashrate and major businesses trying to force a hard fork, its immutability is untested and its monetary policy is suspect. Bitcoin has earned its keep, its immutability is beyond question" submitted by /u/Bastiat
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Bitcoin – The Currency of the Internet

A Former university student pleaded guilty to launching cyber attack (deepd.tw)

21-year-old Paras Jha, from Fanwood, has pleaded guilty to launching malware attack on the Rutgers University computers. He implanted the malware in an IoT device which gave him access to hold all university data under captive.
He was a former student of the Rutgers University, and his knowledge of the data system of the school was…

Bitcoin

Ladies and Gentlemen: Here comes the regularly scheduled attack on Bitcoin!

Long holiday weekend in the US – check

Difficulty adjustment during that time period – you betcha!

Btrash getting pumped – as we speak!

Russian social farms – fire 'em up!

As least we can't say it's not predictable… don't forget to HODL, and BTFD. See you on Tuesday!!

submitted by /u/priuspilot
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Bitcoin – The Currency of the Internet

Ladies and Gentlemen: Here comes the regularly scheduled attack on Bitcoin! (reddit.com)

Long holiday weekend in the US – check Difficulty adjustment during that time period – you betcha! Btrash getting pumped – as we speak! Russian social farms – fire ’em up! As least we can’t say it’s not predictable… don’t forget to HODL, and BTFD. See you on Tuesday!!

Bitcoin

attack started after difficulty change..

it's routine by now. They attack bitcoin everytime there's a difficulty change in the mining. I noticed that's when it first started 2 days ago

Edit* this thread got down voted INSTANTLY to prove my point.(that attackers are lurking here trying their hardest..) lol. All of the 'big' attacks on bitcoin happen during the difficulty adjustment. Expect the money to pour back into bitcoin when it get's closer to changing back difficulty.

submitted by /u/ThatBitcoinGuyy
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Bitcoin – The Currency of the Internet

PSA: Attack on BTC is ongoing (reddit.com)

If y’all check the other sub, the narrative is that this was only the first step. Bitcoin has a difficulty adjustment coming up (~1800 blocks when I checked last night), and that’s when they’re hoping to “strike” and send BTC into a “death spiral.” (Using their language here.) Remember that Ver moved a huge sum of BTC to an exchange recently, but didn’t sell. Seemed puzzling at the time, but I’m wondering if he’s waiting for that difficulty adjustment to try and influence the price. Just a…

Bitcoin

ICYMI: Another attack on bitcoin coming from Congress (bill would ban “aggregated transactions,” attempts to make “concealment” of data a crime, proposes freezing bank accounts, and would require individual users of “digital currencies” to be regulated to the same level as banks).

The whole text of their proposal: https://www.congress.gov/bill/115th-congress/senate-bill/1241/text

If in the U.S.: Write your representatives to oppose S.1241: https://democracy.io/

Write to Administration to demand a veto of S.1241 or anything like it if it were ever to reach the White House for signature or veto: https://www.whitehouse.gov/contact

An opposition letter to S.1241 has been developed by the Bitcoin Foundation, but I don't think it goes far enough. I think any organizational opposition letter (e.g. from EFF, Bitcoin Foundation, or other org) should call for total and absolute death by fire of S.1241 or anything like it. (See second season of Stranger Things if you have any question about what I mean about death by fire.) https://bitcoinfoundation.org/redraft-%c2%a71241-combating-money-laundering-act-2017/

(The following is my recent letter over the weekend sent to the U.S. Administration regarding S.1241, requesting that a position be taken on the bill to announce that a veto would be provided if the legislation were to be advanced. Please feel free to copy and paste from it or develop your own.)


This is regarding S.1241 – the so-called "Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017."

This proposal is a sick joke. Its proponents have given a fancy name to something that simply put, is designed to attack the American worker and would do absolutely zero in relation to what the title implies.

The bill would brings cryptocurrencies under the umbrella of civil forfeiture. It also would require the DHS to provide, within 18 months of ratification, a report on strategies to detect cryptocurrencies at border crossings, which would be impossible since there is no technology that can do that.

I can put a bitcoin on a paper wallet or memorize seed words in my brain that represent a whole wallet and cross borders physically or virtually, then later reproducing the wallet at will. This law would attempt to prohibit me from exercising my memory to access my resources across borders, a ridiculous approach to finance. Finance is of course cross-border and private.

Section 13 of the proposed Act is just one particularly vicious aspect of it, constituting nothing less than an attack upon the American worker.

Sec. 13 of S.1241 seeks to define anyone issuing, redeeming, or cashing bitcoin as a financial institution, requiring them to comply with the Bank Secrecy Act, 31 U.S.C. §5312 and requiring INDIVIDUALS AND SMALL BUSINESSES to adopt the same formal reporting procedures as financial institutions for the purpose of reporting suspicious financial transactions.

In effect this Act would treat INDIVIDUALS as though they were BANKS and impose the same financial licensing and reporting obligations on them.

Please communicate to those who are pushing S.1241 forward that it will get nothing but a Veto.

Thank you.

submitted by /u/pcvcolin
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Bitcoin