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Thread: Didn't see that coming - AMD rallies on cryptocurrency mining demand

  1. #11
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    Quote Originally Posted by smeyer0028 View Post
    The idea
    of hash code mining is that it is much harder for cheaters to
    aggregate huge computing power. Mining computing power is a
    large user of energy though.
    The idea is to replace huge computing power need which is expensive to the stake in the total amount of ethereum which is also expensive. Indeed a lot of research is happening on keeping the system fair. As in a proof of stake system the next block generator is determined at pseuso-random according to one's stake it can in theory be made more resistent to 51% attacks as you have in the proof of work system.

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  2. #12
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    I do not think you are seeing public ledger algorithms
    correctly. There is a long history of block chain algorithms
    called multi-party secret sharing that were all seen as too easy
    to hack using approaches where many of the participants colluded
    to cheat. The Bitcoin break through was to see that by encouraging
    people to spend computer resources on mining to make sure a majority
    of the computing power is honest makes it much harder to hack public
    ledgers (multiple spends of coins and alteration of transaction
    history - ownership). It is very unlikely that some formal
    algorithm is going to replace brute force coin mining (called
    perebor).

    I think I come from a different more skeptical world of
    cryptography (I am not a cryptographer. I keep up with cryptography
    because the combinatorics in Verilog simulators is similar to that
    used in cryptography). For example algorithm security proofs do
    not take into account the attack of obtaining (stealing) the
    encryption IC net list.

    There is a paper by Adi Shamir's (the S in RSA) student Dorit Ron
    that I think shows that no algorithm can replace coin mining
    (https://eprint.iacr.org/2012/584.pdf). Paper also has an argument
    that controlling only 29% of the computing power is enough to
    compromise Bitcoin security. Shamir is even more skeptical of block
    chain security than I am. Here is a list of his 2016 predictions for
    the future of computer security:

    https://www.linkedin.com/pulse/adi-s...as-sfakianakis

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