8 Myths About Bitcoin That Are Actually True
Bitcoin is a bit of a mystery to some and you've probably heard a few crazy stories about the mysterious digital currency. But there are some myths about bitcoin that are actually true.
8 UNBELIEVABLE Bitcoin Myths That Are Actually TRUE
Number 1. No-one really knows the identity of Bitcoin's creator! The mysterious recluse went to great lengths to hide their identity while actively engaging with fellow programmers and cryptographic enthusiasts.
The brilliant mind behind bitcoin first appeared on the scene in 2008 under the pseudonym Satoshi Nakamoto when they submitted their scientific white paper to the cypherpunks mailing list.
Since then, several investigators have attempted to discover who Satoshi Nakamoto really is by analyzing his writing technique, language and personality traits. A few notable suggestions have surfaced but all nominees have denied being Satoshi.
Number 2. Speaking of Bitcoin's creator, Satoshi Nakamoto did not want the controversial website headed by Julian Assange, Wikileaks, to accept bitcoins as a form of donation.
Satoshi feared this would bring too much attention on Bitcoin, which was still a very small project back in 2010. He said: “I make this appeal to Wikileaks not to try to use bitcoin... and the heat you would bring would likely destroy us at this stage.”
Wikileaks ignored the appeal and began to accept bitcoins as a form of donation just 6 months later. I should just point out that Satoshi was a bit paranoid and perhaps over dramatic.
Bitcoin is still alive and kicking.
Number 3. Staying on the theme here, Satoshi Nakamoto suddenly disappeared after one of his closest colleagues let it slip that he was about to visit the CIA.. Yes, this is actually true.
Gavin Andresen, now the Chief Scientist at The Bitcoin Foundation, was in close contact with Satoshi in the early days of the projects' development. In April 2011, Gavin told Satoshi through private email that he was going to give a presentation about Bitcoin at the headquarters of the CIA.
Satoshi never replied to Gavin's email and hasn't been heard from since. Nothing. Complete silence.
Number 4. The bitcoin blockchain contains a virus! The database that stores all transactions on the bitcoin network is called the Blockchain. Short messages can be attached to transactions and one little prankster thought it would be funny to include a virus signature in a series of transaction messages, which are now permanently stored in the blockchain.
The result is some virus scanners will alert users when scanning hard drives that store a copy of the blockchain. But it's nothing to worry about since the virus itself cannot be executed on local computers and poses no real threat.
Number 5. Very early on in Bitcoin's development in 2010 when one bitcoin was worth just 6 cents, a hacker was able to generate 184 billion bitcoins for themselves.
To the credit of developers and bitcoin miners back then, the bug in the protocol was squashed within mere hours and the dodgy transaction was nullified by what's known as a "blockchain fork".
Number 6. Did you know that anyone with enough computing power can take over the bitcoin network? Although, an attacker would need a hell of a lot of power to do anything. And what an attacker can actually do is quite limited.
They can't create more bitcoins, fake transactions, or take anyone else's money. The only practical thing an attacker can do while they have a majority of the network is to take back the money they've already spent in the last hour or so. Anyone with that amount of power would benefit much more by participating honestly and mine for bitcoins, instead of attacking the network.
Number 7. The Bitcoin network has more computational power behind it than all of the world's supercomputers combined! This is actually true! In terms of raw computational cycles, the Bitcoin network wins hands down.
It's probably worth noting that the hardware that runs the bitcoin network is specialized computing devices that can only perform one task, while supercomputers can perform a wider range of computing activities.
There's no need to fear the Bitcoin network of becoming self-aware though and killing all humans.
Number 8. You don't need to be a cybernetic organism with a connection to Skynet to be able to store Bitcoin in your brain! If you think that's freaky, there's a simple explanation.
Bitcoin keys can be created using a dozen or two words from the English dictionary. Bitcoin keys enable users to spend bitcoins from their wallet, and since the keys are just words, you can simply remember them.
Bitcoin brain wallets! That's what they're actually called! But a word of warning. If you have a bad memory like me, don't use a brain wallet.
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Number 6 is the one I have always felt most interested in. It's referred to as a 51% attack and is even mentioned in Bitcoin's original Whitepaper Satoshi published.
No# 8 This is what will "change" Bitcoin during war. A very ugly thing.
What do you mean?
"Seeds" are much easier to memories. I'd elaborate, but I'm a bit in shock right now, ... My Neighbor (I found out) just murdered his wife New Years Day. I'm quite taken aback.
OMG! Holy Shit! That's crazy!
http://www.bozemandailychronicle.com/news/crime/bozeman-man-admits-to-killing-wife-with-frying-pan-documents/article_d4db4499-f467-5530-8e15-4056982d63ba.html
I'm working with her family, on how to provide for her burial. ::Sad:: Tragic.
That CIA one is interesting. I had not heard that before
Greats Facts about Bitcoin!
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