makeasnek

Not really, and miners have fantastic financial incentive to remain honest. It's not altruism. In terms of the attack you are talking about (51% attack) Nobody can amass that much computing power and certainly not quietly, good luck acquiring enough ASICs to do it, let alone enough energy. You'd need your own fab for them which means designing your own ASICs (specialized devices for mining which are orders of magnitude more efficient than regular computers) or stealing designs for them. You're already into the billions of dollars right there with having your own fab. You can't buy even half of the processing power you'd need on the open market. A 51% attack is absolutely insanely expensive to do and logistically impossible at this point. And even if they could, the absolute best they can do is temporarily delay transactions or do a double-spend (spend the same BTC twice). They can't spend money they don't have the key for and they can't print extra Bitcoin as all other nodes would reject those transactions as invalid. Doing a double-spend makes no sense because the only benefit of doing so is getting something else in exchange for that BTC. If I'm going to trade say.. 1 billion dollars of oil for your BTC, I'm gonna wait for a few blocks of confirmation, even assuming I could transfer that much value that quickly. And whatever you trade has to be more valuable than the cost of a 51% attack which is probably north of a trillion dollars at this point depending on how you do the math. Plus, you know, the legal/extralegal/diplomatic/etc consequences of your actions depending on what you did the attack for.

The attack isn't a one time thing, your delay only works if you keep attacking. The second you stop, the chain reverse to the "true main chain". A 51% attack has never happened successfully against Bitcoin and never will at this point. Even at the nation-state scale, Bitcoin is tied in enough to international markets at this point that attacking it could easily cause an international bank run/financial collapse and massive diplomatic problems. And all you'd prove is that you wasted an inconceivably large amount of money to attack a system that picked back up right where it started a few minuted, hours, or days later. Because unless you intend to continue your attack and energy use forever, that's exactly what would happen. Meanwhile, you've pissed off every voter, hedge fund, state retirement fund, business, bank, national treasury, international organization, charity, and legislator who has any sort of exposure to Bitcoin.

Some back of the napkin math for anybody interested https://www.reddit.com/r/Bitcoin/comments/18salm9/the_economics_of_a_hypothetical_51_attack_on/

The government controls it and they use it to gradually decrease the portion of supply your hard-earned money represents. They aim for 2-3% inflation in a "good year". That's the nice countries, ask any Argentinean how they feel about who controls that money printer. Monetary inflation mostly impacts the poor and middle class who have more of their net wealth in cash whereas rich people have their money safely stored in assets like stocks or land. So the government controls the money printer.

Unless you use Bitcoin. Then the protocol (nobody) controls it. And it's controlled to never make more than 21 million BTC. No person, even if they had a trillion dollars, even if they bought every Bitcoin in existence, even if they had 1000 guys with AKs, no person could make Bitcoin print an extra BTC it wasn't intended to print. Or spend money that they didn't have the private key for. That's a money printer I can trust. It's faithfully done this for 15 years without a single hour of downtime, bank holiday, or being hacked and has a market cap that places it in the top 20 countries by GDP all while experiencing continual growth and adoption. But it's a fad right? That has no purpose? A scam? And on year 16 you'll finally be proven right?

You can always add "freemium" or service-based features to your tools and charge for those. Or you can set development milestones and raise money to pay for those features using bug bounties or something like OpenCollective. If you aren't sponsored by some big corp or just hoping donations will randomly come in (they won't!), those are the options.

You can also apply for grants and other funding from non-profits or govt orgs who may have some interest in your software project.

You still need a reputation system otherwise your DHT will get filled with spam. BitTorrent doesn't have this problem because the file you download either matches the hash or it doesn't. But you can't use DHT for things like search or tagging unless you have some way to weed out bad submissions (sybil attack). Either a curated centralized database or a blockchain are the two known ways to solve this problem.

Monero is great for online purchases, but a 2 minute confirmation time is real annoying for IRL purchases. Lightning txs confirm in under a second for less fees too.

I use lightning on the regular. Transactions confirm in under a second, fees often less than a penny. Works incredibly well. For custodial wallets (less privacy but you can connect to your bank account to buy/sell BTC and they are as easy to use as venmo) check out Strike. For non-custodial wallets, Phoenix is great and super easy, for maximum privacy use Zeus but it's slightly more complex than Phoenix.

Lightning, like Bitcoin which it is built on, provide pseudonymity not anonymity. Understand the difference and look into it if you're curious. Still vastly better than credit cards, banks, etc when it comes to privacy.

You have solved what you have direct control over, the next step is things you have indirect control over like the policies of your school or government. Get engaged civically. Vote and advocate privacy in your community and to your elected representatives. Ask businesses if they will accept forms of payment which provide greater privacy than credit card like Bitcoin lightning or Monero.

!bug'bounty@lemmy.ml

Commercial transactions -

Aaah, the kind of transaction that most transactions are?

Operated by providers

Aah, so any business which accept crypto must KYC every one of their customers. This makes accepting crypto especially burdensome, which is half the point of this legislation in the first place.

So non-commercial transations are fine, as are crypto transactions to non-custodial wallets.

Unless you're using the wallet to buy or sell something. You know, the thing people use money for.

Why does the government need to have every transaction reported to them? Crime is bad because it causes harm. If harm is being caused, that means a person or entity is causing that harm. That means there is evidence. Follow that.

Police have more surveillance and crime-detecting tools than at any point in human history. Nearly every category of crime, particularly violent crime, is on a decades-long downtrend. We all travel with GPS monitors in our pockets. We all use credit cards instead of cash. We all are recorded by CCTV 90% of the places we go. We don't need to give them more financial surveillance because 'crime'.

Would prefer if they would all join Nostr, but Mastodon is better than X so let's go!