Gold, money & commoditized trust on the internet
Goldmoney enables commoditized trust on the internet. Even if someone messes with Goldmoney’s ledger, there is still all the underlying physical gold
Let’s review a few of the opinions that you have expressed in your response to “When the government makes your currency fail”. Kindly also peruse some more information about the Goldmoney network.
While digital like crypto, Goldmoney’s underlying asset is the gold; not the math.
“Shut down”, leaping to a conclusion?
To ‘shut down’ Goldmoney would need more than the ‘simple will of a minister’. Hasty generalization? Other than banana republics & dictatorships, there is not a minister in any nation in the free world that can act arbitrarily. Goldmoney seeks to operate within the law, not to circumvent the state.
“Can’t be stopped”, exaggeration?
Bitcoin “can’t be stopped by anyone”. Hyperbole, sir?
Bitcoin qua bitcoin has been stopped.
Anonymity
Decentralize.today covers a Science story about Philip & Diana Koshy in a paper with Patrick McDaniel found that there could be a possibility to penetrate bitcoin’s anonymity.
as you used Bitcoin carefully, your identity was protected behind the cryptographic wall. But now even that confidence is eroded.
Among the first researchers to find a crack in the wall were the husband-and-wife team of Philip and Diana Koshy. In 2014, as graduate students in McDaniel’s lab at Penn State, they built their own version of the software that buyers and sellers use to take part in the Bitcoin network. It was especially designed to be inefficient, downloading a copy of every single packet of data transmitted by every computer in the Bitcoin network. “We wanted to see everything,” Philip Koshy says.
If the data flowing through the network were perfectly coordinated, with everyone’s computer sending and receiving data as frequently as the rest, then it might be impossible to link Bitcoin addresses with IP addresses. But there is no top-down coordination of the Bitcoin network, and its flow is far from perfect. The Koshys noticed that sometimes a computer sent out information about only one transaction, meaning that the person at that IP address was the owner of that Bitcoin address. And sometimes a surge of transactions came from a single IP address — probably when the user was upgrading his or her Bitcoin client software. Those transactions held the key to a whole backlog of their Bitcoin addresses. Like unraveling a ball of string, once the Koshys isolated some of the addresses, others followed.
Ultimately, they were able to map IP addresses to more than 1000 Bitcoin addresses..
John Bohannon, “Why criminals can’t hide behind Bitcoin”, Science
Exchanges
Consider Mt. Gox, MyCoin, Evolution..and another corrupt Silk Road agent.
Bitcoin can be hacked.
As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network..
The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.
If a majority of CPU power is controlled by honest nodes, the honest chain will grow the fastest and outpace any competing chains.
If a greedy attacker is able to assemble more CPU power than all the honest nodes, he would have to choose between using it to defraud people by stealing back his payments, or using it to generate new coins….we proposed a peer-to-peer network using proof-of-work to record a public history of transactions that quickly becomes computationally impractical for an attacker to change if honest nodes control a majority of CPU power.
Satoshi Nakamoto in Bitcoin: A Peer-to-Peer Electronic Cash System
Blockchain
The impregnability of the blockchain is predicated on the assumption that no one would have access to the computational power required for a blockchain infilitration
.In a 51% attack, if a single entity controlled 51% of the hashrate, they would have some control of the public network and could steer the public ledger or blockchain at will. Mining pools of individuals mining together as a single unit, make such a co-ordinated operation easier.
Could Chinese miners act in concert? What about a well motivated & funded state actor? NSA? PLA Unit 61398? FSB? DAO & Ethereum?
No one is unhackable
Unfortunately, no one, including me, is unhackable.
Google’s Security Princess, Chrome Security, in Pwnd.
- A digital currency is based on a digital ledger and a digital token. An attack to its ledger exposes the crypto currencies to systemic risk.
- Transaction anonymity complicates conflict resolution, there is any lapse or chicanery. Would the very anonymity render fixing an error improbable?
Bitcoin is 100x less secure than commonly believed
So next time someone suggests that Bitcoin is too expensive to attack, think again. The only reason Bitcoin has not been attacked is because there is not a solid business model around censoring transactions and therefore a hostile takeover does not make sense. Once someone develops a business plan that can benefit from gaining control of Bitcoin’s block production it will be done and no amount of hash power will be able to prevent it.
Daniel Larimer, Bitcoin is 100x less secure than commonly believed
Goldmoney Aurum engine
For KYC reasons, financial institutions, building on blockchain, create closed loop, usually private, ledgers. In fact, the Fed itself is exploring its own blockchain.
Goldmoney’s patented Aurum engine is one such closed loop private ledger for the transfer or the receiving of value. The underlying asset is gold. Thus, Goldmoney has made gold suitable for everyday personal & business transactions.
BitGold offers a platform for buying, selling, or redeeming gold using BitGold’s Aurum payment and settlement technology.
“At BitGold and GoldMoney, one of the benefits we have is that we are dealing with the physical gold. We have built a digital ledger and it is a closed loop private ledger. Even if we were to get hacked our system has a capability to reverse all the paths. Even if someone was to get in and mess around with the ledger we still have all the physical gold.”
Darrel MacMullin, CEO of BitGold (Goldmoney Network), quoted in the Goldmoney community.
Of course the world needs P2P currency, Alex Dusty. Yet, in the trust economy, Goldmoney is one vehicle for you to use gold as your trust money on the internet. While digital like crypto, Goldmoney’s underlying asset is gold; not the just the math.
What if the social network of money has gold as its underlying asset?
