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Old 05-17-2011, 06:29 PM   #133
Scooby Newbie
Member#: 149020
Join Date: May 2007
Chapter/Region: South East
Location: Jacksonville
2011 GMC Terrain


Originally Posted by sorbee711 View Post
Ok, so it sounds like I could store my bitcoins on a thumb drive. So what if I took 1000 bitcoins and put it on a thumb drive and locked it away in a safe deposit box. How does the system know that there are 1000 fewer coins (say permanent loss of thumb drive) and the value of the remaining ones goes up vs. them just not being "in the mix" for a while? It seems like the potential for volatility is high and allows for a good bit of price manipulation. basically, the way the network verifies that your bitcoins are yours is based on the level of agreement between other servers right? So if 1 'node' says Sorbee has bitcoin x, but 5 nodes say I have bitcoin x, then the network basically says I have it. Right?

So what's to keep someone from from trying to bruteforce a lot of 'counterfeit' bitcoins into the system? The coins are verified using an algorithm that is available opensource, so creating the hack wouldn't be hard.

The trick is just attempting to put the counterfeits into circulation when the true holder is offline...hence throwing as many combinations out there as possible, and hoping that some of those people are offline, which means that the 'nodes' would only see my information, and with nothing else to compare does the system know the difference?
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