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Old 05-17-2011, 06:34 PM   #135
Chewyguru
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Member#: 7003
Join Date: May 2001
Chapter/Region: BAIC
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Quote:
Originally Posted by Kebo View Post
Right...so 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 to...how does the system know the difference?
May be harder then it sounds. Establishing a counterfeit is difficult due to the system. You'd have to get it in the stream when it's already registered as being somewhere else.
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