Bitcoin Security and Cryptography: Reasons to Worry

Bitcoin has a toxic culture of NOT taking security and cryptography questions seriously ever. Being able to withstand expert criticism, champion best practices and anticipate the risks is crucial for any open source project. Unhappily we observe that: There isn’t a single academic or scientist at the bitcoin foundation and they don’t like being criticized on …

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What is the Security Assumption in Satoshi Paper on Bitcoin?

It appears that Satoshi have convinced himself that bitcoin was secure or secure enough. In his paper he repeatedly claims that bitcoin is secure IF a certain assumption holds. What is the exact assumption of Satoshi? Knowing the assumption is crucial because if we have stated our assumption and bitcoin is later shown to be broken or …

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A Fake Dilemma Claimed By Satoshi

In Section 6 of the celebrated original Satoshi paper on bitcoin we read that: “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”. And later we …

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What Do We Stand for In Security Engineering and The Question of Improving Bitcoin

What do we stand for? The answer is quite simple: threats and attacks needs to be anticipated and protections must be built pro-actively, in advance before something bad happens and it is maybe too late. The golden standard in information security is: “it’s always better to assume the worst” because “when the unexpected happens, you’ll be glad …

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Best Understood Attack In All of Bitcoin?

Post in the series “bitcoin mistaken claim of the month”. Bitcoin Wiki and 51% I have today looked at the official Bitcoin wiki which is there to “document [bitcoin] problems openly” and provide an open forum with “loads of discussion about bitcoin’s problems” according to an official and highly respected source. https://en.bitcoin.it/wiki/Weaknesses I have checked and …

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