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Re: Predatory Sparrow

By: De_Composed in GRITZ | Recommend this post (0)
Thu, 19 Jun 25 9:51 PM | 9 view(s)
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Msg. 09987 of 10014
(This msg. is a reply to 09984 by Zimbler0)

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Zimbler0:

Re: “So a blockchain is a 'chunk of data' - possibly even an 'Object Oriented' chunk of data and code. But it still has to reside on one or more servers meaning 'somebody' has to maintain the servers and data and backups.”
The bitcoin blockchain is currently a 650 gigabyte encrypted file that records every bitcoin transaction. It is stored on over 10,000 servers around the world. They constantly update each other, both to record new transactions and to ensure that the chain has not been corrupted. That, as we painstakingly covered yesterday, is one of the security perks that comes with having more than one server on the network.

You're right that the blockchain is vulnerable to 'internet theft.' But the thief has to crack the encryption... and that's supposed to be a practical impossibility (until quantum computers with enough qubits come along - and that may happen soon.)






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The above is a reply to the following message:
Re: Predatory Sparrow
By: Zimbler0
in GRITZ
Thu, 19 Jun 25 9:33 PM
Msg. 09984 of 10014

Decomposed > Is that the scenario you were asking about? If it is, then I apologize for not understanding.


To be honest De,
I know that I do not know enough about crypto coins to even begin to ask the 'right questions'.

But . . . So crypto currency coins 'data' is kept in the form of a 'blockchain' . . .

>>>
A crypto blockchain is a decentralized digital ledger that records all transactions made with cryptocurrencies, such as Bitcoin and Ethereum. It allows for secure and transparent peer-to-peer transactions without the need for a central authority like a bank.
>>>

So a blockchain is a 'chunk of data' - possibly even an 'Object Oriented' chunk of data and code. But it still has to reside on one or more servers meaning 'somebody' has to maintain the servers and data and backups.

And now I learn that there are 'keys' . . .

Anyway, I am of the opinion that anything stored on a computer with internet access is vulnerable to 'internet theft'. And the more value the thing has the greater the probability of 'somebody' figuring out how to steal it.

Zim.


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