Re:Milagro: Distributed Cryptosystem for Cloud Computing
by mSparks on Thursday September 22, 2016 @02:49AM
(#12554960)
not true - the public blockchain means that cracking the encryption is only a very small part of such problem. You also need to convince all the other peers that you cracked it first
Because Bitcoin IS cracking encryption - bitcoins are assigned by doing exactly that.
In Bitcoin, a private key is usually a 256-bit number (giving a key length of at least 512 bits)
On the other hand, I'm sure all the MTgox customers will be happy with your assertion that their $450 million of missing/stolen funds allegedly stolen straight out of the MtGox hot wallet over time, beginning in late 2011. are actually still safe. Not sure they'll agree however.
Because Bitcoin IS cracking encryption - bitcoins are assigned by doing exactly that.
In Bitcoin, a private key is usually a 256-bit number (giving a key length of at least 512 bits)
On the other hand, I'm sure all the MTgox customers will be happy with your assertion that their $450 million of missing/stolen funds allegedly stolen straight out of the MtGox hot wallet over time, beginning in late 2011. are actually still safe. Not sure they'll agree however.