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Comment Re:Guilty and impossible to prove innocent (Score 1) 248

As Ars explained, "RSA's defense seems to be that officials didn't know the NSA-influenced deterministic random bit generator had weaknesses that could be exploited to crack adversaries' cryptographic keys."

Whether bribery was involved or not, RSA used an algorithm without validating the math.

Comment Re:Upside-down pyramids (Score 1) 202

Not everybody feels that a currency backed by violence is an ethical arrangement.

Of course it's not. The question comes down to this: what's the alternative? So far, nobody has come up with a method to protect physical assets that doesn't involve physical security. Bitcoin doesn't solve this (nor does it attempt to.)

Nor do they feel that allowing politicians to destroy the value of a currency is a wise course of action.

How is letting a group of bitcoin power users alter the currency's value any different?

Comment Re:Upside-down pyramids (Score 0) 202

First of all, there is only one issuer of bitcoin: the bitcoin network, acting in aggregate, according to a pre-agreed algorithm.

Which is to say, the number of bitcoin can be changed as long as a sufficient number of people agree to change the algorithm.

Secondly, the value of almost any modern day currency is entirely a perceptual value caused by the notion that people will accept that currency at some approximately-known rate for payment for goods or services.

In theory, sure. In reality, there's a reason that countries with strong currencies have strong militaries to protect those currencies.

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