Thank you so much for the info here. I do have a follow up question. If someone were to break SHA-256 why would they make it obvious to the network. It's like triggering the dye pack when you trying to make a $700 Billion heist. Why not just make much smaller more discrete attacks over time especially as the network and currency matures the pot is endless. Would someone get caught doing this if they had cracked SHA-256? am I missing something?
+ Chris Gear right, market cap is the amount of measure of available liquidity (the measure of how much is "parked" in BTC), which is the amount that is "there to be stolen" if someone can figure out how, right? (IOW, the "bug bounty" on Bitcoins head)...I know that the value of each BTC and fiat are dynamic, so its kind of impossible to have an exact figure for the "bug bounty", but market cap is the measure of that bug bounty, yes?
+tywin1 thanks. that brings up what could be a cool improvement (date of the original source ever present at the bottom of the screen...the ecosystem changes so quickly, a bit of perspective wrt when this was said can be helpful)
is zero the hardest to find? does the machine tries zero after trying all other digits? could it as well be "111111111ojefenvie......" or "99999999kjsfnkjasdf...."?(for other algorythms for example) or not? does it even matter?
Zero is not the hardest to find. But if you think about the hash as about numbers, adding zeroes in the beginning, just shortens the variety of possible numbers, so more zeroes in the beginning less numbers fit this condition. Then you should keep in mind, that hash function produces random output. So it really matters to put zeros in the beginning. Because it makes it harder to find a nonce, so that hash will start with certain amount of zeroes. And as you know there is a limitation, that only 1 bitcoin per 10 mins can be found or something like that. So when computational power arise in the network, it may become to easy to find new blocks, so more leading zeroes can be added to make the finding rate closer to 10 mins again. You can of course set the target to 11111111..... but it will make it too easy to find new block) Hope it helps)
My only tie up so far is if someone can generate a private key on their computer with a vanity gen why can’t someone run it on a powerful computer to guess and test private keys? I know people say it’s takes long cause the probability of guessing is lower than guessing bill gates routing and account number, but that doesn’t matter. The computers doing the “work” and with more and more wallets being created its going to be easier to guess one- correct?
Yep, it's all about how the incentive game works. You can use those resources for something far better (profitable) elsewhere and so that's why the situation the OP presented isn't a problem
Simão Gonçalves I get the game theory and incentivization. The thing is nefarious actors aren’t trying to be smart they’re trying to be nefarious. The point is to flip the game on its self. Not necessarily win. I get the chances are low, like extremely, but none of us know what the future holds, bill gates could go megamind. Lol. I’m more so asking so I know how to respond to newer members of the community asking.
If someone wanted to attempt this, there are three things to keep in mind: 1) What are the chances of generating a private key that has already been used? Extremely low to the point of being practically impossible. 2) What are the chances that private key still controls any amount of bitcoin? The number of addresses which hold very little bitcoin, or no bitcoin at all because it's been spent, is far higher than the number of addresses which hold any significant amount of bitcoin that might be worth targeting. 3) How could the hash power used to find that used private key be put to better use? The cost of the electricity, purchasing and maintaining this powerful computer, would make it a huge net loss. Bitcoin is a system of incentives and the incentive to sink hash power into finding used private keys -- instead of mining bitcoin -- is simply not there.
Thank you so much. After hours of watching and reading, your explanation of the nonce made everything I have learned click.
Andreas the real mvp we follow you !
Thank you for your videos really, your videos are underappreciated.
Awesome as always
I still don't really understand the nonce, but I will keep trying.
Outstanding
Can a quantum computer mine private keys easily from public keys or public key hashes?
The answer is in show more.
Thank you so much for the info here. I do have a follow up question. If someone were to break SHA-256 why would they make it obvious to the network. It's like triggering the dye pack when you trying to make a $700 Billion heist. Why not just make much smaller more discrete attacks over time especially as the network and currency matures the pot is endless. Would someone get caught doing this if they had cracked SHA-256? am I missing something?
“Nonce”?! 😂
Plug in a nonce, any nonce... hahahahahah
You should go on the JIMMY DORE SHOW
Andreas mentions 15 Billion a few times....is this from a really old video? Market cap as I write this is > 140 Billion...
market cap is not money inflow
"These questions are from the MOOC 7.2 and 9.2, which took place on February 26th 2017 and February 23rd 2018 respectively."
There's your answer. ;)
+ Chris Gear
right, market cap is the amount of measure of available liquidity (the measure of how much is "parked" in BTC), which is the amount that is "there to be stolen" if someone can figure out how, right? (IOW, the "bug bounty" on Bitcoins head)...I know that the value of each BTC and fiat are dynamic, so its kind of impossible to have an exact figure for the "bug bounty", but market cap is the measure of that bug bounty, yes?
+tywin1
thanks. that brings up what could be a cool improvement (date of the original source ever present at the bottom of the screen...the ecosystem changes so quickly, a bit of perspective wrt when this was said can be helpful)
is zero the hardest to find? does the machine tries zero after trying all other digits? could it as well be "111111111ojefenvie......" or "99999999kjsfnkjasdf...."?(for other algorythms for example) or not? does it even matter?
Zero is not the hardest to find. But if you think about the hash as about numbers, adding zeroes in the beginning, just shortens the variety of possible numbers, so more zeroes in the beginning less numbers fit this condition. Then you should keep in mind, that hash function produces random output.
So it really matters to put zeros in the beginning. Because it makes it harder to find a nonce, so that hash will start with certain amount of zeroes.
And as you know there is a limitation, that only 1 bitcoin per 10 mins can be found or something like that. So when computational power arise in the network, it may become to easy to find new blocks, so more leading zeroes can be added to make the finding rate closer to 10 mins again.
You can of course set the target to 11111111..... but it will make it too easy to find new block)
Hope it helps)
First to smashed the like.....:-)
hahaha this video do you know what nonce means in england
As always, great Video! Where do we go to ask questions? YoutTube, Twitter, or do you have a question submission tool?
My only tie up so far is if someone can generate a private key on their computer with a vanity gen why can’t someone run it on a powerful computer to guess and test private keys? I know people say it’s takes long cause the probability of guessing is lower than guessing bill gates routing and account number, but that doesn’t matter. The computers doing the “work” and with more and more wallets being created its going to be easier to guess one- correct?
Yep, it's all about how the incentive game works. You can use those resources for something far better (profitable) elsewhere and so that's why the situation the OP presented isn't a problem
Simão Gonçalves I get the game theory and incentivization. The thing is nefarious actors aren’t trying to be smart they’re trying to be nefarious. The point is to flip the game on its self. Not necessarily win. I get the chances are low, like extremely, but none of us know what the future holds, bill gates could go megamind. Lol. I’m more so asking so I know how to respond to newer members of the community asking.
If someone wanted to attempt this, there are three things to keep in mind:
1) What are the chances of generating a private key that has already been used? Extremely low to the point of being practically impossible.
2) What are the chances that private key still controls any amount of bitcoin? The number of addresses which hold very little bitcoin, or no bitcoin at all because it's been spent, is far higher than the number of addresses which hold any significant amount of bitcoin that might be worth targeting.
3) How could the hash power used to find that used private key be put to better use? The cost of the electricity, purchasing and maintaining this powerful computer, would make it a huge net loss. Bitcoin is a system of incentives and the incentive to sink hash power into finding used private keys -- instead of mining bitcoin -- is simply not there.
aantonop 🙏🏽
How is the 15 billion dollars in bitcoin figure calculated?
I'm guessing that particular clip was recorded a while ago when the market cap of Bitcoin was $15 billion
Chris B Nope, time machine.
Maybe 10x mistake, 150 Billion ?
me second 😜
What happens when there's no fitting nonce to mine the block?
When do you make a talk about Elastos ?
Much respect, sir. Please unblock me on Twitter.
Andreas M. Antonopoulos what do you think about EOS?