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Some Thoughts On Bitcoin,[object Object],Dan Kaminsky,[object Object]
If You’re Smart,[object Object],Leave the room right now,[object Object],“Bitcoin turns nerd forums into libertarian forums”,[object Object],This is true,[object Object],Bitcoin is a particularly effective DoS against security professionals,[object Object],Why?,[object Object]
Security Inversion,[object Object],Normal Code,[object Object],Looks like it might be OK up front,[object Object],Scratch the surface, it’s actually really bad,[object Object],BitCoin,[object Object],Looks really bad up front,[object Object],Scratch the surface, it’s actually surprisingly good,[object Object],We aren’t used to systems with these characteristics,[object Object],This code has the mark of having been audited by People Like Us,[object Object],And quants,[object Object]
The basic summary,[object Object],BitCoin is absolutely not anonymous,[object Object],BitCoin clearly does not scale,[object Object],In the long term,[object Object],It does work for now though,[object Object],This isn’t 0day stuff, this is basically declared almost entirely up front,[object Object]
What Is BitCoin,[object Object],A really strange use of cryptography,[object Object],“Strange” is not a sufficient, interesting, or even vaguely competent way to mark a system as insecure,[object Object],It’s a decent way to say “this is not the normal way things are put together”,[object Object],Two systems mated together,[object Object],A peer to peer network that does a best case effort to synchronize data (loose “transactions” and solved “blocks”) across as many nodes as possible,[object Object],A Chinese Lottery that canonicalizes subsets of synchronized data, using the difficulty of finding partial hash collisions,[object Object]
The Basic Idea (In A Nutshell),[object Object],1) I’m hearing about all these transactions going on – Alice is paying Bob, Bob is paying Charlie, etc,[object Object],2) I hash all the transactions I’ve heard about, with some random information, and the hash of the last time someone did that, until there’s a partial collision,[object Object],First n bits equals 0,[object Object],N is automatically determined based on how hard it has to be for one block to be found about every 10 minutes,[object Object],This is a block,[object Object],3) I send everyone my “block” – transactions plus hash of previous block plus random data.  This gives me 50 bitcoins (for now).,[object Object],4) I can now “sign over” those bitcoins, from my private key, to other people’s (or my) public key.,[object Object],5) Repeat until there’s lots of people with lots of BitCoins,[object Object],Possibly purchased instead of “mined”,[object Object]
Interesting Traits,[object Object],The basic concept is actually relatively solid,[object Object],Assuming partial collisions are predictably hard to find,[object Object],Assuming ECDSA works,[object Object],Basic Idea 1:  Money can’t be created from nothing – hashing is needed,[object Object],Basic Idea 2:  Transactions can’t be blocked or reversed by a central entity – “is none”,[object Object],It makes security engineers talk like monetary scientists,[object Object],That’s sort of OK, economists pretend to do that too…,[object Object],Seriously, that’s silly– lets just talk tech, OK?,[object Object]
Epic Scalability Quote 1(https://en.bitcoin.it/wiki/Scalability),[object Object],“The core BitCoin network can scale to very high transaction rates assuming a distributed version of the node software is built. This would not be very complicated.”,[object Object],Because there’s nothing easier to do, than make a system distributed,[object Object],This is totally not one of the Hard Problems Of Computer Science,[object Object],By “Distributed” they mean “Centralized”,[object Object],WhyBitCoin is uniquely hard to audit,[object Object],It claims the advantages of its present architecture, and its future architecture, while rebutting the disadvantages of one with the advantages of the other,[object Object],Instead of saying, “We don’t do that”, they say “Something else could do that”,[object Object]
Scalability Costs:  Network Bandwidth,[object Object],“Let's assume an average rate of 2000tps, so just VISA…. Shifting 60 gigabytes of data in, say, 60 seconds means an average rate of 1 gigabyte per second, or 8 gigabits per second.”,[object Object],:O,[object Object]
Up and Down,[object Object],Going up,[object Object],“Let's take 4,000 tps as starting goal. Obviously if we want BitCoin to scale to all economic transactions worldwide, including cash, it'd be a lot higher than that, perhaps more in the region of a few hundred thousand transactions/sec.”,[object Object], And the need to be able to withstand DoS attacks (which VISA does not have to deal with) implies we would want to scale far beyond the standard peak rates.,[object Object],TB/sec,[object Object],Going down,[object Object],Even at 1/100th of VISA, that’s still 10MB/sec,[object Object]
Are There Future Optimizations?,[object Object],“Because nodes are very likely to have already seen a transaction when it was first broadcast, this means the size of a block to download would be trivial (80 bytes + 32 bytes per transaction). If a node didn't see a transaction broadcast, it can ask the connected node to provide it.”,[object Object],Potential 50% savings!,[object Object],Could go from 1GB to 500MB/sec,[object Object]
What About Storage?,[object Object],In order to validate a transaction, you need all blocks up to the present one,[object Object],Joining BitCoin today == downloading 200+MB history all the way to the start of time,[object Object],That only increases,[object Object],“ A 3 terabyte hard disk costs less than $200 today and will be cheaper still in future, so you'd need one such disk for every 21 days of operation (at 1gb per block).”,[object Object],So you get to participate directly in BitCoin, at the low low cost of $200 a month,[object Object],Assuming zero costs of running a storage array,[object Object]
CPU?,[object Object], ”A network node capable of keeping up with VISA would need roughly 50 cores + whatever is used for mining (done by separate machines/GPUs).”,[object Object],In the long run, that’s what it takes to participate (assuming no DoS, which would take 5000 cores),[object Object],(You actually need to validate all historical transactions too),[object Object]
OK, so you end up with supernodes and normal nodes,[object Object],What are the characteristics of supernodes?,[object Object],They’re banks,[object Object],“Welcome to the new boss, who looks suspiciously like the old boss”,[object Object],I’m not saying banks are bad or anything,[object Object],The “peer to peer” model of BitCoin eventually goes away; as soon as the thing gets big, the entire thing switches to a banking model,[object Object]
Reality of Banking,[object Object],As the network gets bigger, fewer and fewer nodes can be banks,[object Object],Only so many parties can exchange a gigabyte a second.,[object Object],The 50% threshold is inevitable,[object Object],BitCoin banks still can’t gin up money,[object Object],BitCoin banks can’t forcibly take money,[object Object],Unless they hold the private keys for the user, which they might,[object Object],BitCoin banks can refuse to accept blocks with “undesirable” transactions,[object Object],Don’t need 50% -- just need enough to inconvenience 50% to accept your opinion,[object Object],Can block undesirable transactions,[object Object],Can recompute blocks w/o certain transactions (reversal),[object Object],This offers a host of ugly semantics,[object Object]
Already Suffering This,[object Object],BitCoin’s security model is base on the idea that nobody can control more than 50% of the network,[object Object],Exact PetaFlop count unclear, but >40 and <200,[object Object],Weird metric, given that crypto uses integer operations when FLOPS are floating point,[object Object],Several times more than largest supercomputer,[object Object],Pools are breaking this,[object Object],#1 pool has 41%,[object Object],#2 pool has 30%,[object Object],“Security through ostracism” to Pitchfork Security,[object Object],DDoS against #1 pool,[object Object]
Bad Choice Of Hash Standard,[object Object],Existing model can be accelerated massively with GPUs,[object Object],Just 2x SHA-256,[object Object],Could have been bcrypt or the like, in which performance does not scale with pure processing speed,[object Object],Basically adds memory and serialization dependencies,[object Object],Wasn’t implemented, so now we have shortages of GPUs…,[object Object]
What About Anonymity?,[object Object],The full worldwide transaction history is stored and shared, forever and ever,[object Object],Everyone has names like:,[object Object],1MQbbWUi2scKdZ4KtMMSUSvVmxi6XtEeaC,[object Object],How do you know who you’re paying?  You don’t,[object Object],Everyone is encouraged to make up new names for every transaction,[object Object],Actually how you can tell why someone is paying you,[object Object],Out of band, you tell someone “to pay me, pay this address”,[object Object],When that address is paid, you can dereference to your own private transaction,[object Object],Do lots of random names equal anonymity?,[object Object]
Names Are Linkable (see blockexplorer.com),[object Object],All FROM sources are effectively the same person (or linked IDs),[object Object],Almost all TO destinations are payee and payor,[object Object]
Reality of Anonymity,[object Object],As BitCoin “fights fragmentation”, it merges identities,[object Object],As it merges identities, it…well, merges identities,[object Object],There are other models of using BitCoin in which money goes in, stays, and then presumably goes back out,[object Object],Again, it’s amazing how much this looks like a bank.,[object Object],Not saying banks are bad, just don’t tell me BitCoin doesn’t morph into the banking system,[object Object]
So, with this all being said,[object Object],BitCoin is working, today,[object Object],That counts for a lot,[object Object],It will not work this way forever,[object Object],It will not have today’s security properties forever,[object Object],If you define the loss of today’s properties a serious loss of value, then there are Ponzi-ish characteristics in plain view,[object Object],I’m not going to make that claim, however,[object Object]
Conclusion,[object Object],This was just a quick summary,[object Object],BitCoin is actually well designed, if you accept that anonymity and scaling forces the entire present model to be shifted into something that effectively looks like banking,[object Object],I’ll talk about more another time,[object Object]

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Some Thoughts On Bitcoin

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