tv [untitled] April 16, 2013 3:55pm-4:25pm EDT

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and on the hardware there was limit there was a period in the beginning a bit coin i guess toshi whoever said oh she is. they were talking about occupy wall street at the time and the idea is well we don't really want to get too high profile at the moment because the network maybe is network to what's called a fifty one percent attack there but that was out two years ago and the network has grown in size so that it's almost inconceivable to imagine a fifty one percent attack it's such an outlying risk it would be similar to saying well there's a risk that somebody might be able to synthesize gold out of garbage at a very very low cost sure that's possible if you have any even if even if you were to it to take over the network people would see it coming they would immediately start selling their because and so if you are in control of the network and suddenly you have a couple million that you manage to steal in for everybody but be worth a lot less than you thought because the market will reprice that risk now so that we're going to. like the bond bubble right now there's

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a huge number of bonds out there outstanding from sovereign wealth funds but sovereign governments they don't sell these bonds because they know they would trigger a prisoner's dilemma they would all start selling simultaneously right over the fed this bad can't sell unwind its bond position because the market would see those sales coming and the bond market crash like they're front running it on the way up they would front runner on the way down so they're really bought you can't flip a switch and take fifty one percent of the network right you would have without traffic to value the network right you know you'd have to build over time people would see it coming and the market would probably adjust other people that had hardware in reserve would turn it on to try to thwart an attacker that was starting to gain control of the network. philippi thanks so much for being on the kaiser report thank you max all right it's fantastic and i suppose people could say that it's not so much that bitcoin is digital gold it's more like gold is analog bitcoin anyway that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert i want to thank my guest tony gillespie of bit pay dot com if you like to set me up. reported r t t v dot are you. saying.

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a clear image of iraq after inflation. twenty day taxi trip through the country. the road full of danger. clear evidence from north to south. the route of iraqi tragedy. after the war waiting for peace. talks e t.

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