Author: Peter Todd 2014-03-12 09:44:24
Published on: 2014-03-12T09:44:24+00:00
The conversation between Gregory Maxwell and Peter Todd revolves around the security of Bitcoin software. Todd emphasizes that even those with minimal knowledge about cryptography can write Bitcoin software by employing certain tactics to defend themselves against attacks. However, Maxwell argues that this approach is incomplete because there are situations where attackers repeatedly send small amounts of funds to a single address with a lot of value. In such cases, even someone with good knowledge of the risks would choose to spend the coins rather than ignore them. While not reusing keys limits losses in such scenarios, it is not enough alone to ensure complete safety. Todd suggests that his multi-factor authentication scheme assumes one uncompromised party signing transactions, making it easier to do when it's a low-bandwidth box sitting in a secure location.
Updated on: 2023-06-08T03:59:22.852763+00:00