28C3 - Version 2.3.5
28th Chaos Communication Congress
Behind Enemy Lines
| Speakers | |
|---|---|
|
Kay Hamacher |
|
Stefan Katzenbeisser |
| Schedule | |
|---|---|
| Day | Day 3 - 2011-12-29 |
| Room | Saal 1 |
| Start time | 14:00 |
| Duration | 01:00 |
| Info | |
| ID | 4746 |
| Event type | Lecture |
| Track | Hacking |
| Language used for presentation | English |
| Feedback | |
|---|---|
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Bitcoin - An Analysis
Bitcoin is the first distributed, digital currency. It received a lot of attention recently as it questions the state monopoly to issue legal tender. It relies on distributed proof-of-work concepts to ensure money-like characteristics.
The existence and potential widespread use of such a distributed, non-centralized, non-regulated currency questions the ability of governments to control money supply, issue debt, and tax its populace.
Transactions in bitcoin form a publicly accessible network of economic relations, which can be extracted from the transaction history available to all users in the P2P-network of bitcoin.
Using re-identification algorithms it is possible to attack the proposed anonymity of users. While this is already an interesting security issue, the insight into a real-world economic experiment allows for the first time the empirical test of community structures in such social networks, which is definitely more substantial than the "I-like"-network in facebook and the like.
In this presentation, we show results on network analysis of the money flow, the behavior of individuals, and the overall scalability of P2P-currencies. At the same time we will discuss advanced "financial instruments" that one might find in the transactions.