Topic: bitcoin is not Ideal, it represents possibilities. (Read 25498 times)
Many people might not want to believe your assertion but is the truth. Crypto currency as much risk as all the other transaction media. But it can be the future for an individual if you can manage and deal with this risks very well. The future is unknown and all we ve got.is the.present. For now, BTC is good to invest in and I gladly do.
Double spending is not only a disadvantage but as an advantage as well because of so many transactions being unconfirmed. Why is it considered bad? It can be misused by scammers but the transaction can be identified as a double spend which is easy to track.
I agree Double spending does have its advantages when used correctly but because some users use this feature to scam others or service providers this gets a bad name but otherwise this is still a powerful tool which could be used to accelerate transactions with low fees ! And besides,a certain number of confirmations are needed to avoid being a victim of such. Bitcoin can be hack? Impossible. I guess your were talking about the bitcoin exchanger sites that got hack? Right.
51 percent attack is just spamming the network with transactions but the solution is miners. Double spending the solution is also miners. Bitcoin's only major crisis right now is it's stagnant scaling problem.
51 percent attack is just spamming the network with transactions but the solution is miners. Double spending the solution is also miners. Bitcoin's only major crisis right now is it's stagnant scaling problem.
I have read this somewhere that Bitcoin can e impossible to get hacked. Yes, those exchanges can be hacked by a good hacker or group of hackers and they had done that thing in the past but never the Bitcoin itself. The infrastructure for Bitcoin is not perfect but it is so strong to withstand intrusions. Right now, the Bitcoin stakeholders need to solve the scaling challenge to make Bitcoin get into into its full potential.
Three years ago or two years ago, if you asked me what Bitcoin is, I’d tell you it is the future of money. It is managed by the network, not by the government. Plus, it is private, anonymous and fast. It’s just perfect!
And Bitcoin is proved very successful. But it has inherent risks like anonymity, hacking，51%attack, double spending. Stop imagining bitcoin is perfect. No coins are perfect. I’d say bitcoin means more about possibilities, possibilities of expression of value. Before, I’ve been taken it for granted that the government should control currencies. But now I’d like to take a moment to think of the question:
“What is the nature and origin of money?”
by hacked, i only mean btc exchanges and by 51% Attack, i mean hash power is seen as by many the king in the btc world; and by security, Large Bitcoin Collider is working to smash open btc wallets. http://news.8btc.com/bitcoin-is-not-ideal-it-is-an-expression-of-value
And Bitcoin is proved very successful. But it has inherent risks like anonymity, hacking，51%attack, double spending. Stop imagining bitcoin is perfect. No coins are perfect. I’d say bitcoin means more about possibilities, possibilities of expression of value. Before, I’ve been taken it for granted that the government should control currencies. But now I’d like to take a moment to think of the question:
“What is the nature and origin of money?”
by hacked, i only mean btc exchanges and by 51% Attack, i mean hash power is seen as by many the king in the btc world; and by security, Large Bitcoin Collider is working to smash open btc wallets. http://news.8btc.com/bitcoin-is-not-ideal-it-is-an-expression-of-value
Which is why XtraBytes a brand new coin which is impossible to hack and has solved the 51% attack that POW and POS piece of shit coins could only dream about WILL be the future.
Three years ago or two years ago, if you asked me what Bitcoin is, I’d tell you it is the future of money. It is managed by the network, not by the government. Plus, it is private, anonymous and fast. It’s just perfect!
And Bitcoin is proved very successful. But it has inherent risks like anonymity, hacking，51%attack, double spending. Stop imagining bitcoin is perfect. No coins are perfect. I’d say bitcoin means more about possibilities, possibilities of expression of value. Before, I’ve been taken it for granted that the government should control currencies. But now I’d like to take a moment to think of the question:
“What is the nature and origin of money?”
by hacked, i only mean btc exchanges and by 51% Attack, i mean hash power is seen as by many the king in the btc world; and by security, Large Bitcoin Collider is working to smash open btc wallets. http://news.8btc.com/bitcoin-is-not-ideal-it-is-an-expression-of-value
And Bitcoin is proved very successful. But it has inherent risks like anonymity, hacking，51%attack, double spending. Stop imagining bitcoin is perfect. No coins are perfect. I’d say bitcoin means more about possibilities, possibilities of expression of value. Before, I’ve been taken it for granted that the government should control currencies. But now I’d like to take a moment to think of the question:
“What is the nature and origin of money?”
by hacked, i only mean btc exchanges and by 51% Attack, i mean hash power is seen as by many the king in the btc world; and by security, Large Bitcoin Collider is working to smash open btc wallets. http://news.8btc.com/bitcoin-is-not-ideal-it-is-an-expression-of-value
Which is why XtraBytes a brand new coin which is impossible to hack and has solved the 51% attack that POW and POS piece of shit coins could only dream about WILL be the future.
Bitcoin can be hack? Impossible. I guess your were talking about the bitcoin exchanger sites that got hack? Right.
51 percent attack is just spamming the network with transactions but the solution is miners. Double spending the solution is also miners. Bitcoin's only major crisis right now is it's stagnant scaling problem.
51 percent attack is just spamming the network with transactions but the solution is miners. Double spending the solution is also miners. Bitcoin's only major crisis right now is it's stagnant scaling problem.
I have read this somewhere that Bitcoin can e impossible to get hacked. Yes, those exchanges can be hacked by a good hacker or group of hackers and they had done that thing in the past but never the Bitcoin itself. The infrastructure for Bitcoin is not perfect but it is so strong to withstand intrusions. Right now, the Bitcoin stakeholders need to solve the scaling challenge to make Bitcoin get into into its full potential.
I completely agree with the opinion of the author of the topic. I want to say that due to the fact that bitcoin is only gaining popularity among the average population of the planet, not all its possibilities are still fully appreciable. In most middle-income countries, the opportunities for this currency remain unclear for the time being.
Every opinion should be appreciated. See its development at the beginning bitcoin does not have many users. But nowadays wherever we are bitcoin has become known. Although in a small and poor country, now they have begun to understand and use bitcoin. The most important is the infrastructure because with adequate infrastructure bitcoin can grow better. I agree that bitcoin is not ideal but represents possibilities because when a country accept and open its door to bitcoin then it also accepts possibilities to have a great economy because bitcoin will help a country to have a faster payment system and more profitable because of being volatile of bitcoin to its price.
As we can see Bitcoin is a threat to central banks and countries are backed up by banks. So unless that country is not dependent on the world's current system then it will make the economy grow, but when the country still denies cryptocurrencies mixing the two (fiat and cryptocurrencies) will be difficult.Bitcoin can't be hacked, it's impossible. Even 51% attacks wouldn't be hacks, they'd just be attacks on transactions. Double spending isn't really very much of a threat unless it has no confirmations - a lot of the reason we have mining is to fix the double spend problem.
A lot of the problems you mention don't exist. Anonymity isn't even a problem, and if people want anonymity they'll gradually move to real anonymous coins like Monero, and illegal activity will just be a side effect so it doesn't really matter that they're used for illegal activity. Cash is as well.
Bitcoin isn't perfect but you're looking at the wrong things as problems.
A lot of the problems you mention don't exist. Anonymity isn't even a problem, and if people want anonymity they'll gradually move to real anonymous coins like Monero, and illegal activity will just be a side effect so it doesn't really matter that they're used for illegal activity. Cash is as well.
Bitcoin isn't perfect but you're looking at the wrong things as problems.
Bitcoin could be hack, the bitcoin network is the one that can't be hack. The bitcoin in our online wallets could be hack because it is connected on the internet, I mean it is too vulnerable to the eyes of the hacker, while the bitcoin network has been made to be decentralized that is why it is too complicated to hack by the hackers. Bitcoin network is too secure and safe, because the whole life of bitcoin is depending on it.
Getting it hacked is the worst thing that could happen to us, if the bitcoin network would be screwed by this hackers.
True. The addresses can be stolen, with a screeshot or a spy eye on you or using a sniffer or a screen recorder the address can be stolen, like fiat wallet it is on us on how we will keep it safe. The system is the one that is hard to break, but we still don't know. Even the people in the past said that the enigma machine is impossible to crack and now it is a piece of cake. But I think before that happens cryptocurrencies will improve too.
I completely agree with the opinion of the author of the topic. I want to say that due to the fact that bitcoin is only gaining popularity among the average population of the planet, not all its possibilities are still fully appreciable. In most middle-income countries, the opportunities for this currency remain unclear for the time being.
There arent perfect things in this world but i wouldn't agree that bitcoin can be hacked because it really cant be.
Whats important right now is that it has value
It is not possible to hack bitcoin with the current technology we have and is it possible to do so in the future only time can verify these things,the value of bitcoin is rising and it will moving forward until there is a bad news ,the reason you can call bitcoin is not ideal is when we show case the scaling issues as it cannot be mass adopted ,which means that if a couple of hundred million people turns to bitcoin and starts transaction the network will crash. Whats important right now is that it has value
Actually, nothing and no one is ideal.
You cannot really expect that the first cryptocurrency that was ever created may be ideal, in my opinion everybody should expect that bitcoin is going to encounter some problems, because it is the first time that something like that was created.
Without a decent test environment you are not really able yo check if something works well, and I think that bitcoin being used worldwide can give us the best opportunity to look for some issues with the mechanics, or technical solutions.
And, as we see there are issues with fees and confirmation time.
You cannot really expect that the first cryptocurrency that was ever created may be ideal, in my opinion everybody should expect that bitcoin is going to encounter some problems, because it is the first time that something like that was created.
Without a decent test environment you are not really able yo check if something works well, and I think that bitcoin being used worldwide can give us the best opportunity to look for some issues with the mechanics, or technical solutions.
And, as we see there are issues with fees and confirmation time.
The world is going towards IoTs (internet of things). Everything will be connected in future. The missing part is money. Although online bank transactions and credit card payments contribute to the online concept, but still there is a need of a strong cryptocurrency to become a Pivot point in IoTs. So far, Bitcoin is a strong candidate, but I agree there are a lot of problems regarding the security of something which is online... Special protocols are required to safeguard Bitcoins from adversaries.
Most money is already digital so I don’t think bitcoin is that necessary at least from that point of view, bitcoin is a must because it gives back to people the right to print their own currency.I think the goal with a cashless society is not the saving in the issue of money but the control. Each transaction with physical money from hand to hand is a transaction that governments don´t control and therefore can not tax. What they want is that there is no such physical money and that all money transfers are registered and controlled, that's why they are so interested in the blockchain (their blockchain). Governments see this as a tool to fight against tax evasion or black money.
The world is going towards IoTs (internet of things). Everything will be connected in future. The missing part is money. Although online bank transactions and credit card payments contribute to the online concept, but still there is a need of a strong cryptocurrency to become a Pivot point in IoTs. So far, Bitcoin is a strong candidate, but I agree there are a lot of problems regarding the security of something which is online... Special protocols are required to safeguard Bitcoins from adversaries.
Most money is already digital so I don’t think bitcoin is that necessary at least from that point of view, bitcoin is a must because it gives back to people the right to print their own currency.
There arent perfect things in this world but i wouldn't agree that bitcoin can be hacked because it really cant be.
Whats important right now is that it has value
Whats important right now is that it has value
Bitcoin can be hack? Impossible.
I guess your were talking about the bitcoin exchanger sites that got hack? Right.
51 percent attack is just spamming the network with transactions but the solution is miners. Double spending the solution is also miners.
Bitcoin's only major crisis right now is it's stagnant scaling problem.
I guess your were talking about the bitcoin exchanger sites that got hack? Right.
51 percent attack is just spamming the network with transactions but the solution is miners. Double spending the solution is also miners.
Bitcoin's only major crisis right now is it's stagnant scaling problem.
Bitcoin is impossible to hack but we cant say so maybe in the future they can hack it but this time we have almost 10billion i guess on who ever can hack the bitcoin but no one can hack it no one knows but still not sure that it is safe or whatever there's always a possibility that it will be hack in the coming years.
Bitcoin as a whole cannot be hacked but as a n amount it can be hacked. Did you hear about North Korea they are hacking a large amount of bitcoins monthly and they are transferring it to their account. Have you heard of bitfinex they have been hacked and a large amount of bitcoins were stolen. Thus bitcoin is prone to hacking but there are ways to combat it or to lessen the risk.
The world is going towards IoTs (internet of things). Everything will be connected in future. The missing part is money. Although online bank transactions and credit card payments contribute to the online concept, but still there is a need of a strong cryptocurrency to become a Pivot point in IoTs. So far, Bitcoin is a strong candidate, but I agree there are a lot of problems regarding the security of something which is online... Special protocols are required to safeguard Bitcoins from adversaries.
Most money is already digital so I don’t think bitcoin is that necessary at least from that point of view, bitcoin is a must because it gives back to people the right to print their own currency.
Bitcoin network can not be hacked because it is decentralized, it will be difficult for hack it
but bitcoin will be dangerous if there are many super computers,
be used on every where or all of people use super computers on every activity related with internet
and we can be lost amount bitcoin if the other people know our private key.
There are measurements already taken to protect the security of our private Keys. I remember Theymos wrote on reddit like switching over to new algorithm based encryption in next 5 to 6 years. Actually Theymos made this statement for the concern of Satohi's hoarding (believed Satohis had mined 1+ million coins). but bitcoin will be dangerous if there are many super computers,
be used on every where or all of people use super computers on every activity related with internet
and we can be lost amount bitcoin if the other people know our private key.
So, super computer or quantum computation will not be threat as bitcoin will be switching over to new encryption well in advance itself.
One thing that needs to be cleared is that it is not Bitcoin per se that have been hacked so far in the exchanges, rather it was a break into their data base and it has been most in-house, just like anyone gaining access to your email address password can read and manipulate all your mails.
The world is going towards IoTs (internet of things). Everything will be connected in future. The missing part is money. Although online bank transactions and credit card payments contribute to the online concept, but still there is a need of a strong cryptocurrency to become a Pivot point in IoTs. So far, Bitcoin is a strong candidate, but I agree there are a lot of problems regarding the security of something which is online... Special protocols are required to safeguard Bitcoins from adversaries.
Most money is already digital so I don’t think bitcoin is that necessary at least from that point of view, bitcoin is a must because it gives back to people the right to print their own currency. Bitcoin network can not be hacked because it is decentralized, it will be difficult for hack it
but bitcoin will be dangerous if there are many super computers,
be used on every where or all of people use super computers on every activity related with internet
and we can be lost amount bitcoin if the other people know our private key.
There are measurements already taken to protect the security of our private Keys. I remember Theymos wrote on reddit like switching over to new algorithm based encryption in next 5 to 6 years. Actually Theymos made this statement for the concern of Satohi's hoarding (believed Satohis had mined 1+ million coins). but bitcoin will be dangerous if there are many super computers,
be used on every where or all of people use super computers on every activity related with internet
and we can be lost amount bitcoin if the other people know our private key.
So, super computer or quantum computation will not be threat as bitcoin will be switching over to new encryption well in advance itself.
One thing that needs to be cleared is that it is not Bitcoin per se that have been hacked so far in the exchanges, rather it was a break into their data base and it has been most in-house, just like anyone gaining access to your email address password can read and manipulate all your mails.
Bitcoin network can not be hacked because it is decentralized, it will be difficult for hack it
but bitcoin will be dangerous if there are many super computers,
be used on every where or all of people use super computers on every activity related with internet
and we can be lost amount bitcoin if the other people know our private key.
There are measurements already taken to protect the security of our private Keys. I remember Theymos wrote on reddit like switching over to new algorithm based encryption in next 5 to 6 years. Actually Theymos made this statement for the concern of Satohi's hoarding (believed Satohis had mined 1+ million coins). but bitcoin will be dangerous if there are many super computers,
be used on every where or all of people use super computers on every activity related with internet
and we can be lost amount bitcoin if the other people know our private key.
So, super computer or quantum computation will not be threat as bitcoin will be switching over to new encryption well in advance itself.
this depend, because switching to anythign require an hard fork, and since the bitcoin communit is resiliant to hard fork and can't come up with simply thing that require consensus, i dobut there will ever be an hardfork
and no you can't switching to another algo without miners consensus, which will never be approved, unless you want to kill bitcoin and losing all the confidence from many people in the world
another bad thing about chaning algo, is that yuo need to build another kind of asic for it(which can't be done overnight), and with the diff retarget of bitcoin,
no gpu can be pointed at it because the diff would still be crazy high, while you wait for the new asic, this make the network 100% unsecure...
Jump to: