bitcoin is not Ideal, it represents possibilities. - page 2.

andrei56

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Quote from: naidray on April 28, 2017, 07:18:25 AM

Quote from: CraigWrightBTC on April 28, 2017, 06:45:04 AM

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).

So, super computer or quantum computation will not be threat as bitcoin will be switching over to new encryption well in advance itself.

Quantum computers are not going to appear overnight it is going to be a slow development and when they appear not only bitcoin but the whole financial system will be vulnerable but that will give us time to implement solution for that since there are already some algorithms that cannot be broken by those computers.

erikalui

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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. It's not mainly anonymous as it's possible to track down the IP of the node which makes transactions open to all. Bitcoin cannot be hacked ever as it is decentralized and if you're talking about exchanges, they are like normal banking websites that can easily be hacked. That's not an issue with bitcoins as almost all sites have vulnerabilities.

AngelSky

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Quote from: CraigWrightBTC on April 28, 2017, 06:45:04 AM

Quote from: nuela on April 28, 2017, 03:36:51 AM

Whether bitcoin can be hacked?

I think it's a conversation about a successful bitcoin changer.

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.

Unless, you share the private key of the wallet or wallet.dat file no one cannot able to hack your wallet easily. Ofcourse, it hack by super computer but the energy multiple super computers only able to do that. It costs more than bitcoins you have in the wallet. That's why no is ready to hack the richest bitcoin address wallets.
Decentralization is a form of bitcoin once its been legal, then bitcoin will be centralized money.

naidray

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Quote from: CraigWrightBTC on April 28, 2017, 06:45:04 AM

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).

So, super computer or quantum computation will not be threat as bitcoin will be switching over to new encryption well in advance itself.

Vaskiy

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Quote from: CraigWrightBTC on April 28, 2017, 06:45:04 AM

Quote from: nuela on April 28, 2017, 03:36:51 AM

Whether bitcoin can be hacked?

I think it's a conversation about a successful bitcoin changer.

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.

What you have quoted doesn't look clear. Bitcoin hacking is quite hard but cannot deny that bitcoin is completely not hackable as well in reality there are users who have lost their bitcoins through hacks. Recently even one among the biggest trading service lender got hacked leaving its users suffer.

CraigWrightBTC

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Quote from: nuela on April 28, 2017, 03:36:51 AM

Whether bitcoin can be hacked?

I think it's a conversation about a successful bitcoin changer.

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.

Victorycoin

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Quote from: BitcoinPanther on April 28, 2017, 01:40:26 AM

Quote from: the rise on April 28, 2017, 01:07:53 AM

Quote from: btccashacc on April 27, 2017, 10:54:42 PM

Quote from: Doofus on April 21, 2017, 06:24:19 AM

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?”

You're right! i embraced bitcoin for the first time in the beginning of 2013 i thought that it was the "future" "private" "simplest" and "faster'' payment method well all three are doing well but the last i mean the "faster" idk if it's just me or..? that bitcoin transaction is very slow for normal transaction you must wait 10-30 minutes to get confirmed, i know that if you want to decrease the time you must increase the fee but it's not simple anymore if we must check and estimate which fee should we use to get fast transaction. Maybe this is the only reason why i don't like bitcoin, while others I'm very satisfied.

There is still a problem with bitcoin where blocksize can't be upgraded and still using the size of 1 mb for each transaction, this becomes a complicated problem if the transaction ballooned in one time and will result in pending in long term. I am not so sure that people always boast of anonymity because the world government puts more emphasis on financial transparency and self data, this is a reverse current for bitcoin so until now the American government doesn't regard it as legal tender.

Bitcoin blocksize can be upgraded but developer wants a consensus about the update. They will not barge in and say to the community "hey we upgraded the blocksize, upgrade of be left behind, we need you to follow and deal with it" instead, they wanted the majority agree with the up coming update so it will be a smooth transition.

With regards to transfer, it is still fast in global transfers, 10 to 30 min. transfer from southern part of the globe to northern part without the third party involvement.

One of the selling points of Bitcoin is that the governments are not the ones to decide, changes are to be backed by consensus of users and we can all appreciate the fact that reaching a consensus in anything is never an easy task. The blocksize issue is actually going through its normal course of getting a consensus decision and it is sure to be long coming.

DoublerHunter

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Quote from: JellyO on April 28, 2017, 03:38:52 AM

Quote from: Doofus on April 21, 2017, 06:24:19 AM

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

In order to break BTC, they'd need to break SHA256. This might eventually happen, but hopefully we'll make advancements to prevent digital currency from falling apart by then with better algos.

Bitcoin is unstoppable and the bitcoin core team will not allow other bad people to break that because they will do their best to maintain bitcoin at a good health and bitcoin will become more popular and be more expensive so and bitcoin also getting more and more investor and supporters so i don't think it will be easy for other people to break bitcoin.

JellyO

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Quote from: Doofus on April 21, 2017, 06:24:19 AM

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

In order to break BTC, they'd need to break SHA256. This might eventually happen, but hopefully we'll make advancements to prevent digital currency from falling apart by then with better algos.

nuela

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Whether bitcoin can be hacked?

I think it's a conversation about a successful bitcoin changer.

Gens09

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Quote from: Sadlife on April 21, 2017, 12:34:31 PM

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.

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.

BitcoinPanther

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Quote from: the rise on April 28, 2017, 01:07:53 AM

Quote from: btccashacc on April 27, 2017, 10:54:42 PM

Quote from: Doofus on April 21, 2017, 06:24:19 AM

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?”

You're right! i embraced bitcoin for the first time in the beginning of 2013 i thought that it was the "future" "private" "simplest" and "faster'' payment method well all three are doing well but the last i mean the "faster" idk if it's just me or..? that bitcoin transaction is very slow for normal transaction you must wait 10-30 minutes to get confirmed, i know that if you want to decrease the time you must increase the fee but it's not simple anymore if we must check and estimate which fee should we use to get fast transaction. Maybe this is the only reason why i don't like bitcoin, while others I'm very satisfied.

There is still a problem with bitcoin where blocksize can't be upgraded and still using the size of 1 mb for each transaction, this becomes a complicated problem if the transaction ballooned in one time and will result in pending in long term. I am not so sure that people always boast of anonymity because the world government puts more emphasis on financial transparency and self data, this is a reverse current for bitcoin so until now the American government doesn't regard it as legal tender.

Bitcoin blocksize can be upgraded but developer wants a consensus about the update. They will not barge in and say to the community "hey we upgraded the blocksize, upgrade of be left behind, we need you to follow and deal with it" instead, they wanted the majority agree with the up coming update so it will be a smooth transition.

With regards to transfer, it is still fast in global transfers, 10 to 30 min. transfer from southern part of the globe to northern part without the third party involvement.

daringdiscovered

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Quote from: Qartada on April 21, 2017, 12:14:46 PM

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.

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.

the rise

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Quote from: btccashacc on April 27, 2017, 10:54:42 PM

Quote from: Doofus on April 21, 2017, 06:24:19 AM

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?”

You're right! i embraced bitcoin for the first time in the beginning of 2013 i thought that it was the "future" "private" "simplest" and "faster'' payment method well all three are doing well but the last i mean the "faster" idk if it's just me or..? that bitcoin transaction is very slow for normal transaction you must wait 10-30 minutes to get confirmed, i know that if you want to decrease the time you must increase the fee but it's not simple anymore if we must check and estimate which fee should we use to get fast transaction. Maybe this is the only reason why i don't like bitcoin, while others I'm very satisfied.

There is still a problem with bitcoin where blocksize can't be upgraded and still using the size of 1 mb for each transaction, this becomes a complicated problem if the transaction ballooned in one time and will result in pending in long term. I am not so sure that people always boast of anonymity because the world government puts more emphasis on financial transparency and self data, this is a reverse current for bitcoin so until now the American government doesn't regard it as legal tender.

btccashacc

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Quote from: Doofus on April 21, 2017, 06:24:19 AM

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?”

You're right! i embraced bitcoin for the first time in the beginning of 2013 i thought that it was the "future" "private" "simplest" and "faster'' payment method well all three are doing well but the last i mean the "faster" idk if it's just me or..? that bitcoin transaction is very slow for normal transaction you must wait 10-30 minutes to get confirmed, i know that if you want to decrease the time you must increase the fee but it's not simple anymore if we must check and estimate which fee should we use to get fast transaction. Maybe this is the only reason why i don't like bitcoin, while others I'm very satisfied.

andrei56

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Quote from: Doofus on April 21, 2017, 06:24:19 AM

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?”

No currency is perfect, every single one of them has drawbacks the important thing is if you are willing to accept them and adapt to it, some like gold, but gold can be easily stolen an it is bulky, fiat has the problem of having to trust the government to not print too much and they always betray that trust.

Duzter

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Quote from: Naokia980 on April 27, 2017, 06:41:55 PM

Dont ignore the facts about world single cryptocurrency.They are money of future. We need them to make world a better place Grin

World has got lots and lots of cryptocurrencies, but bitcoin have grabbed the position to be the single currency that has the ability to serve the world countries. This happened because of the technology behind it as well the team that work even when several mastermind tries to take control of it.

OneUnderBridge

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I never thought of bitcoin as money. I have always considered bitcoin as a means to engage in trade, a decentralized way to exchange goods and services. When you think about it, that's all that matters because our time and labor is the stuff that is ultimately being sought, not ones and zeros, not paper, and not any number of the trinkets which have also been used throughout history. The pyramids were not built with paper; they were built off the backs of the people.

Naokia980

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Quote from: bartolo on April 27, 2017, 06:57:28 PM

The biggest problem I see today are the delays in the transactions. It is necessary that the scalability debate is resolved soon to end the great traffic jam in the network. In addition it´s necessary to take into account that the world continues to work with fiat money, therefore the fear of many people is that when buying bitcoin to move it and change it for fiat again, the currency could have lost value, with the delay of transactions the fear may be greater.

Right point.If crowd see the downgrade on btc price they are running to sell coins. But investors see that opportunity and buys that share from sellers. That's how markets work and long term investors always win at the end.

bartolo

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The biggest problem I see today are the delays in the transactions. It is necessary that the scalability debate is resolved soon to end the great traffic jam in the network. In addition it´s necessary to take into account that the world continues to work with fiat money, therefore the fear of many people is that when buying bitcoin to move it and change it for fiat again, the currency could have lost value, with the delay of transactions the fear may be greater.

Topic: bitcoin is not Ideal, it represents possibilities. - page 2. (Read 25498 times)