Financial privacy is compromised due to the traceability of the blockchain.
While you can't immediately tell which address belongs to which person/entity, transactions that you participate in allow you to review details of someone else's financial history.
For example, if you receive your salary in Bitcoin then send me that $20 you owe me, I can follow the funds used in that transaction to find your salary.
Another example, if I give you $50 for something, I can then see where you send that coin. If I recognize the addresses (or can look them up elsewhere) I know exactly what you're buying.
So… Bitcoin is hurting our financial privacy.
There are methods to mitigate this somewhat (use more addresses, split up large transactions into multiple smaller ones) but they require special effort. Most people just send/receive.
Topic: Can anyone post an exhaustive list of bad things Bitcoin is doing to this world? - page 3. (Read 6154 times)
November 08, 2013, 12:29:25 PM
November 08, 2013, 12:26:45 PM
My quite exhaustive list, for now:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
I'll add other points if more will come to mind.
Feel free to correct the ones you disagree, thanks.
EDIT: added point 11.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
I'll add other points if more will come to mind.
Feel free to correct the ones you disagree, thanks.
EDIT: added point 11.
November 08, 2013, 12:25:17 PM
Grossly disproportionate rewards to a small community of self selecting early adopters.
I remember hearing this argument when bitcoin hit $1. November 08, 2013, 12:11:07 PM
Bitcoin has several negative aspects. Most have been mentioned already. But the important thing to keep in mind is that most of these negative aspects are far *less negative* than the system it replaces.
November 08, 2013, 12:10:11 PM
every post here is talking how good btc is and how it is superior to other systems.
what are some disadvantages and weaknesses and bad effects bitcoin cause on this world and our society, financially/economically/socially/technically/environmentally/etc, that even the most die hard btc fanatic cannot deny?
what are some disadvantages and weaknesses and bad effects bitcoin cause on this world and our society, financially/economically/socially/technically/environmentally/etc, that even the most die hard btc fanatic cannot deny?
I can't think of a single example, can you?
it is enabling criminals/terrorists/pedophiles/drug dealers/scammers/etc to acquire/manage/launder their blood-soaked money much easier and to continue their act, for one.
as for the thread, no one yet has the courage to admit to the truth that bitcoin causes harm as well as benefit.
everything has good side and bad side - bitcoin is no exception.
November 08, 2013, 12:10:03 PM
Grossly disproportionate rewards to a small community of self selecting early adopters.
I would add: Grossly disproportionate punishment of a few trolls who sold all their bitcoin at $12 and still can't get over it.
Bzzt.
Read my posting history. I cashed out all my Bitcoins and funnelled the money to charitable causes. I was interested in Bitcoin because as a currency, but the whole ethos has been ruined by speculators.
November 08, 2013, 12:00:37 PM
every post here is talking how good btc is and how it is superior to other systems.
what are some disadvantages and weaknesses and bad effects bitcoin cause on this world and our society, financially/economically/socially/technically/environmentally/etc, that even the most die hard btc fanatic cannot deny?
what are some disadvantages and weaknesses and bad effects bitcoin cause on this world and our society, financially/economically/socially/technically/environmentally/etc, that even the most die hard btc fanatic cannot deny?
I can't think of a single example, can you?
November 08, 2013, 11:52:41 AM
Most valid point among others in this thread. Although people tend to waste more electricity on other useless thing, mining sha256 or scrypt makes up for 0.0000000000000001% of wasted power in the world
Exactly. Think about how much banks and banking infrastructure costs to maintain. Noone is bothered by that.
November 08, 2013, 11:49:25 AM
The use of electrical power to secure the network, and an increase in doing so fueled by the greed of miners (I'm one of them). The calculations completed have no intrinsic value - they're just a means to the end of securing the network. As time goes on, if bitcoin continues to succeed, power consumption will continue increasing.
Most valid point among others in this thread. Although people tend to waste more electricity on other useless thing, mining sha256 or scrypt makes up for 0.0000000000000001% of wasted power in the world
November 08, 2013, 11:48:29 AM
The use of electrical power to secure the network, and an increase in doing so fueled by the greed of miners (I'm one of them). The calculations completed have no intrinsic value - they're just a means to the end of securing the network. As time goes on, if bitcoin continues to succeed, power consumption will continue increasing.
Except that for many miners (like me), power usage hit a peak and is now on the way down even with increasing GH as I replace older less efficient miners with ASICS.
November 08, 2013, 11:43:34 AM
Nice try, Sunshine Press.
November 08, 2013, 11:42:42 AM
Making it a lot easier to launder money...
November 08, 2013, 11:35:57 AM
Grossly disproportionate rewards to a small community of self selecting early adopters.
So did the wheel.
Wheels subsequent to the first one got easier to make. Had we applied a Bitcoin style model at this point wheels would be so difficult to produce that people would have to lease them off those that already have them.
Creating more wheels didn't make all the wheels stronger.
But, the wheels would have been stronger if all the wheel makers joined a pool.
Unless a wheel pool had more than 51% of the wheels.
Wheel makers are a smart lot and would never let such a thing happen. They would simply switch pools.
November 08, 2013, 11:32:36 AM
Grossly disproportionate rewards to a small community of self selecting early adopters.
So did the wheel.
Wheels subsequent to the first one got easier to make. Had we applied a Bitcoin style model at this point wheels would be so difficult to produce that people would have to lease them off those that already have them.
Creating more wheels didn't make all the wheels stronger.
But, the wheels would have been stronger if all the wheel makers joined a pool.
Unless a wheel pool had more than 51% of the wheels.
November 08, 2013, 11:30:43 AM
Grossly disproportionate rewards to a small community of self selecting early adopters.
So did the wheel.
Wheels subsequent to the first one got easier to make. Had we applied a Bitcoin style model at this point wheels would be so difficult to produce that people would have to lease them off those that already have them.
Creating more wheels didn't make all the wheels stronger.
But, the wheels would have been stronger if all the wheel makers joined a pool.
November 08, 2013, 11:28:53 AM
The electricity used to protect the network is preventing a global mini ice age from happening. If global nuclear war were to break out, bitcoin would keep the planet from freezing.
November 08, 2013, 11:27:23 AM
Grossly disproportionate rewards to a small community of self selecting early adopters.
So did the wheel.
Wheels subsequent to the first one got easier to make. Had we applied a Bitcoin style model at this point wheels would be so difficult to produce that people would have to lease them off those that already have them.
November 08, 2013, 11:25:54 AM
Grossly disproportionate rewards to a small community of self selecting early adopters.
So did the wheel.
^^ best comment of 2013
November 08, 2013, 11:21:29 AM
Grossly disproportionate rewards to a small community of self selecting early adopters.
I would add: Grossly disproportionate punishment of a few trolls who sold all their bitcoin at $12 and still can't get over it.
November 08, 2013, 11:18:06 AM
Making people angry because they were fooled the whole time.
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