Topic: "Failure to Understand Bitcoin Could Cost Investors Billions" (Bitcoin's flaws) - page 11. (Read 43212 times)

Well, I hope your confidence isn't unfounded.  I look forward to seeing what coin you come up with and what kind of traction it receives.

Regardless, the winklevii lawyers have, by law, stated facts about the bitcoin rules and protocol which include the FACT that the board controls every aspect of the protocol INCLUDING the hard cap.  If fact this is written as a potential RISK to the future of the ETF and not a benefit as it lends uncertainty.

Unless you really think the Winklevoss twins and their lawyers just made that up and the SEC and their team of lawyers are just too stupid to see it.  Let's get real here - the Bitcoin protocol and all its clones were designed from the ground up to be taken over and controlled by banks, govts and Multinationals.

Count me as one of those world class simps.  Gavin doesn't have any more influence than we give him.  Just ask MtGOX, who chose to ignore Gavin's rational pleas to fix the mallibility bug in 2011.  As that inicident should point out; even when it's a good idea, and the fix is available, no one must comply.

For good for for bad, Gavin does not control Bitcoin.  He can only make recommendations, and he must justify those recommendations.  Granted, he has more sway with the base than you or I, but if he's not convincing changes don't occur.  Even if he's willing to make those changes himself.

Too easy.  

Really these Bitcoin developers suck (not in technical ability but in terms of knowing which features and third party apps to create). It is like taking candy from a baby to compete with them.

Agreed on getting one's taxes in order. And trading all your Bitcoin for newly mined coins is probably another good precaution.

Oh but you need an ASIC. Now you start to see the wisdom of my OP, e.g. cpu-only mining, perpetual debasement, etc..

You've got my vote as well but a new coin or protocol is not the real challenge, getting people to see it and embrace it is the real challenge.

And if the powers that be are behind BTC then you're facing much more than sheer mass ignorance, which in and of itself, is the Everest of probabilities.


Expect mass sabotage and make sure your taxes are all up to code.  No Joke; Shrem and Karpeles were just the beginning.

The Winklevi are trying very hard to convince the feds that Bitcoin is as controlable as they wish it to be, and that they can help them do it.

Thanks for the spiritual love bro,  

I agree the deck appears to be stacked against us. Did the Colonists lose against Great Britain.

Now get ready for the concrete solution to materialize in front of your eyes.  

LOL!  Ya, one would have to be a world-class simp to believe that TBF writes Gavin's checks and have no influence on what he does.  Moonshadow may very well be 'patient zero' here.

At this point the people who want centralization to facilitate surveillance and control include:

 - The regulators
 - Law enforcement
 - The Bitcoin Foundation
 - The VC's
 - The exchange type businesses
 - Half the core developers
 - A rapidly increasing percentage of users.

It seems pretty unlikely that the motley crew who is left are going to be able to achieve much in terms of decentralization and privacy.  Certainly that is not where my money is (though they otherwise have my 'spiritual' support), and I'm planning to try to find a 'sweet spot' where the values are high before people realize how worthless the solution has become.

The VC money is green and abundant and I've already started putting a good bit of it into my own pocket.  They can have my BTC but they have to blow me to get it such is my reward for being one of the earlier people in the hood.

Ahahaaaa.  This is what I mean by totally clueless.


You haven't read the SEC filing from the Winklevoss ETF application, have you?

I have and that's exactly the case and it is printed in black and white in the application for the ETF.  But you have to actually think for yourself and do research to understand anything not being spoon-fed to you by the mainstream media.  

And who wants to do all that hard work, eh?

Unless of course, you think you know more about the Bitcoin rules and protocol than the Winklevoss twins and their lawyers and the Board members they worked with and helped fund (ie. Charlie Shrem).

This is why this diabolical plan will work so well and why I'm invested in cryptos, not even the morons who have been here since day one have any idea what's really going on.

It actually makes me wanna laugh even though I know the tragedy that is to follow.

No, they don't.  They have almost as much say in the protocol as you do.

How can the masses be so clueless?

The Bitcoin Foundation board controls and regulates Bitcoin, every little aspect of the protocol, even the hardcap which is a joke to call hard or permanent cause it's nothing more than the carrot in this entire scheme.

In under 30 days 2 of the board seats have been vacated through outside force and influence.

How many more seats would need to be replaced to completely take control of Bitcoin and the entire protocol?

Did all these Bitcoin millionaire clowns really think the NSA, the Fed and everyone else with power were just gonna let them run the next global monetary system?  Lol, what clueless clowns - watch the next board seat come up for "vote" in little time - 30-60 days, like dominoes.

No need for a 51% attack, no need for even massive legislation, the Fed will own Bitcoin from the inside out before Christmas and none of these idiot techies will even realize it until it's way too late and the great currency swap of 2015 is underway.

Is anybody getting this?

Thank you for the compliment and for raising my awareness of MaidSafe.

I don't know how you expect climate drought to lessen the severity of the implosion from the $150 trillion debt bubble.

MaidSafe is charging a 1% royalty-fee thus it can never become the next internet. If they were really serious, they would make it free then develop applications on top of it to generate their ROI.

I see no white paper on their website. I was working on DHT and distributed file serving back in 2006 through 2008.

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I thought of these ideas too and am aware of the issues such as denial-of-service resistance lowers performance and the problem of who pays for the asymmetric bandwidth & uptime case where the client is slower and more intermittent than the server (which apparently MaidSafe doesn't solve, it just forces the client to get slow service which is entirely unaccepted for popular websites). There isn't absolute anonymity because just like Tor, it can be analyzed with timing analysis for an entity such as the NSA which can see all traffic (even if it is encrypted). To get absolute anonymity requires drastically lowering the performance, thus it can't be applied to file serving where performance is very important to end users who are browsing websites. This will be explained in my coming white paper.

I posted the following comment at MaidSafe's blog:

http://blog.maidsafe.net/2014/02/18/token-on-maidsafe-network/comment-page-1/#comment-35


I'd be interested to see DHT running on long-lived servers to strive for some of the benefits MaidSafe mentions in the video on their homepage. This is something I'd want to explore after fixing this current problem with Bitcoin.

It takes a very alert person to combine all the points of OP, and come out with a correct picture. There are other things that might come about that will completely throw this whole scenario out the window. One of these things might be MaidSafe, or something like it. There are, also, acts of nature - it seems that portions of the world (Brazil) are in deep drought right now. Even U.S. crops are failing somewhat.

https://bitcointalksearch.org/topic/m.5388395

In addition to following advantages of small, reasonable perpetual rate of annual debasement of the base money supply (M0) explained in detail upthread:

• Mining isn't securely funded with transaction fees
• Wealth is power-law distributed, upper 1% will aggregate all wealth via usury if we don't redistribute some to competitive mining.
• Small capital can seek ROI that doubles investment in short-time, e.g. a guy selling mineral water on a hot day can get 300% daily ROI, whereas the upper 1% can't double their wealth in 5 years via usury (only if they steal by capturing the government and the central bank).
• Small debasement rate doesn't impact appreciation of the coin price, because it is also dependent on velocity of (thus demand for) money V in the Quantity Theory of Money.
• Means of obtaining virgin (untainted) coin.
• Increase the velocity of money V.

I add that:

• Also raises the minimum level of profitable interest rate in the economy, thus discouraging the kind of easy money, debt bubble we have now.

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Edit: add another:

• Provides virgin coins free from coin taint clawback and prevents all coins from being stolen multiple times eventually.

Failure to understand Bitcoin will indeed cost investors billions. 744,408 BTC stolen (nearly 7% of total mined coins to date) and some people seem to be cheering like this is a good thing because they don’t like (long despised) MtGox. This is far far from over.  Where did those stolen coins go? Well check your wallet because they were likely fed back to the markets. If you have been buying bitcoins on any exchange chances are you have some of the stolen loot yourself. These stolen coins can be traced back to their true owner in a direct chain of title thanks to the block chain. If you don’t think this matters you don’t understand the legal system and the principle of Nemo dat quod non habet

Under both American and English law the original owner of stolen property can demand ownership be returned to him if he can prove a chain of title (something the blockchain conveniently provides). The only recourse for an innocent buyer of stolen goods (and only in some jurisdictions) is to argue the exchange it was bought from had an implied warranty and he can try to sue the exchange after returning the coins to the true owner. MtGox is insolvent good luck there. BTC-e is run by anonymous folks think they will stick around in the face of massive lawsuits?

But cheer up there is still a chance most MtGox victims will get their coins back. The threat of massive unending lawsuits targeting innocent bitcoin buyers is an existential one for bitcoin. The 10-15 early adopters stand (by far) to lose the most if bitcoin goes down in flames. They might actually decide to buy out MtGox for the 744,408 bitcoins (an amount grossly exceeding the worth of the company) not because they are altruistic people, but because the chain of lawsuits that would follow if they don't act may hurt their holdings more than the loss of 744,408 bitcoins. It’s a lot of money, however, so its likely a difficult call for them. Regardless expect all future exchanges to require both rigorous identity checks prior to buying and selling as well as fine print stating that anyone who supplies coins to a market is ultimately responsible in the event those coins are determined to be “black” or stolen goods in the future.

Still think there is no need for truly anonymous cryptocurrency?