Topic: Hacks & puppets & forks - how to destroy bitcoin (Read 3375 times)

The biggest catalyst that'd make BTC price skyrocket higher is simply move all your BTC to your PERSONAL bitcoin wallet (move off of Coinbase, Binance, Bitfinex, Square, Robinhood, CBOE/CME futures).

Fractional reserve, BTC lending, rehypothication is a bitch and can perpetually create no floor for prices by establishment market manipulators.

Plus if history is any indication, one these avenues will blow up and wreck the "holders" of bitcoin that really wasn't there because they failed to take such advice.

Take it off the exchanges and see what happens.

We should stop them and take concrete measures to cope. Particular care should be taken with sources of danger. It can infiltrate into our account, so we should learn how to protect the account. Try not to let them invade, appropriating property.

Hackers will infiltrate the client's account to steal information and steal customer's wallet that is how hackers can attack pirate bitcoin so we should be careful and cautious.

A way to manipulate bitcoin price bids/demand would be to release and popularize services around the world that has users do the number one big NO-NO for Bitcoin, has users trust another entity to hold custody of their bitcoin. Today, you see many examples of that where users are keeping their Bitcoin in exchanges which exposes them to hacks, or many services that do not allow users transfer ability of the Bitcoin; examples:
Traded Bitcoin Futures (cash settled and they dont give bitcoin delivery!)
Revolut
Square Cash App
Circle Invest App
Robinhood
Many other 'custody' examples in developing countries
hack.
Stay away and secure/safely backup your own Bitcoin in your own wallet.
A bigger supply can be used to flood market for short selling supply if there's any degree of certainty of an amount of bitcoin that wont be touched at these custodial entities. Ever wonder how Gold and other commodity prices are manipulated?

i've felt it was important to add the PSA and alert people:
DO NOT LEAVE YOUR BITCOIN ON COINBASE

Very funny, how different ppl define what they feel a 'hack' is.

I d start, with the static max_block_size parameter, making this into the consensus protocol first of a (planned) rapidly / dynamically growing social system.

2nd checkout, what SW really does and how it's implemented into the protocol layer

3rd Deploy that as a SF

4th  LN ( and hope , hope for fixing companies scaling issues with 2nd layer to come)

5th legal issues with all that tech on top of first / initial layer

(Telling ppl to keep small blocks to further dictate them run RasPi nodes for MAX decentralization, but forcing them to recon only 3 MAX fee TX of some huge central clearing counter parties CCCP  https://en.wikipedia.org/wiki/Central_counterparty_clearing on 2nd layers ...)
___

This mainly addresses only the tech part, and we could dive into economics, legal, social and scientific (dynamic math modelling) parts as well, but getting it up to a widely acceptable science / business level i.o. to define and remove such hacks is beyond of what can be achieved here or with any individual hack-posts.

'Please feel free to understand, discuss and constructively criticize this post.

Bitcoin was built to be the world's peer to peer crypto cash layer, you think thats still on track with BTC + LN + AtomicSwap (= bridge to other crypto) + all that forks that are done, cause BTC was not inclusive enough?

IMO BCH is much more willing to be exactly that scarce world currnency / cash and allows all such needed things happens on a singel chain, in a very inclusive way that will not further dillute the cryptoverse by means of real Bitcoin scarcity.  Thats exclusive

Can you please re-phrase your question or elaborate on what it is you are trying to ask?

I don't understand your question.

Bitcoin will remain scarce as its max supply is 21million coins and there have been millions of burned coins (addresses that will never spend). Small finite supply in an infinite fiat supply world.

What can you conclude about Bitcoins use cases and scarcity on this ?

Who's excited about Lightning network and decentralized exchange   "cross-chain atomic swaps"

Hope this is helpful - there are fundamental points above.

Please comment if helpful or to raise any questions or disagreements.

The opposite of what you state is true. The forks reveal themselves worthless, especially BCH.
The price demonstrates more worth over time. Altcoins, like BCH and other scamcoins are more susceptible to hacks. Bitcoin's code has been unbreakable and running for 9 years.

Ahem, each of these 'forks' are just scamcoins - really, as time goes on, they will be lost in the sea of altcoins. Why?

Simple: with each derivative fork the new altcoin makes itself much weaker in ALL of these ways:

-less hashing power than the real Bitcoin network. Thus new scamcoin will be less secure.

-less open, global development of protocol codebase than real Bitcoin. Thus new scamcoin slow to innovate and be more vulnerable.

-less (true) independent full nodes on the network than real Bitcoin. New scamcoin more susceptible to attacks on protocol and hijacking.

-more concentration of coins to fewer individuals than the real Bitcoin network. Thus new scamcoin becomes more unfair with time.

-more geographic concentration of mining than the real Bitcoin network. Thus the new scamcoin will have more points of failure.

-more hardforks demonstrate all these points moreso with each iteration to global public. Thus new scamcoins lose value vs Bitcoin every year.

-is just another altcoin

And ridiculous hardfok that are happening with the coin, first with that haunt that calls BBCHASH, Bitcoin Diamond that already is more than 50 dollars and now for December we have three more the called "Super Bitcoin" should leave in the block 498.888 around 15 of December, while Bitcoin Platinum and even more bizarre Bitcoin Cash Plus are expected to take place December 23 and 31, respectively. Man, this is putting an end to the currency's reputation, I do not know how the community accepts that.

Good word, i like your opinion.  You are not missing anything.
If fork make bitcoin and blockchain even better why not? Why people like bitcoin but dont like bitcoin would be better?
Confusing.

BCH is no threat to bitcoin as it has multiple centralized points of failure [central development team that can make coin worthless if they go away, AND also more centralized mining AND has more centralized protocol with larger block-size which requires more capital investment to mine (only the richer)] - easy to point out scamcoin.

Bitcoin is the king of store of value asset that can be easily moved across borders without any intermediary/3rd party that unlike gold, stocks, bonds, real estate, is largely free from any central bank led price manipulation.

Bitcoin is ultimate store of value and its popularity has strengthened over time and maximizes value compared to any other altcoin...why?:
If it can be shutdown, and have assets frozen by a bank or government, there would be no value
If it wasn't secure, there would be no value.
If it wasn't immutable, there would be no value.
If it wasn't globally distributed, there would be no value.
If it wasn't so strong, open-source decentralized and unstoppable, there would be no value.
If it wasn't so scarce, there would be no value.
If it was easy to spam transactions, there would be no value
If it was stopped after all major banks on Earth banned in 2013 to today, there would be no value. (say "bitcoin" when transacting and watch the block of the transaction. simple fix=never mention "bitcoin").
If it didn't have the history of 8+ years (and still no hacker can exploit bitcoin blockchain), there would be no value
If its development wasn't decentralized around the world, there would be no value
If there was central "leaders" or foundation for the coin, there would be no value
If it was exactly like fiat and only did transactions, there would be no value.

Bitcoin has all the characteristics needed combined to make the most value and increasing more than any other financial-asset option coming from the manipulated fiat central-banking debt-system.

i also believe forks will Destroy bitcoin in future especially BCH  .

but price will destroy bitcoin more than hacks

Bumping for newbies as we now have a market cap easily exceeding $160 Billion for Bitcoin. There's interesting resources on the OP.

Your comment has reigned true and prophetic with most everything htat's been rumored about bitcoin all throughout 2017!

Bitcoin has withstood many numerous forks and have outlasted, outclassed, and outnumbered any of these competing altcoins. I'll bet it'll be same story for future forks.