How the Bitcoin 1% manipulate the currency, deceive its user community, and make

naphto

sr. member

Activity: 392

Merit: 250

Quote from: Lethn on July 01, 2013, 04:00:58 AM

This person just lost all credibility when they said the '1%' I am getting sick to death of people who claim to represent me when they fucking well don't and in a lot of cases have completely opposite opinions to me.

What the hell are you speaking about?! oO

Lethn

legendary

Activity: 1540

Merit: 1000

This person just lost all credibility when they said the '1%' I am getting sick to death of people who claim to represent me when they fucking well don't and in a lot of cases have completely opposite opinions to me.

cdog

hero member

Activity: 1036

Merit: 500

YAWN

threadsaver zzzzzzzz:

amincd

hero member

Activity: 772

Merit: 501

Total nonsense. It's thoroughly debunked here:

https://gist.github.com/jgarzik/3901921

Rippyzippers

member

Activity: 84

Merit: 10

Not this again =(

FUD, FUD and more FUD

EmperorBob

member

Activity: 67

Merit: 10

It's a legitimate paper, which may or may not be flawed, misinterpreted by a blogger, which is then requoted in a selective fashion by a news aggregator.
Read the original paper and you'll see that there's just not much to be worried about. If you compare the current balance, maximal balance, and incoming btc tables, you'll notice that even after their attempt at deanonimizing, they can't find an entity holding more than 400,000 bitcoins (which was 8 pizzas, once upon a time) as of May 2012. I don't see a kill switch here, nor anything more than a bunch of lucky early adopters.
To be worried, you'd have to thing that the largest 1000 or so entities are all in cahoots, and will agree to sell together to destroy bitcoin's value (and incidentally their own holdings). That's insane, and it might not even work (bitcoin has survived crazy crashes before).

AliceWonder

full member

Activity: 168

Merit: 100

I haven't been using bitcoin long enough to respond at that blog, nor am I familiar with the paper by a cryptographer he is citing.

But it seems to me that anyone actually using the currency is going to rather quickly end up with thousands of addresses in their wallet as transaction change is sent to themselves and as their client creates new addresses for sending currency.

Would these not possibly look like shill accounts to someone who simply does not understand the basics?

AliceWonder

full member

Activity: 168

Merit: 100

I think it could be FUD.
I would like to see the actual research demonstrating these alleged shill accounts are shill accounts and manipulating the market.

If it can be demonstrated, the owners of those accounts may be in genuine legal trouble.

I have a feeling though that a lot of it is paranoid speculation possibly fueled by an incorrect analysis of the raw data.

kenstu22

newbie

Activity: 28

Merit: 0

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http://blog.p2pfoundation.net/how-the-bitcoin-1-manipulate-the-currency-deceive-its-user-community-and-make-its-future-uncertain/2013/06/30

Topic: How the Bitcoin 1% manipulate the currency, deceive its user community, and make (Read 1124 times)