Is this Bitcoin's achilles heel? | Bitcointalksearch.org

FreeMoney

legendary

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Strength in numbers

Quote from: 99bitcoins on April 03, 2013, 04:23:31 AM

Quote from: TiagoTiago on April 03, 2013, 04:21:40 AM

Not everyone is selling their bitcoins

At any price?

Essentially.

The more you pay for my first coins the less I'll be motivated to sell you the next 1% and so on. That is compounded by anyone realizing what you are trying to do. Considering that even if you can get 99% we'll have more than enough units, it's a pretty terrible 'attack'.

SgtSpike

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Quote from: Elwar on April 03, 2013, 06:21:40 PM

Ok guys, we may as well give it up. We have all been trying to cover up this flaw in the system so that the government does not enact this strategy.

I will be the bigger man and step forward to tell the truth. This is a huge vulnerability.

The US government and the Federal Reserve could wipe us all out by pouring tons and tons of money into Bitcoin.

I hope they do not do that, it would be so disasterous that I cannot imagine.

But we must admit this and hope that no Federal agent or someone close to the Federal Reserve reveals this to them, otherwise they may just go ahead and destroy Bitcoin by buying over and over and over.

I am just glad that no government officials are reading this now. If they were, I hope they would not go to their bosses with multi-billion dollar proposals to buy everyone's bitcoins. They would likely become heros among their peers and get laid...a LOT...once it all works.

repentance

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Quote from: SnowDog2003 on April 03, 2013, 05:04:57 AM

What someone with a lot of money could do, (and it would probably cost them dearly), is to pump and dump, over and over. They could jack the price up to sky-high amounts, and then dump all the bitcoins they bought, making the price incredibly unstable, and scaring everyone away.

Yep, this is a risk with anything which has a relatively small market cap. You don't need to buy up everything in order to be able to manipulate the market.

BitcoinTate

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DigiByte Founder

Quote from: yvv on April 03, 2013, 07:39:19 PM

Quote from: BitcoinTate on April 03, 2013, 07:13:49 PM

Damn commies anyway!

We are coming after you, baby. MUAHAHA!!

lol!

yvv

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.

Quote from: BitcoinTate on April 03, 2013, 07:13:49 PM

Damn commies anyway!

We are coming after you, baby. MUAHAHA!!

yvv

legendary

Activity: 1344

Merit: 1000

.

Quote from: grondilu on April 03, 2013, 06:59:08 PM

Lemme guess: you would like a currency that everybody receives equally, at regular interval and till the ends of times?

No. Wrong guess.

hiima

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We need another good exchange that can compete with mtgox. So far btc-e and bitfloor are the only ones close.

BitcoinTate

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DigiByte Founder

Quote from: grondilu on April 03, 2013, 06:59:08 PM

Quote from: yvv on April 03, 2013, 06:41:11 PM

Quote from: grondilu on April 03, 2013, 06:33:18 PM

People could just say: "this guy has gathered pretty much all the bitcoins. Screw him, let's start an other chain from scratch!"

People already did what you say. There is a separate thread on this forum https://bitcointalksearch.org/topic/list-of-all-cryptocoins-134179 Unfortunately, none of these altcoins fix any bitcoin flaws. All this work is done by smart people, and they will find good fix against all threats, I am pretty confident. But, we are not there yet.

Lemme guess: you would like a currency that everybody receives equally, at regular interval and till the ends of times?

Damn commies anyway!

grondilu

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Activity: 1288

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Quote from: yvv on April 03, 2013, 06:41:11 PM

Quote from: grondilu on April 03, 2013, 06:33:18 PM

People could just say: "this guy has gathered pretty much all the bitcoins. Screw him, let's start an other chain from scratch!"

People already did what you say. There is a separate thread on this forum https://bitcointalksearch.org/topic/list-of-all-cryptocoins-134179 Unfortunately, none of these altcoins fix any bitcoin flaws. All this work is done by smart people, and they will find good fix against all threats, I am pretty confident. But, we are not there yet.

Lemme guess: you would like a currency that everybody receives equally, at regular interval and till the ends of times?

yvv

legendary

Activity: 1344

Merit: 1000

.

Quote from: grondilu on April 03, 2013, 06:44:48 PM

Quote from: yvv on April 03, 2013, 06:41:11 PM

Quote from: grondilu on April 03, 2013, 06:33:18 PM

People could just say: "this guy has gathered pretty much all the bitcoins. Screw him, let's start an other chain from scratch!"

People already did what you say. There is a separate thread on this forum https://bitcointalksearch.org/topic/list-of-all-cryptocoins-134179

I know they did. Then why do you whine about a possible corner of bitcoin?

Edited my message, please reread.

BitcoinTate

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DigiByte Founder

Na... Mt. Gox is Bitcoins Achilles heel! Vote here if you will still use Mt. Gox again after today's shenanigans: https://bitcointalksearch.org/topic/will-you-continue-to-use-mt-gox-after-today-166460

grondilu

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Quote from: yvv on April 03, 2013, 06:41:11 PM

Quote from: grondilu on April 03, 2013, 06:33:18 PM

People could just say: "this guy has gathered pretty much all the bitcoins. Screw him, let's start an other chain from scratch!"

People already did what you say. There is a separate thread on this forum https://bitcointalksearch.org/topic/list-of-all-cryptocoins-134179

I know they did. Then why do you whine about a possible corner of bitcoin?

Gordonium

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Activity: 392

Merit: 250

Quote from: yvv on April 03, 2013, 06:28:06 PM

A man with money has much greater chance to take political power than anybody else.

But in a libertarian society where government is constitutionally limited it political power doesn't matter that much. So it is not money itself that can force you into a slavery.

yvv

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Activity: 1344

Merit: 1000

.

Quote from: grondilu on April 03, 2013, 06:33:18 PM

People could just say: "this guy has gathered pretty much all the bitcoins. Screw him, let's start an other chain from scratch!"

People already did what you say. There is a separate thread on this forum https://bitcointalksearch.org/topic/list-of-all-cryptocoins-134179 Unfortunately, none of these altcoins fix any bitcoin flaws. All this work is done by smart people, and they will find good fix against all threats, I am pretty confident. But, we are not there yet.

grondilu

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Activity: 1288

Merit: 1080

Quote from: yvv on April 03, 2013, 06:18:01 PM

If you google for "history of humankind", you may find out that most of time people were getting into slavery pressed by financial force, not military or other brute force. This is how modern "democratic" world got into banker's slavery. Is a purpose of altcurrencies to free people from this kind of slaver, or did I miss something?

You miss a lot.

Let's say I manage to buy ten million bitcoins. Now, tell me: how exactly can I force you to wipe my shoes if you don't want to? Nobody forces you to accept my bitcoins as a wage for your work!!

People could just say: "this guy has gathered pretty much all the bitcoins. Screw him, let's start an other chain from scratch!"

yvv

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Activity: 1344

Merit: 1000

.

Quote from: Gordonium on April 03, 2013, 06:14:39 PM

Oh, tell me more about how Bill Gates fortune is making you a slave...

Can you read English, dude? I wrote

Quote

Is it wrong to be rich?

No. If you get rich without making somebody a slave, it's good.

Quote

Like someone on this forum once wrote: Don't fear a man with money, he can only buy things from you. Fear a man with political power, he can take things from you with coercion.

A man with money has much greater chance to take political power than anybody else.

Elwar

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Viva Ut Vivas

Ok guys, we may as well give it up. We have all been trying to cover up this flaw in the system so that the government does not enact this strategy.

I will be the bigger man and step forward to tell the truth. This is a huge vulnerability.

The US government and the Federal Reserve could wipe us all out by pouring tons and tons of money into Bitcoin.

I hope they do not do that, it would be so disasterous that I cannot imagine.

But we must admit this and hope that no Federal agent or someone close to the Federal Reserve reveals this to them, otherwise they may just go ahead and destroy Bitcoin by buying over and over and over.

I am just glad that no government officials are reading this now. If they were, I hope they would not go to their bosses with multi-billion dollar proposals to buy everyone's bitcoins. They would likely become heros among their peers and get laid...a LOT...once it all works.

yvv

legendary

Activity: 1344

Merit: 1000

.

Quote from: grondilu on April 03, 2013, 06:05:44 PM

Also, the wealth of this person would existsonly because some people would be willing to offer goods and services for those satoshis. Therefore talking about "anal slavery" is totally inappropriate. A slave is someone who is forced to obey, not someone who willingly contributes to an economic exchange.

If you google for "history of humankind", you may find out that most of time people were getting into slavery pressed by financial force, not military or other brute force. This is how modern "democratic" world got into banker's slavery. Is a purpose of altcurrencies to free people from this kind of slaver, or did I miss something?

Gordonium

sr. member

Activity: 392

Merit: 250

Quote from: yvv on April 03, 2013, 06:10:21 PM

Quote from: blockbet.net on April 03, 2013, 05:59:09 PM

Why would that be a problem, exactly?

What? Getting your ass into slavery? For some individuals not a problem at all. But the majority do not like it. This is why all this bitcoin business came out, right?

Quote

Is it wrong to be rich?

No. If you get rich without making somebody a slave, it's good.

Quote

That shouldn't affect the rest of us one bit.

I don't know. There is a chance that it will.

Oh, tell me more about how Bill Gates fortune is making you a slave... Like someone on this forum once wrote: Don't fear a man with money, he can only buy things from you. Fear a man with political power, he can take things from you with coercion.

yvv

legendary

Activity: 1344

Merit: 1000

.

Quote from: blockbet.net on April 03, 2013, 05:59:09 PM

Why would that be a problem, exactly?

What? Getting your ass into slavery? For some individuals not a problem at all. But the majority do not like it. This is why all this bitcoin business came out, right?

Quote

Is it wrong to be rich?

No. If you get rich without making somebody a slave, it's good.

Quote

That shouldn't affect the rest of us one bit.

I don't know. There is a chance that it will.

Topic: Is this Bitcoin's achilles heel? (Read 5928 times)