Topic: The single flaw in bitcoin - page 2. (Read 3901 times)

Calling you a retard would be an insult to other retards out there.

There is no such thing as centralized bitcoin idiot. Having bitcoin mining centralized by several entities is inevitable and it doesnt not mean centralized bitcoin. From the moment i read about bitcoin, i see bitcoin mining will come to this due to simple economy if bitcoin ever takes off.

If one of these bitcoin entities do evil to the bitcoin network, the community would react and their mining power will be nullified. Now compared to a bank, where they can hold your fund, block transactions, what the fuck do you do? They're the only sole control of the coin.

No... Just no.


How can you convince them if it is unprofitable, as it has been since ASICs hit these scene?

There are loads of "solo miners" out there, who would be too glad, if the "Big miners" stop mining. When that happens, for whatever reason, the difficulty would go down, and a lot of solo miners, who stopped mining, or who is only doing it for a hobby, would start mining again.

We decided to back digital crypto currencies, for the ease of use, and the fact that we have control over our own money. {No more monthly banking fees, eating up your capital, month after month}

Even if only 2 people in the world, run a mining rig, will it still be seen as decentralized.

The way that the protocol are written, encourage more people to mine. {It's like a lottery, the more people playing the less the reward, but once only a few people play, the bigger the reward, and people knows this, so if these "big" companies exit for some reason, more people would get back in, to claim a bigger % of the reward}

actually what  breaking the legs, is the power consumption

the energy companies  could give a discount to those with mining

I agree with you OP but some people are in denial about the inevitability of Bitcoin's centralization. They will be their own undoing IMO, but time will tell. One thing I don't agree with you though is that this is the only flaw Bitcoin has. There are many flaws, being stubborn is one of them, as you will see momentarily as the Bitcoin zealots show up to put lipstick on their pig. It is sad that they are more worried about applying make up over the problems than fixing the issues. I was once a Bitcoin supporter, but I can't stand the stubbornness in the community anymore. I stick around here in hopes that they can come to a realization of reality.

Bitcoin network needs energy. While the mining profits are covering electric bills the fees are low.
This can not be forever. Who will pay for electricity?

Lower fees is a benefit.

Bitcoin mining is somehow centralized many years since people started poiting their miners to pools, but Bitcoin itselves cannot be centralized, Bitcoin is based on trustless public ledger, very different from  currency issued by a centralized entity where the ledger is not public and obviously transactions can only be processed by centralized entity, because noone else have access to the ledger.

No benefits.

Yes, a currency issued by a centralized entity is very similar to the bank's internal systems, which a centralized bitcoin would be as well, do you not agree?

If a centralized bitcoin has some benefits over the system they currently use, why do you not think they would issue their own coin with the same benefits, and why would people trust it less than a centralized bitcoin?

I'm not saying that anyone would, what I'm saying is I don't see why people would trust a centralized bitcoin composed by only a few big "mining factories" more than they would trust a centralized coin issued by a company.

Yes, I think this would happen as well, if the network persisted a shutdown. However, the main point is that I don't see the advantage a centralized bitcoin have over a centralized altcoin issued by a company. A company should be able to compete with a centralized bitcoin, since both the few bitcoin "mining factories", and the company who hosts the coin should be regulated in the same way. On top of that the company might have a built up userbase that will help that coin become larger than bitcoin.

The only flaw in bitcoin is it let ppl way below the IQ mean curve to join.....case in point:

The OP is stupid enough to think of Bankcoins.... as an alt crypto currency. The retard didnt even see his "USD" in his bank is exactly that "bankcoin". Why would they need a blockchain a "trustless distributed public ledger" when all they do is internal book keeping (the only miner is the bank)? Their current system is doing exactly that, processing tx and printing money (debt)


Yeah, the only flaw in bitcoin is user like you OP

And why would I trust the big Bank and their servers?

+1 VTD!

If the big miners were shut down, difficulty would go down and everyone would start mining again. You do understand about difficulty, right?

Where can I find free electricity? I want gigawatts!

In fact, individual miners with free electricity could lasts much longer in a hash war. When difficulty skyrocket, large mining operation have huge amount of electricity and cooling cost,  they will very quickly become unprofitable, unless all their cost in a few years are covered by a VC

Nothing is stopping the banks from creating their own altcoin currency, and I can almost bet before they would ever adopt Bitcoin or accept it, they would indeed create their own. I would love to see the ANN page on that coin HAHA. as far as small miners, if you have discipline and a good business mind any small miner could become a large miner. It takes time, intelligence and hard work, but it can be done. I think once this is all on going in a few more years the ones left mining will be the ones who stuck it out used their heads and did their homework.

I dont think anyone would be trusting any person or company to run the network, you would be trusting their machines to do the work. after the next halving in rewards you will indeed see a sifting of miners.A LOT of miners will at that point will have no choice but to give up. because even then mining in a pool for a small miner will be useless. If not in the next halving most certainly the halving after that.

The 51% attack will become the talk of the town once miners start leaving. and what pools and miners that are left behind will be your network. If a bank controls the 51% attack threat you can bet your sweet ass they will attempt to make an attack, thats how banks are, they dont care about anyone or anything but themselves. I think if anyone would be the ones to attempt a 51% attack it will be a bank before anyone else.

you kmake some very good points which just goes to show time is rapidly running out for those who wish to get into mining for BTC. Because soon it is going to be to late to start.

The technology already exists: ZeroReserve. Just needs a few more volunteers for beta testing.