Topic: "We know that Bitcoin itself is a complete failure ..." -chief economist at Citi (Read 1646 times)
January 22, 2016, 10:45:27 PM
Anything that can be programmed can be hacked...unless its properly coded. Bitcoin code isn't very large so it is easy to fix bugs, and these bugs have mostly been discovered and patched.
January 22, 2016, 10:34:30 PM
"Anything that can be programmed can be hacked"
Is he talking about 51% attack?
Because so far Bitcoin hasn't been hacked, sure people's wallets have been hacked, exchanges have been ostensibly hacked but that doesn't say anything about Bitcoin itself getting hacked.
Is he talking about 51% attack?
Because so far Bitcoin hasn't been hacked, sure people's wallets have been hacked, exchanges have been ostensibly hacked but that doesn't say anything about Bitcoin itself getting hacked.
January 22, 2016, 10:09:01 PM
HaHa this is funny. Bitcoin is a "complete failure" . . . why not just a failure? This is getting interesting with all of these giants coming out to declare it dead. I feel these are tactics by those that are scared of something rather than being secure knowing they have their own solution.
January 22, 2016, 09:05:43 PM
Improper use.
I don't know that Bitcoin itself is a complete failure.
I don't know that Bitcoin itself is a complete failure.
January 22, 2016, 08:59:59 PM
technical advice from an glorified accountant. lol
i dare any accountant to explain SHA256 in detail (to debunk the underlying security of blocks)
i dare any accountant to explain where hacking 1 computer affects every computer.. (to debunk the point of decentralizational ledger)
i dare any accountant to write suck a hacktool that will cripple the entire network in one swoop.
or...
i dare any accountantt to just admit they dont know much about computers and simply go back to counting pennies
i dare any accountant to explain SHA256 in detail (to debunk the underlying security of blocks)
i dare any accountant to explain where hacking 1 computer affects every computer.. (to debunk the point of decentralizational ledger)
i dare any accountant to write suck a hacktool that will cripple the entire network in one swoop.
or...
i dare any accountantt to just admit they dont know much about computers and simply go back to counting pennies
January 22, 2016, 08:53:46 PM
If Bitcoin was a failure, wouldn't people know about it and stop using it. They would would know and clearly they haven't stopped using it.
January 22, 2016, 08:43:52 PM
I guessed he missed to buy bitcoin when it was still worth a cents and is now trying to spread fud to able to buy some cheap coins.
January 22, 2016, 08:42:49 PM
The same time R3 begin to test blockchain systems with tokens the same guys that want to create Blockchain systems without tokens
http://www.ibtimes.co.uk/r3-connects-11-banks-distributed-ledger-using-ethereum-microsoft-azure-1539044
The bank still cant understand how blockchain technology works and i think many ppl will get easy money for them because simple they are fools.
http://www.ibtimes.co.uk/r3-connects-11-banks-distributed-ledger-using-ethereum-microsoft-azure-1539044
The bank still cant understand how blockchain technology works and i think many ppl will get easy money for them because simple they are fools.
January 22, 2016, 08:38:12 PM
He is typical guy with mind washed by big corporation
One day people will say ,high cost Citi Bank transactions,forget,citi is complete failure
One day people will say ,high cost Citi Bank transactions,forget,citi is complete failure
January 22, 2016, 08:20:39 PM
The problem with BitCoin being hacked would be if a Dev were to somehow insert a piece of code into the wallet's software, or indeed if there became three, or four or more wallets on top of CORE and X and they became incompatible.
But in saying that, as long as the underlying code can be reviewed by GitHub and the like such hidden codes should (I theory at least) by found out - unless people get sloppy and just assume those creating the wallet can be trusted.
It's the decentralized ledger system that should be pushed to the media, the fact you can have 20, 30 even a hundred (or more!) nodes to instantly connect to and broadcast your transaction to for confirmation.
How blockchain tech could change the way we do business - http://www.bbc.com/news/business-35370304
Thefts from Mt Gox, Cryptsy or where ever are just that - thefts. BitCoin lacks Public Relations representatives who can explain these thefts as little more than the equivalent of a half dozen 70 year olds drilling into a vault over a week-end and making off with Jewels and cash. ie
http://www.westerndailypress.co.uk/Hatton-Garden-8203-men-guilty-14-milllion-raid/story-28529544-detail/story.html
But in saying that, as long as the underlying code can be reviewed by GitHub and the like such hidden codes should (I theory at least) by found out - unless people get sloppy and just assume those creating the wallet can be trusted.
It's the decentralized ledger system that should be pushed to the media, the fact you can have 20, 30 even a hundred (or more!) nodes to instantly connect to and broadcast your transaction to for confirmation.
How blockchain tech could change the way we do business - http://www.bbc.com/news/business-35370304
Thefts from Mt Gox, Cryptsy or where ever are just that - thefts. BitCoin lacks Public Relations representatives who can explain these thefts as little more than the equivalent of a half dozen 70 year olds drilling into a vault over a week-end and making off with Jewels and cash. ie
http://www.westerndailypress.co.uk/Hatton-Garden-8203-men-guilty-14-milllion-raid/story-28529544-detail/story.html
January 22, 2016, 07:44:11 PM
-Citibank-
It's a valid point, to reduce the risk of it being hacked, the design and code must be extremely clean and simple. It is much easier to compromise complex system than a simple system
January 22, 2016, 06:49:41 PM
I find it strange that the guy associates BTC with the blockchain since banks are investigating blockchain technology for their own private use. And his idea that anything programmed can be hacked! I wouldn't feel confident if I had an account in his bank. Banks run everything on software these days...
January 22, 2016, 06:41:37 PM
Banks can be hacked, that is a fact. Bitcoin has not been hacked yet, although a lot of sites holding Bitcoin have been.
January 22, 2016, 06:14:54 PM
he just mad cause we trying to replace him.
January 22, 2016, 06:09:38 PM
your computer can be hacked and your BTC can be stolen. it happened for so many times. it happened to exchangers (Bitstamp lost 5 millions USD a year ago, right? 
So, if a company from BTC industry is hacked, which it's supposed to take extra measures but a normal user?
it can happen with your debit card BUT you will get the money back. do you notice the difference?
the BTC user is not protected against anything. I am not talking about cyber guys, I am talking about the normal Joe
So, if a company from BTC industry is hacked, which it's supposed to take extra measures but a normal user? it can happen with your debit card BUT you will get the money back. do you notice the difference?
the BTC user is not protected against anything. I am not talking about cyber guys, I am talking about the normal Joe
January 22, 2016, 03:47:59 PM
This is just FUD with the banks agenda behind it. Of course they are going to smack talk there rivals, especially those that could possibly be disruptive to there entire business ecosystem.
January 22, 2016, 03:41:56 PM
What ever a banker is saying about Bitcoin can be ignored.
That guy is a joke! I read somewhere that he also hates gold, speaking of 6000 year old bubble!!
That guy is a joke! I read somewhere that he also hates gold, speaking of 6000 year old bubble!!
January 22, 2016, 02:46:35 PM
If it was a failure... I doubt so many banks would start to think on the blockchain technology. They say it's bad because they want to develop their own.
January 22, 2016, 02:44:25 PM
Not really a big fan of Mr. Robot but "hacking" is not some savant bypassing all security with math skills. It's more close to deceit and infiltrating ability, if you can get a script inside then you are done, it's not as simple as in 80s movies...someone login into the FBI services with absolutely no information. So I doubt Bitcoin itself can be hacked, but the exchanges, banks and other companies are exposed of course because humans work there and they are easy to fool or corrupt.
January 22, 2016, 02:17:28 PM
-Citibank-
LiteCoinGuy
where you find this news?
I can't see this hacked chain, where is?
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