Assholes who so willingly spread unconfrimed rumors as FUD like this jerk.
Folks who don't respect anyone's privacy, or who think deviant sexual behavior is at all relevant to the health of Bitcoin.
Innocent until proven guilty. Until there's a conviction, you are slandering people.
Sex negativity hurts everyone.
Topic: What are the biggestest threats to Bitcoin? - page 6. (Read 6973 times)
Quantum computers? Bugs in the code? Centralized mining?
Is there anything that can't potentially be overcome that is a threat to Bitcoin? Anything I didn't mention?
Thanks in advanced.
Is there anything that can't potentially be overcome that is a threat to Bitcoin? Anything I didn't mention?
Thanks in advanced.
The greatest threats to Bitcoin are the many idiots involved.
Agreed. We look kind of foolish if one takes the time to really research the people involved. I do like the progression of US exchanges evolving (not all). I think Coinbase is doing a really great job keeping it simple and user friendly.
Quantum computers? Bugs in the code? Centralized mining?
Is there anything that can't potentially be overcome that is a threat to Bitcoin? Anything I didn't mention?
Thanks in advanced.
Is there anything that can't potentially be overcome that is a threat to Bitcoin? Anything I didn't mention?
Thanks in advanced.
The greatest threats to Bitcoin are the many idiots involved.
There will be always bugs and threats so it's hard to state what's the biggest threat to Bitcoin.
It's our duty to make a secured haven for the Bitcoin
It's our duty to make a secured haven for the Bitcoin
The biggest threat to Bitcoin so far has come from the people using and promoting it.
agreed +1
Bitcoin mining pools' concentration is #1 threat imho. Now it takes just to control the 2 biggest pools for a 51% attack.
https://blockchain.info/pools
even the decreasing trend in full nodes seems like bad news:
https://getaddr.bitnodes.io/dashboard/chart/?days=60
https://blockchain.info/pools
even the decreasing trend in full nodes seems like bad news:
https://getaddr.bitnodes.io/dashboard/chart/?days=60
The biggest threat to Bitcoin so far has come from the people using and promoting it.
Quantum computers? Bugs in the code? Centralized mining?
Is there anything that can't potentially be overcome that is a threat to Bitcoin? Anything I didn't mention?
Thanks in advanced.
I think that the biggest threat to bitcoin is :"Misinformation".Yes things like Security and Ease of Use are important, and of course Government Regulation (though hopefully lack there of) will play a big part, but public perception and sentiment will always be the primary driver of any new technology. Is there anything that can't potentially be overcome that is a threat to Bitcoin? Anything I didn't mention?
Thanks in advanced.
To steal some of the risks listed in the Winklevoss IPO documents for their proposed bitcoin trust:
They've certainly done their homework, but personally I don't perceive any of these as a likely outcome that would seriously jeopardise Bitcoin in the near future. Possible, certainly, but not likely.
- Currently, there is relatively small use of bitcoins in the retail and commercial marketplace in comparison to relatively large use by speculators, thus contributing to price volatility
- The Core Developers or other programmers could propose amendments to the Bitcoin Network’s protocols and software that, if accepted and authorized by the Bitcoin Network’s community, could adversely affect it
- If a malicious actor or botnet obtains control in excess of 50 percent of the processing power active on the Bitcoin Network, it is possible that such actor or botnet could manipulate the Blockchain in a manner that adversely affects it
- If the award of bitcoins for solving blocks and transaction fees for recording transactions are not sufficiently high to incentivize miners, miners may cease expending processing power to solve blocks and confirmations of transactions on the Blockchain could be slowed temporarily. A reduction in the processing power expended by miners on the Bitcoin Network could increase the likelihood of a malicious actor or botnet obtaining control in excess of 50 percent of the processing power active on the Bitcoin Network or the Blockchain, potentially permitting such actor or botnet to manipulate the Blockchain in a manner that adversely affects it
- As the number of bitcoins awarded for solving a block in the Blockchain decreases, the incentive for miners to continue to contribute processing power to the Bitcoin Network will transition from a set reward to transaction fees. Either the requirement from miners of higher transaction fees in exchange for recording transactions in the Blockchain or a software upgrade that automatically charges fees for all transactions may decrease demand for bitcoins and prevent the expansion of the Bitcoin Network to retail merchants and commercial businesses, resulting in a reduction in the price of bitcoins that could adversely impact it
- To the extent that any miners cease to record transactions in solved blocks, transactions that do not include the payment of a transaction fee will not be recorded on the Blockchain until a block is solved by a miner who does not require the payment of transaction fees. Any widespread delays in the recording of transactions could result in a loss of confidence in the Bitcoin Network
- The acceptance of Bitcoin Network software patches or upgrades by a significant, but not overwhelming, percentage of the users and miners in the Bitcoin Network could result in a “fork” in the Blockchain, resulting in the operation of two separate networks until such time as the forked Blockchains are merged. The temporary or permanent existence of forked Blockchains could adversely impact it
- Intellectual property rights claims may adversely affect the operation of the Bitcoin Network. Third parties may assert intellectual property claims relating to the holding and transfer of Digital Math-Based Assets and their source code. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the Bitcoin Network’s long-term viability or the ability of end-users to hold and transfer bitcoins may adversely affect it
They've certainly done their homework, but personally I don't perceive any of these as a likely outcome that would seriously jeopardise Bitcoin in the near future. Possible, certainly, but not likely.
Stop fear-mongering, the foundation doesn't have any real power to damage anything except their own reputations.
Most people view bitcoin as a money-making scheme, hoping that the value will rise dramatically due to the design-limited supply. If you're always thinking in your head that 10 years from now a coin will be worth $100k, there's a lot of pressure to not spend today. If the case for bitcoin was really cheaper, faster, better payments, there would not be so much focus on speculation.
This is why I feel it has features of a ponzi scheme (Downvote mode initiated for 99% of the people reading this). The early investors are promising spectacular things, hoarding, driving up the price so that they can dump at the expense of the late comers.
Most people view bitcoin as a money-making scheme, hoping that the value will rise dramatically due to the design-limited supply. If you're always thinking in your head that 10 years from now a coin will be worth $100k, there's a lot of pressure to not spend today. If the case for bitcoin was really cheaper, faster, better payments, there would not be so much focus on speculation.
To add to that, because of the hoarding the available supply dwindles. If most people are holding out for $100K coins then the coins available to buy for $500 will be less and less.
Supply and demand starts to creep in. Low supply, high demand, high price.
A major, unrecoverable flaw in the core protocol and/or underlying cryptography are the only real threats. Outside forces will have a negligible impact.
If you're always thinking in your head that 10 years from now a coin will be worth $100k, there's a lot of pressure to not spend today.
Quite a few of us think the pressure to spend shouldn't exist in the money supply. Spending should be deiced on the merits of the exchange, not spurred by fear of loss due to inflation. When your currency stops throwing bricks though your windows real economic gain will be realized.
the biggest problems with bitcoin that I see are:
1) It offers no real advantage for consumers for day-to-day spending than cash or a credit/debit card - it's just more complicated. It's easy to dismiss this if you are tech-savvy, but think of the dumbest person you know. This could probably be improved with better POS terminals, etc.
2) Getting money in/out of bitcoin is still way more difficult than it needs to be
3) You can't buy hardly anything with it - and the incentive for merchants to accept it is low given the volatility and the fact that all of their bills are in a different currency. Instant conversion back to dollars kind of defeats the point if you ask me.
4) Most people view bitcoin as a money-making scheme, hoping that the value will rise dramatically due to the design-limited supply. If you're always thinking in your head that 10 years from now a coin will be worth $100k, there's a lot of pressure to not spend today. If the case for bitcoin was really cheaper, faster, better payments, there would not be so much focus on speculation.
1) It offers no real advantage for consumers for day-to-day spending than cash or a credit/debit card - it's just more complicated. It's easy to dismiss this if you are tech-savvy, but think of the dumbest person you know. This could probably be improved with better POS terminals, etc.
2) Getting money in/out of bitcoin is still way more difficult than it needs to be
3) You can't buy hardly anything with it - and the incentive for merchants to accept it is low given the volatility and the fact that all of their bills are in a different currency. Instant conversion back to dollars kind of defeats the point if you ask me.
4) Most people view bitcoin as a money-making scheme, hoping that the value will rise dramatically due to the design-limited supply. If you're always thinking in your head that 10 years from now a coin will be worth $100k, there's a lot of pressure to not spend today. If the case for bitcoin was really cheaper, faster, better payments, there would not be so much focus on speculation.
I guess if you are only looking at bitcoin right now then yeah you have a point.
But bitcoin a few years from now will be an entirely different animal. It's like the vast majority of criticisms are like blaming a zygote for not having a job yet.
bears
better alternative cypro currency.
and Govermnets of course.
bears
In all honesty, there are no real viable threats to Bitcoin. Least of all governments.
Why do you think so many geniuses are going in?
Why do you think so many geniuses are going in?
Quantum computers? Bugs in the code? Centralized mining?
Is there anything that can't potentially be overcome that is a threat to Bitcoin? Anything I didn't mention?
Thanks in advanced.
Is there anything that can't potentially be overcome that is a threat to Bitcoin? Anything I didn't mention?
Thanks in advanced.
Governments.
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