Bitcoin Forum

"of the approximately 9 million bitcoins which currently exist, less than 2 million actually circulate"

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

i better throw 7 million coins between wallets more often then

(joke)

Edit: It's an digged up old piece from 2012
http://newswax.com/2012/10/bitcoin-has-a-kill-switch-and-how-to-disconnect-it/?wpmp_tp=2

Yea, the kill-switch would become a life-switch ... they throw the millions away, price decreases and everyone can buy btc ... this would become a starting point

If that is true then we as the community should implement the solution described here to get rid of those specific kill-switch-hoarders:

"
So, what, if anything, could be done about it? Unfortunately, the one solution which I can think of (other than the idiotic head-in-the-sand solution of not giving a damn, which the Bitcoin user community seems to favour) is a rather unlikely one, and would be quite distasteful – on a gut level – to most users. I am speaking, of course, of proscription. If the Bitcoin community – or a reasonable subset thereof – agreed that the kill switch ought to be neutralized by any means possible, it would be a fairly straightforward matter to declare the hoarders persona non grata and collectively agree to use modified Bitcoin clients (let’s call them Bitcoin-P) which act as if the particular coins currently held by A, C-F, H-K, and M-S were not bitcoins at all. And that such pseudo-coins will never be accepted as genuine in trade for any good or service. In effect, they would be retroactively shitcoined for all time.

This act would not require cooperation from every single Bitcoin user, or the imposition of any kind of governing authority. If even a minority of users were to move to Bitcoin-P, operating separate exchanges and the like, said users would be forever immune to the effects of a future market glut resulting from hoarders cashing out. Users of conventional Bitcoin would feel the effects in full, suffering the loss of most if not all of their purchasing power.

But I am under no illusions that Bitcoin-P will ever happen, given the libertarian bent of most Bitcoin users. They will mutter of dekulakization and the like. Fine, lose your hard-earned wealth to a pyramid scheme operator at some unspecified future date. But if you like the idea of decentralized cryptocurrencies without built-in kill switches, think hard about Bitcoin-P. Anyone who wants to can start using Bitcoin-P right now, without having to wait for others to be convinced of its merits. Just compile a list of the Satoshi gang’s bitcoins, and start pretending that they aren’t coins at all. It really is that simple.”
"

DOOOOOOMMMMM! Stupid article.

So basically steal the money of people who don't want to use it your way? Wouldn't that in itself be a killswitch, in addition to how unethical it is just to steal because they don't do things your way?

Not really, to make sure bitcoin survives as it was intended (!) and its destiny not in the hands of a few people who set this all up from the beginning. Cause if that analysis is true then it's either make a few filthy rich and crash OR make sure there is no "killswitch".

Maybe those people who planned bitcoin and have 7000000 bitcoins as a small group could show their intentions and use those coins to spread bitcoin further by all means. Not saying all coins, but large enough so it's not a killswitch anymore AND at the same time do good with it.

How many of those non-circulating coins are like these?

http://blockchain.info/fb/1nxg

Probably mined on a whim out of curiosity and forgotten.

Or not.  When the protocol supports confiscation of private property by fiat (meaning "by decree") it simply loses all legitimacy. Bitcoin would be adopting the worst aspects of state control with none of the benefits.  I for one will be selling my coins at market and looking towards a better protocol.  Nobody would trust a currency where some group can decide in the future to retroactively erase your ownership.  Nobody would it is idiotic.

The only "kill switch" is the one you foolishly are reaching for, and of course that was the intent of the FUD.  You are just falling for it like a pawn.  The good news is that it simply is impossible to achieve so there is harm the uneducated can do.

Oh yeah, if this were possible, I'd nope the hell out of Bitcoin, and fast.

Well, it looks like fear is speaking instead of thinking. What those few people (less then 10 ?) controlling 7,000.000 coins want with hoarding that amount ? If their intentions were good they would be spreading bitcoin further and spending them on projects to get the masses use bitcoin. By not doing so they put a bomb under bitcoin. Again, if that analysis is true.

So the question is, why does a handful of people have 7,000.000 bitcoins doing nothing ? Or just run them from A to B to C ? Bitcoin can only scale if there is a flow of it.

PS: not talking about people with 1000's of bitcoins or even 10,000's, just specifically about that little group who controls 7,000.000 coins. And again, if that analysis is true !

They've earned it all fair and square, following the rules set in the bitcoin protocol. Changing it up like that will tank bitcoin so fast. Also, no matter how well off they are, it's morally reprehensible to just try and destroy one's savings just because they do what you don't want with it.

A planned event like bitcoin and then massively hoarding that amount is not what i call fair and square. But it's not up to me, at the end the masses decide and if they decide to exclude those specific hoarders then so be it. This will sooner or later come back and bite us as in the community in the ass, mark my words.

Whenever I see FUD directed at Bitcoin on this forum I automatically assume that it can be traced back to someone wanting to pump alt coins.

are weee talkin' bout TESTNET coins or reel BTC???

>>>apples and pears???

The ignorance and misinformation is strong in this one.

OP, please educate yourself.

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

this thread needs a kill switch.  :o

 love that ^^^^^^ Bitcoin false key assumptions i'm getting to know how the BTC kill switch works!!!! +1xxxxxxxxxxx !!!!!!!!!

Here's something that I'm wondering...

It seems to me that (IF a small group of) the people who own the 7 million just permanently deleted their wallets, that would help kill it off, right?

Or what if the government bought (or is buying) hundreds of thousands and just threw them away?

That's my question.

You cannot 'intend' an economy without enforcing some rigid structures.
And asking the big holders to give up their coins is like asking Putin to distribute gas for free.

There is no small group of people owning 7 million. Maximal 5 million. And there are more than 10 million BTC which will be generated in the next decade. The btc-rich would be very stupid to do so, cause they burn their amount, and price will explode after it ... and if the government burns btc - this is not legal, since btc is regarded as a currency in the us --> it's not allowed to destroy money (at least in germany). But if they would do so and burn 1 million - what will happen? Nothing ... 1 Bitcoin = 1.00000000 BTC, it will work even if there exist just 1000 BTC.

yes don't you think it makes sense they should invest it into the BTC community and stop acting like nazis!!!


>>>WTF!!!!!!

Exactly, that's my point too. If those few people have so much bitcoins then it doesn't make them any better than what we have now with centralized banking systems & FED type structures. Bitcoin was meant to move that power, to be decentralized and p2p. Perhaps someday we won't need fiat but everything happens within the p2p crypto-currency system.

Those guys who did the analysis are not some bums, that is what makes me take this serious. If you doubt their credentials feel free to do your research on them.

What do you mean no better than the Fed and centralized banking? These mega BTC holders can't make extra BTC out of thin air, confiscate BTC, or do any funny things like that. I fail to see how early adopters who took risks harm everyone else.

look who started TOR and you will understand why they are going to reset Bitcoin mainframe and hunt down the illegal actors(mods)

>>WATCH!!!= "NEW" = BITCOIN KEY CRACKER!!!!

gosh.. this again?
How many times has this stuff been 'debunked'  or at least been pointed out that there are a lot of false assumptions and arguments?

I have a feeling people aren't happy enough to buy in at these low prices yet and need to scare more people into panic selling to push the price lower and buy a shitton themselves.

Whaaaat??? the FBI is involved??
OMGG sell quickly!

But yea... welcome to the forum man, i hope your future posts will make more sense...

http://www.timecube.com/

"Bitcoin mainframe"?  LOL.

What is the NSS?  

Did that mean NSA?

There are many posts in here that make no sense.  I know I shouldn't feed the troll, but this stuff is priceless.

what do you know about IOTA software have you even checked it out?

>>where's the BTCelly-BTCutton i wanna click it!!!!\\\\ROTFF!!!!

Regarding the statement if "7 million just permanently deleted their wallets, that would help kill it off, right? "

1. If "it" means that deleting the wallets would kill bitcoin off, that is incorrect.  It would just increase the value of the remaining bitcoins.
2. If "it" means that deleting the wallets would kill off this purported "kill switch", then (assuming their are not significant errors in the article) it would in theory stop the kill switch that was described by "dumping 7 million coins" since they would no longer be accessible.

There are significant issues that were debunked (as has been linked to on the first page).

This is probably just satoshi-dice and mt-gox type accounts.

" This is probably just satoshi-dice and mt-gox type accounts. "


yes aka Bitcoin foundation members' sites!!!!

>>>GOOD TO KNOW WHO TO LOOK FOR!!!!!!!!!!!!!

Isn't this a better ratio than US Dollars?