Bitcoin Forum

The root problem with conventional currency is all the trust thats required to make it
work. The central bank must be trusted not to debase the currency, but the history of
fiat currencies is full of breaches of that trust. Banks must be trusted to hold our
money and transfer it electronically, but they lend it out in waves of credit bubbles
with barely a fraction in reserve. We have to trust them with our privacy, trust them
not to let identity thieves drain our accounts. Their massive overhead costs make
micropayments impossible.

A generation ago, multi-user time-sharing computer systems had a similar problem.
Before strong encryption, users had to rely on password protection to secure their
files, placing trust in the system administrator to keep their information private.
Privacy could always be overridden by the admin based on his judgment call weighing the
principle of privacy against other concerns, or at the behest of his superiors.

Then strong encryption became available to the masses, and trust was no longer required.
Data could be secured in a way that was physically impossible for others to access, no
matter for what reason, no matter how good the excuse, no matter what.
Its time we had the same thing for money. With e-currency based on cryptographic
proof, without the need to trust a third party middleman, money can be secure and
transactions effortless.

Security: Bitcoin is more secure than ANY monetary system in existence. The mathematical technology used in the network for creating Bitcoins and validating transactions guarantees that no entity can manipulate the Bitcoin system. See the wiki (https://en.bitcoin.it/wiki/FAQ#How_does_the_proof-of-work_system_help_secure_Bitcoin?) for more details.

I used to use eGold, but I'm got tired of it pretty quickly. The BitCoin community seems to be more active and many more developers.

I used to use eGold, but I'm got tired of it pretty quickly. The BitCoin community seems to be more active and many more developers.

Surely you jest! look BTC is going nowhere if you keep lying to yourself. These issues are major points that need adressed.
Lets get real here.

LOL!  you're such a troll!

Why is he a troll?  What he said is right. 

security is already a feature if you know what you're doing.  and if you don't encryption of wallets will be a feature of the next version.  ease of use is coming along with security.  thats clear.
<snip>
Mitigation:  again, no risk if you know what you're doing

Surely you jest! look BTC is going nowhere if you keep lying to yourself. These issues are major points that need adressed.
Lets get real here.

Surely you jest! look BTC is going nowhere if you keep lying to yourself. These issues are major points that need adressed.
Lets get real here.

security is already a feature if you know what you're doing.  and if you don't encryption of wallets will be a feature of the next version.  ease of use is coming along with security.  thats clear.

Trust:  you don't have to trust anyone.  thats what the block chain is for.

Mitigation:  again, no risk if you know what you're doing

Transparency:  way more than our Federal Reserve and banking system.

locked door

Security: Encrypted wallets won't go very far to protect anyone. Bitcoin needs more than that.

Trust: Trust in any part of Bitcoin is voluntary, and as such susceptible to human folly. So while there is a high degree of trust for the block chain, almost everything else has a markedly lower trust level. The point remains Bitcoin will have trust issues, but the voluntary trust is a huge leap forward IMO.

Mitigation: People often don't know what they are doing, so hand waving that it is not an issue isn't constructive.

Transparency: I agree, but at least some of the transparency is voluntary. I'd like to see more transparency from mtgox for example, even though I still trust the service and love the volume of trading there.

I know my counter points are external to Bitcoin, but they have to be addressed.

I've put some cursory thought into combining offline wallets, offline transaction creation, and online transaction processors but even that has problems (mainly user error, physical security). Having something like that would address some of my issues.

Security: There can be a private company in the future that comes out, and offers to secure these Bitcoins in a undisclosed , safe, offsite location. They can also opt-in to secure these funds up to a certain amount, sorta like how FDIC insured banks are insured today.

Mitigation: It is not Bitcoins fault that people don't know what they're doing. Once again read my statement above to understand how issues of safety and mitigation can be handled.

Transparency: IT IS NOT BITCOINS FAULT THAT MTGOX CHOOSES TO KEEP EVERYTHING BEHIND CLOSED DOORS. IT IS MTGOX'S FAULT.
If you want transparency go http://blockexplorer.com, if not send MTGOX's support an email with your complaints. Thanks.

Thanks for posting. My recommendation is to tone down the "excitement" level of the text. Don't make it sound salesy. There shouldn't be any exclamation marks. Also, don't use terms like "IMPOSSIBLE to shut down Bitcoin." Statements like that invite controversy because they are almost certainly wrong. Fact is, there might be a way to shut it down and only time will tell if it overcomes these challenges. Simply change that sentence to something like "Bitcoin may be impossible to shut down."  It's actually a stronger, more confident way to write.

Understate the benefits, and remain humble.

Bitcoin is good enough that it doesn't need caps and hyperbole  ;)

In what way is MtGox less transparent than other exchanges or than what you'd like to see?