How can u be a Senior Member with activity of 224 and post such bullshit?
Embarrassing.
Why is it bullshit? Because it attacks your precious feeble coin? Does the truth hurt you? Does it make you cry? |
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That's great that you use coffee as the example, of course nobody will do it for coffee, but they will for higher priced items, 30% of the time of the global world commerce is a high unacceptable number, which is in Billions and Trillions of dollars.
Again great argument, you will only succeed at scamming 30% of the time lmao, what a joke this place is.
Normally the paperwork alone on higher priced items takes longer than the amount of time required to get a few confirmations... Seriously... the options aren't either: a. wait for 6 confirmation every time or: b. never wait for confirmations Merchants can go with whatever confirmation schedule they are comfortable with, and customers can shop accordingly. I certainly don't mind waiting for several confirmations when purchasing a new car, but I'm probably not going to wait around at a coffee shop. Merchants didn't become merchants by being stupid, they will realize this and adjust accordingly. Not to mention that existing credit card companies can simply introduce credit cards based on Bitcoin in the future, and customers will be able to pay those companies in order to get all the advantages/disadvantages they have with their precious credit cards today! I have no idea why I am wasting so much time in a troll thread... What paper work? Do I need paper work to buy a Macbook, TV, Clothes, fill up my Gas? Pay my Cell Phone Bill? You assume people want to use Bitcoins, NEWS FLASH they don't. |
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Every one of those tired points has easy counters. Search the forum, dude.
Yes so easy that's why all the solutions exist in the Bitcoin ecosystem today, right? Please explain to me how your going to counter point #1, you in your boxers vs. Trillion dollar governments and world economies? The genius on this forum is astounding. |
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[Cross-posted from https://bitcointalk.org/index.php?topic=369589.msg3970813#msg3970813, I also think MikeyVeez is trolling and knows that zero-confirm transactions are fine for most purchases, and thus the winky face and the random and stupid CIA/Gavin accusation.]Bitcoin is indeed faster than credit card: here in Vancouver several brick-and-mortar merchants accept bitcoin via BitPay. It is standard to consider the invoice paid when the network picks up the transaction as valid. This typically occurs in a fraction of second--faster than a credit card. The double-spend problem, to most users and vendors, most of the time, is academic. Let's consider how you could double-spend against a coffee shop here in Vancouver: DOUBLE SPEND ATTEMPT #1: (fails)1-A. You walk up to the counter and ask for your coffee. The sales girl generates the BitPay invoice, you scan the QR code, and press "send" on your iPhone. The BitPay app picks up the transaction on the network in a fraction of a second, and the invoice suddenly says "PAID." You grab your coffee and leave. 1-B. But you're sneaky: you quickly run into your car where you've already generated a raw transaction with the same coins you used to pay for your coffee, but in this fraudulent transaction you instead send the coins to an address you control (you used the brainwallet.org "transactions" page) . You broadcast this transaction using blockchain.info's pushtx service ( https://blockchain.info/pushtx). What you will realize is that by the time you got back to your car, the original transaction has already propagated across the network. This means that nodes will not relay this new fraudulent transaction and miners will not add it to their memory pool since they know that these coins were already spent. Double-spend attempt #1 fails. DOUBLE SPEND ATTEMPT #2: (fails)2-A. Discouraged by your failure, you head back to your evil lair where you continue your plot to get free coffee. 2-B. You decide that you need to broadcast both transactions at roughly the same time in order to have a better chance of success. You need to do this *inside* the coffee shop, but all you have access to while inside the store is your blockchain.info app for iPhone. So, you jail-break your phone and hire an iOS expert to create you a custom double-spend app. This app by design sends out the transaction to the coffee shop, but also sends out a transaction to an address that you control. 2-C. So you order your coffee and test out your app. But the BitPay invoice never says "paid." When the sales girl checks at blockchain.info, she sees a big red "DOUBLE SPEND DETECTED" warning beside the transaction. 2-D. You don't get your coffee and leave the store with everyone thinking that you are a thief. DOUBLE SPEND ATTEMPT #3: (succeeds once and a while)3-A. Back at the lair, you realize that your quest for free coffee is more difficult than you actually thought. You call up some nefarious miner that controls 30% of the global hash power. You tell him that when you give him the signal, he should add your fraudulent transaction to his memory pool of unconfirmed transactions. You pay your iPhone hacker to modify your app to send the evil miner a special signal when you buy your coffee. 3-B. You go to the coffee shop and buy your coffee. Your new app sends the signal to the evil miner that you're in cahoots with. The miner adds your fraudulent transaction, while the real transaction propagates across the network. 3-C. Since the evil miner controls 30% of the global hash power, your coffee is free 30% of the time. 3-D. Finally, you succeed! You also decide it is a lot less work to just pay for your coffee normally... That's great that you use coffee as the example, of course nobody will do it for coffee, but they will for higher priced items, 30% of the time of the global world commerce is a high unacceptable number, which is in Billions and Trillions of dollars. Again great argument, you will only succeed at scamming 30% of the time lmao, what a joke this place is. |
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1. IT'S A DECENTRALIZED CURRENCY
Does this even require any explaining? Do you honestly think that the current financial system that controls Trillions of dollars in the current global economy, is going to give up their power to some guy Guatemala because he ran he's 1990's computer the first year of Bitcoin.
Let's all open up our history books and see when the 99% won against the 1%? Almost never, and even when they did “win” it was basically the 1% handing off power to another form, and still running it behind the scenes just to appease the people.
Even if they allowed Bitcoin to become successful, they will regulate it so heavily, that it will pretty much lose any “benefits” that it had, (Europe is preparing to tax and regulate Bitcoin) and pretty much becomes centralized and just like anything else.
The current system will stay in power with centralized control, hence why they will create their own digital fiat currencies replacing their paper, to even gain more control.
2. CENTRALIZED MAIN DEVELOPMENT
Basically the “official” releases come from the Bitcoin Foundation. The development is pretty much centralized. Even if people fix everything wrong with Bitcoin, the foundation makes the final decision on what to include in it's next version on it's own priorities. This is basically all run by “Gavin” who caused Satoshi to disappear after he decided to meet with the CIA. The same guy who has not addressed any of the issues going to be discussed below for the whole time he has been in control. Whether by accident or on purpose is not the point. The point is the main trusted Bitcoin client is controlled by one entity, and everything they say, do, or don't do goes.
3. FLAWED ARCHITECTURE
Size
11 GB today.
100 GB 1.5 years from now
1 TB 3 years from now
10 TB 4.5 years from now
100 TB 6 years from now
1 PB 7.5 years from now
10 PB 9 years from now
100 PB 10.5 years from now
You think average people will store a 100TB worth of data? No. The solution cut the blockchain into pieces and store the whole blockchain only on specialized nodes, kind of defeats the purpose of decentralized than doesn’t it?
Double Spends
Double spends are already occurring, and have occurred since over 1.5 years ago, and it will only get worst as time goes on, and bigger merchants and higher ticket items come online the then you will really see the “bad pool operators” start to take advantage of this.
Nobody is going to double spend on a cup of coffee, nobody is going to commit fraud for small amounts, well at least not in person, but they will for big ticket items.
Slow Speed
Waiting for a transaction to fully confirm, is not feasible for day to day transactions. Yes let's hear the Credit Cards take 180 day confirms. One no they don't they confirm instantly, the money is just on hold for 90-180 days if the merchant sells a crappy product and refuses to honor warranty or remedy the issue. If it's fraud, say someone uses someone else card to buy something, the money does not come out of the merchants account, the credit card company takes the hit. Secondly, most important the buyer pays and gets his goods immediately, unlike Bitcoin where they have to wait for a few confirmations to be sure.
Un-Scalable
Bitcoin can barley handle a few hundred thousand transactions a day, what happens if the transactions grow to 10 Million, 50 Million, 100 Million which are all still relativity small transaction numbers compared to the 6 Billion people in the world. It simply can't handle it.
51% Attacks
51% attacks which don't have to be 51% of the network, as they can do it with far less hashpower, such as ghash.io 29% the two biggest pools combined make up over 51% of the network and can literally destroy Bitcoin at any second. It doesn't even need to be the pool operators, it can be hackers who take over the pools.
Unstable Exchange Rate
It can never be used as a sole currency to replace all other fiat currencies. Why? Because it's price is unstable. It must always rely on another fiat currency to have any sort of monetary use, no merchant is going to transact when the price of the currency fluctuates 50-200% a day. The only way to stop this is to have actual control of the currency and adjust creation.
4. NO BENEFIT OVER FIAT
With everything mentioned above it shows that Bitcoin has no real advantage over fiat for 99% of the people in the world. You can't pay your bills or general living expenses in it, can't buy much with it. It's slow, not consumer friendly, as once a payment is sent there is no charge back method. Guess what 90% of the world are consumers not merchants. If Bitcoin doesn't appeal to the regular consumer who buys goods from merchants it will never succeed. Even if it succeeds it's doomed by it's very architecture which can't handle the success.
The only use it has, is sending small internationally pretty quickly, which then again gets converted to fiat for people to actually use. What market is there for small international payments 5-10% of the world?
No entity would trust high sums of money to be transferred with Bitcoin with all of it's flaws. Want to know how right I am and how wrong you are? Bitcoin has about 3 million users in a 5 year period. Facebook in that same time had what? 600M-1 Billion users.
Not to mention by the time, I have opened 10 accounts just to buy and convert Bitcoin, I could have swiped my credit/debit card 1000 times.
5. CONCLUSION
Even if Bitcoin or another crypto currency fixes all of these issues, they are still doomed to fail because of reason #1.
With zero advantages and quite a few disadvantages over fiat, centralized incompetent development, and inhert flaws Bitcoin is doomed. So next time you get excited about Bitcoin growing, and can't wait for it's mass adaption, just know it's own growth is another nail in it's coffin. Bitcoin is digging it's own grave.
Before all the geniuses on this forum come and give your wonderful flawed opinions, and say how wonderful it is, and it's going places, and I am wrong, and Gavin will fix everything, and Bitcoin will take over the world as a currency and payment system. Please refer below to get a reality check:
Bitcoin users in 5 years: 3 Million
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This is very sketchy. It says it can mine both scrypt and SHA-256 simultaneously, which is impossible if they utilize the same chips.
it's not impossible it just sucks 1.2gh and 75kh/sec = lol |
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I still find it incredibly odd that an actual physical business as owned by Fabrizio would (if that is the case) be willing to stand behind any form of scam, and I can assure everyone here that both me and Burnside did what we at the time considered a very fair due diligence of the project before we ever considered having anything to do with any part of the listing process.
I know this was posted a long time ago but.. care to elaborate on what kind of DD you guys actually did? looks like you didn't even verify that the people involved in Labcoin actually existed. Yes we spoke with "Sam" on the phone due diligence complete. |
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Bitcoin was not premined. There were just not many people involved in the early mining that first year, so Satoshi's computer mined many due to a low degree of competition. It's also evident that the minimum difficulty level was a great deal higher than what his own machine could do, since it took a while for the block interval to stablize at anything near 10 minutes. In the beginning, blocks were hours apart. That might be what you are mistaking as periods of stopped mining. There were no periods of halted mining that I know of, although there was a bug that permitted a DDOS attack against the network that had to be fixed around 2010, and that DDOS delayed some blocks. More recently, there was a bug that could have forced a blockchain split; and there might have been a halt in mining over that, I'm not sure.
So in other words basically a premine, just ohh sorray nobody was around to mine so I mined the most coins. Release an ALT coin mine it for a year, and then make it publicly know, ohhh so sorry guys you weren't around to mine cause you didn't know about it. |
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Nice one
The mainstreaming is well underway....
You mean the slaughter is well underway, when Bitcoin fails under load. |
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Their site seems like a bunch of bullshit, we aren't going to mine with it to prove it's hashrate?
"We have had a lot of emails asking why don’t we mine on a pool to prove its hashing speed but we do not feel that this is fair to have to choose a particular Scrypt coin to mine, we want to keep everything neutral and fair."
What a bunch of shit lol.
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can you even order these things?
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Contact ebay for IP Fraud information. If possible they probably won't but worth a try.
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if i were a big banker or a part of the financial government i would create a NEW totally premined coin with many, many billions of coins
And who's gonna buy your premined government coin? That's the error right there. You need mass adoption and until you reach critical mass (so you can force it on everyone) you need the masses to think it's just another regular crypto coin in order for them to bid it up like crazy, thinking they'll all get rich. Or do you think the masses are gonna sell their good and mortgage their houses to pay $10,000 for a premined government coin so they and the elite can transfer 90% of their wealth? But that's exactly what the masses will do if they think they're getting rich, cause hey, look how fast and how high Bitcoin went. So the government is doing just as you're saying, if ixCoin is the next coin, you can bet they have all taken their positions and now they'll sit back quietly as the wealth transfer takes place: Voluntarily! Thanks for the German funny. lol. Edit: And you can make it centralized anytime, like they're trying to do with Bitcoin right now. But it has to start off as decentralized for fast mass adoption. You'd make a horrible dictator. everyone will buy it, because i'm the European Central Bank i'll print some billions of the EURO if needed and i stand behind this new coin - this is MY NEW digital currency - the worth comes out of my centralized sovereignty - it has worth like the euros i'm printing every day i'm laughing at your decentralized idea - this is no good for the system - i have no control over this decentralized shit of some nerds - what shall i do with such a buggy coding, open source and the resulting program - you can play with it in the ixcoin-kindergarten i'm really a brilliant and wise dictator  This is exactly whats going to happen. |
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If people took the time to read just the 1st page, they wouldn't ask all the dumb ignorant questions that most due, which clearly shows they haven't even wasted 5 minutes researching the topic, yet they are all experts on the matter.
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I run it on a desktop that does nothing besides going to run emunie. You don't need to run it on a computer where you have personal stuff or important stuff. I understand what you are saying but that's not common sense. Missing out on a crypto currency that might be the future over something silly as setting up a VM or running on a computer with no important information?
I think I was pretty clear: With the evidence at hand I consider the possibility of emunie being the future of crypto currencies so unlikely that it's not worth much work or risk. Much like I don't worship the Flying Spaghetti Monster, even though doing that _might_ save me from damnation if it turns out Pastafarianism truly was the one true religion. When the details are out I'll take another look. Until then, good luck to you (and may His Noodly Appendages bless you) I tried to study it and gave up. But I am not going to bag on it. Let them bring to market and if they write a comprehensible whitepaper, I may look again. What a reasonable human being does. |
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Not everything is about money you know, I don't need to get rich from this, I have enough for my own needs, and I could quite easily go and earn 6-7 figure yearly incomes from contracting and consulting, but I chose to do this, because I believe I can do something better!
However, an endevour such as this I can not fund myself entirely...I've paid for the development, I do this 24/7 and live off money I have earned in the past, I wont be holding anywhere near the majority eMu when it is launched, infact I'll be a minor holder.
Crypto nerds are not my one and only demographic, sorry to point this out, but BCT isn't the center of the world. There are another 7B people on this planet outside of this forum, THEY are demographic that matter for success and to grab their attention will cost a lot more than I personally have available to invest, even if I used it ALL. If I could I'd love nothing more to self fund entirely, but I can't.
Sometimes great things need a show of faith and external support past the person attempting it, otherwise we are all stuck in the dark ages.
Bitcoin isn't meant to be only used by the Crypto nerds either. But to burst your bubble, you're probably stuck with us in the beginning.  I'll show faith in the software when it can be thoroughly inspected , not in the person who made it and can tell us anything. Avoiding dark ages through blind faith isn't the best option if you look up some history books. Yeah well I guess your the minority as billions of people show faith in Microsoft, & Apple, and every other closed source software in the world. |
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Yeah lets hang around here for 6 months, and create something totally new just to scam you guys...seriously...if the goal was to scam I could of done that back in May with all the Alt Coin surge.
I guess instead of using common logic its just much easier to point fingers and form wild accusations. The burden of proof (that your software is not just a scam) is on you. Your assurances that it's not a scam can in no way be considered proof. Perhaps the simplest way to prove it is to release the source code (which must be buildable by those receiving it). If you can think of another way to prove it, go ahead. Until then, don't expect anyone on this forum to just blindly run your software. I guess the technologically advanced people on this forum, haven't heard of virus scanners lol, or real time virus protection even on running programs. |
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Overview for the impatient: - website links all broken
- no client available for download
- vague tech with no verification due to closed-source
- aggressive, childish boosters attempting to build buzz
- stupid name
Sounds great, where do I send my money? Real overview for the impatient: None of the above points matter because 1. Client is more important than a website for un-released software 2. Client is still in development 3. Tech talk is vague because its been an evolution, I invited anyone to ask questions only a week ago, no one bothered 4. You think these guys are aggressive? Wait until I get started with the real campaign 5. Opinions matter, most vary, some count, yours doesn't. You are riding a train that is coming to the end of the line....yes I know there have been claims of grandeur before and most don't deliver. I do...ALWAYS, Whether you use eMunie or not is up to you, but please don't insult me by judging the pie before you've tasted it. Release the whitepaper, codebase, and client to the public, then we'll see if eMunie delivers as promised. Until then you're just another preacher working the congregation. Can I get a Hallelujah?BRO WTFFFF ARE YOU EVEN ON?  Release something that isn't ready? WTFFF?? Can't even comprehend what goes on in your mind. |
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