Bullshit. It points out the fundamental flaw in people's ability to protect themselves. Probably because they've been relying on other people to do it for them for far too long. Bitcoin banks and insurance companies will come about that make Bitcoin as safe as any other property. But these securities come with a price. I'd rather not pay the price, because I am perfectly capable of securing my own property. Thankfully with Bitcoin, it's my choice.

After the difficulty change the network was finding blocks at quite a fast pace for about a couple hundred blocks. Then it dropped to a rate much closer to the target rate. I'm far too lazy to provide the data, but it's all there in the block chain. I don't think this can be written off as variance. If my memory serve me correctly, it seems to be a recurring theme around difficulty changes though and it's very interesting.

I agree, but all you need to do is hire a geek! Hell, there are plenty of geeks that have already given free, simple instructions on how to secure a wallet.

As usual, having the right information is extremely valuable. Of course, there are people who can't even follow instructions properly... They are the ones who are going to need the Bitcoin credit cards, and they are going to pay handsomely to use them, just like they do now!   

As long as Bitcoin has value, there will always be someone out there trying to steal it. And they will find ways. Keep that in mind. This isn't a flaw specific to Bitcoin though.

I think people get lax on the protection of their Bitcoins because it isn't tangible. Someone who would never consider leaving $500,000 dollars worth of gold sit in the corner of their bedroom might leave their wallet on a computer connected to the internet. Protect yourselves people!

Bitcoin would receive negative press if it was perfect, and of course it isn't. People will screw up and the public will hear about it. The public eats up stories like this. Ever see how traffic slows down on the opposite side of a highway when there is an accident? Anyway, encrypt the wallet and some guy is going to forget the password to access his 25,000 Bitcoins and it will be all over the net.

There is a market for Bitcoin security, and someone will build a layer on top of Bitcoin to make it more secure for the average user, and they will get rich doing it. Think insurance companies and banks.

Download a client from Bitcoin.org with a fresh OS and transfer with a USB key. I'm still using a client several versions back. Yes, if the client is compromised there is nothing you can do. But wow, how can you think this paranoid and still be the victim of a 25,000 BTC theft? Or is it that you are just now thinking this paranoid? Paranoid is a bad word for me to use, it's actually being prepared.


Basically this is what I'm saying. But this device will never connect to the internet. It doesn't need to. It's for savings only.

I think you should read his post. He didn't say anything that resembles what you are talking about.

Basically he's asking if a bunch of coins are being used to stabilize the exchange rate. He's also asking if it is the allegedly stolen coins specifically.

To answer the OP, I don't think 25,000 coins could stabilize the price for this long.

Well every "average joe" that I know has a retina scanner! 

All you need for a practically foolproof secure wallet is a computer that never touches the internet and a little effort on the users part.

A savings account that can be accessed if needed. Like buying a safe or renting a safe deposit box.

Put fewer Bitcoins on a spending account that is less secure. Like carrying cash around daily.

It's my opinion that these flaws you see are exactly what has allowed Bitcoin the success it has already achieved.

One of the ways to prevent the "early adopter issue" is to inflate the coins according to the difficulty instead of steady inflation. I simply don't see this working because no one would value something that was so readily available.

I look forward to seeing how you create value and spread it evenly to anyone that wants it while convincing them all that it actually has value. Of course I've been looking forward to this from every other forum member who suggested they were going to do the same thing.

Perhaps you plan skip the value part altogether and create a decentralized ledger book based on trust? It could work, if you found a way to prevent people from gaming the system. But that would require identities.

But there is no point in my speculation, I'll just wait patiently.

Oh, and I think the issue is that your dissenting voice is just an echo of the countless people before you who have made the same exact argument before. You haven't brought anything new to the table. I realize you couldn't help but post, but really, have some originality or at least define your terms. From my understanding of your usage, anything that allows people to profit from being first to the table is a ponzi scheme! A ponzi scheme relies on a lack of flow of information from the schemers to the investors, among other things. It simply doesn't fit Bitcoin, which has been open source and public from the start!

All this proves is there is a market for a layer on top of Bitcoin to provide security without the "average joe" having to make any effort. Thankfully, those who do want to make the effort won't require this layer.

In time, someone will provide a security solution for the "average joe". And they will get rich doing it.

The block chain? Although he's mad if he thinks that ownership can be traced beyond this address has this amount of Bitcoin. Of course, some addresses can be linked to the owners, but certainly not all.

You would think these people who hate the idea of Bitcoin so much would do some damn homework and come up with a few of the actual problems facing Bitcoin instead of relying on the tired and played out "it's unfair that people who found this useful tool first might profit from it". It's not hard, there are people who actually like Bitcoin that discuss these problems on a regular basis.

If you know a better way of introducing a new currency with all the advantages of Bitcoin without what you consider the faults of Bitcoin, please do it so the world can have access to such a fantastic creation. Trust me, if it's so much better, people will drop Bitcoin like a bad habit. Hell, it shoudn't be that hard, just build off of the back of Bitcoin.

I'm not going to hold my breath though, and I'll keep using Bitcoin until then.

If you suggest there are no advantages to Bitcoin, then wtf are you doing posting on a Bitcoin forum? Trying to save us? With friends like that, who needs enemies?

Because calling Bitcoin a ponzi scheme is a downright lie. Saying it's a huge investment opportunity could be true (although it would be nice to add that it's extremely high risk). Saying Bitcoins are guaranteed to go up in value is also a lie, and I would call someone out on it if I saw it, the same way I call you out.

You still haven't bothered to provide your definition of ponzi scheme.

There is no product? I can very quickly send value to someone anywhere in the world with the press of a few buttons! I don't need to open an account. I don't need to register anywhere. I don't need to use a third party. I don't need to give my name. I don't even need the receivers name. This is an amazing amount of freedom for me. The properties of Bitcoin hold tremendous value to me. I could go on.


If people want to share software that is their prerogative. If someone else wants to profit off of theirs, that is their prerogative as well. I'm not going to ignore a fantastic idea because someone might profit from it.

I was about to say that I haven't found a block for weeks (after quite a good streak), but I checked and apparently I found one today! 

Did you notice that the block count had stopped on bitcoin watch prior to the difficulty change? I would imagine that was affecting the other stats. Some time around the difficulty change it was corrected or started counting again.

Lots of time you understand, but that doesn't convince you it's an "enormous risk"?

Time may be the most non renewable, limited resource a human being has. Time spent on one thing can never be re-spent on another. My time is the most valuable thing I have.

Like I said last time you suggested this.

You are being dishonest when you suggest Bitcoin is a ponzi scheme. I don't understand how a voluntary, p2p, decentralized, open source, digital currency project that has a complete and total history of transactions and is openly traded on public exchanges could possibly be misconstrued as a ponzi scheme. Anyone who does is either ignorant or dishonest (perhaps both). I don't care how many people enthusiastically promote it.

No, but it guarantees that the 50 coins you wanted won't be sold on the market (assuming you wanted to keep the 50 coins in either situation).

You buy coins (and don't sell them), you remove them from the market. You mine coins (and don't sell them), you remove them from the market.

Hmm... I understand what you are saying, but technically these two should have the same effect over time? In both cases you are reducing the supply of coins on the market by 50. You are just going about it differently.

Mining Bitcoins is about being paid for securely processing Bitcoin transactions. The block reward is designed to be replaced by transfer fees. So, even without a block reward, there will still be incentive to mine. Time will tell how much incentive the transaction fees provide. This of course relies on the acceptance and use of Bitcoin in the future.

Aren't these all user issues? (Except -Fear of losing coins..) Granted, people have to use Bitcoin if it is going to be a currency.

I'm just trying to clearly understand the argument. Is it: People are stupid, so Bitcoin is a poor currency?

If so, it will work like everything else in the world. The smart kids will make it easy for the public to use, at a price. The bonus is, the smart kids who just want to use it in it's raw form can.