Okay, let's do this.
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.
Can you define "current financial system"?
2. CENTRALIZED MAIN DEVELOPMENT
When uTorrent started adding malware to their client, nobody was "forced" to sit there and swallow it. If something goes awry, switch clients.
I saw this the other day, looked interesting, and like it's run by competent people:
https://github.com/conformal/btcd I'm sure there are others.
However, the concerns you raise are still valid concerns, and I think people need to acknowledge that before they are prepared to jump ship and switch clients if anything
does go awry.
You think average people will store a 100TB worth of data? No.
Yes.
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.
This has been discussed many times. Vendors can choose to wait as many blocks as they want. 10 blocks is no big deal for a 1000 BTC purchase.
Slow Speed
This has been discussed to death. Search this forum.
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
From Wikipedia: The liability for the fraud is determined by the details of the transaction. If the merchant retrieved all the necessary pieces of information and followed all of the rules and regulations the financial institution would bear the liability for the fraud. If the merchant did not get all of the necessary information they would be required to return the funds to the financial institution. This is all determined through the credit card processory.
Okay so if the merchant messed up somehow (e.g. didn't double check a signature) then the merchant pays for the fraud. Same deal with double spending.
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.
6 billion people in the world wont be making online transactions all at once. This issue has also been discussed to death; search the forums.
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.
They'll literally destroy it?
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.
The price will settle.
4. NO BENEFIT OVER FIAT
blah blah blah blah Want to know how right I am and how wrong you are? blah blah
Oh. Sigh. I thought this poster was making a genuine effort to have a discussion. I'll get better at this. Time to utilise that ignore list!
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