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The more and more I see the difficulty shoot up to ridiculous levels, the more and more I see the major flaw in BTC. In the end there is nothing stopping a Mega Mining operations from doing whatever they want. Here is why I feel this way. http://hackingdistributed.com/2014/06/16/how-a-mining-monopoly-can-attack-bitcoin/ <-cred and props to these guys for writing this. A Mega Mining operations says "trust us", their name is Ghash.io(t his violates the trust-less nature of what BTC is supposed to be)... They say they will "not do a 51% attack", although they could at any time."""GHash actually had a fairly sustained 55% last weekend, and there is no reason why it couldn't be, say, 80%. So a 1-confirmation transaction would suddenly take 40 minutes instead of 10.""" Other miners will soon start going out of business (and have been already) and stop mining completely at some point, which will leave Ghash.io or whatever Mega Miners remain to have almost total control. Now I know a lot of people in these forums always try to play the emotional game(while they try and say it is logical) of "A Mega Miner serves itself better by keeping BTC alive and not doing 51% attacks". That might be true for the time being, but what about years from now? There will be a point where someone gets up to 60% or 70% or even 80% or higher. There will be no room for smaller operations, it will be controlled, therefore changes can be made in their favor. We all know what happens when people get control of something, with great power comes great corruption. There is no law that prevents a Mega Miner from screwing anyone over. In the end it will most likely not be worth it for the Mega Miner to continue, hence where the screwing over comes in. Double spending, not validating transactions, black listing people, big fees if they feel like it(or else your transaction doesn't get processed). But why doesn't everyone "just choose not to accept those miners". Good question, not everyone knows anything about that and then where do you really go when everything is shut down? The community isn't going to pay hundreds of millions of dollars to hire and create a new Mega Mining operation that could just turn around and screw them over again anyway. BTC is a very good step forward in the direction of the future of currency. But we all can't sit around and claim BTC is the best when such fatally obvious flaws exist. I don't see any way to fix it, and when quantum computing comes out prepare to really get effed by a Mega Miner. It is not like a Mega Miner needs to screw everyone over royally, it is just that "trusting" them is what BTC is not about. Extreme Example: Miner A has 65% Miner B has 30% Miner C has 5% So in this example of the near future or a few years away future, Miner A is control now. Guess what? Everyone agrees to raise the threshold to 71% besides Miner A, but guess what? Miner A does not accept the change so it does not go through. So you see how it would be harder and harder to update the BTC protocol further into the future... What happens if Miner B and C accept the change? Chaos. New Block Chain formed that lots of people go to, but some still at Miner A(the dumb people). Miner B now has about 85% of total miner power Miner C now has 15% of total miner power. Miner B controls the network now instead of Miner A, threshold is again voted to be raised to a 91% attack is now needed to double spend... See how the problem just keeps going with stupid things like this? It needs to be changed to a higher number NOW before the Miners become a more powerful oligopoly. Miners don't always have to act in the best interests of anyone... Look at MTGOX and other countless examples. Hacking can easily ruin miners too, why not? People used to think it was impossible to get into space, the earth was flat, that certain races are dumber, that the everything revolves around the earth, even BTC people say is impossible until someone thought of it... etc... I wouldn't give up hope on an updated protocol that solves more issues, it isn't impossible to make BTC better, it isn't impossible to change the protocol and add new features/voting system based on "X" where x is a section of code that now also validates "BLAH" and confirms "YADDA YADDA". Tell me, why is it better that Ghash.io can do everything it wants? Why isn't it better to have a floating variable that determines lets say the top 5 Mining Pools and makes them all confirm something instead? How is having one thing in charge better than 5? A system needs to be put into place where more than one mining pool can agree with the others and validate, and if a pool is abusing its power there should also be something that makes gives them consequences for doing so. The logic can and must be expanded to account for the future. |
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http://www.infowars.com/economist-u-s-banks-preparing-to-charge-customers-for-deposits/interesting read  """In the week that the European Central Bank cut its deposit rate for banks from zero to -0.1%, economist Martin Armstrong warns that negative interest rates are coming to the United States, meaning that Americans will be forced to pay just to keep their money in the bank.In a move described as unprecedented, the ECB became the first central bank in history to cut any main interest rate to negative yesterday, part of a package of measures designed to encourage banks to provide more loans to businesses and households. Many view the policy as a desperate sign of Europe’s faltering economic recovery. Critics claim that the action will do little to spur growth while threatening to cause inflation and unemployment. While banks in the EU have not indicated whether or not the costs will be passed on to consumers, the New York Times’ Neil Irwin asserts that this is inevitable. “Banks will most likely pass these negative interest rates on to consumers, or at least try to. They may try to do so not by explicitly charging a negative interest rate, but by paying no interest and charging a fee for account maintenance,” he writes.What about Americans? Will they also soon be charged by the bank simply for depositing their own money? Yes, according to economist Martin Armstrong. Armstrong, who is noted for calling the 1987 economic crash to the very day, warns that U.S. banks are preparing a raft of new account fees that will serve as a de facto negative interest rate. “In the USA, we are more-likely-than-not going to get the negative rates directly passed to consumers by the banks who will claim it is the Fed who will do so at the requests of the banks. Larry Summers has set the stage. This is just how it works. He flew the balloon to get everyone ready. This is likely to be bullish for the stock market,” writes Armstrong, noting that, “The talk behind the curtain is to impose negative interest rates on the consumer.”"""
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So BTC is going up on pretty low volume currently. So what changed to get people willing to pay a higher price now? Is there some news or anything I am missing here?
Or is China just not having any news lately so they get the price to rise and then "News" comes out and ppl are like oh snap time to sell again. Idk.
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It is all in the title really. Yeah, hacks, gox, sheep market place, china news, bad news here, bad news there, bad news bear. IDK. I remember seeing that China accounted for the majority of BTC volume on any given day. In the U.S. and Europe we really don't need BTC because our governments aren't exactly confiscating our wealth on a massive scale, or really even almost any small scale(some peoples opinion might be that they are, but nice opinion bro). So if everyone is always going around saying China doesn't matter, why do you keep having you repeat the mantra? It obviously has a pretty big effect, and if they actually ban it outright banana sandwich like no tomorrow then we will really see a big dip ay? For those who say it isn't China, what is it then?  |
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I was thinking of a scenario. A lil long.
Ok, so Mark Karpeles had nothing bad happen to him for goxxing everyone, right.
So if nothing happened to him, what stops the few BTC devs from working with the top 1 or 2 mining "guilds" and forcing a change onto the miners? All you need is 50.000000001% of all miners to accept a fork is what it sounds like right?
BTC was founded to get away from having centralized control. If you ask me, this is more centralized control than anything I have ever seen. Like 10 people can get together and do whatever they want with 21 million BTC? If the devs went to someone who had control over 50.0000000001% of all mining power, and they convinced them to accept any changes, then there could be infinite BTC correct?
I am asking this seriously and I am not trolling. Can the number of actual total possible BTC get increased or decreased? What is stopping anything from having an increased block reward if it is all open source right?
See, its things like this that make me worry about what BTC will turn into. I really think the majority of mining should be controlled by the smaller people instead of being these big centralized mining "guilds/clans/organizations".
But a few years from now the only major players will hold an oligopoly over BTC and everything will be too expensive to buy your own for the smaller people. So BTC will turn into something more centralized than the current banking system in the U.S.... In the U.S. anyone can make a bank and yeah its dominated by like the top 20 banks or so? But there is a lot of moving/working parts to make it happen. A big change can easily be ignored by the majority, but in BTCs case a big change just needs someone like Cex.io to say Yes and the change gets pushed through.
That is how I understand what BTC is going to turn into. Hopefully there is something in the works to prevent this from happening. But that is why I am basically going to be a bear for now on BTC.
I appreciate any feedback on this.
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Why do people discuss Bitcoin on here? When all they do is say BUY BUY BUY, Cheap Coins, Moon, Best Moon Ever, Best Blood Moon Ever coming omfg.
I think a few more exchanges are going to get hacked and Bitstamp has been pretty shady lately. I believe exchanges are really hurting BTC and causing the biggest dixie wrecked to ever be seen.
Should these forums just be renamed BULL-Bitcoin? There is like 98% Bull responses to anything on here.
What is the point? You all are so optimistic when things are doing bad, you are all optimistic when things are doing good.
So I say really, why. WHYYYYYYYYYYYYYYYYYYYYY.
Y'all talk a big game but all I see is BTC volume going down and prices going down.
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I retract my previous statements |
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EDIT: this has been taken care of by Andreas. No need |
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ENDED
hope yall enjoyed the coins!
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A Bit Long  Ever wonder why the top economic minds, rich bankers, stock analysts, and generally most people don't understand virtual currency? Why they seem to be so stupid on such an easy to understand concept? They don't play video games. They haven't experienced virtual currencies.This was really bothering me soo much that I decided to create a username on here and make this post. You can apply this to about any game that has virtual currency, almost all of them do. My background on virtual currencies, playing many many years of games with market places: SWG, SWTOR, Runescape, GW, GW2, Warhammer Online, Knight Online, various other games with market places. The best example of these is Runescape. Day 1: when Runescape 2.0 was released, almost no gold exists in the RS world. People are killing goblins for up to 10 gold coins each, thieving from low level NPCs to acquire gold. Day 30: Low amounts of people are now at a higher thieving level to where they are bringing in substantial amounts of gold per hour compared to the original gold per hour. Easily increasing the rate of total gold brought into the game by a factor of thousands of times. People are now also converting items into gold coins with High Alchemy. Day 60: Still only low amounts of people understand how money is generated, thus the price of 1 million RS Gold sky rockets to hundreds of dollars per million. Day 90: Still not many people understand anything(it's still a new game), there isn't really a good place to go that defines how to make money. This is about the day somebody showed me what the heck High Alchemy is and how to profit from it. I was very very grateful to them and made easy money in the beginning. The point here is that the money was VERY EASY to make, you just had to understand what was happening. Eventually the majority of people learned about how gold is brought into the game, tons of gold ends up in the game, price of gold goes down to roughly 80 cents per million. But notice how this is all a virtual currency, how it has no backing from anywhere, how it has no intrinsic value, no governments/game creators regulated any of this. The free market worked out what everything was worth on it's own. To anyone who says "bitcoins are a bubble and eventually won't be worth anything and it's a scam" They haven't played any video games that had virtual currency. Currently we are at the phase where more and more people are getting into what this is all about. This is the phase where the prices will keep going up for a little while, months or years can't say, but the overall point is that it will level off, prices WILL be lower, people WILL lose a lot of money, and people WILL be puzzled as to why it happened. If you read this whole thing and understand you're welcome, I probably just made you understand your days of buying low and selling high are soon to come to a close. There are tons of other coins, and tons of other coins will continue to come out. There will be an infinite supply of coins. Bitcoins won't be worth hundreds of thousands of dollars ever simply because other coins will bring the price of Bitcoins down.
You really have to be truly ignorant to make a post that only looks at one coin or a few coins. The correct way of reading virtual currency is context. So many people these days have no critical thinking skills and cannot understand the context of the situation. Not to mention that processing times for Bitcoins are extremely inefficient because they are not instant or as fast as other coins. Remember, If FIAT MONEY < Bitcoins < another coin < another coin < another coin< something else < something else.
EVERYTHING CAN BE IMPROVED, new things replace the old, other coins have more Pros than BTC, being faster transaction time, easily divisible, more widespread, |
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