Flaw in Bitcoin? (video)

[townsend]

This is 3 minute video, just posted on youTube.

"Bitcoin has a fatal design flaw that almost no one is talking about."
http://www.youtube.com/watch?v=PfeA94BedQI

Should I be worried?

[grue]

duplicate topic, see: https://bitcointalk.org/index.php?topic=359051.0

[townsend]

At some point the maximum number of bitcoins are issued.
Will the block chain cease to grow at that point?

Are there any possible solutions of the tech teams to-do list?

Are there dates in the Block Chain? Maybe I could specify the date of my first purchase, and only download blocks from then forward?

[coinpr0n]

At some point the maximum number of bitcoins are issued.
Will the block chain cease to grow at that point?

Are there any possible solutions of the tech teams to-do list?

Are there dates in the Block Chain? Maybe I could specify the date of my first purchase, and only download blocks from then forward?

No. The blockchain is a record of the transactions, not the coins issued.
Yes. The tech teams know about this.
Uhm..

[drrussellshane]

The decentralized part of Bitcoin comes from the fact that the blockchain (ledger of all transactions) is stored on many, many computers worldwide - originally with each user keeping a copy as part of the Bitcoin client.

I think that the developers have been perhaps assuming/hoping that Moore's Law would be able to keep up with the blockchain size. And right now, there is a limit on the block size, so the growth is limited somewhat. But the block size is a whole 'nother can of worms.

LOL.

Bitcoin sure is a fun experiment.

[takagari]

Yup, end of the world, everyone better sell your BTC off right now!

I'll be nice and give you each a penny per BTC to help you cope with your loss...

[Akka]

Ohh wow! I can't belive nobody in Bitcoin thought of this problem in almost 5 Years! This guys are smart to figure this out!

Well, that's it. Experiment failed   Let's just shut it down  

...

Actually this issue is already addressed in the original Whitepaper: http://bitcoin.org/bitcoin.pdf

See 7. Reclaiming Disk Space.

This is a lot of work and requires sensible planning and testing. But it will come at some point.

[Montago]

The funny thing is, that even if the Blockchain grows by 10,11,12,13,14 GB pr year, then the problem becomes smaller and smaller

Harddrives grow exponentionally
Internet bandwidth grow exponentionally

so even if the blockchain is 100GB in 5 years, then it will feel less of a burden than it does today !