Bitcoin is still in the year 2013. How do we get past it?

[gogxmagog]

Don't get me wrong, I love BTC, but....

I think the biggest flaw in the whole design and concept of BTC and the blockchain is; they didn't fully consider the "human element"

security (not getting hacked, ripped off, and scammed) will develop. I believe it could be the greatest growth area in the sphere, and if improved upon, will make BTC much more palatable, but it still doesn't fully address the "human element"

Beautiful algorithms and glittering technology are one thing, but most people don't care. They just want something that works, and will only switch up to a better version when the old has grown obsolete and the new brings noticeable improvements.

generally, people distrust new things. When the new thing is shown to have weak spots, these are exaggerated and constantly mocked/pointed out.

BTC has suffered so many scandals and scams that there is much more bad press than good, and this alone will stifle new adoption.

BTC could very well flounder to the point of death because people have this image that it is full of pitfalls.

If BTC can survive the next 5 years, for sure this human fear will evaporate.

Consider mobile phones. They have been commercially available since the 80s. Except no one used them. They were ridiculed. Cumbersome, overpriced, very limited usability.

Now the phone in your pocket contains more technology than went to the moon in the 60s, everyone has one, and they are easy to get and use. Think about it, how could you survive without one in today's world?

Too many people try and make an analogy between BTC and early days of internet.

Mobile phones are a much better comparison.

Hold fast brethren, we have ~5 more years of gloomy seas on good ship BTC.

however, patience will be rewarded.

[crazyivan]

The biggest flaw related to BTC is anonymity. This trait is what has made hackers, scammers, ponzi admins, ponzi pumpers and similar scum to become extremely interested in BTC.
This economy cannot grow without tons of small and successful projects, this is what makes people interested in new tech, success stories. If the entire crypto community consists of suspicious or semi-suspicious projects, who s gonna want to be part of it? Only those scammers and you cannot build economy on that.

As much as I do not like saying that, we do need some form of limited legislation related to BTC or this project s not gonna continue to grow.

[OpenOcean]

Create applications to increase its utility.

[Hazir]

2013:
- Largest exchanges getting "hacked" (Mtgox)
- Largest Bitcoin mining companies scamming users (BFL)
- Online black markets scamming users, losing money, and getting shut down (Silk Road)


2015:
-The largest exchanges are still getting hacked (Bitstamp, Bter)
-Largest Bitcoin mining companies scamming users (ASICMiner)
-Online black markets scamming users, losing money, and getting shut down in the same exact fucking way (SR 2, Evolution)

How do we get past the year 2013?

And do you think that we could ever be able to counter hacking attempts? I don't think so when even the biggest world's companies are being constantly hacked: Sony Network hacked in Dec 2014, Twitch.tv hacked a week ago and countless other hacked sites we didn't even know about. Scammers will be always z threat, it is human nature that is flawed here not system, there are people who want to steal and people who are gullible enough to be their victims. And Black markets are the same thing, people are just being retarded, again we can't really do anything about it.

[jehst]

2013:
- Largest exchanges getting "hacked" (Mtgox)
- Largest Bitcoin mining companies scamming users (BFL)
- Online black markets scamming users, losing money, and getting shut down (Silk Road)


2015:
-The largest exchanges are still getting hacked (Bitstamp, Bter)
-Largest Bitcoin mining companies scamming users (ASICMiner)
-Online black markets scamming users, losing money, and getting shut down in the same exact fucking way (SR 2, Evolution)

How do we get past the year 2013?

And do you think that we could ever be able to counter hacking attempts? I don't think so when even the biggest world's companies are being constantly hacked: Sony Network hacked in Dec 2014, Twitch.tv hacked a week ago and countless other hacked sites we didn't even know about. Scammers will be always z threat, it is human nature that is flawed here not system, there are people who want to steal and people who are gullible enough to be their victims. And Black markets are the same thing, people are just being retarded, again we can't really do anything about it.

Bitcoin is programmable money. We should be able to design security features that are beyond anything fiat can do.

Multi-sig, timelocked balances, IP/device analysis, biometric passwords.

It's funny. Lots of people in this thread thought I was talking about the price or investment when I was talking about security and fraud.

[Hazir]

2013:
- Largest exchanges getting "hacked" (Mtgox)
- Largest Bitcoin mining companies scamming users (BFL)
- Online black markets scamming users, losing money, and getting shut down (Silk Road)


2015:
-The largest exchanges are still getting hacked (Bitstamp, Bter)
-Largest Bitcoin mining companies scamming users (ASICMiner)
-Online black markets scamming users, losing money, and getting shut down in the same exact fucking way (SR 2, Evolution)

How do we get past the year 2013?

And do you think that we could ever be able to counter hacking attempts? I don't think so when even the biggest world's companies are being constantly hacked: Sony Network hacked in Dec 2014, Twitch.tv hacked a week ago and countless other hacked sites we didn't even know about. Scammers will be always z threat, it is human nature that is flawed here not system, there are people who want to steal and people who are gullible enough to be their victims. And Black markets are the same thing, people are just being retarded, again we can't really do anything about it.

Bitcoin is programmable money. We should be able to design security features that are beyond anything fiat can do.

Yes, we can do something like that but guess again. People are the flaw here, here what happened with Black Market - Evolution.  That site gained users trust by offering a feature known as multi-signature transactions, designed to prevent exactly the sort of bitcoin theft its administrators are now accused of. That system, would require at least two out of three parties in a transaction - the buyer, the seller, and Evolution's administrators - to sign off on a deal.  And you know what? Due to its complexity, buyers rarely used the feature. People are to be blamed, not the system.

[jehst]

2013:
- Largest exchanges getting "hacked" (Mtgox)
- Largest Bitcoin mining companies scamming users (BFL)
- Online black markets scamming users, losing money, and getting shut down (Silk Road)


2015:
-The largest exchanges are still getting hacked (Bitstamp, Bter)
-Largest Bitcoin mining companies scamming users (ASICMiner)
-Online black markets scamming users, losing money, and getting shut down in the same exact fucking way (SR 2, Evolution)

How do we get past the year 2013?

And do you think that we could ever be able to counter hacking attempts? I don't think so when even the biggest world's companies are being constantly hacked: Sony Network hacked in Dec 2014, Twitch.tv hacked a week ago and countless other hacked sites we didn't even know about. Scammers will be always z threat, it is human nature that is flawed here not system, there are people who want to steal and people who are gullible enough to be their victims. And Black markets are the same thing, people are just being retarded, again we can't really do anything about it.

Bitcoin is programmable money. We should be able to design security features that are beyond anything fiat can do.

Yes, we can do something like that but guess again. People are the flaw here, here what happened with Black Market - Evolution.  That site gained users trust by offering a feature known as multi-signature transactions, designed to prevent exactly the sort of bitcoin theft its administrators are now accused of. That system, would require at least two out of three parties in a transaction - the buyer, the seller, and Evolution's administrators - to sign off on a deal.  And you know what? Due to its complexity, buyers rarely used the feature. People are to be blamed, not the system.

You're absolutely right. I look at coinmarketcap.com at this moment and I see that Paycoin, a blatant scam, is one of the top 10 cryptocurrencies with a higher market cap than Namecoin or Peercoin. People aren't interested in legitimacy or being picky about who they do business with. They want convenience and promises of riches and they'll give up security and common sense. So the major problem with crypto right now is that the majority of the market participants are incredibly stupid. We'll get what we deserve until we start demanding better.

[gentlemand]

You're absolutely right. I look at coinmarketcap.com at this moment and I see that Paycoin, a blatant scam, is one of the top 10 cryptocurrencies with a higher market cap than Namecoin or Peercoin. People aren't interested in legitimacy or being picky about who they do business with. They want convenience and promises of riches and they'll give up security and common sense. So the major problem with crypto right now is that the majority of the market participants are incredibly stupid. We'll get what we deserve until we start demanding better.

Human nature is the same whichever little pocket it spreads into. You can have the greatest tech ever but collective dumbness and greed will quickly piss all over it.

That's why it has to moulded and shepherded by people with more of a clue than the majority. Most are not equipped to be their own bank and never will be.