The fundamental flaw in bitcoin

[edd]

bitcoin is almost exclusively used the moment because it can be used over the internet to transact with remote entities

Source?

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[beeblebrox]

bitcoin is almost exclusively used the moment because it can be used over the internet to transact with remote entities

Source?

really?  Do you not believe this without a source?  How about this for a source--- ME!!

(If you're not happy with that read one of the many 100's of articles extolling the use of bitcoin as an INTERNET currency and how it can be used to do things like an internet shopping (ie: non-physical, non-local), or foreign money transfer etc.)

[edd]

bitcoin is almost exclusively used the moment because it can be used over the internet to transact with remote entities

Source?

really?  Do you not believe this without a source?  How about this for a source--- ME!!

(If you not happy with that read one of the many 100's of articles extolling the use of bitcoin as an INTERNET currency and how it can be used to do things like an internet shopping (ie: non-physical), or foreign money transfer etc.)

You are making a claim as to why bitcoin is being used, not how. I happen to believe it is due to its decentralized nature and I'm asking you to provide evidence to support your claim.

BTW, you still haven't addressed some of my other questions.

[Beepbop]

Remote attestion takes care of that.  With remote attestion, I can be guaranteed that your computer is running a particular piece of software.  That software in this case would be the wallet generating one-- if it is open source then I can review the code to make sure that it nevers gives out the key, but only puts it in the wallet which gets passed around.  If this wallet is tampered with to reveal the key then the DRM software reveals to the next person receiving the wallet that it has been tampered with.

Aha. This might actually work.

Yes, a fee gets paid.  However, it ONLY gets paid ONCE (at the time when casasuis loads the coin) all other subsequent transactions that involve the physical exchange of coins are *completely* free!

While it's true that the mining fee only gets paid when the wallet "leaves" the blockchain and when it's cashed in again, there is still an associated cost with doing the transactions in the new Bitcoin² system. Actually processing the transactions. And this would only happen once Bitcoin v.1 transaction processing gets overly expensive, thus attracting more miners due to the payouts, and then making the offline transactions less of a cost-saver.

[beeblebrox]

bitcoin is almost exclusively used the moment because it can be used over the internet to transact with remote entities

Source?

really?  Do you not believe this without a source?  How about this for a source--- ME!!

(If you not happy with that read one of the many 100's of articles extolling the use of bitcoin as an INTERNET currency and how it can be used to do things like an internet shopping (ie: non-physical), or foreign money transfer etc.)

You are making a claim as to why bitcoin is being used, not how. I happen to believe it is due to its decentralized nature and I'm asking you to provide evidence to support your claim.

BTW, you still haven't addressed some of my other questions.

So you believe the the majority of all the bitcoin transactions (about 60000/day currently) are happening between people in the same room?  really??  Well the blockchain tells me otherwise-- the largest single source of transactions is Satashosi Dice and I'm rather confident in believing that all the people placeing bets on it are NOT in the same room.  Also another large source is the money flowing in and out of MtGox-- likewise I'm sure that these people are not all in a room in a Japan somewhere.

The sad part is that I've had to explain this to you!!!  This is why I haven't bothered with your other questions-- why should I waste my time answering and explaining things which are blatantly obvious!!!

I've presented my case and have defended it against all criticism leveled at it.  Simply put, the transaction fee model will not generate enough fees to secure the system once off-chain transactions become the predominate method to exchange coins.

It's 4:00 in the morning here, I've been up all night.  I'm going to bed.  Goodnight/day to you whereever you are.

[MoonShadow]

I'll nuke your little account out of spite.

Where can I donate to make this feature a reality? Make it a max donation of BTC0.01 per donator, but when the donation for a particular offender hits BTC1.0, KABOOOOOOOOM.  Could be a good way to generate some income for the board. :-)

The board gets plenty of income from donations.  It's ran by those 'early adopters' and we aren't exactly hurting.

[MoonShadow]

I think I've had enough of this BS.  I warned the OP early that there was much to be learned on this topic by simply reading the forum and using the search function.  Apparently no one bothered to attempt it, because I keep seeing tired arguments that have long been settled. 

This thread shall be locked.

Beeblebrox, learn to do some research before you start spouting crap about a complex subject for which you do not understand.  If, after some effort on your part, you still do not understand why you are wrong; ask again politely in the Bitcoin Discussion section, and I have no doubt you will get the clear answers you seek.  Too many of the old salts here are not going to bother to post in the newbie section, or even read your complaints, to expect that the best responses are going to be found here.