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Author Topic: Is this Bitcoin's achilles heel?  (Read 5671 times)
BitcoinTate
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April 03, 2013, 11:45:51 PM
 #61

Na... Mt. Gox is Bitcoins Achilles heel! Vote here if you will still use Mt. Gox again after today's shenanigans: https://bitcointalk.org/index.php?topic=166460.0

- aka The "DigiMan"
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April 03, 2013, 11:48:15 PM
 #62


People could just say:  "this guy has gathered pretty much all the bitcoins.  Screw him, let's start an other chain from scratch!"

People already did what you say. There is a separate thread on this forum https://bitcointalk.org/index.php?topic=134179.0

I know they did.  Then why do you whine about a possible corner of bitcoin?

Edited my message, please reread.

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grondilu
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April 03, 2013, 11:59:08 PM
 #63


People could just say:  "this guy has gathered pretty much all the bitcoins.  Screw him, let's start an other chain from scratch!"

People already did what you say. There is a separate thread on this forum https://bitcointalk.org/index.php?topic=134179.0 Unfortunately, none of these altcoins fix any bitcoin flaws. All this work is done by smart people, and they will find good fix against all threats, I am pretty confident. But, we are not there yet.

Lemme guess:  you would like a currency that everybody receives equally, at regular interval and till the ends of times?
BitcoinTate
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April 04, 2013, 12:13:49 AM
 #64


People could just say:  "this guy has gathered pretty much all the bitcoins.  Screw him, let's start an other chain from scratch!"

People already did what you say. There is a separate thread on this forum https://bitcointalk.org/index.php?topic=134179.0 Unfortunately, none of these altcoins fix any bitcoin flaws. All this work is done by smart people, and they will find good fix against all threats, I am pretty confident. But, we are not there yet.

Lemme guess:  you would like a currency that everybody receives equally, at regular interval and till the ends of times?
Damn commies anyway!

- aka The "DigiMan"
hiima
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April 04, 2013, 12:20:17 AM
 #65

We need another good exchange that can compete with mtgox. So far btc-e and bitfloor are the only ones close.

Whiskey Fund BTC 1K2SG4amzNrB7gUwf5braHuExqnQ5nEKZp LTC Lgoz9gb7q39FMAmBz8odfkx4YFhLeofCpc
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April 04, 2013, 12:37:33 AM
 #66



Lemme guess:  you would like a currency that everybody receives equally, at regular interval and till the ends of times?

No. Wrong guess.

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April 04, 2013, 12:39:19 AM
 #67


Damn commies anyway!

We are coming after you, baby. MUAHAHA!!

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BitcoinTate
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April 04, 2013, 01:33:41 AM
 #68


Damn commies anyway!

We are coming after you, baby. MUAHAHA!!
lol!

- aka The "DigiMan"
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April 04, 2013, 02:30:10 AM
 #69

What someone with a lot of money could do, (and it would probably cost them dearly), is to pump and dump, over and over. They could jack the price up to sky-high amounts, and then dump all the bitcoins they bought, making the price incredibly unstable, and scaring everyone away.


Yep, this is a risk with anything which has a relatively small market cap.  You don't need to buy up everything in order to be able to manipulate the market. 

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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April 04, 2013, 02:55:19 AM
 #70

Ok guys, we may as well give it up. We have all been trying to cover up this flaw in the system so that the government does not enact this strategy.

I will be the bigger man and step forward to tell the truth. This is a huge vulnerability.

The US government and the Federal Reserve could wipe us all out by pouring tons and tons of money into Bitcoin.

I hope they do not do that, it would be so disasterous that I cannot imagine.

But we must admit this and hope that no Federal agent or someone close to the Federal Reserve reveals this to them, otherwise they may just go ahead and destroy Bitcoin by buying over and over and over.

I am just glad that no government officials are reading this now. If they were, I hope they would not go to their bosses with multi-billion dollar proposals to buy everyone's bitcoins. They would likely become heros among their peers and get laid...a LOT...once it all works.
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April 04, 2013, 03:48:16 AM
 #71

Not everyone is selling their bitcoins

At any price?

Essentially.

The more you pay for my first coins the less I'll be motivated to sell you the next 1% and so on. That is compounded by anyone realizing what you are trying to do. Considering that even if you can get 99% we'll have more than enough units, it's a pretty terrible 'attack'.

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