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Author Topic: Bitcoin blackhats ruining the currency?  (Read 3759 times)
Luckybit
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April 16, 2013, 11:28:55 PM
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It seems to me the community is divided between whitehats who want Bitcoin to be a success and blackhats who don't care about Bitcoin and who just want to make a quick profit. The blackhats currently have the winning hand because apparently the blackhats are better at high frequency trading, speculating, and coming up with algorithms to manipulate markets. Whitehats in the Bitcoin community haven't caught up to the fact that they are in an arms race against these blackhats from Wallstreet who care nothing about Bitcoin and only want to make profits and who professionally design algorithms to bend or manipulate exchanges to do it.

These are professionals, they know what they are doing, and have been doing it since before Bitcoin existed. And it appears to be coordinated as well, because talking heads predicted in advance that Bitcoin would "crash" and even discussed how. Mike Adams for example wrote about it in his Bitcoin hit piece http://www.naturalnews.com/039850_bitcoin_bubble_crash_globalists.html

In the hit piece Mike Adams discusses how the central banks can criminalize Bitcoin. He gives step by step solutions in how to drive prices down, he uses the oft-used meme we hear floating around that it's a pyramid scheme, a ponzi scheme, and he claims this is the plan of the central banks. Yet he is the one who predicted approximately 24 hours prior that Bitcoin would crash and now has the detailed plan on how it will be stopped.

There is a reason Alex Jones and Mike Adams don't like Bitcoin, it's a global currency which means it benefits globalists. Alex Jones and Mike Adams are nationalists, so why would anyone expect them to support a globalist currency?

Bitcoin whitehats need to get up to speed about what is going on. If you believe in Bitcoin you need to fight by producing the greatest algorithms to defend it. Blackhats are probably coding and scheme this minute on how to exploit Bitcoin for personal gain, how to game the system, or on how to destroy Bitcoin.
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doobadoo
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April 16, 2013, 11:44:39 PM
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You know i just wish the government came in and raided gox, like they did egold or liberty dollar.   

Why do we need exchanges?  Will it really accelerate adoption?  Or does it just link in an ugly feedback loop.

1) Publicity surrounding Bitcoin grabs attention
2) A bunch of open minded people show up genuinely wanting to learn about it
3) A bigger bunch of fast money speculator just post question about how to buy and if they think selling a kidney to buy more coin at ever rising prices is too conservative of an investment "strategy" for Bitcoin
4) Exchanges off the quick fix to get your coins in a quicky, without developing ties to the community, and really learning what the project is all about
5) Wild Price swings
6) People get burned
7) Media hypes crash, trumps up Ponzi scheme/Pyramid myths
Cool All the new folks run away except a handful of highly introspective people
9) Net ranks of true believers only grow slightly, against a hoard of people who will say terrible things about us and never come back
10) Net loss for all involved

They say in business, one dissatisfied customer cancels out 10 happy customers.  What's our happy/dissatisfied ratio among all the new folks of the last few months?

Without exchanges we need to show people how it works man-man.  Put on PR events, sell token amounts of coins to folks with our phones.  Enough to get them interested, engaged, then down the rabbit hole they come.   Our numbers would grow more slowly, but more firmly.  And newbies wouldn't have a daily ticker to watch shoot up or down, and exchange crashes to burn them. 

In short, our community can't handle the influx of so many new people.  This needs to be a ground-up, grass roots movement.  It may take 2 decades to get enough people using it that we hit a critical mass and it becomes a usable system for commerce.

Maybe it was this direction that pissed Satoshi off.  Its more important that people seriously learn about Bitcoin and what it can do for humanity, instead of learning about what speculative bubbles and what getting Goxxed is all about.

"It is, quite honestly, the biggest challenge to central banking since Andrew Jackson." -evoorhees
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April 17, 2013, 12:07:06 AM
 #3

I can speak from my position of being long-suffering and very introspective! I joined Bitcoin after searching several years for a currency protocol that would be disruptive. I was researching Disruptive Technologies from the point of view that centuries-old, petrified economic policy and market forces were incompatible with new, highly mobile, networked reality.
Are people gaming this situation? Yes, and we are only steps away from alleviating the losses. Miles away from what is to be.
Some want fame, fortune, community. Others want it all as a handbag, pwned, superiority!

Create the watering hole app. The herd for the grazers - flock, swarm, hive, hut for the myriad drawn to Bitcoin.
Almost there, just a dawn or 2 away.

FF
PS. Luckybit, do you sleep? Or is hyper posting just in your nature? Wink
PPS. thx for trying to create consensus on the forums.

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April 17, 2013, 01:32:57 AM
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Black hat hackers need Bitcoin to be around. It makes many things very easy that was impossible or extremely hard before Bitcoin. Black hat hackers understand how Bitcoin works and don't attemt to attack the network because it will not be possible to profit or damage.

The white hat suckers might attack the bitcoin because suit or government asks them to do so and because Bitcoin is used by black hats and SR.

Who is the enemy of Bitcoin now?

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Luckybit
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April 17, 2013, 02:41:29 AM
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I can speak from my position of being long-suffering and very introspective! I joined Bitcoin after searching several years for a currency protocol that would be disruptive. I was researching Disruptive Technologies from the point of view that centuries-old, petrified economic policy and market forces were incompatible with new, highly mobile, networked reality.
Are people gaming this situation? Yes, and we are only steps away from alleviating the losses. Miles away from what is to be.
Some want fame, fortune, community. Others want it all as a handbag, pwned, superiority!

Create the watering hole app. The herd for the grazers - flock, swarm, hive, hut for the myriad drawn to Bitcoin.
Almost there, just a dawn or 2 away.

FF
PS. Luckybit, do you sleep? Or is hyper posting just in your nature? Wink
PPS. thx for trying to create consensus on the forums.

I admit, when the prices were going up and seemed to be double every few days I went into obsession mode and did not sleep much at all.  You've made some good points and I don't have the solutions to these problems but I know they have to be solved one way or another.

Luckybit
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April 17, 2013, 02:43:06 AM
 #6

Black hat hackers need Bitcoin to be around. It makes many things very easy that was impossible or extremely hard before Bitcoin. Black hat hackers understand how Bitcoin works and don't attemt to attack the network because it will not be possible to profit or damage.

The white hat suckers might attack the bitcoin because suit or government asks them to do so and because Bitcoin is used by black hats and SR.

Who is the enemy of Bitcoin now?

Traditionally the meaning of blackhat is someone who hacks for personal gain. That would be the guy or group of guys using DDOS and high frequency trading to boost their own profits at the expense of the network. No I don't think blackhats care about Bitcoin and that is why botnets are being used to mine them.
moni3z
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April 17, 2013, 03:12:42 AM
 #7

Blackhats? You mean bankers. Where does that guy mention blackhats in that article. The price is rollercoaster because there's not enough exchanges.
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