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Author Topic: Serious Bitcoin vulnerability found!  (Read 1644 times)
Walter Rothbard
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April 18, 2013, 01:21:12 PM
 #1

Quick, governments of the world.  Bitcoin is a serious threat to your monopoly of the world currency system, and you need to take it down.  I am certain it is on your radar, but you probably haven't decided what to do with it, yet.

Fortunately, a serious Bitcoin vulnerability has emerged that you can exploit to destroy Bitcoin.  You don't even need to make a large investment in ASIC mining hardware.  All you need is one programmer.  Here is how to destroy Bitcoin:

Employ one programmer to release new altcoins based on the Bitcoin model.  He will likely need some time to study up at first, but after awhile, he should be able to release multiple altcoin clones per day.  If you want to buy a small ASIC or even a simple GPU it might help generate genesis blocks faster, but it's not necessary.

Since altcoins damage Bitcoin, all you need to do is flood the market with thousands or millions of altcoin alternatives.  You will damage Bitcoin until it ceases to be viable and preserve your interests and the interests of your corporatist cronies / global conspirators / whatever.

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April 18, 2013, 01:22:12 PM
 #2

And yet your profile says "Trade TRC, BTE, and LTC at RBCex".

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April 18, 2013, 01:28:01 PM
 #3

There's only a finite amount of mining resources. The free market will prevail if too many alt currencies get 'released', miners will only flock to the most original coins with the greatest promise.

However, it is going to be interesting to see what happens to the price of Bitcoin when Litecoin goes on mtgox. The general public's faith in Bitcoin may become shaken when they realise there is more than just 'Bitcoin' out there.

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temor
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April 18, 2013, 01:28:55 PM
 #4

Ehm... Not sure you thought this all the way through.

If someone released " thousands or millions " of altcoins, do you really expect every single one to get a userbase?..
The coins that are released now will die before it hits an exchange and will never be good for anything, so I'm not sure what exactly you think "threaten" BTC.

Please make a post in my Reputation Thread if we've had a successful trade.
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April 18, 2013, 01:31:12 PM
 #5

"Since altcoins damage Bitcoin"
<Not sure if serious.jpg>

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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April 18, 2013, 01:32:39 PM
 #6

Quick, governments of the world.  Bitcoin is a serious threat to your monopoly of the world currency system, and you need to take it down.  I am certain it is on your radar, but you probably haven't decided what to do with it, yet.

Fortunately, a serious Bitcoin vulnerability has emerged that you can exploit to destroy Bitcoin.  You don't even need to make a large investment in ASIC mining hardware.  All you need is one programmer.  Here is how to destroy Bitcoin:

Employ one programmer to release new altcoins based on the Bitcoin model.  He will likely need some time to study up at first, but after awhile, he should be able to release multiple altcoin clones per day.  If you want to buy a small ASIC or even a simple GPU it might help generate genesis blocks faster, but it's not necessary.

Since altcoins damage Bitcoin, all you need to do is flood the market with thousands or millions of altcoin alternatives.  You will damage Bitcoin until it ceases to be viable and preserve your interests and the interests of your corporatist cronies / global conspirators / whatever.


I am picking up on the sarcasm...    Cheesy

I will NEVER ask for any kind of funds up front in a buy/sale of anything on bitcointalk.

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Walter Rothbard
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April 18, 2013, 01:34:54 PM
 #7

Quick, governments of the world.  Bitcoin is a serious threat to your monopoly of the world currency system, and you need to take it down.  I am certain it is on your radar, but you probably haven't decided what to do with it, yet.

Fortunately, a serious Bitcoin vulnerability has emerged that you can exploit to destroy Bitcoin.  You don't even need to make a large investment in ASIC mining hardware.  All you need is one programmer.  Here is how to destroy Bitcoin:

Employ one programmer to release new altcoins based on the Bitcoin model.  He will likely need some time to study up at first, but after awhile, he should be able to release multiple altcoin clones per day.  If you want to buy a small ASIC or even a simple GPU it might help generate genesis blocks faster, but it's not necessary.

Since altcoins damage Bitcoin, all you need to do is flood the market with thousands or millions of altcoin alternatives.  You will damage Bitcoin until it ceases to be viable and preserve your interests and the interests of your corporatist cronies / global conspirators / whatever.


I am picking up on the sarcasm...    Cheesy

Yes, for those who didn't get the memo, I'm not serious. Smiley

What I want to say, in serious and non-sarcastic terms is: altcoins don't damage Bitcoin, and you can prove this to yourself by thinking through what would happen if millions of altcoin systems were released.

Now, that doesn't prove that altcoins are fantastic and profitable.  I happen to think some of them are, or may prove to be. Smiley

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April 18, 2013, 01:39:57 PM
 #8

Quick, governments of the world.  Bitcoin is a serious threat to your monopoly of the world currency system, and you need to take it down.  I am certain it is on your radar, but you probably haven't decided what to do with it, yet.

Fortunately, a serious Bitcoin vulnerability has emerged that you can exploit to destroy Bitcoin.  You don't even need to make a large investment in ASIC mining hardware.  All you need is one programmer.  Here is how to destroy Bitcoin:

Employ one programmer to release new altcoins based on the Bitcoin model.  He will likely need some time to study up at first, but after awhile, he should be able to release multiple altcoin clones per day.  If you want to buy a small ASIC or even a simple GPU it might help generate genesis blocks faster, but it's not necessary.

Since altcoins damage Bitcoin, all you need to do is flood the market with thousands or millions of altcoin alternatives.  You will damage Bitcoin until it ceases to be viable and preserve your interests and the interests of your corporatist cronies / global conspirators / whatever.

Some altcoins have merit.  At least litecoin and ppcoin are better in some ways.  Bitcoin is doomed because of the energy requirements for PoW, so something must be done to scale.
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April 18, 2013, 01:41:19 PM
 #9

Sorry but LOL...

Walter Rothbard
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April 18, 2013, 01:45:03 PM
 #10

Sorry but LOL...

If I made you LOL, then I achieved my main goal for today. Smiley

In fact, if you enjoyed this thread, maybe I should ask for tips in the altcoin of your choice. Smiley

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April 18, 2013, 02:05:02 PM
 #11

This is pure satire obviously...in reality, if creating a million seperate alt coins would destory bitcoin is like telling 100 third world countries to issue their currency to US citizens, yea thatll stop the dollar!!!  Cool
Walter Rothbard
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April 18, 2013, 02:23:21 PM
 #12

Fortunately, a serious Bitcoin vulnerability has emerged that you can exploit to destroy Bitcoin.  You don't even need to make a large investment in ASIC mining hardware.  All you need is one programmer.  Here is how to destroy Bitcoin:

Employ one programmer to release new altcoins based on the Bitcoin model.  He will likely need some time to study up at first, but after awhile, he should be able to release multiple altcoin clones per day.  If you want to buy a small ASIC or even a simple GPU it might help generate genesis blocks faster, but it's not necessary.

I'm going to really LOL if somebody posts their resume. Smiley

Shoot, maybe I should post mine.  I could do this job, and it wouldn't really damage Bitcoin, and if I could convince a government to pay me to do it, I could buy Bitcoins with the proceeds.

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April 18, 2013, 02:26:55 PM
 #13

There is definitely a point in line that loads of altcoins could damage an image of Bitcoin in wide public. Something stops to be considered as revolutionary when there's new (or 10) revolutionary clones being made each day.

99% of new coins launched are made from single reason - to make their developers and early adopters as much money as possible and as fast as possible. Cryptocurrency as idea is pretty much dead, cryptocurrency is another word for making money now.

Technically - there's nothing bad in that but greed, so obvious now, might damage stuff in long period.

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wmikrut
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April 18, 2013, 02:30:25 PM
 #14

:facepalm:

I will NEVER ask for any kind of funds up front in a buy/sale of anything on bitcointalk.

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nebulus
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... it only gets better...


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April 18, 2013, 02:45:57 PM
 #15

Sorry but LOL...

If I made you LOL, then I achieved my main goal for today. Smiley

In fact, if you enjoyed this thread, maybe I should ask for tips in the altcoin of your choice. Smiley

You're out of luck because I don't do altcoin. Sowwie...

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April 18, 2013, 02:53:32 PM
 #16

Jeez that sarcasm.
Walter Rothbard
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April 18, 2013, 03:10:28 PM
 #17

99% of new coins launched are made from single reason - to make their developers and early adopters as much money as possible and as fast as possible.

In my opinion, you have to have psychic or have supernatural abilities to be able to tell why somebody did something, unless they reveal their motivations.

And in my opinion, it's also irrelevant.  If launching an altcoin actually makes somebody money, than that is proof that launching the altcoin was good for the market.  If the altcoin made money for its creator, then it must have also profited somebody else.  Otherwise, there is no way to make money with an altcoin.

Maybe I should try my hand at launching an altcoin, if it's really that profitable...

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April 18, 2013, 06:24:12 PM
 #18

And yet your profile says "Trade TRC, BTE, and LTC at RBCex".

 Grin  Cool
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April 18, 2013, 07:24:09 PM
 #19

99% of new coins launched are made from single reason - to make their developers and early adopters as much money as possible and as fast as possible.

In my opinion, you have to have psychic or have supernatural abilities to be able to tell why somebody did something, unless they reveal their motivations.

And in my opinion, it's also irrelevant.  If launching an altcoin actually makes somebody money, than that is proof that launching the altcoin was good for the market.  If the altcoin made money for its creator, then it must have also profited somebody else.  Otherwise, there is no way to make money with an altcoin.

Maybe I should try my hand at launching an altcoin, if it's really that profitable...

Well, we haven't got any new on Thursday so you might try tomorrow Smiley

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sippsnapp
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April 20, 2013, 01:54:16 AM
 #20

99% of new coins launched are made from single reason - to make their developers and early adopters as much money as possible and as fast as possible.

In my opinion, you have to have psychic or have supernatural abilities to be able to tell why somebody did something, unless they reveal their motivations.

And in my opinion, it's also irrelevant.  If launching an altcoin actually makes somebody money, than that is proof that launching the altcoin was good for the market.  If the altcoin made money for its creator, then it must have also profited somebody else.  Otherwise, there is no way to make money with an altcoin.

Maybe I should try my hand at launching an altcoin, if it's really that profitable...

Well, we haven't got any new on Thursday so you might try tomorrow Smiley

Haha, guys.
One thing why im not as much active here is that from my perspective bitcoin is misunderstood by some as money cash cow. And sadly, its indeed this for a few handpicked guys.

What happened in the past weeks just proofed that bitcoin is a pyramid, maybe without wanting to be one, but the fact that we have those massively rich accounts says enough. Im very disappointed with this. Iam also a friend of decentralization, the actual way is not my ideal idea. What i think of bitcoin now is its a great live tested BETA. I really hope some really strong minds create something bigger scalable, more fair, less volatile and less complicated, probably hard asset backed. There are many creative models that could result in different mining devices (what about optimized for nvidia, tesla servers etc???). Also a e-currency backed by lets say gold, who know. Iam sure media has gained a lot attention for the niche.

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