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June 30, 2013, 06:18:02 PM |
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It's a legitimate paper, which may or may not be flawed, misinterpreted by a blogger, which is then requoted in a selective fashion by a news aggregator. Read the original paper and you'll see that there's just not much to be worried about. If you compare the current balance, maximal balance, and incoming btc tables, you'll notice that even after their attempt at deanonimizing, they can't find an entity holding more than 400,000 bitcoins (which was 8 pizzas, once upon a time) as of May 2012. I don't see a kill switch here, nor anything more than a bunch of lucky early adopters. To be worried, you'd have to thing that the largest 1000 or so entities are all in cahoots, and will agree to sell together to destroy bitcoin's value (and incidentally their own holdings). That's insane, and it might not even work (bitcoin has survived crazy crashes before).
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