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Author Topic: What threats to Bitcoin exist?  (Read 2439 times)
revans
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November 02, 2013, 03:29:31 AM
 #21


...The block size limit will demand a reboot of Bitcoin...



False. This has been discussed A LOT. Satoshi even addressed this concern years ago:

It can be phased in, like:

if (blocknumber > 115000)
    maxblocksize = largerlimit

It can start being in versions way ahead, so by the time it reaches that block number and goes into effect, the older versions that don't have it are already obsolete.



That one quote alone, from one of the earliest discussions on the matter, makes two points clear:

1) The original intent (which still makes sense, IMO) was that the blocksize limit should rise (as bandwidth and storage obviously become cheaper over time).
2) It can be done without a sudden, disruptive, hard-fork.



We'll see.
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byronbb
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November 02, 2013, 04:32:00 AM
 #22

The only threat is a weakness in the crypto or some hard-fork/double spend. Everything else is a detail in the long term.

ElectricMucus
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November 02, 2013, 12:35:47 PM
 #23

If you look at the talking heads on the forum:

-Cosbycoin
-Ripple
-eBay/paypal/Amazon
-BFL
-The Rothchilds/JPM
-NSA/FBI/CIA/DHS

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
windjc
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November 02, 2013, 05:26:32 PM
 #24

If you listen to me talk on the forum:

-Cosbycoin
-Ripple
-eBay/paypal/Amazon
-BFL
-The Rothchilds/JPM
-NSA/FBI/CIA/DHS

FIFY

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Beta-coiner1
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November 02, 2013, 05:55:14 PM
 #25

I think the greatest threats to the value of BTC are-

-The first users or those who hold large amounts of BTC.
-Banks unilaterally blocking any funds dealing with BTC worldwide
-A major bug in the Block chain.
-US agencies dumping BTC seizures on exchanges.
-51% attack via quantum computing.

balanghai
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November 02, 2013, 05:57:11 PM
 #26

threat is when miners will be attacked by hackers and making a huge downtime to more than half of the miners.
ElectricMucus
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November 02, 2013, 06:15:19 PM
 #27

FIFY

The forum is full of it, even without me posting. One of my main activities here is making fun of those who really do think these things are a threat and I can't even do it in half the occurrences.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
theonewhowaskazu
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November 02, 2013, 07:07:35 PM
 #28

AmazonBucks ™

This.

A large company - Amazon / Google / whoever - launches its own cryptocurrency. Even if it's an exact clone of bitcoins. They do a big promo and accept it as a form of payment for their services.

Beats me how that could ever beat bitcoin, unless it's decentralized and open source as well. Then it would be more like a bitcoin 2.0.

But yea, block size limit and the regulatory issues could be a problem in the future.

That's what I said. They launch an exact copy of bitcoins - open source and all. But this exact copy gets a lot of publicity. And a major vendor accepts them, so a lot of demand. Everyone switches to AmazonBucks and forgets the current bitcoin.

At that point, what's the whole point for Amazon to do it in the first place? If its the same as Bitcoin, why not just accept Bitcoins? Unless they plan to pre-mine extensively or something, at which point you're essentially just buying a transferable Amazon gift card.

derpinheimer
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November 02, 2013, 07:17:42 PM
 #29

AmazonBucks ™

This.

A large company - Amazon / Google / whoever - launches its own cryptocurrency. Even if it's an exact clone of bitcoins. They do a big promo and accept it as a form of payment for their services.

Beats me how that could ever beat bitcoin, unless it's decentralized and open source as well. Then it would be more like a bitcoin 2.0.

But yea, block size limit and the regulatory issues could be a problem in the future.

That's what I said. They launch an exact copy of bitcoins - open source and all. But this exact copy gets a lot of publicity. And a major vendor accepts them, so a lot of demand. Everyone switches to AmazonBucks and forgets the current bitcoin.

At that point, what's the whole point for Amazon to do it in the first place? If its the same as Bitcoin, why not just accept Bitcoins? Unless they plan to pre-mine extensively or something, at which point you're essentially just buying a transferable Amazon gift card.

Im sure they could work some improvements in and then put in a tiny fee of like 0.000001BTC for every transaction using AmazonBucks.

John999
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November 02, 2013, 07:31:53 PM
 #30

I think the greatest threats to the value of BTC are-

-The first users or those who hold large amounts of BTC.
-Banks unilaterally blocking any funds dealing with BTC worldwide
-A major bug in the Block chain.
-US agencies dumping BTC seizures on exchanges.
-51% attack via quantum computing.

Agree. If the US agencies dump all their confiscated coins on the market, The BTC price will get hammered.
majamalu
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November 02, 2013, 08:13:21 PM
 #31

I think the greatest threats to the value of BTC are-

-The first users or those who hold large amounts of BTC.
-Banks unilaterally blocking any funds dealing with BTC worldwide
-A major bug in the Block chain.
-US agencies dumping BTC seizures on exchanges.
-51% attack via quantum computing.

Agree. If the US agencies dump all their confiscated coins on the market, The BTC price will get hammered.

Yeah, for about 15 minutes.

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derpinheimer
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November 02, 2013, 08:17:58 PM
 #32

I think the greatest threats to the value of BTC are-

-The first users or those who hold large amounts of BTC.
-Banks unilaterally blocking any funds dealing with BTC worldwide
-A major bug in the Block chain.
-US agencies dumping BTC seizures on exchanges.
-51% attack via quantum computing.

Agree. If the US agencies dump all their confiscated coins on the market, The BTC price will get hammered.

Yeah, for about 15 minutes.

Itll be an insane crash for 15 minutes, but another 300k coins on the market would have a lasting effect.
Odalv
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November 02, 2013, 08:29:44 PM
 #33

I think the greatest threats to the value of BTC are-

-The first users or those who hold large amounts of BTC.
-Banks unilaterally blocking any funds dealing with BTC worldwide
-A major bug in the Block chain.
-US agencies dumping BTC seizures on exchanges.
-51% attack via quantum computing.

Agree. If the US agencies dump all their confiscated coins on the market, The BTC price will get hammered.

Yeah, for about 15 minutes.

Itll be an insane crash for 15 minutes, but another 300k coins on the market would have a lasting effect.

Cheap coins. Opportunity to buy that will not last long.
ferda2mx
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November 02, 2013, 08:35:59 PM
 #34

I think the greatest threats to the value of BTC are-

-The first users or those who hold large amounts of BTC.
-Banks unilaterally blocking any funds dealing with BTC worldwide
-A major bug in the Block chain.
-US agencies dumping BTC seizures on exchanges.
-51% attack via quantum computing.

Agree. If the US agencies dump all their confiscated coins on the market, The BTC price will get hammered.

Yeah, for about 15 minutes.

Itll be an insane crash for 15 minutes, but another 300k coins on the market would have a lasting effect.


US agencies would do me big favor, my under 100 buy orders could be filled !
zeroday
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November 02, 2013, 09:39:59 PM
 #35

IMO, the worst thing for bitcoin would be when some group of "activists" persuade the community to regulate bitcoin by tampering with its functionality, like:
 - dividing coins on good/bad.
 - making hard forks to embed some kind of KYC/AML procedures or making it reversible.
 - cancelling bitcoin addresses that don't have movements for over X years and put their coins back into circulation.

hermann1983
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November 02, 2013, 09:55:47 PM
 #36

IMO, the worst thing for bitcoin would be when some group of "activists" persuade the community to regulate bitcoin by tampering with its functionality, like:
 - dividing coins on good/bad.
 - making hard forks to embed some kind of KYC/AML procedures or making it reversible.
 - cancelling bitcoin addresses that don't have movements for over X years and put their coins back into circulation.



Forks might happen in future, but I will stick with original protocol. The number of altcoins doesnt threat Bitcoin at all, the same might happen with numerous forks in future
theonewhowaskazu
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November 02, 2013, 09:58:15 PM
 #37

IMO, the worst thing for bitcoin would be when some group of "activists" persuade the community to regulate bitcoin by tampering with its functionality, like:
 - dividing coins on good/bad.
 - making hard forks to embed some kind of KYC/AML procedures or making it reversible.
 - cancelling bitcoin addresses that don't have movements for over X years and put their coins back into circulation.

So, you're saying the biggest threat to Bitcoin is altcoins?

I agree 100%.

Valerian77
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November 02, 2013, 10:28:59 PM
 #38

IMO, the worst thing for bitcoin would be when some group of "activists" persuade the community to regulate bitcoin by tampering with its functionality, like:
 - dividing coins on good/bad.
 - making hard forks to embed some kind of KYC/AML procedures or making it reversible.
 - cancelling bitcoin addresses that don't have movements for over X years and put their coins back into circulation.

So, you're saying the biggest threat to Bitcoin is altcoins?

I agree 100%.
possible but unlikely. Bitcoin distribution is a market for itself as well as value distribution over altcoins is a market. These kind of markets tend to concentrate a bigger part of the whole value - they work like attractors. Maybe 20% of the addresses will hold 80% of the Bitcoins. Same works for the altcoin market - Bitcoin will remain the dominant currency.

Bitmessage: BM-2cTHvwzzG3cDJxmM7YrYXSaBex4oRobJxu
theonewhowaskazu
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November 02, 2013, 10:45:14 PM
 #39

IMO, the worst thing for bitcoin would be when some group of "activists" persuade the community to regulate bitcoin by tampering with its functionality, like:
 - dividing coins on good/bad.
 - making hard forks to embed some kind of KYC/AML procedures or making it reversible.
 - cancelling bitcoin addresses that don't have movements for over X years and put their coins back into circulation.

So, you're saying the biggest threat to Bitcoin is altcoins?

I agree 100%.
possible but unlikely. Bitcoin distribution is a market for itself as well as value distribution over altcoins is a market. These kind of markets tend to concentrate a bigger part of the whole value - they work like attractors. Maybe 20% of the addresses will hold 80% of the Bitcoins. Same works for the altcoin market - Bitcoin will remain the dominant currency.

Yes, only that other 20% of the value are stuck into coins that can be created at the drop of a hat, but can also bubble hugely. Its a pretty damn big problem.

zeroday
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November 03, 2013, 01:32:51 AM
 #40

what if 51% of users will be convinced to upgrade their software with hardforked version ?

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