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Author Topic: Bitcoin really is in trouble.  (Read 8696 times)
revans
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November 05, 2013, 05:44:06 PM
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Typically, Bitcoin cultists have dismissed the latest which demonstrates that Bitcoin has a fundamental vulnerability. Some salient facts pertinent to this issue largely ignored by this community of rampant speculators.


1. Despite what Bitcoin cultists claim, Bitcoin does have a central authority. Specifically, the group responsible for the most popular Bitcoin client wields as much power over Bitcoin as any central bank does over state fiat.

2. A fork of the most popular client with what we shall call a war miner module (extra credit for spotting the gaming reference) would quickly become popular with all those people who invested in ASIC hardware, but ended up  out of pocket as mining difficulty moved ahead of them.

3. There seems to be a foolish assumption that nobody would bother exploiting this systemic flaw in Bitcoin because to do so would destroy the very thing they would be investing in exploiting. Alas gentlemen, you shall be hoist be your own petard. For all the talk of a brave new world of cryptocurrency, free from the ruinous short-termism of state fiat, what you have is a community whose engagement with Bitcoin is entirely speculative in nature. It's all about riding the bubble and cashing out before it explodes, very few people seem truly committed to Bitcoin as a currency, rather a means to acquire more of the sate fiat they claim to detest. You've collectively recreated the very worst excesses of the Wall St. Mafia, and as a consequence there are plenty in the Bitcoin community who will seek to exploit this core vulnerability for profit.

The greed that created the bubble in Bitcoin will burn it to the ground just as quickly.
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Kouye
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November 05, 2013, 05:47:13 PM
 #2

People who exploit any vulnerability would become filthy rich before bitcoin crumbles to dust, right?
Else, no point in exploiting.

Then by all means, go ahead and be the first, become rich, and then laugh at us.
Until then, I'll be laughing at you, deal?

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I won't ever ask for a loan nor offer any escrow service. If I do, please consider my account as hacked.
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November 05, 2013, 05:49:07 PM
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I agree it is a sham. Bitcoin is not currency it is a speculative bubble.

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November 05, 2013, 06:00:27 PM
 #4

Typically, Bitcoin cultists have dismissed the latest which demonstrates that Bitcoin has a fundamental vulnerability. Some salient facts pertinent to this issue largely ignored by this community of rampant speculators.


1. Despite what Bitcoin cultists claim, Bitcoin does have a central authority. Specifically, the group responsible for the most popular Bitcoin client wields as much power over Bitcoin as any central bank does over state fiat.

2. A fork of the most popular client with what we shall call a war miner module (extra credit for spotting the gaming reference) would quickly become popular with all those people who invested in ASIC hardware, but ended up  out of pocket as mining difficulty moved ahead of them.

3. There seems to be a foolish assumption that nobody would bother exploiting this systemic flaw in Bitcoin because to do so would destroy the very thing they would be investing in exploiting. Alas gentlemen, you shall be hoist be your own petard. For all the talk of a brave new world of cryptocurrency, free from the ruinous short-termism of state fiat, what you have is a community whose engagement with Bitcoin is entirely speculative in nature. It's all about riding the bubble and cashing out before it explodes, very few people seem truly committed to Bitcoin as a currency, rather a means to acquire more of the sate fiat they claim to detest. You've collectively recreated the very worst excesses of the Wall St. Mafia, and as a consequence there are plenty in the Bitcoin community who will seek to exploit this core vulnerability for profit.

The greed that created the bubble in Bitcoin will burn it to the ground just as quickly.

I think we're beyond the speculative stage of bitcoin. Investment firms like Accel Partners wouldn't be putting $9m into companies like Circle if they didn't have confidence. Besides, Accel wouldn't give two shits if they lost $9m, but their reputation is also at stake, and by putting faith in bitcoin - I think that says a lot.

Bitcoin has withstood a colossal amount of negative PR, it was victorious when Liberty Reserve was taken down, it stuck two fingers up at the critics that said Silk Road's demise would be the end of Bitcoin.

Bitcoin ATM's, Bitcoin debit cards, eBay alluding to the possibility of accepting it. These aren't small events. Bitcoin arguably, could be improved - but what system in this world couldn't?

I think we've got something that's here to stay.

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November 05, 2013, 06:06:59 PM
 #5

I agree it is a sham. Bitcoin is not currency it is a speculative bubble.

maybe there are people using it as a sham, but there are also people using it as a currency everyday.
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November 05, 2013, 06:07:02 PM
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I agree it is a sham. Bitcoin is not currency it is a speculative bubble.

Where have I heard this before....  Roll Eyes

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cypherdoc
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November 05, 2013, 06:12:33 PM
 #7

tell this to Michael Novogratz.
revans
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November 05, 2013, 06:13:36 PM
 #8

Typically, Bitcoin cultists have dismissed the latest which demonstrates that Bitcoin has a fundamental vulnerability. Some salient facts pertinent to this issue largely ignored by this community of rampant speculators.


1. Despite what Bitcoin cultists claim, Bitcoin does have a central authority. Specifically, the group responsible for the most popular Bitcoin client wields as much power over Bitcoin as any central bank does over state fiat.

2. A fork of the most popular client with what we shall call a war miner module (extra credit for spotting the gaming reference) would quickly become popular with all those people who invested in ASIC hardware, but ended up  out of pocket as mining difficulty moved ahead of them.

3. There seems to be a foolish assumption that nobody would bother exploiting this systemic flaw in Bitcoin because to do so would destroy the very thing they would be investing in exploiting. Alas gentlemen, you shall be hoist be your own petard. For all the talk of a brave new world of cryptocurrency, free from the ruinous short-termism of state fiat, what you have is a community whose engagement with Bitcoin is entirely speculative in nature. It's all about riding the bubble and cashing out before it explodes, very few people seem truly committed to Bitcoin as a currency, rather a means to acquire more of the sate fiat they claim to detest. You've collectively recreated the very worst excesses of the Wall St. Mafia, and as a consequence there are plenty in the Bitcoin community who will seek to exploit this core vulnerability for profit.

The greed that created the bubble in Bitcoin will burn it to the ground just as quickly.

I think we're beyond the speculative stage of bitcoin. Investment firms like Accel Partners wouldn't be putting $9m into companies like Circle if they didn't have confidence. Besides, Accel wouldn't give two shits if they lost $9m, but their reputation is also at stake, and by putting faith in bitcoin - I think that says a lot.

Bitcoin has withstood a colossal amount of negative PR, it was victorious when Liberty Reserve was taken down, it stuck two fingers up at the critics that said Silk Road's demise would be the end of Bitcoin.

Bitcoin ATM's, Bitcoin debit cards, eBay alluding to the possibility of accepting it. These aren't small events. Bitcoin arguably, could be improved - but what system in this world couldn't?

I think we've got something that's here to stay.


The established financial order put hundreds of Billions into sub-prime mortgages. You can't on the one hand decry these people and on the other kiss their asses when they throw a few pennies (relative to their usual financial gambling activity) at Bitcoin. Their either degenerate fiscal bandits or they aren't.
revans
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November 05, 2013, 06:15:24 PM
 #9

tell this to Michael Novogratz.


This would be they guy from the investment bank that would have gone bankrupt had its counterparties not been bailed out by the state?
revans
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November 05, 2013, 06:16:52 PM
 #10

I agree it is a sham. Bitcoin is not currency it is a speculative bubble.

maybe there are people using it as a sham, but there are also people using it as a currency everyday.


Of course, but the activity of non speculators is not sufficient to support current valuation or anything even close to it; even more so now that Silk Road has gone which did give Bitcoin some unique  utility in terms of accessing that market.
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November 05, 2013, 06:19:07 PM
 #11

tell this to Michael Novogratz.


This would be they guy from the investment bank that would have gone bankrupt had its counterparties not been bailed out by the state?

thank you for substantiating my point.

the whole reason Bitcoin is taking off is precisely b/c of those bailout policies.  at least give him credit for realizing it for what it is and taking defensive actions.
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November 05, 2013, 06:20:18 PM
 #12

tell this to Michael Novogratz.


This would be they guy from the investment bank that would have gone bankrupt had its counterparties not been bailed out by the state?

Or perhaps, like many others - they realise that fiat's days are numbered - whether it's 5 years, or 25 years away - they're shrewd with money, and if they see there is genuine value in bitcoin, they will invest. Oh wait, they already did.

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revans
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November 05, 2013, 06:20:49 PM
 #13

tell this to Michael Novogratz.


This would be they guy from the investment bank that would have gone bankrupt had its counterparties not been bailed out by the state?

thank you for substantiating my point.

the whole reason Bitcoin is taking off is precisely b/c of those bailout policies.  at least give him credit for realizing it for what it is and taking defensive actions.

So you think this degenerate financial crook is a reformed character?
cypherdoc
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November 05, 2013, 06:21:11 PM
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I agree it is a sham. Bitcoin is not currency it is a speculative bubble.

maybe there are people using it as a sham, but there are also people using it as a currency everyday.


Of course, but the activity of non speculators is not sufficient to support current valuation or anything even close to it; even more so now that Silk Road has gone which did give Bitcoin some unique  utility in terms of accessing that market.

have you ever heard of the phrase "listen to the market"?

you can go on all day long with your false assumptions but at the end of this day, yes TODAY, the market is hitting an all time new high.

the message is loud and clear:  you're wrong.
revans
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November 05, 2013, 06:22:53 PM
 #15

tell this to Michael Novogratz.


This would be they guy from the investment bank that would have gone bankrupt had its counterparties not been bailed out by the state?

Or perhaps, like many others - they realise that fiat's days are numbered - whether it's 5 years, or 25 years away - they're shrewd with money, and if they see there is genuine value in bitcoin, they will invest. Oh wait, they already did.


So you think a guy from one of the most crooked banks in the world is coming to Bitcoin with good intentions?
cypherdoc
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November 05, 2013, 06:23:04 PM
 #16

tell this to Michael Novogratz.


This would be they guy from the investment bank that would have gone bankrupt had its counterparties not been bailed out by the state?

thank you for substantiating my point.

the whole reason Bitcoin is taking off is precisely b/c of those bailout policies.  at least give him credit for realizing it for what it is and taking defensive actions.

So you think this degenerate financial crook is a reformed character?

Bitcoin doesn't care who puts money into it.

it's the economic principles behind the open source protocol that resonates with the majority of ppl worldwide.
revans
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November 05, 2013, 06:24:34 PM
 #17

I agree it is a sham. Bitcoin is not currency it is a speculative bubble.

maybe there are people using it as a sham, but there are also people using it as a currency everyday.


Of course, but the activity of non speculators is not sufficient to support current valuation or anything even close to it; even more so now that Silk Road has gone which did give Bitcoin some unique  utility in terms of accessing that market.

have you ever heard of the phrase "listen to the market"?

you can go on all day long with your false assumptions but at the end of this day, yes TODAY, the market is hitting an all time new high.

the message is loud and clear:  you're wrong.


Does the confidence of rampant speculators in any way ameliorate the fundamental flaw in Bitcoin?
revans
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November 05, 2013, 06:25:34 PM
 #18

tell this to Michael Novogratz.


This would be they guy from the investment bank that would have gone bankrupt had its counterparties not been bailed out by the state?

thank you for substantiating my point.

the whole reason Bitcoin is taking off is precisely b/c of those bailout policies.  at least give him credit for realizing it for what it is and taking defensive actions.

So you think this degenerate financial crook is a reformed character?

Bitcoin doesn't care who puts money into it.

it's the economic principles behind the open source protocol that resonates with the majority of ppl worldwide.


How can it resonate with a wordwide majority when only a tiny fraction of the population have ever heard of it? Have you been smoking Bitcrack again?
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November 05, 2013, 06:27:25 PM
 #19

I agree it is a sham. Bitcoin is not currency it is a speculative bubble.

maybe there are people using it as a sham, but there are also people using it as a currency everyday.


Of course, but the activity of non speculators is not sufficient to support current valuation or anything even close to it; even more so now that Silk Road has gone which did give Bitcoin some unique  utility in terms of accessing that market.

have you ever heard of the phrase "listen to the market"?

you can go on all day long with your false assumptions but at the end of this day, yes TODAY, the market is hitting an all time new high.

the message is loud and clear:  you're wrong.


Does the confidence of rampant speculators in any way ameliorate the fundamental flaw in Bitcoin?

fundamental flaw?  according to whom?  you?  stop making me laugh.

the code along with it's socioeconomic design has lasted 5 yrs now and we're at an all time high.  its been vetted upside down and sideways.  you come along and spout off a few "opinions" and expect everyone to listen?

why haven't you already stolen all the money in the top 10 addresses?  oh yeah, you can't.
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November 05, 2013, 06:28:28 PM
 #20

tell this to Michael Novogratz.


This would be they guy from the investment bank that would have gone bankrupt had its counterparties not been bailed out by the state?

thank you for substantiating my point.

the whole reason Bitcoin is taking off is precisely b/c of those bailout policies.  at least give him credit for realizing it for what it is and taking defensive actions.

So you think this degenerate financial crook is a reformed character?

Bitcoin doesn't care who puts money into it.

it's the economic principles behind the open source protocol that resonates with the majority of ppl worldwide.


How can it resonate with a wordwide majority when only a tiny fraction of the population have ever heard of it? Have you been smoking Bitcrack again?

at least you got one thing right.

we're just getting started.
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