[ARTICLE] Bitcoin To Collapse?

[ThomasV]

What the Solidcoins guys are not telling you ...

you mean "the Solidcoin guy": that's a single developer regexp monkey, even if he writes "we" on his website

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[Jack of Diamonds]

Hope someone makes a double spending attack on one of these spinoff currencies & ruins them for good.

Seeing the same old cycle of some jealous college kid mining a million coins then trying to promote his fork.. Is starting to get 'stale'.

The sad thing is people actually fall for these.
People really buy ixcoins, solidcoins, beercoins, iocoins etc.. Maybe they deserve a Darwin award for economics.

[HostFat]

I'm sure that FlipPro has already exchanged some BTC to SC, and now he doens't know how to take them back

[ElectricMucus]

Solidcoin is like the fat retarded kid everybody tolerates, screaming and yelling at people all the time.
Till somebody snaps  

[ThomasV]

Remember this no matter where, SC goes, it will never stop being a BITCOIN. Just like no matter what Linux you are talking about (ubuntu, redhat, debian), they are all still Linux in the end...

This statement is very close to a scam...

I want to make it clear, especially for newcomers who might be mislead by the quoted statement, that SolidCoin is a different currency, that it is in no way supported by Bitcoin,
and that when you buy 100 Solidcoins, you do not own 100 bitcoins. There is no compatibility between them, as suggested by the poster.
The promoters of SC are trying to make you believe that you can have "the same thing" for 1/100 of the price. Don't be naive.

Of course, what I just wrote is completely obvious for many people.
However, this forum is attracting many non-technical users, who are completely new to this, and some of these people might be an easy target for scams and manipulation.
This is why I believe is is necessary to write this, and to warn people against dangerous investments.

[HostFat]

@ThomasV
I think that some should stick a message like your on the "Alternate cryptocurrencies" subforum ...

[FlipPro]

Remember this no matter where, SC goes, it will never stop being a BITCOIN. Just like no matter what Linux you are talking about (ubuntu, redhat, debian), they are all still Linux in the end...

This statement is very close to a scam...

I want to make it clear, especially for newcomers who might be mislead by the quoted statement, that SolidCoin is a different currency, that it is in no way supported by Bitcoin,
and that when you buy 100 Solidcoins, you do not own 100 bitcoins. There is no compatibility between them, as suggested by the poster.
The promoters of SC are trying to make you believe that you can have "the same thing" for 1/100 of the price. Don't be naive.

Of course, what I just wrote is completely obvious for many people.
However, this forum is attracting many non-technical users, who are completely new to this, and some of these people might be an easy target for scams and manipulation.
This is why I believe is is necessary to write this, and to warn people against dangerous investments.

Listen, people shouldn't be investing in ANY of these currency's if they are scared of loosing ANY money at all.

That is the cold hard truth Thomas. I will be the first one to tell this to ANYONE, even a potential investor sitting right in front of me.

Every single dime can be lost with Bitcoin, Solidcoin or any other currency that may come out in the future.

Now with that being said...

Solidcoin IS Bitcoin, except upgraded, and re-branded.

Am I being clear enough for everyone?

[CoinHunter]

it's funny how the mybitcoin and bitomat incidents are attributed to features of Bitcoin that Solidcoin would not have... this is shameless propaganda

Actually no, whilst the new developer section hasn't been put online yet we will be giving businesses all the tools they need to support SolidCoin. We will be dealing with all the "Financial"  matters for them and the "Security" matters for them. This way their own code doesn't have to implement the same thing over and over again which is what we are seeing with Bitcoin. And as we know people have differing understandings of the Bitcoin system and also programming in general.

This way we won't get a situation where mybitcoin.com is accepting transactions with 0 confirmations  because they are unaware of the security problems. Whilst it won't completely eliminate all issues it will certainly reduce them significantly. The same goes with wallet handling which is pretty much not told how a business should handle and protect it (bitomat).

Whilst bitcoin experts on this forum may say "ITS OBVIOUS ONLY AN IDIOT WOULD DO THAT", well guess what, plenty of idiots want to run sites using bitcoin. If you don't protect them from themselves you're going to get sites being hacked and ruining the reputation of the currency.

[Gerken]

Flippro is just a troll, he wishes he was an early adopter in BTC so he could get rich quick, since he missed out he's hyping the solidcoin train. 

[hugolp]

ThomasV the whole article is a good laught. Just from the start. They claim that the FBI is involved in the Bitcoin development, linking to a post that says that the USA government will infiltrate and do whatever to anyone trying to create an alternative currency (and the government employee does not mention Bitcoin). I guess following that "logic" we should conclude as well the FBI is involved in the SolidCoin development. OMG WTF! 

This way we won't get a situation where mybitcoin.com is accepting transactions with 0 confirmations  because they are unaware of the security problems.

I think its pretty obvious by now that was only an excuse.

[ThomasV]

... ruining the reputation of the currency.

if you were really concerned by the reputation of the currency, you would try to improve it ; instead you are trying to destroy it.

IMO, what might ruin the reputation of bitcoin is it being associated to solidcoin...
some people might lose a lot of money if they invest in solidcoin, and this will be associated to bitcoin.

[N12]

Actually no, whilst the new developer section hasn't been put online yet we will be giving businesses all the tools they need to support SolidCoin. We will be dealing with all the "Financial"  matters for them and the "Security" matters for them. This way their own code doesn't have to implement the same thing over and over again which is what we are seeing with Bitcoin. And as we know people have differing understandings of the Bitcoin system and also programming in general.

This way we won't get a situation where mybitcoin.com is accepting transactions with 0 confirmations  because they are unaware of the security problems. Whilst it won't completely eliminate all issues it will certainly reduce them significantly. The same goes with wallet handling which is pretty much not told how a business should handle and protect it (bitomat).

This sounds reasonable actually … The MyBitcoin disaster was even predicted by theymos because they accepted 1 confirmation (not 0 confirmation) coins. Noone seemed to actually care enough about clearly warning people or the MyBitcoin admin though.

The beauty of the free market, where major failures are inevitable because the market can only react.

[FlipPro]

Actually no, whilst the new developer section hasn't been put online yet we will be giving businesses all the tools they need to support SolidCoin. We will be dealing with all the "Financial"  matters for them and the "Security" matters for them. This way their own code doesn't have to implement the same thing over and over again which is what we are seeing with Bitcoin. And as we know people have differing understandings of the Bitcoin system and also programming in general.

This way we won't get a situation where mybitcoin.com is accepting transactions with 0 confirmations  because they are unaware of the security problems. Whilst it won't completely eliminate all issues it will certainly reduce them significantly. The same goes with wallet handling which is pretty much not told how a business should handle and protect it (bitomat).

This sounds reasonable actually … The MyBitcoin disaster was even predicted by theymos because they accepted 1 confirmation (not 0 confirmation) coins. Noone seemed to actually care enough about clearly warning people or the MyBitcoin admin though.

The beauty of the free market, where major failures are inevitable because the market can only react.

You have to SECURE the "free market" so that everyone has the same shot.

[Vladimir]

If they had 50 million $ in their marketing budget that would be interesting to watch.

With 1 million  (or whatever) of solidcoins in that budget or in other words 0$ marketing budget this is just small hot air bubbles they manage to emanate.

There are at least a dozen of individuals who have enough mining power to  take full control of any of those those othercois at  a whim. They are not doing it because it is pointless. Who would want to waste any electricity on this.

[Vladimir]

There were plenty of warnings on this very forum about dangers of giving your bitcoins for safekeeping to maybitcoin, or to anyone really. Including by yours truly.

And anyone with a brain would not need any warning as this all is just common sense.

[FlipPro]

... ruining the reputation of the currency.

if you were really concerned by the reputation of the currency, you would try to improve it ; instead you are trying to destroy it.

IMO, what might ruin the reputation of bitcoin is it being associated to solidcoin...
some people might lose a lot of money if they invest in solidcoin, and this will be associated to bitcoin.

He did, and he got shot down.

The Devs don't want to change anything that screws with the "fundamentals", no matter how flawed they may be. I don't have problem with that, and I personally have my money invested in BOTH currencies. I respect both of them equally, but I see a flaw as a flaw. I love Bitcoin, and I don't think I have to prove that to anyone here... However, I am not foolish, and I know what it takes to make a project succeed. Bitcoin has stagnated after all the press it got. And I think it's because it brought in a wave of new developers who are now taking a look at the client and saying WTF? New developers = more arguments against the final product = stagnation= new competing currency's.

This was expected...

[hugolp]

He did, and he got shot down.

The Devs don't want to change anything that screws with the "fundamentals", no matter how flawed they may be. I don't have problem with that, and I personally have my money invested in BOTH currencies. I respect both of them equally, but I see a flaw as a flaw. I love Bitcoin, and I don't think I have to prove that to anyone here... However, I am not foolish, and I know what it takes to make a project succeed. Bitcoin has stagnated after all the press it got. And I think it's because it brought in a wave of new developers who are now taking a look at the client and saying WTF? New developers = more arguments against the final product = stagnation= new competing currency's.

This was expected...

You have not provided any evidence of why Bitcoin is flawed in comparasion to Solidcoin. In fact the contrary, SolidCoin is unsustainable because of the amount of memory it will consume.

[N12]

And anyone with a brain would not need any warning as this all is just common sense.

Nice elitist approach that is, reminds me of Linux users. Who cares about those people without common sense?

You also seem to ignore that MyBitcoin, and generally ewallets as a way for non-technical people to use Bitcoin was promoted for a long time by high profile Bitcoin figures like Bruce or Gavin. Instead of teaching people how to actually use Bitcoin we instead went for the easy path of just redirecting them to some ewallet site.

This is not a coincidence though, I understand that the goal of the project is to actually have very few people using Bitcoin to store their wealth and transact, which is the reason why any usability of the client (like a simple button for exporting your wallet) has so little priority.

some people might lose a lot of money if they invest in solidcoin, and this will be associated to bitcoin.

Bitcoin is down 75% right now from the high of 32$ USD, and the largest volume (where every idiot bought) occured between 20-30. Stop being a hypocrite.

[Steve]

It's not clear to me that 3 minute blocks and faster difficulty retargeting has any advantage and I believe it is less secure, not more secure.  Also, the community is rapidly building out infrastructure around bitcoin, few developers have the time or motivation to support a new and unproven block chain like solidcoin.  Most of the value in a crypto currency is determined by its level of adoption, not by minor tweaks in the protocols.  Even if solidcoin was a marginal improvement (which I don't think it is), I'd have trouble committing scarce resources (i.e. time) to it and sacrificing time that could be used to advance the bitcoin infrastructure.  I think very highly of the core bitcoin developers.  The developer of solidcoin seems to believe himself to be a superior computer scientist to the bitcoin developers.  He may or may not be a talented computer scientist, but I know for certain that the developers of bitcoin are talented computer scientists.  I believe their deliberate and considered approach to tweaking the bitcoin protocols adds *substantial* value to bitcoin.  

We've witnessed the demise of several bitcoin forks already...in my mind, those failures have substantially raised the bar for any competing bitcoin fork.  Very few people are going to jump on any bitcoin fork unless it has an absolute and undeniable advantage over bitcoin.  I don't think solidcoin comes anywhere close to meeting that bar.

[CoinHunter]

And anyone with a brain would not need any warning as this all is just common sense.

Nice elitist approach that is, reminds me of Linux users. Who cares about those people without common sense?

You also seem to ignore that MyBitcoin, and generally ewallets as a way for non-technical people to use Bitcoin was promoted for a long time by high profile Bitcoin figures like Bruce or Gavin. Instead of teaching people how to actually use Bitcoin we instead went for the easy path of just redirecting them to some ewallet site.

This is not a coincidence though, I understand that the goal of the project is to actually have very few people using Bitcoin to store their wealth and transact, which is the reason why any usability of the client (like a simple button for exporting your wallet) has so little priority.

Yes you are spot on here Blitz.

....

Why should "idiots" not be able to join a currency network Vladimir? I want them to use SolidCoin,  and we'll make it easy and secure for them to do so. Mybitcoin.com was also promoted on the MAIN bitcoin site, so let's just put that out there. Everyone on the forum knew did they? Yet it wasn't taken down off the main site? Jeez...... I'm sure the people who lost 1.5 million dollars are glad you knew and did nothing..... you can shout "I TOLD YOU SO IDIOTS" then high five each other at your mensa meetings.