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Author Topic: MIT technology wrote a negative article on Bitcoin  (Read 3124 times)
augustocroppo
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February 19, 2014, 06:49:26 PM
 #41

A double spend is not a duplication.  The network never allows two spends for the same currency to be confirmed.  Someone can be tricked/cheated but Bitcoin does not allow the same coin to be spent twice.  

Of course it can happen, otherwise why would this be a very important security issue? If you think double spend transactions cannot happen then it is time to refresh your understanding of how the Bitcoin networks operate.

The transaction malleability is not double spending attack. Dont be a dick and then show your ignorance like that.


And Littleshop is right: Double spend =! duplication. Seem like you dont know how bitcoins work. If duplication is possible, there will be more than 21million bitcoins. Idiot


I am not talking about transaction maleabity. A double spend attempt is equivalent to duplicate a certain BTC amount. Yes, it can be more than 21 million. There is nothing controlling how many BTC are in circulation.

Wait? You think the 21 million number is something absolut?

LOL
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February 19, 2014, 07:26:54 PM
 #42

As a closing knockout blow, the author states that an economy that is deflationary would require workers to take a pay cut every year. Again, this is a change in paradigm that the author fails to understand. With fiat, inflation FORCES you to take a pay cut every year. With BTC, deflation FORCES you to take a pay raise every year. This means with fiat, the employer has to keep giving you empty pay raises to keep up. With BTC, your employer has to keep giving you empty pay cuts to keep up. Neither system is better, but it is a total 180 degree paradigm shift.

Exactly. The author is rejecting bitcoin on the assumption that society cannot adjust to changes, reasoning which is historically ludicrous.


Of course, the author is also saying a growing economy would be mismatched with a shrinking (deflationary) currency supply.

For traditional central banking to provide a good store of value, we would need truly responsible governments accurately adjusting their fiat money supply to agree with growth or contraction of their economies. But governments aren't trustworthy long-term.

Cryptocurrency could be designed to inflate & deflate based on one sector of one country's economy (such as food or electronics or housing), so that over time a coin would tend to still buy the same quantity of the favored products/services. It would be the extreme opposite of a global currency.

Or a currency could inflate/deflate to agree with the world's average economic growth/contraction. That would add a layer of complexity and risk, in order to make prices somewhat stable over time for those in the largest economies.

Bitcoin's approach is simpler and quite rational but does require users to reprice products and services gradually over time. Long term, price changes are far more likely to become PREDICTABLE with bitcoin than under the whims of governments!
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February 19, 2014, 07:50:16 PM
 #43

As a closing knockout blow, the author states that an economy that is deflationary would require workers to take a pay cut every year. Again, this is a change in paradigm that the author fails to understand. With fiat, inflation FORCES you to take a pay cut every year. With BTC, deflation FORCES you to take a pay raise every year. This means with fiat, the employer has to keep giving you empty pay raises to keep up. With BTC, your employer has to keep giving you empty pay cuts to keep up. Neither system is better, but it is a total 180 degree paradigm shift.

Exactly. The author is rejecting bitcoin on the assumption that society cannot adjust to changes, reasoning which is historically ludicrous.


Of course, the author is also saying a growing economy would be mismatched with a shrinking (deflationary) currency supply.

For traditional central banking to provide a good store of value, we would need truly responsible governments accurately adjusting their fiat money supply to agree with growth or contraction of their economies. But governments aren't trustworthy long-term.

Cryptocurrency could be designed to inflate & deflate based on one sector of one country's economy (such as food or electronics or housing), so that over time a coin would tend to still buy the same quantity of the favored products/services. It would be the extreme opposite of a global currency.

Or a currency could inflate/deflate to agree with the world's average economic growth/contraction. That would add a layer of complexity and risk, in order to make prices somewhat stable over time for those in the largest economies.

Bitcoin's approach is simpler and quite rational but does require users to reprice products and services gradually over time. Long term, price changes are far more likely to become PREDICTABLE with bitcoin than under the whims of governments!


Bitcoin is still an experiment and there's flexibility for adjustments in the future. We've already experienced a fork of the blockchain to solve a flaw... There's no reason we couldn't make Bitcoin whatever we needed it to be in the future. All it would take to implement a change is for the change to be desirable for the miners/users.

We aren't at a stage where a problem is evident, nor can we actually be sure that a Bitcoin economy will suffer the same shortfalls of a gold standard. There's no reason to change anything right now and so a proposed change will be resisted by the people.

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Sir Barken Hyena
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February 19, 2014, 07:55:44 PM
 #44



How stupid you sound... No, it is not a "physical asset", it is not a "stock in the network" and it is not a "commodity". You barely got right about the medium of exchange.

Yes, it can be "duplicated" (a.k.a. double spend), it can be "extend in whole volume" and it can be "directly regulated".

You forgot to insert your argument. Also, same on the following post.
Sheldor333
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February 19, 2014, 08:08:52 PM
 #45

Why didn't you write about MIT students who made a program that would allow you sign up for a certain service (paid) and in return you would lend them your mining power (computer, nothing special) to pay it off. It could be integrated into any site. Anyway they have been charged with a felony because of that. Why exactly? I'm not sure.

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February 19, 2014, 08:48:45 PM
 #46

This is a weird article considering MIT has their own bitcoin club, and is working on creating their own bitcoin infrastructure.  The video was posted just yesterday too.

http://www.youtube.com/watch?v=ZloserjZNfM
gpucoolingmethod
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February 19, 2014, 09:00:50 PM
 #47

its barely worth reading except to learn how incompetent the author is

made me LOL thank you
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February 19, 2014, 11:38:13 PM
 #48

People shouldn't even read this, a waste of time.


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February 20, 2014, 12:01:20 AM
 #49

This is a weird article considering MIT has their own bitcoin club, and is working on creating their own bitcoin infrastructure.  The video was posted just yesterday too.

http://www.youtube.com/watch?v=ZloserjZNfM
cool post

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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