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Author Topic: how to destroy bitcoin (and cryptocurr) [?]  (Read 1794 times)
MithrilMan
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February 21, 2014, 05:26:06 PM
 #1

just a thought about the moment:

what if bitcoin detractors (and i mean BIG ones) had done this:

1) accumulate during bitcoin explosion (and maybe starting the hype and explosion too)
2) wait hype reach the top
3) shake opinion and start selling, causing panic (big early accumulation = big panic power)
4) wait that the people opinion change about cryptocurrency, destroying trust in it
5) drink and dance over the ruins

plausible? (just a big pump & dump)

P.S.
i own less than 1 btc so i'm not interested in speculation, just a thought

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February 21, 2014, 05:29:49 PM
 #2

history does repeat itself, constantly & who is to say the bitcoin big boys are any more honest than us greedy pumpers & dumpers of todays altcoins?

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RodeoX
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February 21, 2014, 05:33:18 PM
 #3

The thing about pump and dump in a truly free market is that you take huge risks by thinking you are going to control the actions of others. I don't panic, if I saw this playing out I would take advantage of it and cash in on their hard work. Driving the market back to a styable price.

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February 21, 2014, 10:03:07 PM
 #4

The success of Bitcoin is not measured by the exchange rate. The value of a bitcoin is only relevant to people that hold it and not to the that people use it.

Trust in Bitcoin is not measured by the exchange rate. People don't trust Bitcoin less now that its value has fallen by 50%.

The value of Bitcoin (as opposed to the value of a bitcoin) is not controlled by the speculators. It will succeed both because of them and in spite of them.

Personally, I am happy that the exchange rate has fallen by half. The focus on the exchange rate has been a big distraction, and a big drop weeds out the people that don't really care about the success of Bitcoin. So, if somebody wants to spend billions of dollars (that is how much it will cost them) to drive the price back down below $0.01, let them. It will be appreciated in the long run.

TL;DR: your scenario will not kill Bitcoin, it will only make it better.

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February 21, 2014, 10:14:20 PM
 #5

It's very easy to kill bitcoin. Just take over all the exchanges and make them behave like MtGox.
Seriously, the exchanges are bitcoin's greatest weakness. They should be made bulletproof and trustworthy.
For MtGox's management, I think bulletproof might have a different meaning in the near future.

Sometimes, if it looks too bullish, it's actually bearish
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February 21, 2014, 10:20:27 PM
 #6

It's very easy to kill bitcoin. Just take over all the exchanges and make them behave like MtGox.
Seriously, the exchanges are bitcoin's greatest weakness. They should be made bulletproof and trustworthy.
For MtGox's management, I think bulletproof might have a different meaning in the near future.

Exchanges are like napster, audio galaxy etc etc during the file-sharing revolution.
They were attempts that had too put down their ambition.
Just like some of the exchanges are doing now.
Only the exchanges that have maximum security & service will survive but they will have expensive fees.

Eventually peer-to-peer will fix this for bitcoin, just like it did for file-sharing.
I think this is also a major advantage to an Altcoin when it's allready using peer-to-peer.
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February 22, 2014, 07:23:07 AM
 #7

the correct way to destroy bitcoin is to buy/extort the core devs.

Give a man a fish and he eats for a day.  Give a man a Poisson distribution and he eats at random times independent of one another, at a constant known rate.
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February 22, 2014, 11:03:11 AM
 #8

It's very easy to kill bitcoin. Just take over all the exchanges and make them behave like MtGox.
Seriously, the exchanges are bitcoin's greatest weakness. They should be made bulletproof and trustworthy.

Couldn't agree more.

I'm UK based - if my BTC goes missing from MT.Gox how am I currently protected ?

I'm not.

Its almost as if a BTC exchange is being treat (by the authorities) as some sort of gambling website - or its as if its a financial advice service being offered by someone using a set of Tarrot cards. In either case you wouldn't expect recompense in the event of loss.

BTC needs to be defined in the UK by the financial regulatory authorities and exchanges starting up on the strength of/back of the recognition of BTC. Only then will the average Jo be confident in having to send id documents to the exchanges admin and having a bank account linked to the exchange for easy purchase of BTC.  
   ID verifcation and a linked bank account are a big ask (trust wise) for the average Jo when the exchange is unregulated and based in Slovenia. He isn't going to do it.

    I know that for some regulation equates to Government interference and future repression - but for me, at the moment, it equates to accountability and some measure of protection for the average Jo from a firm holding his assets.
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February 24, 2014, 05:21:25 PM
 #9

It's very easy to kill bitcoin. Just take over all the exchanges and make them behave like MtGox.
Seriously, the exchanges are bitcoin's greatest weakness. They should be made bulletproof and trustworthy.
For MtGox's management, I think bulletproof might have a different meaning in the near future.
How would you take over the exchanges which are located in countries around the world? What if they wont sell you their business? What about the many new exchanges that would instantly replace the ones you acquired? And where are you going to get this inexhaustible pile of cash that will yield no return on your effort? The shareholders are not going to like this. 

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February 24, 2014, 08:08:35 PM
 #10

in networking level ? like layer 3 below ( http://en.wikipedia.org/wiki/OSI_model )

loads of plumber engineering from MPLS kun-fu to ninja tunnels to not isolate miners ... but we working in silence (Huh sometimes.. )  and speak an enigmatic language too Roll Eyes

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ScaryHash
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February 25, 2014, 12:38:28 AM
 #11

Yep, pretty much what is happening.

Any low level analyst can figure out that the exchanges are Bitcoin's most vulnerable area, because they represent major nodes in the network.

Target the command and control, and you disrupt the whole thing.

Even something as decentralized as BTC has some parts that are more important or a higher priority than others.
knightcoin
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February 25, 2014, 01:52:04 AM
 #12

Yep, pretty much what is happening.

Any low level analyst can figure out that the exchanges are Bitcoin's most vulnerable area, because they represent major nodes in the network.

Target the command and control, and you disrupt the whole thing.

Even something as decentralized as BTC has some parts that are more important or a higher priority than others.

true, at least in time, like "just-in-time" but the whole ecosystem is like a big lego ...

so...



Bonus:
and very low-level-time-cern-particle-smash-machine-magnetic-boom

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