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Author Topic: What are the biggestest threats to Bitcoin?  (Read 6553 times)
LMGTFY
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May 02, 2014, 08:51:20 PM
 #21

More bugs is likely to come out, it's just a matter of time.

Sure. That's the nature of software development. There are currently 375 open issues logged at Github: https://github.com/bitcoin/bitcoin/issues. But the OP was looking for problems which couldn't be overcome - and a bug that bad is pretty hard for me to imagine after Heartbleed, and the speed with which it was addressed by most developers and sys admins.

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May 02, 2014, 08:51:39 PM
 #22

More bugs is likely to come out, it's just a matter of time.
Can you name two major bugs in the core Bitcoin code in the last four years?  Not just any bug but one that was a threat to the Bitcoin network.

I ask for two since there was only one that I know of.

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May 02, 2014, 08:53:34 PM
 #23

Threat? Well, peer to peer networks are hard to kill. And bitcoin is more than just a peer to peer network so it's more complicated. But imagine if nothing had changed since 2009-2010. If no further development was done, if no exchanges were made and bitcoin had no real world value not as many people would get involved. Also some early investors promoted bitcoin in it's early stages.

Do you remember the BOOM after Cyprus's bankruptcy? Media attention has helped much!














 

 

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BurtW
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May 02, 2014, 09:15:37 PM
 #24

Anything that threatens the fungible nature of Bitcoin.  See my signature.
You mean Mike Hearn?
From what I can tell Mike just discussed white, black, red lists etc. from a developer point of view in a "what if" or "how would it be done" sort of way.  Discussion of how to do something is a good way to figure out how to make it impossible to do.  I don't know if he personally supports these ideas or not and even if he does it does not matter.  There are enough of us that do not support them to be able to counteract anything he might try to do.

What is more concerning is the idea that the goobermint may someday (probably years from now at the rate they move) pass laws concerning this and try to create classes of coins:  "dirty", "clean", "bad", "good" and so on.

We should take this opportunity to implement automatic mixing and automatic tainting of all coins so that by the time they get around to trying to force something like this on us it will be too late.

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May 02, 2014, 10:34:17 PM
 #25

for all you noobs

1. if a bug did exist - it will be patched within a short period ( check out the 1mb limit fork and the heartbleed for examples of speedy patches)

2a. if ISP's blocked certain ports, then bitcoin can still work by sending API's to websites (PUSHtx to pools and blockchain.info)
2b. changing the ports to a different number that is not blocked takes only seconds too

3. altcoins - these are separate to bitcoin, meaning an altcoin cannot destroy the bitcoin code, it can only persuade people to change what they are hoarding. NXT is purely an altcoin even worse its centralized under the guise of blockchain 2.0 /bitcoin 2.0.. they are really trying to push their advertising campaign to will people over, yet people can see through the sells pitch. meaning right now nothing truly beats bitcoin

now my main concern is 51% attacks, by this i do not mean someone buying enough equipment to own more then 51% of the network.. i mean the easier method. bribing just 3 people (mining pool owners) to change their mining scripts.

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May 02, 2014, 11:09:34 PM
 #26

I believe also, massive cases like Silk Road would threaten Bitcoin because governments would ban it as a mean of money laundering.

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May 03, 2014, 04:21:51 AM
 #27

Bugs can be much more dangerous than any type of governmental interference. Imagine a previously unknown bug which makes counterfeiting and double spending possible. It will destroy Bitcoin.

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keithers
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May 03, 2014, 04:24:15 AM
 #28

What do you mean by threats?   Do you mean like a threat of BTC ceasing to exist, or a threat to prices, or market cap, or liquidity?

I think the biggest threat to prices would be overzealous governments trying too hard to control, tax, or ban it.

I am not great at the technical side of BTC, so I can't really speak on that part...
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May 03, 2014, 05:37:01 AM
 #29

What do you mean by threats?   Do you mean like a threat of BTC ceasing to exist, or a threat to prices, or market cap, or liquidity?

I think the biggest threat to prices would be overzealous governments trying too hard to control, tax, or ban it.

I am not great at the technical side of BTC, so I can't really speak on that part...

And that's what we will probably see with China soon. It will be interesting to see how bitcoin is doing in a hostile environment.

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May 03, 2014, 06:45:31 AM
 #30

Bugs in the code, quantum crytography advancing perhaps
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BunsenBurner
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May 03, 2014, 06:57:40 AM
 #31

Quantum computers? Bugs in the code? Centralized mining?

IIRC, quantum computing can only bring 256-bit bitcoin private key to be "as safe as" 128-bit.

There are many different wallet clients out there, and people are using different versions. Bugs in the code may affect some people, but probably not for the majority.

I think centralized mining could be a big problem, especially if we have some "bad" big miners trying to double-spend their own transactions.

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May 03, 2014, 07:30:03 AM
 #32

What do you mean by threats?   Do you mean like a threat of BTC ceasing to exist, or a threat to prices, or market cap, or liquidity?

I think the biggest threat to prices would be overzealous governments trying too hard to control, tax, or ban it.

I am not great at the technical side of BTC, so I can't really speak on that part...

And that's what we will probably see with China soon. It will be interesting to see how bitcoin is doing in a hostile environment.

Sooner or later the ecosystem will just need to flourish with or without China. At the end of the day, they are just one country in the gigantic planet
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May 03, 2014, 08:47:12 AM
 #33

+1 for non-fungibility

Also, the ability for which an individual's transactions and economic activity can be identified, tracked and taxed by a government is also a major and real threat.  Bitcoins that can be taxed as less valuable and have less utility than bitcoins that can't be taxed, we would see a drop in demand.

The power to tax is the power to destroy. Many believe that by making Bitcoin taxable and legitimate will increase adoption, I believe the inverse is true.

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May 03, 2014, 09:02:25 AM
 #34

Quantum computers? Bugs in the code? Centralized mining?

IIRC, quantum computing can only bring 256-bit bitcoin private key to be "as safe as" 128-bit.

There are many different wallet clients out there, and people are using different versions. Bugs in the code may affect some people, but probably not for the majority.

I think centralized mining could be a big problem, especially if we have some "bad" big miners trying to double-spend their own transactions.

Can anyone confirm or share info on the quantum computing part?

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May 03, 2014, 10:27:45 AM
 #35

Hackers,

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May 03, 2014, 10:31:19 AM
 #36

Hackers,

Hackers can't do much harm if people store their bitcoin in offline wallet or paper wallet. Smiley

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May 03, 2014, 10:31:40 AM
 #37

Quantum computers? Bugs in the code? Centralized mining?

IIRC, quantum computing can only bring 256-bit bitcoin private key to be "as safe as" 128-bit.

There are many different wallet clients out there, and people are using different versions. Bugs in the code may affect some people, but probably not for the majority.

I think centralized mining could be a big problem, especially if we have some "bad" big miners trying to double-spend their own transactions.

Can anyone confirm or share info on the quantum computing part?
I can't but I can say that if quantum computing became a credible threat to Bitcoin it would also be a threat to all online commerce. The quantum computing argument is a bit like saying "a global nuclear war would bring down every node!" It's true, but misses the point that we would no longer care.

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May 03, 2014, 12:23:29 PM
 #38

The biggest threats to me are the media if they keep on the attack and spreading propoganda but also from the price fluctations. I just dont see how it can become a mainstream currency if the value dips as much as it does. I hope there will be a way around this somehow.
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May 03, 2014, 12:27:57 PM
 #39

We'll have free energy before true quantum computers. Then we can run any kind of miners for free.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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May 03, 2014, 12:30:12 PM
 #40

Yep,
Some of the actual threats which I can think of now, while writing this post (not in any order):
1. Media bashing
2. ISP/Governments, banning bitcoin or making it illegal to trade bitcoin <-> fiat
3. Bitcoin v2.0

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