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Author Topic: What are the biggestest threats to Bitcoin?  (Read 6555 times)
SelbyTsang
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May 03, 2014, 12:35:07 PM
 #41

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

To the moon!!! I mean the difficulty Grin

Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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May 08, 2014, 06:53:04 AM
 #42

the biggest problems with bitcoin that I see are:
1) It offers no real advantage for consumers for day-to-day spending than cash or a credit/debit card - it's just more complicated. It's easy to dismiss this if you are tech-savvy, but think of the dumbest person you know. This could probably be improved with better POS terminals, etc.
2) Getting money in/out of bitcoin is still way more difficult than it needs to be
3) You can't buy hardly anything with it - and the incentive for merchants to accept it is low given the volatility and the fact that all of their bills are in a different currency. Instant conversion back to dollars kind of defeats the point if you ask me.
4) Most people view bitcoin as a money-making scheme, hoping that the value will rise dramatically due to the design-limited supply. If you're always thinking in your head that 10 years from now a coin will be worth $100k, there's a lot of pressure to not spend today. If the case for bitcoin was really cheaper, faster, better payments, there would not be so much focus on speculation.
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May 08, 2014, 07:49:07 AM
 #43

the biggest problems with bitcoin that I see are:
1) It offers no real advantage for consumers for day-to-day spending than cash or a credit/debit card - it's just more complicated. It's easy to dismiss this if you are tech-savvy, but think of the dumbest person you know. This could probably be improved with better POS terminals, etc.
2) Getting money in/out of bitcoin is still way more difficult than it needs to be
3) You can't buy hardly anything with it - and the incentive for merchants to accept it is low given the volatility and the fact that all of their bills are in a different currency. Instant conversion back to dollars kind of defeats the point if you ask me.
4) Most people view bitcoin as a money-making scheme, hoping that the value will rise dramatically due to the design-limited supply. If you're always thinking in your head that 10 years from now a coin will be worth $100k, there's a lot of pressure to not spend today. If the case for bitcoin was really cheaper, faster, better payments, there would not be so much focus on speculation.

All solid points but:

1. Will change once the technology is there. It takes time to improve but that's the direction it is moving in - being easy enough to be used by anyone.
2. Won't be an issue if Bitcoin truly catches on, because there will be no need to transfer it into fiat.
3. Once again, this is slowly improving every day. There are more and more merchants accepting it. But yes, we still need big names to accept bitcoin to get the ball rolling.
4. I think this has improved a lot over Bitcoin's lifetime. I personally got into it at the hope of making $$$, but as time goes on I stick with bitcoin because of its actual revolutionizing advantages like cutting off governments from controlling a currency. Also, with every new up and down more and more "weak hands" are weeded out - the people that are really here just for the profit.

All we have to decide is what to do with the time that is given us - Gandalf
martinnew
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May 08, 2014, 02:30:44 PM
 #44

I think the issue with its security. Lots are seem very interested in getting BTC easily with its current value.
LostDutchman
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May 09, 2014, 04:37:57 AM
 #45

Quantum computers? Bugs in the code? Centralized mining?

Is there anything that can't potentially be overcome that is a threat to Bitcoin? Anything I didn't mention?

Thanks in advanced.

IMHO, the biggest threat to Bitcoin is the large group of knuckleheads who seek universal adoption.

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CADguy
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May 09, 2014, 04:41:10 AM
 #46

that it is unsustainable because of mining ( polutes a lot ) thats why blackcoin is better--> no pollution at all
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May 09, 2014, 06:08:08 AM
 #47

Loss of net neutrality? maybe?

I worry that ISPs in the future will block ports or otherwise try impeding bitcoin network traffic.  
That kind of tyranny is why guns were invented.

There are still the kind of men in this world who think, "fuck with my money, and I fuck with your life". Many of them are American and armed.

We need to get the Tea Party into Bitcoin. And the south.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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May 09, 2014, 06:43:47 AM
 #48

Quantum computers? Bugs in the code? Centralized mining?

Is there anything that can't potentially be overcome that is a threat to Bitcoin? Anything I didn't mention?

Thanks in advanced.



Governments.

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May 09, 2014, 07:01:47 AM
 #49

In all honesty, there are no real viable threats to Bitcoin. Least of all governments.

Why do you think so many geniuses are going in?

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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May 09, 2014, 08:40:56 AM
 #50

bears
Code47
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May 09, 2014, 02:48:47 PM
 #51

bears

better alternative cypro currency.
and Govermnets of course.
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May 10, 2014, 03:22:17 PM
 #52

the biggest problems with bitcoin that I see are:
1) It offers no real advantage for consumers for day-to-day spending than cash or a credit/debit card - it's just more complicated. It's easy to dismiss this if you are tech-savvy, but think of the dumbest person you know. This could probably be improved with better POS terminals, etc.
2) Getting money in/out of bitcoin is still way more difficult than it needs to be
3) You can't buy hardly anything with it - and the incentive for merchants to accept it is low given the volatility and the fact that all of their bills are in a different currency. Instant conversion back to dollars kind of defeats the point if you ask me.
4) Most people view bitcoin as a money-making scheme, hoping that the value will rise dramatically due to the design-limited supply. If you're always thinking in your head that 10 years from now a coin will be worth $100k, there's a lot of pressure to not spend today. If the case for bitcoin was really cheaper, faster, better payments, there would not be so much focus on speculation.

I guess if you are only looking at bitcoin right now then yeah you have a point.
But bitcoin a few years from now will be an entirely different animal. It's like the vast majority of criticisms are like blaming a zygote for not having a job yet.
SunSeeder
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May 10, 2014, 03:29:00 PM
 #53

If you're always thinking in your head that 10 years from now a coin will be worth $100k, there's a lot of pressure to not spend today.

Quite a few of us think the pressure to spend shouldn't exist in the money supply. Spending should be deiced on the merits of the exchange, not spurred by fear of loss due to inflation. When your currency stops throwing bricks though your windows real economic gain will be realized.
HeliKopterBen
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May 10, 2014, 03:36:08 PM
 #54

A major, unrecoverable flaw in the core protocol and/or underlying cryptography are the only real threats.  Outside forces will have a negligible impact. 

Counterfeit:  made in imitation of something else with intent to deceive:  merriam-webster
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May 10, 2014, 03:37:30 PM
 #55

Most people view bitcoin as a money-making scheme, hoping that the value will rise dramatically due to the design-limited supply. If you're always thinking in your head that 10 years from now a coin will be worth $100k, there's a lot of pressure to not spend today. If the case for bitcoin was really cheaper, faster, better payments, there would not be so much focus on speculation.

To add to that, because of the hoarding the available supply dwindles. If most people are holding out for $100K coins then the coins available to buy for $500 will be less and less.
Supply and demand starts to creep in. Low supply, high demand, high price.
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May 10, 2014, 03:44:10 PM
 #56

Most people view bitcoin as a money-making scheme, hoping that the value will rise dramatically due to the design-limited supply. If you're always thinking in your head that 10 years from now a coin will be worth $100k, there's a lot of pressure to not spend today. If the case for bitcoin was really cheaper, faster, better payments, there would not be so much focus on speculation.

This is why I feel it has features of a ponzi scheme (Downvote mode initiated for 99% of the people reading this). The early investors are promising spectacular things, hoarding, driving up the price so that they can dump at the expense of the late comers.
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May 10, 2014, 03:47:29 PM
 #57

What are the biggestest threats to Bitcoin?

https://bitcoinfoundation.org/

Arguing that you don't care about the right to privacy because you have nothing to hide is no different than saying you don't care about free speech because you have nothing to say.
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May 10, 2014, 04:19:13 PM
 #58

Stop fear-mongering, the foundation doesn't have any real power to damage anything except their own reputations.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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May 10, 2014, 04:56:07 PM
 #59

To steal some of the risks listed in the Winklevoss IPO documents for their proposed bitcoin trust:

  • Currently, there is relatively small use of bitcoins in the retail and commercial marketplace in comparison to relatively large use by speculators, thus contributing to price volatility
  • The Core Developers or other programmers could propose amendments to the Bitcoin Network’s protocols and software that, if accepted and authorized by the Bitcoin Network’s community, could adversely affect it
  • If a malicious actor or botnet obtains control in excess of 50 percent of the processing power active on the Bitcoin Network, it is possible that such actor or botnet could manipulate the Blockchain in a manner that adversely affects it
  • If the award of bitcoins for solving blocks and transaction fees for recording transactions are not sufficiently high to incentivize miners, miners may cease expending processing power to solve blocks and confirmations of transactions on the Blockchain could be slowed temporarily. A reduction in the processing power expended by miners on the Bitcoin Network could increase the likelihood of a malicious actor or botnet obtaining control in excess of 50 percent of the processing power active on the Bitcoin Network or the Blockchain, potentially permitting such actor or botnet to manipulate the Blockchain in a manner that adversely affects it
  • As the number of bitcoins awarded for solving a block in the Blockchain decreases, the incentive for miners to continue to contribute processing power to the Bitcoin Network will transition from a set reward to transaction fees. Either the requirement from miners of higher transaction fees in exchange for recording transactions in the Blockchain or a software upgrade that automatically charges fees for all transactions may decrease demand for bitcoins and prevent the expansion of the Bitcoin Network to retail merchants and commercial businesses, resulting in a reduction in the price of bitcoins that could adversely impact it
  • To the extent that any miners cease to record transactions in solved blocks, transactions that do not include the payment of a transaction fee will not be recorded on the Blockchain until a block is solved by a miner who does not require the payment of transaction fees. Any widespread delays in the recording of transactions could result in a loss of confidence in the Bitcoin Network
  • The acceptance of Bitcoin Network software patches or upgrades by a significant, but not overwhelming, percentage of the users and miners in the Bitcoin Network could result in a “fork” in the Blockchain, resulting in the operation of two separate networks until such time as the forked Blockchains are merged. The temporary or permanent existence of forked Blockchains could adversely impact it
  • Intellectual property rights claims may adversely affect the operation of the Bitcoin Network.  Third parties may assert intellectual property claims relating to the holding and transfer of Digital Math-Based Assets and their source code. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the Bitcoin Network’s long-term viability or the ability of end-users to hold and transfer bitcoins may adversely affect it

They've certainly done their homework, but personally I don't perceive any of these as a likely outcome that would seriously jeopardise Bitcoin in the near future.  Possible, certainly, but not likely.

sana8410
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May 10, 2014, 04:57:11 PM
 #60

Quantum computers? Bugs in the code? Centralized mining?

Is there anything that can't potentially be overcome that is a threat to Bitcoin? Anything I didn't mention?

Thanks in advanced.
I think that the biggest threat to bitcoin is :"Misinformation".Yes things like Security and Ease of Use are important, and of course Government Regulation (though hopefully lack there of) will play a big part, but public perception and sentiment will always be the primary driver of any new technology.

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