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Author Topic: What are the biggestest threats to Bitcoin?  (Read 6552 times)
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May 10, 2014, 05:00:36 PM
 #61

The biggest threat to Bitcoin so far has come from the people using and promoting it.

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May 10, 2014, 05:11:58 PM
 #62

Bitcoin mining pools' concentration is #1 threat imho. Now it takes just to control the 2 biggest pools for a 51% attack.
https://blockchain.info/pools

even the decreasing trend in full nodes seems like bad news:
https://getaddr.bitnodes.io/dashboard/chart/?days=60
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May 10, 2014, 08:05:30 PM
 #63

The biggest threat to Bitcoin so far has come from the people using and promoting it.

agreed +1
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May 10, 2014, 08:26:57 PM
 #64

There will be always bugs and threats so it's hard to state what's the biggest threat to Bitcoin.
It's our duty to make a secured haven for the Bitcoin
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May 10, 2014, 09:23:52 PM
 #65

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.

The greatest threats to Bitcoin are the many idiots involved.

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May 10, 2014, 09:33:12 PM
 #66

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.

The greatest threats to Bitcoin are the many idiots involved.

Agreed.  We look kind of foolish if one takes the time to really research the people involved.  I do like the progression of US exchanges evolving (not all).  I think Coinbase is doing a really great job keeping it simple and user friendly.

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May 10, 2014, 10:21:33 PM
 #67

Assholes who so willingly spread unconfrimed rumors as FUD like this jerk.

Folks who don't respect anyone's privacy, or who think deviant sexual behavior is at all relevant to the health of Bitcoin.

Innocent until proven guilty. Until there's a conviction, you are slandering people.

Sex negativity hurts everyone.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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May 10, 2014, 10:24:50 PM
 #68

There is a magazine called Goat Quarterly? 

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May 10, 2014, 11:39:20 PM
 #69

The amount of dumb money involved buying any coin hyped (including ripple like coins, proof of stake coins that anyone with little common sense can grasp why they cannot be a decentralized consensus mechanism)
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May 13, 2014, 01:27:08 AM
 #70

There is a magazine called Goat Quarterly? 

I see what you did there!
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May 13, 2014, 01:30:24 AM
 #71

Federal reserve and another central bank
i think they hate BTC
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May 13, 2014, 04:50:05 AM
 #72

The biggest threat to Bitcoin so far has come from the people using and promoting it.

My feeling is that the above statement is correct. If people had used Bitcoin quietly, it might have slowly become big without all the problems that it has had. And there wouldn't be so many banks and governments out to shut it down. It's all in the greed of the people who have tried to milk Bitcoin for all it's is worth that is the biggest danger to it.

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May 13, 2014, 04:57:02 AM
 #73

I"d have to say the the biggest threat to BTC at this time is bad press.  For example the bad press of Gox being hacked people losing their money and China banning Bitcoin all caused some damage.
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May 13, 2014, 05:10:54 AM
 #74

Assholes who so willingly spread unconfrimed rumors as FUD like this jerk.

Folks who don't respect anyone's privacy, or who think deviant sexual behavior is at all relevant to the health of Bitcoin.

Innocent until proven guilty. Until there's a conviction, you are slandering people.

Sex negativity hurts everyone.

If my info wasn't so relevant, then sure as hell the mainstream press wouldn't have expanded on it.

I haven't even begone to show, thus prove, the hundreds of millions of dollars being pumped into Bitcoin by shady characters like Brock Pierce going down a black hole with NO CHANCE of an ROI.

BTW, I am not making plans to commit suicide, especially via jumping off the 25th floor of a high-rise building in Singapore and crashing on the concrete landing slab above a garbage bin two blocks from GoCoin's office at 7 AM on a Wednesday because I'm depress over the post I just quoted.

But, if I change my mind, a handful of sick flowers, shown below, would suffice, placed where my body landed, for paying homage to me.

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May 13, 2014, 05:36:34 AM
 #75

The 1 MB block limit threatens Bitcoin's ability to function as the global reserve currency. It should eventually be changed to 10 GB per block to handle tens of billions of transactions per week.

Future scenario:

Paychecks are sent to billions of people in the form of bitcoins twice a month. People fund online accounts with bitcoin transfers once a week to do a majority of their transactions off the blockchain. No one runs a full node anymore, it's just too expensive. Instead everyone uses a SPV client and countries keep copies of the full blockchain to keep each other honest. Each country's government mines bitcoins and uses the transaction fees to fund government projects.

Fees per KB are around 20 satoshi or 2 USD, so peer to peer transfers are affordable, but rarely initiated because the opportunity cost of spending old bitcoins is just too damn high. The floating transaction fee formula everyone has agreed on effectively limits the average number of transactions to 6 per person per month. Because of this, everyone divides their bitcoin balance into thousands of addresses to accrue confirmations in case their bitcoins need to be quickly spent. Around 50M transactions are included in each block, giving a block reward of 100M USD from fees alone.  Governments are smaller and more cost-effective with their spending so the 100M is just enough.

The price of a bitcoin is 10M USD and fiat is nonexistent.
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May 13, 2014, 07:02:05 AM
 #76

The biggest threat to Bitcoin?

The high percentage of scumbags involved. More than half the exchanges have gone bust, most through "take the money and run" operators. The "Bitcoin stock exchanges" had few, if any, real companies that did anything behind them. The "Bitcoin Ponzis" were even worse. Most of the ASIC system vendors can't reliably deliver ordered products. Some of the Bitcoin Foundation leaders turned out to be crooks.

This is pathetic. It doesn't seem to be getting better, either. Look at the crowd behind Sunlot.
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May 13, 2014, 07:45:54 AM
 #77

The biggest threat to Bitcoin is people not using it. Many have it as a store of value, but few trade in it. Merchant adoption has been hopeful but aside from the initial buying boost, purchases in bitcoin go down after. I always make it a point to pay in Bitcoin at as many places I can, e.g. Namecheap, Tigerdirect, local restaurants.
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May 13, 2014, 08:38:24 AM
 #78

In Russia the biggest threat is government. And in China too...

Free btc! (http://freebitco.in/?r=458046)
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May 13, 2014, 10:07:35 AM
 #79

Bitcoin mining pools' concentration is #1 threat imho. Now it takes just to control the 2 biggest pools for a 51% attack.
https://blockchain.info/pools

even the decreasing trend in full nodes seems like bad news:
https://getaddr.bitnodes.io/dashboard/chart/?days=60

Hmm that is interesting as I've been thinking bitcoin was just to big for an attack like this to take place.  I also read a posts on this forum I believe or maybe a video that that said something similar effect.  I guess that is simply not the full story however.  Thanks adding this in to the mix.
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May 13, 2014, 10:22:01 AM
 #80

hackers.
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