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Author Topic: What are the biggestest threats to Bitcoin?  (Read 6550 times)
Phinnaeus Gage
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May 13, 2014, 11:04:16 AM
 #81

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.

I'm just now finding the same lot (no pun intended) attached to some of the exchanges that's not pinin'! 'E's passed on! Is no more! Has ceased to be! 'E's expired and gone to meet 're makers!

'E's a stiff! Bereft of life, 'e rests in peace! If they hadn't fleeced 'im clients 'e'd be pushing up the daisies!
'Er algorithmir processes are now 'istoried! 'Ere's off the net!
'Ey's kicked the bucket, 'e's shuffled off mortal coil, run down the curtain and joined the bleedin' choir "we's fucked yous up da ass"!!

I've yet to make a connection, but Bitcoin-Central's owner, Paymium, still owes me 1,132 BTC that once was in InstaWallet, and now resides in one of davout's bitcoin wallets, plus some, nicely washed between Paymiums concerns and a notable bitcoin dice site (not SD).

For those that may ne pissed at me due to my recent postings, you have Paymium to blame for me having the red-ass (again, no pun intended). If or when they decide to play nice, I may consider playing nice myself. Until then, I'm on full-tilt.
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martinnew
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May 13, 2014, 12:28:02 PM
 #82

I have been reading several negative things/news about BTC.
Maybe negative feedback/news about it could be a big threat too?
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May 13, 2014, 02:17:29 PM
 #83

imo biggest threat to bitcoin would be coinbase and bitpay consolidating and centralizing it all between merchant and consumers. banks are just going to brand each one of us and track our transactions live. Grin
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May 13, 2014, 02:32:44 PM
 #84

I guess it would also be best to take into consideration and worth a mention that if the internet was lost for a long period of time or indefinitely that would be a major threat to Bitcoins.
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May 13, 2014, 02:40:40 PM
 #85

A 51% attack and the end of internet Wink
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May 13, 2014, 05:58:26 PM
 #86

Bitcoin clones. They are the biggest threat not only to Bitcoin but to cryptocurrencyes movement in general.
I agree with you. I also think that alternative currencies are biggest thread to Bitcoin.

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May 13, 2014, 06:12:21 PM
 #87

It is very naive to think that virtually anything but govenment poses a real danger to Bitcoin.

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silversurfer1958
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May 13, 2014, 06:43:21 PM
 #88

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.

State instigated Psychological Warfare waged via the media
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May 13, 2014, 11:20:44 PM
 #89

I believe the media is a huge threat to bitcoin.  Some people (a lot of people) take what the media says seriously. From what I have seen, mainstream media is very anti bitcoin.  Considering who controls the media, it's no big surprise to me, but others don't see it that way.

I am an open bitcoin supporter on my facebook and of course many know very little about it.  Whenever there is something negative in the media, it gets brought to my attention fairly quickly. 
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May 14, 2014, 02:11:57 AM
 #90

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 "threat" moving forward will be from competing digital currencies.

But I think Bitcoin will always be there lurking in the shadows like a behemoth IBM.

"The Internet unshackled information, Satoshi Nakamoto unshackled money. And money makes the world go round."
LostDutchman
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May 14, 2014, 02:13:31 AM
 #91

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 "threat" would be from competing digital currencies.

But I think Bitcoin will always be there lurking in the shadows like a behemoth IBM.

Bitcoin will succede or fail based on its own qualities and how its adherents handle thing.

"Competing" currencies, IMHO, have nothing to do with it.

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blackhull
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May 14, 2014, 04:15:17 AM
 #92

If governments end up really deciding they want crypto's gone... they're gone. That's my bet at least.
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May 14, 2014, 04:24:03 AM
 #93

If governments end up really deciding they want crypto's gone... they're gone. That's my bet at least.

That depends on the dedication and depth of involvement of users.

What are you willing to do?

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May 14, 2014, 06:20:28 AM
 #94

If governments end up really deciding they want crypto's gone... they're gone. That's my bet at least.


Music: Napster sued by Metallica. Bigass congressional hearing over Metallica tunes being shared for free online. (Really, Lars? Really? Took 2 days to download a three minute song on dial up and you felt violated?) Ripping music CDs and P2P music sharing pissed off government and music industry corporations, and some artists. Fear mongering: ZOMG!! You're stealing from Metallica! Courtney Love, of all people, wrote a fabulous 5 page essay/commentary on the thievery of the record labels and supported *decentralization* of the industry.

And lo, record labels either adapted and learned to accept people, when given a choice between paying 30 bucks for a CD of crap they might not even like, most of which went to the label and not the band, and P2Ping any given tune for free and eventually making micro payments for what they wanted, they all chose option B.

And the government AND corporations lost to the people choosing decentralization of the music industry.

Movies: MPAA and RIAA decided the pirates were costing (them) billions. Bigass congressional hearing over it and various assorted one hit wonder actors testifying about how hard done by they were to be losing all those royalties when people illegally download/stream their movies. Then came the fear mongers and threats...we will find you and kill you!...or, find a 13 year old and make an example of him when we sue him for 49.2 billion dollars for all the movies he jacked from Pirate Bay. And let's go stop Pirate Bay! And China!

TPB came back better than ever with renewed P2P numbers and now there are all kinds of streaming freebie sites to watch anything and everything absolutely free - right alongside Netflix...because given a choice between paying 60 bucks to go to a crowded (or empty) theater and put up with idiots kicking the seat, yapping, or the kids crying, or the $12 box of popcorn, and jacking the same movie for free online, or watching their favorite tv series/shows free online, the people chose to cancel their cable tv subscriptions and haven't stepped foot in a theater in years.

And the government AND the movie studios lost to the people choosing decentralization of the movie industry and the television networks who caved and signed deals with online movie houses who charge a fraction of a movie ticked for unlimited viewing.

Books: Big name publishing houses set the rules by which any of us ever see an author's work. They had sole authority to determine who was worthy of being published and who was rejected. Until someone figured out a way to digitize books and then Amazon came along and opened up self publishing. Out came all the fear mongering and law suits. ZOMG! You're stealing food off the tables of starving authors! And self publishing? Anyone can PIRATE YOUR STUFF and you lose money!

And the government AND the publishing houses made examples of various "unscrupulous" authors faking reviews and whatnot, and held hearings on digital content prices and media harped that nobody would ever take self published authors seriously, nor would anyone choose a computer device to read on in place of real books.

And the government AND publishing houses lost to the people choosing decentralization and the ability to publish and create and own 100% of their work...so the publishing houses either adapt and promote digital format options or they go out of business.

Same for the video game industry, the electric companies, the telecom industry, and every other industry that has been controlled by corporations backed by government enforcers.

In the end, it doesn't matter what the government wants because the government isn't an entity. It's a conglomeration of smaller agencies made up of people with self interests over business interests at the end of the day and they also have a choice to support a dying currency in a weak economy or an alternative with much more security and potential for much wealth...

Bitcoin is doing and experiencing the same, exact "conflict of interest" and "threat" from the same two "entities" - government AND corporations (banks included) who have a vested interest in NOT making the USD worse than it is already...but the people have seen the reality of incompetence, corruption and psychosis of those "in charge" and are quite willing to look closer at THE ALTERNATIVE to USD.

Not everybody jumped on the internet/email/website/doing business online bandwagon the first half dozen years. Tons of people vowed it was a fad that nobody would take seriously - in the face of mega corporations, banks, and agencies moving business online. It was beating them in the face and still they hollered fad, nobody's gonna do all that, it's too hard.


Government can make all the laws it wants about bitcoin, same as they made all the laws they wanted with pirating movies, music, books, and games, or trying to regulate solar panels to pacify the electric companies who'd lose business to el sol...but ones the P2P genie is let out of the bottle, the government can't enforce a damn thing...they can't afford to pay enough people who have the technological capacity to do anything other than go after a few people to use as examples...Mt Gox may as well be Napster. May have gone out of business, but P2P music sharing is stronger than ever...

Government can outlaw it, which will only reinforce the black market. They can't enforce it anymore than the government can "turn off the internet".

Just a matter of time before the money thrown at the infrastructure gets things stable enough for Joe Blow to easily grab some bitcoin over the counter as a gift card and store it securely - and those two things will be when the rest of society gets on board.

IMO the biggest threat to bitcoin is the information overload and convoluted, overly technical aspect of learning how to get it and secure it and use it...as long as it's over the head of Joe Blow it's not going to gain traction. It just isn't.

Joe Blow can get on you tube, watch half a dozen reviews and figure out what kind of smart phone to get, go to WalMart, buy it, get the pay as you go plan (because given a choice between a corporation's 2 year $100 a month plus first born child contract plan and a $50 pay as you go card with unlimited use and no horse shit, people choose option B without hesitation), set up the account and start using the damn phone within 15 minutes or so.

When Joe can go to WalMart or the local vape shop or coffee shop and grab a bitcard over the counter, scan the barcode to set up the account via the smart phone, pay the merchant the value amount and activate the card same as a gift card, and the bitcard is also the wallet that isn't hackable, then it'll catch on.

Government is not a threat. It's just a nosey, fear mongering, psychotic pain in the ass - same as it's always been. This fight will be more interesting to watch though because the ones who control the money control civilization...and when the people choose the P2P option of currency, the government loses its control short of a tyrannical retaliation...which is the line in the sand...it won't happen in this country. No matter how lazy Suzy Homemaker is, there are millions of people who won't for one second tolerate any government official trying to pull it off without blood in the streets...which includes LEO, feds, and soldiers refusing to enforce the dictatorship.




TLDR - 1. bite me, 2. we've fought all this already with music, movies, books, games, power and they lose to p2p, 3. government aint shit, don't sweat it.  Grin

You say "anti government" like that's a bad thing...

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May 14, 2014, 09:47:31 AM
 #95

Speculation that is a big threat for bitcoin. Right now bitcoin is seen like a vehicle for speculation and to as it suppose to be :a currency .What makes a good currency? It should be a medium of exchange, and a store of value - and in the current state it fails pretty much on both accounts due to +-40% daily price swings. If you order pizza, by the time it arrives the pizza might be 20% more expensive/cheaper than when you ordered it. Its ridiculous.

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May 14, 2014, 01:21:31 PM
 #96

Speculation that is a big threat for bitcoin. Right now bitcoin is seen like a vehicle for speculation and to as it suppose to be :a currency .What makes a good currency? It should be a medium of exchange, and a store of value - and in the current state it fails pretty much on both accounts due to +-40% daily price swings. If you order pizza, by the time it arrives the pizza might be 20% more expensive/cheaper than when you ordered it. Its ridiculous.

The kind of stability that you are talking about will never come to crypto.

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May 14, 2014, 04:07:37 PM
 #97

Government "regulation" of ISPs.
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May 14, 2014, 04:21:19 PM
 #98

pool owner(s) with large amounts of the network hashrate

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May 14, 2014, 05:03:11 PM
 #99

Government "regulation" of ISPs.


Are bubble networks possible? I'm wondering if that'd be the same as a mesh net but not sure since I'd assumed a mesh network still has to rely on some paying user's ISP account and jacking into it via wi fi but it's a new concept to me so I'm probably utterly wrong.

It's more an intuitive based question than one grounded in a lot of techno knowledge or comprehension.

Is there a way for groups of people to be their own ISP, even having free access, so they can't be regulated by a central authority, aren't forced to pay a company fees for the permission to "get online", and aren't at the mercy of an ISP, court orders to release info, and all that sort of thing - not as a way around the law but a way to guarantee the same sort of freedom of choice.

I'd see small, independent networks with their own isp capability like mini internets that can be linked together to other networks voluntarily but nobody can order any of them to shut down or cap traffic or release identifying information, etc. It's not one giant network, it's mini networks.

Is something like that technologically possible?

You say "anti government" like that's a bad thing...

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May 14, 2014, 05:47:58 PM
 #100

Quote
Is there a way for groups of people to be their own ISP, even having free access, so they can't be regulated by a central authority, aren't forced to pay a company fees for the permission to "get online", and aren't at the mercy of an ISP, court orders to release info, and all that sort of thing

Mesh Networking already exists, but it is not widely implemented.
https://en.wikipedia.org/wiki/Mesh_networking
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