the Free market has failed Bitcoin needs a Central authority and Global ID.

[Mike Christ]

Thanks for the chuckle

[1714908320]

1714908320

[1714908320]

1714908320

[1714908320]

1714908320

[digitalindustry]

Thanks for the chuckle

if you hold BTC you shouldn't be laughing its our investment here at stake.

[franky1]

Thanks for the chuckle

if you hold BTC you shouldn't be laughing its our investment here at stake.

its lasted 5 years without an ID. paper banknotes has lasted decades without an ID so plase stop sniffing the glue, an ID will not actually help people one bit and wont prevent 51% risks or double spends.  so i do not see why you have to make more than one topic spouting the same crap, im starting to think that you are the adoni guy with multiple usernames that was creating FUD last month, as you both have a loose grasp of reality

[prophetx]

whatever... go fork bitcoin, implement what you just said, and see if any of us adopt it... free market right...

[shogdite]

Central authority? Global ID? 

Bitcoin needs neither, think you'd be better off sticking to fiat. I'd advise you to give me all your btc before it fails:

16qJ793mcS8rzpZRBuQqoSJk8L1DVz2UjW

[LiteCoinGuy]

[countryfree]

- - This is a failure of the free market.

- - This could be Democratic similar to the UN.

Who are you to say the free market has failed. BTC hasn't failed. There are more and more shops and places which accept it.

On the contrary, the UN has failed everywhere. Recently, it hasn't been able to prevent anything in Gaza of Ukraine, and it's not very effective in controlling the Ebola outbreak. You may not believe in the free market, and I respect that, but I don't believe in organizations. History teach us they fail all too often.

BTC would not be any better with a central bank and an authority to control things.

[digitalindustry]

Thanks for the chuckle

if you hold BTC you shouldn't be laughing its our investment here at stake.

its lasted 5 years without an ID. paper banknotes has lasted decades without an ID so plase stop sniffing the glue, an ID will not actually help people one bit and wont prevent 51% risks or double spends.  so i do not see why you have to make more than one topic spouting the same crap, im starting to think that you are the adoni guy with multiple usernames that was creating FUD last month, as you both have a loose grasp of reality

- The central auth would hold a ledger

- the "ID" system would ensure the verification of that ledger.

all 51% issues are solved, the central auth could be "democratic"

[R2D221]

- this policy/protocol also ensures good community practice with the ability to block questionable transactions, i.e Terrorists pedophile transactions etc.

If you were here when the FBI coins were auctioned, then you would have read all the discussions that concluded that for a currency to be fungible, it can't be arbitrarily blocked (it's arbitrary because who will decide what's good and bad?).

[barbarousrelic]

I think we should have separate subforums for the perennial posts of:

1. Bitcoin needs a central bank!
2. Bitcoin is a Ponzi/pyramid scheme!
3. Bitcoin is destined to fail because of economics especially deflation!
4. Bitcoin is destined to fail because 21 million isn't enough!



That said, this is the first post I've ever seen that says Bitcoin is failing because the price is TOO STABLE!

- - Bitcoin is stagnating

- - This is a failure of the free market.

[justusranvier]

Create exactly what you describe above, exactly what you want, exactly what you think people want and need.

Compete head to head with Bitcoin

Winner take all.

You will lose.  I am betting on it because I own a boatload of BTC.

BTW what it the name of the thing you are pushing?  Just curious.

OP could probably get Mike Hearn to help him build it.

This proposal has all his favourite talking points in it.

[Timetwister]

You are free to save and use any crypto currency crap made by governments, like the Ecuadorian one. Bitcoin is perfect as it is.

[cr1776]

Thanks for the chuckle

if you hold BTC you shouldn't be laughing its our investment here at stake.

its lasted 5 years without an ID. paper banknotes has lasted decades without an ID so plase stop sniffing the glue, an ID will not actually help people one bit and wont prevent 51% risks or double spends.  so i do not see why you have to make more than one topic spouting the same crap, im starting to think that you are the adoni guy with multiple usernames that was creating FUD last month, as you both have a loose grasp of reality

- The central auth would hold a ledger

- the "ID" system would ensure the verification of that ledger.

all 51% issues are solved, the central auth could be "democratic"

Just fork the client and the blockchain and see how many people adopt this alt IDCoin or ControlACoin.

Discussing it does nothing to fix the problems that you see. 

[cr1776]

I think we should have separate subforums for the perennial posts of:

1. Bitcoin needs a central bank!
2. Bitcoin is a Ponzi/pyramid scheme!
3. Bitcoin is destined to fail because of economics especially deflation!
4. Bitcoin is destined to fail because 21 million isn't enough!

I'd also add:

5. PoW won't work, we need PoS.
6. We need a white-list/black-list to stop X from spending coins (non-fungibility).
7. There is a bug in Y part of bitcoin that lets me steal coins.
8. The number of bitcoin addresses isn't big enough, we need a larger space, I'm going to try and brute force private keys on my GPU.
9. Irreversible payments are bad.
10. We need a "fairer" distribution of coins. 
11. Transaction times are too slow (as compared to confirmation times).
12. We need stability in the fiat price of bitcoin, there has to be a protocol level stability mechanism.

There are probably a few more.  ;-)

If everyone who brings the same topics up again and again actually forked the code and the blockchain and implemented each of the problems they see, we'd all be much happier because we could see if people actually agreed with these ideas (doubtful imo).

[agath]

plonk!

[BitcoinLlama]

What are you toking bro!?

[BurtW]

Over the years I have seen many dipshits like the OP come and go. 

They leave behind them a steaming pile of worthless posts that no one will ever care to read again.

Bitcoin remains, unchanged, not caring about their idiotic opinions in the least bit as it marches onward and upward wining one heart and mind at a time.

[dankkk]

Thanks for the chuckle

if you hold BTC you shouldn't be laughing its our investment here at stake.

its lasted 5 years without an ID. paper banknotes has lasted decades without an ID so plase stop sniffing the glue, an ID will not actually help people one bit and wont prevent 51% risks or double spends.  so i do not see why you have to make more than one topic spouting the same crap, im starting to think that you are the adoni guy with multiple usernames that was creating FUD last month, as you both have a loose grasp of reality

- The central auth would hold a ledger

- the "ID" system would ensure the verification of that ledger.

all 51% issues are solved, the central auth could be "democratic"

This is exactly what the concept of bitcoin was trying to solve. When you have a central authority, you need to trust them to accurately keep track of your money. They would be able to add to their own balance or take away from your balance, and there would be nothing you could do about it. Bitcoin makes it so the network enforces the policies of the protocol. 51% issues would not be solved, we would essentially always have someone in control of 51%+ of the network (we would have the same effects and the same vulnerabilities)

[BitCoinDream]

__update---

People seem hostile to this initiative but in reality i'm just trying to provide a voice of reason i really believe our investments here rely on this :

key updates in bold

----------------------------


- - Bitcoin is stagnating

- - This is a failure of the free market.

- - Bitcoin needs to replace its broken central authority (mining monopoly standoff)  with an authorized authority

- - This could be Democratic similar to the UN.

- - Also Bitcoin needs a Global ID so that the Central Authority can enforce and ensure that no double spends occur.


People already seem malleable to the idea as they are actively giving hand ID and other such ID at "Bitcoin ATMs" i think there would be net net low resistance.

maybe a few "free market rebels" here and there, but if we can control and distract the flow of information we could crowd these guys out and hope that though, Problem > Reaction > Solution we can get the desired effect?


feedback is welcome.


---------------------------


Bitcoin needs to step up,  becoming a structural system that has the confidence of the business community.

in the end. as i said it's your investment, chaotic market forces will not be kind to Bitcoin price valuation.

the Points:

- half a central authority is not going to work. (where you are now)

- move to a full central system that has the support of key business financial community members.

- make the "Global ID" sound friendly and geared towards to consumer, like "safety verification" etc.

- this policy/protocol also ensures good community practice with the ability to block questionable transactions, i.e Terrorists pedophile transactions etc.

Why dont u just sell out or your Bitcoin and move to Stellar ? Stellar is offering exactly what u think needs to be done to Bitcoin. That centralization, that ID proof. According to U, that would make Bitcoin more valuable... right ? So, as per your theory, Stellar should cross the Bitcoin price in coming days. I'll give u 15000 Stellar against 5000 Bitcoin. 1/3rd of a price as per your theory. Exchange ?