Why bitcoin is in big trouble and is ultimately doomed!

[mystery2048]

Im not so sure, isnt it possible that the top 3/4 pools will collude like you sometimes see cartels doing in other markets?

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[John (John K.)]

Bitcoin is a risky project and there is a high change that you will lose everything.

If I lose everything that I have today, I would honestly have to say that I've come out ahead overall over the past 2+ years.

Now that you've said your peace, I'll buy you out at $3 per and you can leave.

This +1. I'll even offer $3.01.

Nor can you correct rudeness and general crudity... In any case, I was wondering whether you think the ASICS will cause a problem for bitcoin and mining in general? I am myself very worried about mining being monopolized by a small but powerful group.

See gold. Isn't gold mining 'being monopolized by a small but powerful group' either? A free currency essentially removes all limitations of ownership, and you are free to start 'monopolizing' too. That said, ASICS would only advance Bitcoin more in terms of security and stability (financially as in price and the Bitcoin network in general), and no, I don't have any ASIC's yet.
A technological race is normal for any free system - see the chip war between AMD and Intel for example. Who is complaining that the computer CPU is being monopolized by only two companies?

[Raoul Duke]

The dude is on a Bitcoin bashing frenzy lol

Basically, taint is the problem where part of your coins are mixed with stolen, laundered, or illegitimate coins. It will eventually be a huge problem for bitcoin, as exchanges and merchants will refuse to take coins above a certain taint %. We may also find trading freezes up, people are stuck with coins they cant use, and bitcoins lose a lot of their worth.

All that on a thread about the blockchain.info taint feature, which has nothing to do with what he described.
Oh, well...

[mystery2048]

Im not sure, perhaps we would see more featureful and diverse chipsets if we had perhaps half a dozen chip manufacturers instead of just two...

Also, the problem with a huge number of ASICs coming online, is not just that they get more powerful, its that smaller miners see lesser profits and drop out. Mining on a GPU will become impossible, and unless you invest heavily in ASICs you will probably not many enough money for it to be worthwhile.

[mccorvic]

Im not so sure, isnt it possible that the top 3/4 pools will collude like you sometimes see cartels doing in other markets?

Were they colluding before? NOPE.

Please think about your own questions for 15 seconds before hitting the post button.  You'll find that logic will answer many of your own questions.

[mccorvic]

The dude is on a Bitcoin bashing frenzy lol

Basically, taint is the problem where part of your coins are mixed with stolen, laundered, or illegitimate coins. It will eventually be a huge problem for bitcoin, as exchanges and merchants will refuse to take coins above a certain taint %. We may also find trading freezes up, people are stuck with coins they cant use, and bitcoins lose a lot of their worth.

All that on a thread about the blockchain.info taint feature, which has nothing to do with what he described.
Oh, well...

Yea, and he isn't trying to "promote" LTC either!

Shall we start a pool on how long before he states that his account was hacked FOR REALZ and this whole thread was the hacker?

[mystery2048]

Yes, but the stake has increased, there is alot more money involved in mining than there were in the beginning stages of bitcoins... Your local pizza delivery companies are unlikely to collude for any reason, but Pizza Hut and Dominoes may (or at least buy out each other) ...

[John (John K.)]

Im not so sure, isnt it possible that the top 3/4 pools will collude like you sometimes see cartels doing in other markets?

Nope, not possible. The top 3/4 pools have a vested interest to see Bitcoin succeed, and there is many other pools in the market for anyone to choose.

See this: http://blockchain.info/pools?timespan=4days
You'll find that 4 of the top pools only controls like 1/3 of the hash rate. There is no incentive for them to band together, as doing an 51% attack is costly and unprofitable. Not to mention the difficulty as in practice an attack would need around 60-70~% for an attack to be viable. The members of the pools would notice and leave before any lasting harm would be done.

[mccorvic]

Yes, but the stake has increased, there is alot more money involved in mining than there were in the beginning stages of bitcoins... Your local pizza delivery companies are unlikely to collude for any reason, but Pizza Hut and Dominoes may (or at least buy out each other) ...

You didn't think about this again.

Your statement is true of anything! Even if BTC was, oh let's say, limited to cpu mining only it would be possibly for some SUPER HUGE LVL 90 JESUSES to group together and lulz control LTC...er...I mean...BTC.

Please, for the love of jebus. Stop and think before posting.

[sadpandatech]

Im not so sure, isnt it possible that the top 3/4 pools will collude like you sometimes see cartels doing in other markets?

Nope, not possible. The top 3/4 pools have a vested interest to see Bitcoin succeed, and there is many other pools in the market for anyone to choose.

See this: http://blockchain.info/pools?timespan=4days
You'll find that 4 of the top pools only controls like 1/3 of the hash rate. There is no incentive for them to band together, as doing an 51% attack is costly and unprofitable. Not to mention the difficulty as in practice an attack would need around 60-70~% for an attack to be viable. The members of the pools would notice and leave before any lasting harm would be done.

not to mention the fact he is overlooking that the product of those HUGE pools does not go to the pool op's pockets. it is paid out to thousands and thousands of miners. Least of all, not all of them are mining 'for profit'....

[John (John K.)]

Im not sure, perhaps we would see more featureful and diverse chipsets if we had perhaps half a dozen chip manufacturers instead of just two...

Also, the problem with a huge number of ASICs coming online, is not just that they get more powerful, its that smaller miners see lesser profits and drop out. Mining on a GPU will become impossible, and unless you invest heavily in ASICs you will probably not many enough money for it to be worthwhile.

We do have more then half a dozen chip manufacturers. It's just that their technological prowess haven't reached that of the top players.
For your second point, the transition to ASIC's is the same as the transition to GPU's from CPU's. You'll need to throw some dough in to be profitable during that transition, and this holds true for this transition.

OP, I would suggest you try not to humiliate yourself with such abysmal questions.  Please give your statements some thought before spouting nonsense.

[rjk]

Hmm, perhaps a few possibilities:

1. OP is high
2. OP is hacked, and hacker is posting on a different login session (unlikely)
3. OP is retarded, stupid, an idiot, or some combination of those
4. OP is pushing some kind of agenda (whose?)
5. OP is a scammer trying to raise his post count in order to become more legitimate to new users (also likely) before selling them stuff and running.
  5a. See how he never quotes anyone, so as to leave incriminating or opposing views out of his post history?
6. OP needs to get a life and come back in a few years

Choose your own adventure!

[John (John K.)]

Hmm, perhaps a few possibilities:

1. OP is high
2. OP is hacked, and hacker is posting on a different login session (unlikely)
3. OP is retarded, stupid, an idiot, or some combination of those
4. OP is pushing some kind of agenda (whose?)
5. OP is a scammer trying to raise his post count in order to become more legitimate to new users (also likely) before selling them stuff and running.
  5a. See how he never quotes anyone, so as to leave incriminating or opposing views out of his post history?
6. OP needs to get a life and come back in a few years

Choose your own adventure!

OP is probably just a poor kid trying to push LTC or just ignorant of facts and figures. I normally am happy to hear criticisms about Bitcoin (such as the lack of usage areas and so), and explain valid technical concerns (scalability, user friendly etc), but FUD and unfounded questions push me over the top.

[pekv2]

Hmm, perhaps a few possibilities:

1. OP is high
2. OP is hacked, and hacker is posting on a different login session (unlikely)
3. OP is retarded, stupid, an idiot, or some combination of those
4. OP is pushing some kind of agenda (whose?)
5. OP is a scammer trying to raise his post count in order to become more legitimate to new users (also likely) before selling them stuff and running.
  5a. See how he never quotes anyone, so as to leave incriminating or opposing views out of his post history?
6. OP needs to get a life and come back in a few years

Choose your own adventure!

OP is probably just a poor kid trying to push LTC or just ignorant of facts and figures. I normally am happy to hear criticisms about Bitcoin (such as the lack of usage areas and so), and explain valid technical concerns (scalability, user friendly etc), but FUD and unfounded questions push me over the top.

Agreed, all above. ^

[mystery2048]

Uhm, I am sensing some negativity, I just wanted to start a discussion on Bitcoin.

[rjk]

Uhm, I am sensing some negativity, I just wanted to start a discussion on Bitcoin.

Instead of trying to make the world come to you and explain it all in baby-talk, why not do some of your own original research?

[Raoul Duke]

Uhm, I am sensing some negativity, I just wanted to start a discussion on Bitcoin.

Instead of trying to make the world come to you and explain it all in baby-talk, why not do some of your own original research?

[evoorhees]

While that $2000 is most likely easy money for me, I don't want to take your money or humiliate you. I am just giving you a warning that you are treading in dangerous waters. Many people here are risking much higher sums than that every day. Whatever you want to take from this failed experiment, you should not put in any money that you cannot afford to lose!

Got it. So you have plenty of money to bet, and yet you still won't take the bet with me. I'm so shocked.

 

[John (John K.)]

Uhm, I am sensing some negativity, I just wanted to start a discussion on Bitcoin.

We are discussing. It's just that you're still stating A is not 1 in the equation 1+A=2, in an university calculus class.
Kindly give some opinions that is not proven to be wrong.

Stating "Why bitcoin is in big trouble and is ultimately doomed!" here without legible proof to back it up is like stating
'Why gold is in big trouble and is ultimately doomed!' in a economics forum without any proof.

TL;DR: you'll get trolled, and you deserve it.

[Raoul Duke]

While that $2000 is most likely easy money for me, I don't want to take your money or humiliate you. I am just giving you a warning that you are treading in dangerous waters. Many people here are risking much higher sums than that every day. Whatever you want to take from this failed experiment, you should not put in any money that you cannot afford to lose!

Got it. So you have plenty of money to bet, and yet you still won't take the bet with me. I'm so shocked.

 

You should just bet some worthless bitcoins with him and leave the dollars out.
He'll have no problems with that, for sure