Why Bitcoin Flopped

[ajareselde]

Bitcoin has many flaws,

Okay time to call the trolls out. Explain yourself.

Just go ahead and read bitcoin related news in the press, and ull see that most of them are bitcoin thefts and exchanges robbing themselves,clients loosing money from exchanges etc..
It all points out that security isnt high enough, from bitcoin wallets to exchanges that any dumbo can start, and only when u fix that can u go forward, because until then ull have every form of authority trying to shut/slow u down.

Anything can be stolen, especially when security relies on people. The technical security is greater than anything we have ever had previously when done right. Not a bitcoin problem.

Try again.

Anything can be stolen correct, but in conventional trading you get your stolen goods back, and thats not even remotely the case with bitcoin.
What arguments do people that are against the bitcoin have? Counter them and u will have double the amount of bitcoin supporters.

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[Warren Buffert]

Bitcoin has many flaws,

Okay time to call the trolls out. Explain yourself.

Just go ahead and read bitcoin related news in the press, and ull see that most of them are bitcoin thefts and exchanges robbing themselves,clients loosing money from exchanges etc..
It all points out that security isnt high enough, from bitcoin wallets to exchanges that any dumbo can start, and only when u fix that can u go forward, because until then ull have every form of authority trying to shut/slow u down.

Anything can be stolen, especially when security relies on people. The technical security is greater than anything we have ever had previously when done right. Not a bitcoin problem.

Try again.

Then why do I hear about exchanges being hacked and people losing money almost every day? It's not very secure if it can be stolen and sent off somewhere without any form of recall.

[Ibian]

Bitcoin has many flaws,

Okay time to call the trolls out. Explain yourself.

Just go ahead and read bitcoin related news in the press, and ull see that most of them are bitcoin thefts and exchanges robbing themselves,clients loosing money from exchanges etc..
It all points out that security isnt high enough, from bitcoin wallets to exchanges that any dumbo can start, and only when u fix that can u go forward, because until then ull have every form of authority trying to shut/slow u down.

Anything can be stolen, especially when security relies on people. The technical security is greater than anything we have ever had previously when done right. Not a bitcoin problem.

Try again.

Anything can be stolen correct, but in conventional trading you get your stolen goods back, and thats not even remotely the case with bitcoin.
What arguments do people that are against the bitcoin have? Counter them and u will have double the amount of bitcoin supporters.

There is no practical problem with insuring bitcoin related trades. Just political ones.

Try again.

[Brewins]

google glass is expensive and its use might arise privacy concerns.

I disagree that google glass and BTC are similar

[lolled]

Has to be the number of scams happening that make people leave it.

[Warren Buffert]

Bitcoin has many flaws,

Okay time to call the trolls out. Explain yourself.

Just go ahead and read bitcoin related news in the press, and ull see that most of them are bitcoin thefts and exchanges robbing themselves,clients loosing money from exchanges etc..
It all points out that security isnt high enough, from bitcoin wallets to exchanges that any dumbo can start, and only when u fix that can u go forward, because until then ull have every form of authority trying to shut/slow u down.

Anything can be stolen, especially when security relies on people. The technical security is greater than anything we have ever had previously when done right. Not a bitcoin problem.

Try again.

Anything can be stolen correct, but in conventional trading you get your stolen goods back, and thats not even remotely the case with bitcoin.
What arguments do people that are against the bitcoin have? Counter them and u will have double the amount of bitcoin supporters.

There is no practical problem with insuring bitcoin related trades. Just political ones.

Try again.

A government agency such as the FDIC will never insure bitcoins or any financial instrument that can be sent off without any recall method. Anything can be insured, even Rihanna's legs or Keith Richards' hands. So why do you think most bitcoin exchanges do not have any? Because the policy for insuring an untraceable financial instrument with no recall feature is outrageously expensive.

Anyone can open an exchange and then arrange a friend to "hack" them before disappearing to a tropical island. That's why is happens nearly every day! Insurance companies aren't dumb.

It's funny Ibian, every week I visit this place for a good laugh, and I see you along with the same circle of bitcoin-tards defending it and plugging your ears to all the critique (try again try again try again). A revolutionary technology that's supposedly changing the world, yet the same people hanging around defending it, as price continues to slide down.

[JimboToronto]

...Try again.

There's no use trying to talk sense to the anti-Bitcoin trolls.

They don't want to listen.

Edit: I post this and then immediately try to talk sense to Warren Trollfert.

***gives self slap***

 

[JimboToronto]

Then why do I hear about exchanges being hacked and people losing money almost every day? It's not very secure if it can be stolen and sent off somewhere without any form of recall.

Almost every day? What, almost 365 exchanges hacked in the last year? LOL

A few exchanges get hacked and all of a sudden the Bitcoin protocol is insecure? LOL

You trolls are hilarious.

 

[Ibian]

So we got a troll quoting a troll (who is on ignore). Glorious.

The real problem with bitcoin may be the people using it.

[JimboToronto]

So we got a troll quoting a troll (who is on ignore). Glorious.

  Sorry for quoting him but his foolishness needed refuting.

Do you think I'm a troll? I only troll trolls.

If you're here in an obvious beartroll thread with a bullish attitude, I guess you're trolling too.

 

[Warren Buffert]

Then why do I hear about exchanges being hacked and people losing money almost every day? It's not very secure if it can be stolen and sent off somewhere without any form of recall.

A few exchanges get hacked and all of a sudden the Bitcoin protocol is insecure? LOL

I don't care if the private/public key encryption can be hacked or not, it's a moot point. It's like a wealthy baron storing all his gems and cash in an ultra secure safe, made of steel and armed with laser beams and guard dogs and under 24 hour surveillance. You would think it's completely safe, and nobody can get their hands on it, right?

But once a day, he likes to open the safe and take everything out to count it. And sometimes while he does that, he needs to take a leak and leaves it unguarded while he does his business.

Under those circumstances, you can't really say it's secure anymore. That's bitcoin! At least with cash, it generally needs to be stolen in person by force. With bitcoin, there's so many ways to steal it. And once it's gone, it's gone!

What you guys don't understand is, in order for bitcoin to go mainstream, it needs to improve the current financial system. Nobody wants something that's harder to use and less secure!

[uki]

The Internet itself needed years to get mainstream as well.

Very good analogy.
The Internet is a late iteration of the technology called "packet switching".
Before the Internet as we know it, there was X25 and FrameRelay, pretty much extinct nowadays.
Even the actual first implementation of TCP/IP isn't the one we have today. Back then it called DarpaNet and has long been unplugged.

Then why haven't we moved completely to IPv6, which has been around for 15 years now.  It's far superior to IPv4, but people still use IPV4 primarily.  Why do people still use the outdated technology?

very easy: scale of adoption of IPv4 and availability of patches like VPN makes it still better candidate than a "better" IPv6, because IPv4 was already there and has proven to work. The same analogy is between IEEE802.11 standard and (I wonder if anybody in here even knows now) HiperLan for WLAN networks.
The latter was also much better at that time, but was second and has anybody heard of it since?

[coinits]

OP:

Re: What is Your Top 5?
January 27, 2015, 11:30:22 AM
   
Ripple
BitShares
NXT
Maidsafe
Ethereum

Why the long face? Maidsafe is older than Bitcoin and will be an insane game changer.

Out of all of the altcoins only two are game changers.

1) Monero (XMR) - Completely private. No other coin has achieved its level of anonymity.

2) Bursctcoin (BURST) - Firstly, it is the one and only POC coin, thus making it rather 'green' in that it is minimal energy consumption. But more importantly it is the only coin to successfully implement Automated Transactions and Smart Contracts within the blockchain. Ethereum has tried and so far has not been able to do it.

Both of these coins offer innovation that no other coin can.

[cellard]

OP:

Re: What is Your Top 5?
January 27, 2015, 11:30:22 AM
   
Ripple
BitShares
NXT
Maidsafe
Ethereum

Why the long face? Maidsafe is older than Bitcoin and will be an insane game changer.

Out of all of the altcoins only two are game changers.

1) Monero (XMR) - Completely private. No other coin has achieved its level of anonymity.

2) Bursctcoin (BURST) - Firstly, it is the one and only POC coin, thus making it rather 'green' in that it is minimal energy consumption. But more importantly it is the only coin to successfully implement Automated Transactions and Smart Contracts within the blockchain. Ethereum has tried and so far has not been able to do it.

Both of these coins offer innovation that no other coin can.

Well Bytecoin is as anonymous as XMR afaik, but its a premined scam.

[coinits]

OP:

Re: What is Your Top 5?
January 27, 2015, 11:30:22 AM
   
Ripple
BitShares
NXT
Maidsafe
Ethereum

Why the long face? Maidsafe is older than Bitcoin and will be an insane game changer.

Out of all of the altcoins only two are game changers.

1) Monero (XMR) - Completely private. No other coin has achieved its level of anonymity.

2) Bursctcoin (BURST) - Firstly, it is the one and only POC coin, thus making it rather 'green' in that it is minimal energy consumption. But more importantly it is the only coin to successfully implement Automated Transactions and Smart Contracts within the blockchain. Ethereum has tried and so far has not been able to do it.

Both of these coins offer innovation that no other coin can.

Well Bytecoin is as anonymous as XMR afaik, but its a premined scam.

Bytecoin with its 2 years of fake data to hide a premine? XMR Devs improved on the Bytecoin.

[tss]

and why it didn't.  aren't some crappy bytes worth tons of fiat money now?

[uki]

and why it didn't.  aren't some crappy bytes worth tons of fiat money now?

It is not about crappy or not bytes, it is about the confidence you put in the underlying system.
Thinking in the way you posted, one would ask why on Earth a crappy piece of paper with number 100 printed on it is worth $100, which can buy me ... (put whatever you like here that is worth $100). But somehow you don't question that, do you?

[tss]

and why it didn't.  aren't some crappy bytes worth tons of fiat money now?

It is not about crappy or not bytes, it is about the confidence you put in the underlying system.
Thinking in the way you posted, one would ask why on Earth a crappy piece of paper with number 100 printed on it is worth $100, which can buy me ... (put whatever you like here that is worth $100). But somehow you don't question that, do you?

i have lots of confidence.  nothing has flopped.

[mmortal03]

Out of all of the altcoins only two are game changers.

1) Monero (XMR) - Completely private. No other coin has achieved its level of anonymity.

2) Bursctcoin (BURST) - Firstly, it is the one and only POC coin, thus making it rather 'green' in that it is minimal energy consumption. But more importantly it is the only coin to successfully implement Automated Transactions and Smart Contracts within the blockchain. Ethereum has tried and so far has not been able to do it.

Both of these coins offer innovation that no other coin can.

Well Bytecoin is as anonymous as XMR afaik, but its a premined scam.

Bytecoin with its 2 years of fake data to hide a premine? XMR Devs improved on the Bytecoin.

Exactly. With Monero, we now have cool stuff like a web wallet (https://mymonero.com/), and the ability to use Monero to pay for anything being sold for bitcoins (https://xmr.to/).

[r0ach]

Bitcoin can't really "succeed" in real terms until it starts being a similar or better store of value than what already exists, government kosher reserve notes.  As soon as the fiat notes start to implode, BTC will probably become a historically important life raft in finance at the very least, as well as obviously being much higher in price.  It all comes down to when do you think the USD or other large global currencies will blow up.