Quote from: Evolvo on April 04, 2016, 03:44:08 AM

Quote from: CiaraB on April 03, 2016, 11:03:59 PM

Nice tuuuuunnee!! Very catchy. Reminds me of Immortal Technique or someone along those lines.

But, 'can't be stolen'? Can be easily stolen. 'or controlled by any sized effort' 51%?

'You can send it anywhere and instantly' Are there not problems lately with this? I've seen some people complaining about a couple of days.

'Programmable money no government can seize it' The Irish government seized some last year. Did the FBI not seize a lot from Silk Road?

I'm not doing this to diss the song it's a seriously catchy tune but I think to teach people the truth about BTC you should be as accurate as possible

thank you!

1. With very basic security precautions they can not be stolen.

2. A 51% attack is not quite control of the network, only a limited window of transactions, and the network has shown that people shift their hashing power when any one entity gets near 51%. The point is that no ONE person or ONE entity has the power to change the inflation rate, the basic architecture of transactions, security mechanisms, etc....it is a decentralized system.

3. Again, with very basic security precautions no one can seize anything. Thus the difference between cold wallets and hot wallets.

4. I realize you're not trying to diss the song, but I also think it's wrong to place fault on a technology when people use it wrong. If a company that makes safes markets their product as something that no one can steal from, but the owner leaves the safe unlocked..is that the fault of the safe or the owner? For the first time in history, with very moderate effort, you can secure funds in a way that NO ONE can seize it, no one can inflate it, no one can censor it, and no one stands in between sender and recipient. I stand by my words and I would emphasize them even more because those points you bring up are the most important qualities about Bitcoin and it's important to distinguish between human error and technological flaws.

peace

I mean stolen because of no chargeback. Anyone could 'sell' you something and not send it once they're paid. (If people new to BTC believe it's completely secure they may buy from randoms and get defrauded)

In regard the 51%, I know there is an agreement that nobody goes over 39.99% but if somebody was to get an investor to buy the computer power who wanted to charge fees there's no law from stopping them doing so. Or if a bank decided to go into the bitcoin business. I'm sure a bank could afford computers to do this.

Although I think another problem with Bitcoin is the fact that an investment bank could buy up a huge amount of bitcoin if they though it was a threat. I think there's about $7billion of BTC in circulation. I think it was Goldman Sachs that did this with raw aluminium, pumping the price up by buying HUGE amounts making it rare then sold it all bringing the price crashing down again.