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Board Beginners & Help
Re: What could really stop bitcoin now?
by
Stephen Gornick
on 21/02/2013, 09:01:15 UTC
- Blockchain.info being raided for mixing service, logs sized
I thought bitcoin was a distributed p2p network exactly to prevent such a thing

Bitcoin is a distributed p2p network exactly to prevent such a thing.

Blockchain.info is a third party service.   Because there isn't a requirement that users set up their wallet account to have an alias or to associate an e-mail address with the account, many are using it without getting possession of their private keys (e.g., backups sent via e-mail).  So if that service sees "friction", those who don't have their keys then don't have their coins.   Blockchain.info is now likely the most widely used wallet, after the Bitcoin.org client.  I suspect that if such an action were to occur, that action would be seriously harmful to Bitcoin.  I didn't say it would stop Bitcoin, but I did say it would probably knock Bitcoin down a few notches.  This is just like how the exchange hacks have nothing to do with Bitcoin network, but there was a loss in Bitcoin's credibility that came with each one.