Quote from: HideousBeastManGuy on July 19, 2011, 11:22:04 PM

The problem is there's rampant fanboyism to the point that legit issues with bitcoin are not being addressed.

For example, you all think bitcoin is decentralized, it's not. The last few days should be proof of that in that price slowly declined as a result of Euros not being able to deposit.

While it's not centralized, if you removed a few key pieces, the system would fail (MtGox or Dwolla for example). And if you're at all familiar with online poker, the US government has no problem doing this. Please don't remind me that MtGox is in Japan, PokerStars is located on the Isle of Man, and Full Tilt is in Ireland. The US DOJ has long arms.

Secondly, everyone who participates in bitcoin are forced to be speculators. In the traditional currency world you have many instruments for hedging. You buy your stock in your currency, buy a futures contract for the currency you wish to sell your product in, sit back and relax, you will not gain or lose on currency price fluctuations.

Thirdly, the same corrupt systems that bitcoin is the solution to, are starting to sprout up in the exchanges. Fucking darkpools. They are not necessary for bitcoin. Absolute power corrupts absolutely, and now we've taken a significant portion of bitcoin trading off the grid.

Fourth, do any of you realize how much power Magic Tux has on the price of bitcoin? I'm not suggesting anything, I'm simply stating the fact that if this *ONE PERSON* (aka NOT DECENTRALIZED) wanted to use underhanded tactics to move price, he could, and all the other exchanges would follow suit because MtGox has 90% of the volume.

Use and enjoy bitcoin, but don't be blind to it's massive problems.

Be clear: None of these are problems with Bitcoin itself, but of things external to Bitcoin. Of course they need to be addressed, and clearly many people are working on these issues.