Quote from: JeffK on August 07, 2011, 07:17:43 AM

Quote from: FlipPro on August 07, 2011, 07:13:20 AM

Quote from: JeffK on August 07, 2011, 07:08:49 AM

Also, it being open source doesn't mean anything for solving the problems in Bitcoins, any meaningful changes to Bitcoin software means you would have to start a new blockchain, defeating the purpose.

The biggest flaw with Bitcoin is that it never takes human nature into account. However, flawed people use it, therefore it will always stay broken and corrupted.

Whats meaningful? The fundamentals can't be changed yes, but why would you want to change them?

21 Million Coin Capped (Preventing Longterm Inflation)
No duplicates in the system
Difficulty goes up as more miners subscribe making it harder to get this money.

What else am I missing that's flawed in your opinion sir?

No inflation is a flaw in a system that supposedly will be adding new people all the time.
No reversible transactions has caused this to become a haven for scammers. (
Mining will eventually have negative returns when all the coins are mined but transactions still need to be processed.
Deflation causes permanent and uneven wealth disparity
Transaction processing time increases in a greater-than-linear time as more transactions happen.

No inflation is a flaw in a system that supposedly will be adding new people all the time.

Huh?

No reversible transactions has caused this to become a haven for scammers.

If you are doing business with a reputable establishment they will return your money if you have a good reasons, it's no different than cash. If you give it to a thief they will run with it, no different than cash...You don't go around throwing your USD at every site you see on the Internet do you? I assume you only go to the ones you trust, and the same commonsense should be applied when purchasing with Bitcoins.

Mining will eventually have negative returns when all the coins are mined but transactions still need to be processed.

Then people and possibly governments will put up nodes just to process transactions and collect fees...Where there's money to be made, there's always people making it!

Deflation causes permanent and uneven wealth disparity

Not when every single person has access to the same wealth. And even then who said that Bitcoins will be the only currency of the future? That is a pretty short sighted view of whats to come if you think it's either Bitcoins or Fiat... There will be many different competing currencies all with their own individual traits and values.

Transaction processing time increases in a greater-than-linear time as more transactions happen

Transaction processing is not a problem as of yet. In the future if the network continues to expand the head developers have said that there would be upgrades to the block chain to accommodate for the sort of increase that you are talking about. And even then why do you need to process transactions through the block chain? Why is it that in the future there can be no reputable Bitcoin payment processor that processes transactions just like Visa or Mastercard? Giving you the fraud protection you desire, while completely eliminating the need for the block chain thus giving you instantaneous speeds/confirmations.That can happen, and it's anybody's for the taking right now... Instead of wasting time on SA how about you get on it JeffK?