I don't believe this would happen. Many altcoins specialize in fields that would not sit well with certain people, espeially in political settings. Bitcoin incorporating something potentially "shady" would be met huge backlash.

No. I think Satoshi well deserve his stash for taking a lot of his time creating bitcoin. Otherwise there would be no bitcoin and even no altcoin at all. - That's insane. Yes, Satoshi deserves reward and praise for having created the first cryptocurrency, but he effectively premined Bitcoin. His 1million Bitcoin stash is a serious risk to any would be investor, and is what probably stops most investors from putting any money in Bitcoin.

The bitcoin foundation has no authority over the bitcoin protocol so they can do whatever they want. End of story - In case you didn't know, The Bitcoin Foundation pays Gavin's salary, and they sponsor a couple of the main Bitcoin websites. They effectively control what goes into Bitcoin and what doesn't, you cannot argue against that.

There is no incentive for any mining pool to undermine the network because of the economic and social forces behind it. - That's not true at all. Could the same be said for MtGox? It was likely a inside job, do you think social and economic forces governed their stealing thousands of their user's Bitcoin? No, so then why think differently about mining pools?




The volatility will fade out when market users will out number the total of trader. Until then expect a lot of volatility and manipulation. - The volatility has to do in part because a lot of Bitcoin users don't use Bitcoin as they "should". Ever seen the term, " HODL" around here? Yea, that's not how a currency should be used, they're using Bitcoin more like an asset or a comodity. Basically, Bitcoin is not a currency as of right now, it's not being used a currency, just as a speculative investment.


If any of your points was fatal ones. Bitcoin would be already dead. Also, altcoins don't even address these. - My points are would-be-fatal. Meaning if any of them came into fruition, it would be the end of Bitcoin. Even a small % of Satoshi's stash being sold would drop the Bitcoin price beyond repair or a mining pool doing a 51% attack on Bitcoin for enormous profit. Also, some altcoins do address those points, with some having paramterer changes so a 51% attack cannot be carried out the same way it could for Bitcoin if someone owned 51% of the hashing power, or by not having their developer effectively premine 1million coins, or not having a foundation consist of shady individuals.

The things for the end user. Again, Bitcoin's only ahead in that area because of it's headstart as the first cryptocurrency. I'm not against Bitcoin, I'm just against the mystical image it's given in this forum, it seems like brainwashing as I see users post things that are absolutely outrageous...especially given it's "fatal" flaws that I've stated in the first post.

There's a misunderstanding there, "there is absolutely no point of using an alternate blockchain when you can do the same things using the one that is used by most people". That statement makes me believe that you think all altcoins are simply copy,clones of Bitcoin? If so, I would have to say that's entirely wrong. From what I've seen in that space, there are large #'s of coins that do not use the Bitcoin sourcecode at all and are made from scratch. In fact, even the 100% Bitcoin clone coins from years ago(2011-2012), improved upon Bitcoin in simple things like confirmation times and algo's used.

Ok, So?...Yes we know Bitcoin runs on the blockchain, so do many other coins. The thing that marks Bitcoin ahead of altcoins, is it's headstart. Bitcoin's many pumps were fabricated, one person(or group or people) called Satoshi Nakamoto owns around 1million bitcoins, and the group that represents Bitcoin has been tarnished by scandals involving it's members(There was even a thread showing the amount of people giving up on their memberships to the Bitcoinfoundation).

You're wrong. http://learncryptography.com/51-attack/. It has nothing to with the the # of "entities", but the percentage of hash controlled. If one entity owned 99% of the hashing power, then they would be able to do a 51% attack at will, and the 1% will have no say. Same for if someone owned 51% of the hashpower, those that own the other 49% will have no say.

"What is often considered a very large flaw in the design of Bitcoin is that hypothetically, if a single entity contributed the majority of the network’s mining hashrate, they would have full control of the network and would be able to manipulate the public ledger (blockchain) at will."

Exactly what does the Blockchain technology have to do with this topic....I'm talking about Bitcoin, the "currency", not the underlying tech. Smart contracts, services, exactly what are you talking about? Are you getting this confused with those "2.0" altcoins? Those aren't currencies so to speak, more like applications.

You don't list any reasons as to back up your thoughts on why Bitcoin will "have it's glory soon enough", given the evidence that I've stated above..But, I respect your opinion.

However: Had it not been for Satoshi Nakamoto's absolutely enormous stash of 1million Bitcoins, then I truly believe that Bitcoin would have become as famous as the internet had in the 1990s. But because of that risk(Satoshi's stash) being there, no serious longterm investor will be getting into the Bitcoin market(Believe me, some previous investors have already left, remember those very large Bitcoin sell orders last month?). I believe Satoshi's stash is also what spurred bots like Willy( I believe there are more on exchanges like Okcoin, Btc-e), to become active in the first place, as they saw the market was devoid of investors and they took advantage of that.

I do not promote Any altcoins, I have simply come to believe that there is more merit in Altcoins than there is in Bitcoin. I'm not trying to convince you, you'll just have to learn the hard way...

If you can't look at http://willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/, and see that Bitcoin's entire price rise history was fabricated by a illegal bot using fake fiat to buy bitcoins and pump/dump them, and see that Satoshi Nakamoto effectively premined 1million Bitcoins, and make your own realization that this currency Bitcoin, maybe wasn't intended to be taken seriously, then you cannot be helped.

It's quite amusing that you classify anything that goes against your investment as FUD. I'm a Bitcoin investor too, and I have absolutely no problem with acknowleding that my investment may have been a wrong one.

Your comment of HTTP vs CSS and Java, doesn't quite make sense. Bitcoin is a supposed currency, not a coding language. Bitcoin is 5 years old and already has decent media exposure. The internet at this time(5 years with good exposure), was making enormous leaps and bounds and in the middle of a trillion dollar bubble, while Bitcoin at this time is in a series of minor pumps and dumps after it's reveal that a bot was behind all the major price rises.

Bitcoin has crutches that simply cannot be overcome, with the main 2 being the bot Willy, which fabricated Bitcoin's entire pump/dump history, as we now know it was behind All of Bitcoin's major pumps and dumps: http://willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/, and the 2nd being Satoshi Nakamoto stash of 1million Bitcoins. No investor in their right mind, as of now, would buy into Bitcoin with these crutches. I believe that Satoshi's stash of 1million Bitcoin's proves that this "currency" is just a test, a toy, as he surely must have known the horrible implications that his intensive mining would have caused(Complete lack of serious investments by companies and the like).

Mr Bryne may be a bit eccentric. But he is certainly right, Overall, Cryptocurrencies and applications dealing with the blockchain, will be Huge. However Bitcoin itself will fade away, no serious investors in for the long haul will buy into Bitcoin with the dangers of a 51% attack by the mining pools, the huge risk of Satoshi's 1million Bitcoin stash being hacked and/or sold, and the plague of negative attention on Bitcoin especially when it comes with it's own Foundation Members(Convicted felon Charlie Shrem, Accused Child Molestor Brock Pierce).

A little info about me: I'm a decent sized Bitcoin holder, having a little under 1,000 bitcoins as of right now. I bought most of them in late 2012 and sold quite a bit more around mid 2013. Anyway, at the beginning I entertained the thought that Bitcoin will truly change the world and become a revolutionary, unstoppable force. But, after really looking at both sides of the story, I realized that Bitcoin is doomed to fail no matter how much media exposure it gets. I know what I type below seems hypocritical, with myself owning Bitcoins, but I can't hold it in any longer and watch all the brainwashing go on in this forum. I truly do not believe that Bitcoin will stay on top the next coming years, for the reasons listed below, it's(Bitcoin's) entire history has been falsified. I have recently turned my attention away from Bitcoin and into Altcoins, which believe it or not, lack the faults that Bitcoin has below and improve on nearly everything that Bitcoin can't.

Basically I've come up with a few basic reasons why everything we knew about Bitcoin, price wise, has been false, and that the entire market is 100% manipulation and games.


1) Satoshi Nakamoto owns a reported 1,000,000(1million) bitcoins. Does anyone else see the huge huge problem with this? If Satoshi's bitcoin wallet or addresses were hacked or taken control of by a relative, friend, or others and they decided to even sell a fraction of the coins, coupled with the already uncertain market, Bitcoin's price will plummet to less than $1 per coin. Honestly, Satoshi owning 1million bitcoins has doomed Bitcoin from the start. This is one of the Major reasons why so few legit organzations are out there accepting Bitcoin as a means of payment and another reason why most people looking at Bitcoin think of it as a ponzi scheme(which it is) or scam.

2) The Bitcoin Foundation, or the board representing Bitcoin, is full of illegal activity with dozens of former foundation members resigning from their positions this year. Charlie Shrem, a (former?) foundation member, has been invicted on April 10, 2014 on accusations of "operating an unlicensed money transmitting business, money laundering conspiracy and willfully failing to file suspicious activity reports with banking authorities". He was using Bitcoin to help users of the illegal drug marketplace, Silk Road, buy drugs with Bitcoin, as well as operating an unlicensed money transmitting business, (former) Bitinstant and Brock Pierce (current) foundation member, is an accused Child Molester.

3) Bitcoin is centralized. It is controlled by the mining pools. For instance, just a few months ago, Ghash.io caused quite a scare in which even Peter Todd, a core developer for Bitcoin, announced that he would be selling 51% of his Bitcoin's due to Ghash.io controlling and approaching 51% of Bitcoin's entire hashrate, which would easily allow them to commit a 51% attack on Bitcoin, thereby killing the currency by basically printing duplicate Bitcoins.

4) The most damming evidence of Bitcoin's certain death as of right now(excluding Satoshi's huge 1million Bitcoin stash) however, is Willy. Willy was a bot used on the MtGox exchange from since back in 2012. Willy was illegaly using false fiat funds to buy large quantities of Bitcoin's every hour for days and months on end, which was what led to All of Bitcoin's previous bullruns, as well as dumps when Willy reversed the trend and started selling Bitcoins. Basically, Bitcoin's entire price rise history and dumps, is due not to the traders, not to the news, but to a bot using fake money to buy bitcoins and sell them at a profit. Based upon that information, one can only guess that Bitcoin will never see a $1000+ price per coin again. http://willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/