Well the early adopters getting ritch is an algorithm flaw made on purpose (more likely) or because somebody did not anticipate something happening.

Only popular majority systems has the power, like torrents, for example. Bitcoin (how it evolves today) seems like minority illegal money system to me.

Also in my country government can make a law that trading illegal money is illegal, so no trader will be able to accept bitcoins, and no customer pay in bitcoins. The system will be more underground money system, and that no revolution in money as it would be if majority of people would use it.


What energy has to do with illegal money?  for example you can use illegal money to buy procesing power and again have illegal money? Last time I checked processing power is not free.

The thing is in todays world the most ritch people are the most corrupt, so why make the same mistake twice?
Even now nobody owns 90% of all money? However with bitcoin early adopters will hold that money and will be able to crash the market or currency anytime.

Nobody wants a currency where one day you can buy a water bottle for 0.1BTC the next a trailer full of water bottles and a week later you can't buy anything.

Good economy, hence money system is with big middle class, now how hard would it be to make easy wbiew mode on block explorer to show exactly that? let's see how healthy bitcoin is?



Money must have inner value, hard to find needed stuff has inner value because of these properties. When these properties vanish money system is replaced.

First money system was salt because nobody can live without salt. It was not Gold or barter trade like they want you to believe. Read some history.


The value should arise from something we are all equal to, like time. We all die as far as I know. So the only economically just system would be something like they done with emule P2P system. take a look how queue system works there. You have to wait to download but the more you share the faster you yourself can download.

So for money system one could make something like it also. The longer you police the network then more coins you get. processing power aside, the algorithm would work in a way that even if somebody steps in with huge processing power there would not be a way to overthrow the system because of the "longer you wait"  - "more power" system.

Coins will end, but in my system anybody can grow their potential after coins end (by mining as you call it). On bitcoin system there will be huge decline in miners when coins end because normal users will not police the system, and given the enormous computer power increase every year it will be very easy to overthrow bitcoin when coins end.
The majority of population will have the processing power to do it, as we now have to create it. That is no secure or any good money system if you ask me.

Remember the minority will be rich with bitcoin so they will not be able to police the system, also users like us will always going th create more ideal money system

One thing I'd like to note is that there is always a need for motivation. So transaction cost should not vanish in any money system as a whole. Given the enormous computer power increase every year the cost could be simply time you wait for your transaction to be done. If you don't want to wait you must pay some percent from your whole transaction.

I didn't look at bitcoin code yet but in self sustaining money system everything needs to be thought ahead in time, everything must be done with self adjusting arguments and constants. There can't be no hardcoded simple values like with bitcoin. The algorithms should adjust themselves to outside influence, hence the problem making them. They would be very complex because every argument needs to be thought ahead in time what it does, when and how.

Oh and another thing I was thinking when you buy using paypal you bank transaction lists the payment as such, so if bitcoin is banned then how can you transfer money to your visa / master card ?

well companies that provide the basis like water supply, gas, electricity mostly are prive in my country too, but government owns 51% of all shares in those companies. So that means that government has total control what those companies do.

Also, don't forget that it's very easy to filter internet protocols what software is allowed what not. If there is a law in US passed to exclude bitcoin traffic so ISP will do it by law. How will you (we) trade then? By using proxy? What kind of currency is that nobody but terrorists accepts anyway?

I for one care how much transactions cost, but if the seller that has some goods i need and price is OK does not accepts bitcoins because it has been prohibited by law. I'll buy elsewhere with normal money rather then searching for another seller with same item / price combo.

Furthermore I think the inventor of bitcoin never thought about GPU mining in the first place. I want to say that in my eyes more peopple should have been given a chance to get easy money when it was easy to mine. And now its impossible in solo whatever computer you have. That way bitcoin closes itself from majority of potential future users. Come on now 1USD 14BTC ? what money is that gambling or investing might be good if the value rises, but then if the goal was "cash for internet" - bitcoin failed already.

One day somebody will say- "there was a money with 8 decimal places it's greatest strength and its cause of death (because it's hard to use when prices are in 0.00000001)

Hi, i like bitcoin for being free decentralized money system, but it has one certain flaw.

The flaw is that bitcoin is not recognized as money by world governments an as such one will never be able to
pay with bitcoins for electricity, water, gas, etc (services that government infrastructure provides)

Further the government (when they see is as a threat) will close all ways like mtgox to exchange real money for bitcoins worldwide. Since nobody will be able to get real money bitcoin value will go to zero as result there will be big losses on part of those who invested allow of real money since mining bitcoins will soon be very hard next to impossible.

So why doesn't anyone see this?