Quote from: knight22 on October 23, 2014, 04:09:41 AM

Quote from: FastForwarded on October 23, 2014, 02:00:38 AM

1) Satoshi Nakamoto owns a reported 1,000,000(1million) bitcoins. Does anyone else see the huge huge problem with this?

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.

Quote from: FastForwarded on October 23, 2014, 02:00:38 AM

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.

The bitcoin foundation has no authority over the bitcoin protocol so they can do whatever they want. End of story.

Quote from: FastForwarded on October 23, 2014, 02:00:38 AM

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.

There is no incentive for any mining pool to undermine the network because of the economic and social forces behind it.

Quote from: FastForwarded on October 23, 2014, 02:00:38 AM

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/

The volatility will fade out when market users will out number the total of trader. Until then expect a lot of volatility and manipulation.

If any of your points was fatal ones. Bitcoin would be already dead. Also, altcoins don't even address these.

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.

FastForwarded

Posts

Merits