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Let’s spell out the more blatant shortcomings of Bitcoin


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2021 Mar 8, 8:35am   2,750 views  191 comments

by GNL   ➕follow (1)   💰tip   ignore  

It may be true that Bitcoin’s distributed “ledger” is difficult for governments to crack, but governments can just abolish Bitcoin in a few keystrokes by criminalizing the trade of it and confiscating any theoretical profits from it. They have probably refrained so far because the traffic in Bitcoin is still relatively tiny compared to the trade in stocks, bonds, and their derivatives, and because they prefer to keep the Bitcoin model running as a demonstration project in preparation for their own entry into national cryptocurrencies, with all its advantages for tracking individual transactions and targeting tax liabilities.

Let’s spell out the more blatant shortcomings of Bitcoin: The blockchain may be theoretically bomb-proof, but the exchanges that Bitcoin trades on can be fiddled, hijacked, and erased from the universe, and Bitcoins with them. Remember Mt. Gox? When it went tits-up in 2014, 850,000 Bitcoins vanished (out of the 21 million that can ever be “mined” under the system as designed). Bitcoins were worth under $1000 when that happened. Also, keep in mind is that Bitcoin is meaningless without reliable electric service and the Internet that runs on it. How many Bitcoins were bought-and-sold in Texas those dark days a couple of weeks ago when a blue norther rolled in and the lights went out. Of course, trading Bitcoin might be the least of your problems when the pipes freeze and all the sheetrock in your house gets prepped for a black mold experiment.

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28   Bitcoin   2021 Mar 9, 8:24am  

to answer your question @onvacation

The fortune 500 companies own America. Corporate America runs the country one way or the other. These large players are too powerful to be stopped.

And many of them see potential to make more money through crypto. Take a look at the media coverage of crypto. Take a look at google search trends. Take a look at which top tech companies invest in Bitcoin. How can one not see, that this isnt going anywhere but up?
29   B.A.C.A.H.   2021 Mar 9, 8:49am  

WineHorror1 says
Let’s spell out the more blatant shortcomings of Bitcoin:


See what happens WineHorror1?

He spammed your post, turning it into a pro-Bitcoin thread.

Like he's really going to convince/convert skeptics here.

He could and should make his own website or blog and promote his Bitcoin ideas on it.
30   HeadSet   2021 Mar 9, 9:36am  

governments can just abolish Bitcoin in a few keystrokes by criminalizing the trade of it and confiscating any theoretical profits from it. They have probably refrained so far because the traffic in Bitcoin is still relatively tiny

Interesting, but it does not bother them that bitcoin makes possible the ransomware industry. Even so, I still find it hard to believe that the FBI/CIA cannot find who is collecting the bitcoin payments. Maybe they are "in" on the ransomware, or they do not want to tip their hand for when they want to go after bitcoin financed political enemies later.
31   B.A.C.A.H.   2021 Mar 9, 10:43am  

HunterTits says
I have him on ignore. Thread is much different


Good idea, HunterTits. I followed up and did the same. Thank you for the suggestion.

And thank you Patrick for the feature.
32   Bitcoin   2021 Mar 9, 10:47am  

HunterTits says
Yeh. I dunno why you all bother.


Bitcoin haters dont like the fact the Bitcoin investors can reply and correct them.

For Instance @onvacation thought that the last Bitcoin will be mined in 2040. I corrected him and posted links that show it will be 2140. He didnt like that and trolls that it will be 2030 without any link/rhyme or reason. You can bring a donkey to the water but if the donkey refuses to drink, what can you do?

I had a discussion with @B.A.C.A.H.
But its not really a discussion because these haters are not fine with: lets agree to disagree. In their mind, anything Bitcoin = "bad".
They have no interest in being educated or learn more. Some ignore me....perfectly fine. That's what the ignore button is for.
33   Onvacation   2021 Mar 9, 10:50am  

G36 says

For Instance @onvacation thought that the last Bitcoin will be mined in 2040. I corrected him and posted links that show it will be 2140. He didnt like that and trolls that it will be 2030 without any link/rhyme or reason.

Please stop spamming my inbox. I have asked you multiple times.

I am amazed that the Ponzi scheme called bitcoin has lasted this long. Never underestimate the foolishness of a rube.
34   Bitcoin   2021 Mar 9, 10:53am  

Onvacation says
I am amazed that the Ponzi scheme called bitcoin has lasted this long


@onvacation, I bet you are! The best thing is, you have seen nothing yet!
35   Tenpoundbass   2021 Mar 9, 11:17am  

G36 says
Bitcoin has sooo many advantages over gold and FIAT


Why in the FUCK would you WANT Smart Money?

And anyone that thinks going to bed with the value of your currency at an all time high one night, only to wake up the next morning with it at an all time low.
Is a viable currency, should have went long on Zenga games.
36   Bitcoin   2021 Mar 9, 11:21am  

@onvacation
Bitcoin is a store of value (aka digital gold)
not a currency like FIAT. There is no reason for me to spend my precious digital gold coins on coffee or a burger. I use FIAT for that. Bitcoin is a wealth generator....

for example, i bought 28k worth of Bitcoin less than 6 months ago. Guess how much it appreciated! You are right! My portfolio is indeed worth over 100k just in Bitcoin alone!

on top of that are my altcoin holdings which performed even better.....

Why do you hate making money so much?
37   theoakman   2021 Mar 9, 11:24am  

HeadSet says
governments can just abolish Bitcoin in a few keystrokes by criminalizing the trade of it and confiscating any theoretical profits from it. They have probably refrained so far because the traffic in Bitcoin is still relatively tiny

Interesting, but it does not bother them that bitcoin makes possible the ransomware industry. Even so, I still find it hard to believe that the FBI/CIA cannot find who is collecting the bitcoin payments. Maybe they are "in" on the ransomware, or they do not want to tip their hand for when they want to go after bitcoin financed political enemies later.


It's becoming increasingly apparent that the FBI and CIA are completely incompetent. That's why they want even more power to spy on you because they suck at their jobs.
38   Bitcoin   2021 Mar 9, 11:27am  

elected officials in the US hate to stifle innovation. We are the tech hub of the world. Bitcoin is adopted by fortune 500 companies daily. Latest example: Tesla buying 1.5B USD worth of Bitcoin. Thanks Tesla!
39   Onvacation   2021 Mar 9, 11:31am  

G36 says
I bet you are! The best thing is, you have seen nothing yet!

@G36 Please stop spamming my inbox with your bullshit.
40   Onvacation   2021 Mar 9, 11:32am  

G36 says
Bitcoin is a store of value (aka digital gold)

@G36 Please stop spamming my inbox with your bullshit.
41   Bitcoin   2021 Mar 9, 11:33am  

Hi @onvacation, you are addressing me and I am educating you in regards to crypto and Bitcoin. I dont know why you use this type of language. please be civil. We are here to discuss the success of digital gold (Bitcoin)
42   MisdemeanorRebel   2021 Mar 9, 11:33am  

How is a bunch of jumbled numbers in a digital format a store of value?

Gold actually does have a use value, as does silver.

I'm not sure if you can get Crypto Fillings or use it as a Catalyst in a Chemical Reaction.
43   Bitcoin   2021 Mar 9, 11:34am  

MisdemeanorRebel says
How is a bunch of jumbled numbers in a digital format a store of value?


That's easy to answer @onvacation
Take a look at this chart:

44   Onvacation   2021 Mar 9, 11:35am  

Onvacation says
Take a look at this chart:

@G36 Please stop spamming my inbox with your bullshit.
45   Bitcoin   2021 Mar 9, 11:36am  

@onvacation,
pls stop spamming our threads. We are here to discuss Bitcoin not each other.
46   WookieMan   2021 Mar 9, 11:37am  

G36 says
Bitcoin haters dont like the fact the Bitcoin investors can reply and correct them.

You don't reply to anything. You post the exact same 3-5 responses every time. None of what you say is logical or explained.

G36 says
Bitcoin is a store of value (aka digital gold)
not a currency like FIAT. There is no reason for me to spend my precious digital gold coins on coffee or a burger. I use FIAT for that. Bitcoin is a wealth generator....

BTC is valued in fiat. If the shit hits the fan BTC is worthless and we all know you know this, but won't admit it. It's worthless now, but you can trade it just like buying upgrades in a video game.

Crypto is a video game system. BTC is one of the games. It will go out of style at some point. There WILL be a better game and no one will play yours. And at some point the federal governments across the world will stop it. You can keep posting a completely moronic chart, talking about Tesla and institutions investing, but you'll never explain what it is because you have no clue if Tesla bought BTC or institutions did. You have no proof. Because you don't know. You don't know what you're doing.
47   Onvacation   2021 Mar 9, 11:37am  

Onvacation says
you are addressing me and I am educating you in regards to crypto and Bitcoin

@G36 Please stop spamming my inbox with your bullshit.

You can spout the bullshit without putting it in my inbox.

Please grow up.
48   Bitcoin   2021 Mar 9, 11:38am  

@onvacation / @wookieman
Bitcoin is a store of value. Not games. Tesla has a reason why they hold 1.5B USD worth of Bitcoin on their balance sheet.
49   Bitcoin   2021 Mar 9, 11:39am  

Onvacation says
Onvacation says
you are addressing me and I am educating you in regards to crypto and Bitcoin

@G36 Please stop spamming my inbox


@onvacation, i dont understand what you mean. If you address me on a blog, why can i not address you as well? You can just turn of notifications?
Thanks for acknowledging that Bitcoin is digital gold though!
50   WookieMan   2021 Mar 9, 11:43am  

Onvacation says
Onvacation says
you are addressing me and I am educating you in regards to crypto and Bitcoin

@G36 Please stop spamming my inbox with your bullshit.

You can spout the bullshit without putting it in my inbox.

Please grow up.

You're just feeding him. He was Newbie123 before and did this before. It's why I'm so aggressive. He'll just start @'ing you with every comment even if you took a two week break from the site. Depending on your service, I'd just set up a filter to not see his shit in your inbox if you don't want to ignore on the site.

I'm also using a burner account here, so I rarely check it. But I think most services allow you to send it to spam or trash with a filter.
51   Bitcoin   2021 Mar 9, 11:44am  

@Wookieman @onvacation

could we please go back and discuss the success of Bitcoin investors/digital gold instead of discussing each other?
52   Bitcoin   2021 Mar 9, 11:45am  

Bitcoin has been in an accumulation phase and is now trending up. During a bull run its good to buy the dips.

Bitcoin Hits Highest Level in Two Weeks as Big-Money Bets Flow

https://www.bloomberg.com/news/articles/2021-03-09/bitcoin-hits-highest-level-in-two-weeks-amid-big-name-interest
53   Onvacation   2021 Mar 9, 11:48am  

@patrick @G36 is acting immature again.

I have asked him multiple times not to @ me but he will not stop. I do not want to turn off notifications from everyone I just don't want him to spam my inbox on top of spamming your website.

He might need to go back on moderation.
54   Bitcoin   2021 Mar 9, 11:49am  

Onvacation says
@patrick @G36 is acting immature again.

I have asked him multiple times not to @ me but he will not stop. I do not want to turn off notifications from everyone I just don't want him to spam my inbox on top of spamming your website.

He might need to go back on moderation.


@Patrick @Onvacation
there is no rule against addressing each. Especially, if you onvacation keep using the @"myname" when you address me??
You can simply turn off notifications....why bother Patrick with your laziness for the lack of a better word.
55   Onvacation   2021 Mar 9, 12:46pm  

G36 says

@Patrick @Onvacation
there is no rule against addressing each. Especially, if you onvacation keep using the @"myname" when you address me??
You can simply turn off notifications....why bother Patrick with your laziness for the lack of a better word.

@G36 Please stop spamming my inbox with your bullshit.
56   Bitcoin   2021 Mar 9, 1:15pm  

@onvacation, pls stop spamming these threads....we are not here to discuss a users inbox or a user himself....we are here to discuss topics.

@Patrick, please let us know your thoughts. Thanks!
57   Patrick   2021 Mar 9, 1:18pm  

Sure, people should have the right to opt out of @ notifications they don't want.

I'll try to do that this weekend.

Also, G36, it's pretty rude to keep doing it when you know for a fact it is bothering the other user.
58   Patrick   2021 Mar 9, 1:21pm  

@G36 Please do not use @ with people who don't want to see the message.

I suppose I should put you back in moderation if you don't stop it.
59   Bitcoin   2021 Mar 9, 1:23pm  

Patrick says
@G36 Please do not use @ with people who don't want to see the message.

I suppose I should put you back in moderation if you don't stop it.


@Patrick
Okay, i will stop. Does that apply also to onvacation? He keeps doing it with me.

Being rude is one thing, violating rules is another. There is no rule against it so why would that put me in "moderation mode".
One can argue that onvacations posts on Bitcoin threads are troll posts/spamming. That can be considered rude too but nobody cares or complains about it.
60   MisdemeanorRebel   2021 Mar 9, 1:34pm  

I asked my dentist today if you can use crypto to fill cavities, he looked at me like I was nuts.
61   Bitcoin   2021 Mar 9, 1:37pm  

MisdemeanorRebel says
I asked my dentist today if you can use crypto to fill cavities, he looked at me like I was nuts.


@MisdemeanorRebel
I agree with your dentist and look at you right now as if you were nuts. With Bitcoin investments you can replace all your teeth multiple times in your life. Why waste it on a filling.....with Bitcoin profits you can buy new teeths, new knees/hips, new cars/houses etc. Think bigger.
62   Onvacation   2021 Mar 9, 1:54pm  

G36 says
One can argue that onvacations posts on Bitcoin threads are troll posts/spamming. That can be considered rude too but nobody cares or complains about it.

Let's be civil. Please don't @ me ever again. I come here for news and entertainment. You have nothing important enough to say that can't wait until I log in. I don't want to ignore you as you have said some interesting things. Your crypto fan boidom is a bit over the top for people that understand what bitcoin is.

This thread is about the more blatant shortcomings of bitcoin. Can you acknowledge that the only way to make money on bitcoin is to find somebody that will pay more for it?

What do you thinkWineHorror1 says
the more blatant shortcomings of Bitcoin
Are?
63   Bitcoin   2021 Mar 9, 2:04pm  

Onvacation says
I don't want to ignore you as you have said some interesting things.


Thank you! I think everything I say about Bitcoin is interesting. I believe if you do more research or read more of my posts you will evolve to a strong Bitcoin bull!
64   Onvacation   2021 Mar 9, 2:37pm  

G36 says
I think everything I say about Bitcoin is interesting.

You want to address bitcoins shortcomings?
65   Bitcoin   2021 Mar 9, 2:41pm  

Onvacation says
G36 says
I think everything I say about Bitcoin is interesting.

You want to address bitcoins shortcomings?


I havent seen any?
66   Bitcoin   2021 Mar 9, 2:47pm  

I would say Bitcoin is the best thing since sliced bread. I owe the creator Satoshi Nakamoto lunch!
Lunch for life!
67   Bd6r   2021 Mar 9, 2:52pm  

I am kinda torn on this, but I am not sure if 1 and 0 in Russian hacker's computer are much better than 1 and 0's in Fed computer. Then again, Russian hackers may be more honest than the Fed.
The graph posted below does not make sense, in at least some ways. Interchangeability of both gold and crypto should be lower than that of fiat (try buying socks with gold/crypto); durability of crypto and fiat should be the same as they are 1's and 0's at this point; same with highly divisible; easily transactable I guess depends on definition, but fiat should be easier - my bank and grocery store does not accept crypto; gold is decentralized as well; about programmable - I do not get what is "programmable", as I can not program my crypto?
G36 says
You want to address bitcoins shortcomings?


I havent seen any?

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