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Let’s spell out the more blatant shortcomings of Bitcoin


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2021 Mar 8, 8:35am   2,839 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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90   Bitcoin   2021 Mar 10, 6:45am  

WookieMan says
Fiat is BTC


@WookieMan
think of Fiat like the the US Dollar
And BTC is Bitcoin.

91   WookieMan   2021 Mar 10, 7:32am  

G36 says
think of Fiat like the the US Dollar
And BTC is Bitcoin.

BTC is 100% reliant on the $$$$$ to make any money. Give a logical argument why I'm wrong. Without quote manipulating. Should be easy to explain.

And I'm not talking about Tesla, "institutional investors" or your silly graph. YOU explain. No links.
92   Bitcoin   2021 Mar 10, 7:35am  

WookieMan says
G36 says
think of Fiat like the the US Dollar
And BTC is Bitcoin.

BTC is 100% reliant on the $$$$$ to make any money


Yes, you usually convert your Fiat (USD) into Bitcoin. Tesla converted 1.5B USD into Bitcoin. Smart!
93   WookieMan   2021 Mar 10, 7:45am  

As usual you explain nothing. Par for the course.
94   Bitcoin   2021 Mar 10, 7:50am  

the chart above explains it all in detail, line by line.
95   WookieMan   2021 Mar 10, 8:01am  

G36 says
the chart above explains it all in detail, line by line.

Mt Gox. Explain how it's secure? Let's start there.
96   Bitcoin   2021 Mar 10, 8:35am  

The Bitcoin network has never been hacked. Its been online since over a decade.
97   WookieMan   2021 Mar 10, 8:56am  

G36 says
The Bitcoin network has never been hacked. Its been online since over a decade.

To get in or out of BTC 90% of average people will use an exchange, or no? Exchanges 100% can and have been hacked or the exchange can just take the BTC with no consequence. To transact in it, BTC is 100% not secure, just like any other currency.

Miners can also manipulate it and make it worthless if they wanted to. Or will have to when no one wants what they're mining anymore. Which is spreadsheets.

NBA Jam was once a popular game. It would sell for close to $50. You can now get it for $5 at a garage sale, if that. Crypto is the Playstation. BTC is the game. It will go out of popularity or another, better game will come along. This is indisputable.
98   Bitcoin   2021 Mar 10, 9:02am  

WookieMan says
G36 says
The Bitcoin network has never been hacked. Its been online since over a decade.

To get in or out of BTC 90% of average people will use an exchange, or no?


see, you dont understand the chart. you confuse an exchange with the Bitcoin network.

An exchange is one way to trade Bitcoin. If you are Tesla, you go through an OTC (over the counter) trading desk at a bank or institution to avoid slippage. They purchased 1.5B that way.

The Bitcoin network has never been hacked. No matter how hard you try wookie.
99   Bitcoin   2021 Mar 10, 9:05am  

now i understand why wookie and other bitcoin haters dont like the chart. they cant dispute it and try to mix in stuff that has nothing to do with the bitcoin network itself. ha

or maybe he really doesnt understand the basics (an exchange is different from the bitcoin network itself).
101   Bitcoin   2021 Mar 10, 10:15am  

@HunterTits

Thats next level, you just pretend facts dont exist. good luck :)

In your mind....why does Square, Microstrategies, Tesla, Paypal invest billions in USD into Bitcoin? Are you the only one on the planet that doesnt believe there is a Bitcoin network?
Maybe you can enlighten them? You seem to know things nobody else does.....give them a call!

https://en.wikipedia.org/wiki/Bitcoin_network
102   Bitcoin   2021 Mar 10, 10:20am  

god this is too easy.....are there no challengers here worthy debating?
103   WookieMan   2021 Mar 10, 10:22am  

G36 says
at a bank or institution to avoid slippage.

Yes, bastions of security. You spouted off something more nonsensical than the chart. Didn't think that was possible.
104   Bitcoin   2021 Mar 10, 10:30am  

WookieMan says

Yes, bastions of security.


correct. the Bitcoin network has never been hacked.

And holding Bitcoin on a hardware wallet is a very secure way of holding it. You just confused an exchange with the Bitcoin network. Glad I was able to help you understand the basic difference. Let me know what other questions you have. We'll get there.
105   Onvacation   2021 Mar 10, 10:37am  

G36 says
are there no challengers here worthy debating?

Is the "dumb money" you are waiting for to invest in bitcoin the same as the "next greatest fool"?

If not, what is the difference?

Still waiting for cogent answers.
106   Bitcoin   2021 Mar 10, 10:48am  

I am trying to help you not to be the dumb money. Buy now and be smart money. If you buy now, you are buying while institutions still buy. Bitcoin is too big of a revolution to ignore. At this point you cant afford to not invest some % of your net worth into Bitcoin.

You just gotta adjust your thinking and get out of the mindset that everything is a conspiracy :) Innovation happens.....landline were good ones but not anymore....dont be a dinosaur.
107   Bitcoin   2021 Mar 10, 11:02am  

I guess some people are dumber than their tits.

this is going to be fun. How many links will this guy w/tits produce that refute that there is a Bitcoin network? rhetorical question...we know the answer is NONE. :)




https://www.investopedia.com/terms/b/blockchain.asp



https://www.oreilly.com/library/view/mastering-bitcoin/9781491902639/ch06.html


tell us more @HunterTits :) I cant wait
108   Bitcoin   2021 Mar 10, 11:05am  

take your time. I'll wait :)
109   Bitcoin   2021 Mar 10, 11:25am  

I knew you would circle back quickly.




So are you admitting that the Bitcoin network has never been hacked since its existence (over a decade).
110   Bitcoin   2021 Mar 10, 11:27am  

G36 says
this is going to be fun. How many links will this guy w/tits produce that refute that there is a Bitcoin network? rhetorical question...we know the answer is NONE. :)


he didnt provide a single link....
par for the course :)
111   WookieMan   2021 Mar 10, 11:39am  

HunterTits says
Bitcoin fluffers: Less brains than tulip mania fluffers had, it seems

It's more than that though too. Make an individual statement on BTC. Stop quoting what others have said. We know what we said. Tell us what it is and why it's valuable. I don't care about Tesla, that has nothing to do with BTC. It's a distraction and a pump in its own right.

I can invest in LUV and as a shareholder meet the employees. I can fly on their planes. Hell on one flight they let my kids sit in the cockpit (pre-flight). I know a few pilots that fly for them. I can see what they report financially. Who is trading it that runs the company. Financial reports and know the assets and debt.

BTC literally is nothing. It's a big spreadsheet. What is valuable about BTC G besides it getting pumped by people that have the money to lose if they can't get out in time? Tesla $1.5B isn't his money, he won't give a fuck if it goes to zero. He'll still be a billionaire.

You'll lose the game G and I think that's why you pump. The life changing gains are over. Even if you cashed it out today you'd likely squander it. So what's the point? Just keep spamming and trolling I guess.
112   PeopleUnited   2021 Mar 10, 11:42am  

Bitcoin changed my whole life, said no one ever.
113   Bitcoin   2021 Mar 10, 11:42am  

So today we heard from wookie about security and he confused exchange hacks with the Bitcoin network. The Bitcoin network has never been hacked.
Then we heard from Huntertits there is no Bitcoin network but he then agreed with a website that talks about the Bitcoin network.

Do you guys have anything else for today? LOL
114   Bitcoin   2021 Mar 10, 11:44am  

PeopleUnited says
Bitcoin changed my whole life, said no one ever.


what about those that made life changing money with crypto?
115   PeopleUnited   2021 Mar 10, 11:53am  

Still waiting to hear from them. Did they all die of Wuhan flu?
116   Bitcoin   2021 Mar 10, 12:00pm  

PeopleUnited says
Still waiting to hear from them. Did they all die of Wuhan flu?


I dont know any of them died. I also dont know why they would reach out to you? Are you someone special they should talk to?


wild guess here....we wont hear a response from PeopleUnited :)
117   Bitcoin   2021 Mar 10, 12:04pm  

this is just too easy....nobody here that is capable of a debate?
118   WookieMan   2021 Mar 10, 12:08pm  

G36 says
So today we heard from wookie about security and he confused exchange hacks with the Bitcoin network.

How to you acquire your BTC? How do you sell it? How do you store your physical wallet? Your keys and passwords?

How do you stop miners from controlling 51%? Security is multi-layered. How do you stop one early adopter of BTC from yo-yo'ing the price that has 500k coins? How do you trade it when the exchanges shut down due to government regulation and no one trusts it anymore? Or the criminals no longer think it's worth it to be in it and pick a different coin? Or the IRS classifies it as a different asset class and taxes it at 50%?

Answer one or all. The questions I ask are all legit possibilities and concerns for security and a bunch of other things.

Fact remains, you don't answer questions. So you're a pumper/spammer.
119   WookieMan   2021 Mar 10, 12:10pm  

G36 says
par for the course

You can't afford to golf. Use a different term please.
120   PeopleUnited   2021 Mar 10, 12:31pm  

G36 says
wild guess here....we wont hear a response from PeopleUnited :)


Wild guess, these guys don’t pump bitcoin, plus I notice most of them were already rich. So it didn’t change their lives. Won’t change any of our lives. That is my point.

PeopleUnited says
Bitcoin changed my whole life, said no one ever.
121   Bitcoin   2021 Mar 10, 12:48pm  

PeopleUnited says
Won’t change any of our lives. That is my point.


I agree with that. If you dont invest in Bitcoin you cant make money off of it. Duh.
122   Bitcoin   2021 Mar 10, 12:49pm  

So Wookie wanted to debate security of Bitcoin but wasnt able to produce a single link/website/article that proves that Bitcoin can be counterfeited. Not ONE. Think about that. There are websites that claim the earth is flat. But there isnt one link he can find that shows Bitcoin can be counterfeited??? Not one???

Next thing you know he will take the discussion to a personal level. Its always the same pattern.
123   Bitcoin   2021 Mar 10, 12:51pm  

G36 says
Next thing you know he will take the discussion to a personal level. Its always the same pattern.


Told you so! :)



he cant actually debate Bitcoin's security, so he starts personal stuff. Par for the course!
124   B.A.C.A.H.   2021 Mar 11, 8:10am  

A much improved read now that I have the spammer on ignore. Still see some of his comments that you all have quoted. That's OK though.

I was working in what to this audience I might call Applied Nuclear Technology, as an employee while also doing my graduate thesis research in that area, when cold fusion became the "hot topic".

I remember reading long op-ed pieces in pop news sources of how it might work. Some respected science writers stuck their necks out to pen those articles.

Cold fusion came to dominate the agenda of the normally staid Electrochemical Society's biannual conference. The halls were packed with attendees. Many from the news media paid (probably, their employers paid) the high non-member registration fees to attend and listen to the mumbo-jumbo doublespeak talks.

Back at the job, and also the department at school, the Old Farts were skeptical. A few of the younger ones, including me, were hopeful that "this time it really is different", and if cold fusion really was a reality, a good "stick it to the man" phenomenon.

We know what happened after that. Cold Fusion was a head-fake. The "discoverers" of it, Professors Fleischmann and Pons, were True Believers. But what they "discovered" was a result of lack of rigorous attention to detail in their experiment protocols. Many, especially those who were not grounded in the field, had drunk the Cool-Aid.

You don't get it, you Old Fart: It's Different This Time.
125   Patrick   2021 Mar 11, 8:42am  

A spam text I got today:



It says:

How one earns cash with BITCOIN!

Join us and begin to become rich with Bitcoin!


Nice of Elon to have such concern for me.
126   Bitcoin   2021 Mar 11, 9:14am  

they need a better translator.

It should say "Wie Mann mit Bitcoin Cash verdient"

and "Begleiten Sie uns und beginnen Sie mit dem Bitcoin Code reich zu werden!"
127   WookieMan   2021 Mar 11, 9:16am  

Patrick says
Nice of Elon to have such concern for me.

He doesn't. I like and hate the guy. I literally think his life goal is to get the fuck off this planet which has been great for space exploration or at least rocket tech. He's probably printed close to $200-300M at this point with no effort though. He's almost certainly selling at a methodical pace while the the hype is buying his coin he's selling. Once you get over the peak of the mountain though, gravity still exists and this car has no brakes.

He's not like Hoffman in Rainman where it's obvious he's off. But something is off with the dude if you've ever watched long interviews or podcasts. He's not normal, yet he's brilliant.

Ultimately he likely pumped BTC by saying TSLA would set aside $1.5B for it and then bought a couple hundred million to test the market. The morons flowed in because it was Musk and the rest will be history. He'll walk out of the BTC door with hundreds of millions of OPM if he hasn't already. It's his mantra. That's what TSLA is. I genuinely believe it's all for his space exploration dreams. He creates companies, extracts money for himself and puts it into SpaceX. BTC is just another way to extract money from people.
128   Bitcoin   2021 Mar 11, 9:16am  

B.A.C.A.H. says
Cold Fusion was a head-fake
No wonder Tesla didnt invest 1,5B USD in Cold Fusion.
129   Bitcoin   2021 Mar 11, 9:20am  

WookieMan says
Patrick says
Nice of Elon to have such concern for me.

He doesn't
That was sarcasm, @WookieMan

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