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Let’s spell out the more blatant shortcomings of Bitcoin

By WineHorror1 follow WineHorror1   2021 Mar 8, 8:35am 1,095 views   203 comments   watch   nsfw   quote   share    


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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164   Bitcoin   ignore (16)   2021 Mar 11, 2:49pm     ↓ dislike (0)   quote   flag      

i have answered it many times with this chart:
You on the other hand cant dispute the chart. Thats why you ignore it. Have you found any evidence that a Bitcoin can be counterfeited?
Nope.....but you can fake FIAT and Gold.

165   Onvacation   ignore (6)   2021 Mar 11, 2:57pm     ↓ dislike (0)   quote   flag      

G36 says
Have you found any evidence that a Bitcoin can be counterfeited?

Do you have evidence that your bits on a stick are actually connected to anything real?

And that chart is ridiculous. Can't you come up with something better?

Never mind.

Bitcoin is for criminals and fools. What's in your flash drive?
166   Bitcoin   ignore (16)   2021 Mar 11, 3:00pm     ↓ dislike (0)   quote   flag      

See, you cant prove that the chart is wrong. You cant even produce a single link that shows Bitcoin can be counterfeited. You are quick to change the subject and you dont like the chart because you cant dispute it with facts.

Again: Have you found any evidence that a Bitcoin can be counterfeited?
167   Bitcoin   ignore (16)   2021 Mar 11, 3:01pm     ↓ dislike (0)   quote   flag      

heck, there are website that argue the world is flat.....and you are telling me there isnt a single website that claims Bitcoin can be double spent / Counterfeited?

I'll wait :)
168   WookieMan   ignore (7)   2021 Mar 11, 4:23pm     ↓ dislike (0)   quote   flag      

Smart: No, see below.
Secure: No, see below.
Durable: No, hardware can go bad.

https://www.investopedia.com/terms/1/51-attack.asp

Where is the row in that sheet for value or that it's even an asset? Please answer that. The chart answers nothing and is pure propaganda.
169   WookieMan   ignore (7)   2021 Mar 11, 4:25pm     ↓ dislike (0)   quote   flag      

It's literally a screen grab that cut info off. Look at the borders.... Greater fool.... I get it now OV. Ironic that it's a spreadsheet too. lol.
170   Bitcoin   ignore (16)   2021 Mar 11, 4:37pm     ↓ dislike (0)   quote   flag      

G36 says
heck, there are website that argue the world is flat.....and you are telling me there isnt a single website that claims Bitcoin can be double spent / Counterfeited?

I'll wait :)


So not one link that says Bitcoin can be counterfeited?
171   Bitcoin   ignore (16)   2021 Mar 11, 5:57pm     ↓ dislike (0)   quote   flag      

WookieMan says
Durable: No, hardware can go bad.


ROFL

Wookie, can you explain what your connection is between Bitcoin and HDWR and why Bitcoin is supposed to not durable because HDWR can go bad?
I cant wait for this one. I even give you a hint (Blockchain).
I'll wait
172   Bitcoin   ignore (16)   2021 Mar 12, 11:50am     ↓ dislike (0)   quote   flag      

Bitcoin says
WookieMan says
Durable: No, hardware can go bad.


ROFL

Wookie, can you explain what your connection is between Bitcoin and HDWR and why Bitcoin is supposed to not durable because HDWR can go bad?
I cant wait for this one. I even give you a hint (Blockchain).
I'll wait


still waiting @WookieMan :)
173   WookieMan   ignore (7)   2021 Mar 12, 12:00pm     ↓ dislike (0)   quote   flag      

Bitcoin says
still waiting

I was talking TO G36. Unfortunately there was no intelligent conversation with G36 so I guess he moved on. Not sure who you are. Have a nice day.
174   Bitcoin   ignore (16)   2021 Mar 12, 12:07pm     ↓ dislike (0)   quote   flag      

Par for the course!

@WookieMan
As usual, you make up stuff and ignore any follow up questions. I would have loved this one....but you checked out early. You probably know you dont stand a chance in that debate. :)
Thank you! Lunch time here....walking the doggy now. Beautiful weather here in SoCal.
175   WookieMan   ignore (7)   2021 Mar 12, 12:23pm     ↓ dislike (0)   quote   flag      

Bitcoin says
As usual, you make up stuff and ignore any follow up questions.

No idea who you are. I've answered all questions anyone here has asked of me. Maybe you're mixed up? Sounds like it.
176   Bitcoin   ignore (16)   2021 Mar 12, 12:33pm     ↓ dislike (0)   quote   flag      

that is so cute :)
177   Patrick   ignore (1)   2021 Mar 12, 6:07pm     ↓ dislike (0)   quote   flag      

I'm assuming you two just enjoy dissing each other.

It's basically a religious argument, so it will not be resolved by reason.

Is Bitcoin Our Lord and Savior or not?

No amount of reason will affect hope (or fear). Just try pointing out to the maskers that there has not been even one documented instance of casual outdoor transmission anywhere on earth. It does not enter their brain. All they see is your mouth moving but they cannot comprehend the words because Fauci-funded FEAR is so close to their hearts.
178   Bitcoin   ignore (16)   2021 Mar 12, 7:29pm     ↓ dislike (0)   quote   flag      

Patrick says
All they see is your mouth moving but they cannot comprehend the words because Fauci-funded FEAR is so close to their hearts.

I have someone in my extended family like that. The typical ultra liberal, do as I say, not as I do person. And of course she loves Newscum. Problem is I cant avoid dealing with her and so I treat her like she is special needs. I do think its somewhat of a mental sickness.

Bitcoin isnt a Lord and Savior. Its just a fucking profitable asset. Even Tesla invested 1.5B USD in it. And Paypal, Square, Microstrategies, etc. They US even created a federally chartered Crypto bank. Speaking of banks....they are all in on crypto and Bitcoin.....remember a few years back? They were talking crap about Bitcoin and now they have OTC's (Over the counter trading desks)......typical if you cant beat them, join them strategy.
179   WookieMan   ignore (7)   2021 Mar 12, 8:21pm     ↓ dislike (0)   quote   flag      

Bitcoin says
I have someone in my extended family like that. The typical ultra liberal, do as I say, not as I do person. And of course she loves Newscum. Problem is I cant avoid dealing with her and so I treat her like she is special needs. I do think its somewhat of a mental sickness.

You literally just explained yourself.

Patrick says
I'm assuming you two just enjoy dissing each other.

I don't enjoy dissing anyone is all honesty. Just went down that rabbit hole and not by my choice. I bring up a 51% miner attack and G36 made up shit about aliens is the response???

Because your site has been around so long all the search engines are tagging his keywords. There's a reason he spells out bitcoin. Makes sure to mention Tesla as much as possible. Walking the doggy is going to another forum and spamming it. He's likely paid to do this. Never has answered any questions. Travel, crypto, what he does, etc. I don't want him to dox himself, but you can give info that at least would make you not seem like a Chinese or Russian spammer.

Either way, 12 ignores in the time he's been here for at least the 2nd time isn't a surprise. Remember, people that invest in BTC on your site have ignored this guy and told him to tap the brakes on the cheerleading. I'm not dissing, just calling a spade a spade.
180   Onvacation   ignore (6)   2021 Mar 12, 9:29pm     ↓ dislike (0)   quote   flag      

WookieMan says
I don't enjoy dissing anyone is all honesty.

There is a big difference between dissin' and clownin'. It's kind of a personal thing and we all have our limits. I personally like to tease people. The people I like to tease can give as well as take; good natured fun. I like to clown people but I never intend disrespect to good intentioned people.

I like to teach people. I and many people on this site are the same kind of techie/ engineer/ investor type who can drill down and keenly analyze systems and data. We can research.

I am not going to rehash all of the reasons I am against crypto currencies but the biggest one is the criminal element. Speculating in crypto supports criminal enterprise. Bitcoin and other cryptos enable ransomers and human traffickers' an easy way to transfer money. Who knows, maybe Musk's Billion and a half went into bitcoin as a payoff or to transfer some wealth offshore.

Bitcoin is a fraud. Buying it is betting that a bigger fool will pay more. HODLing it supports criminality.
181   Bitcoin   ignore (16)   2021 Mar 12, 9:30pm     ↓ dislike (0)   quote   flag      

I couldnt help but laugh out loud! A sincere Thank you Wookie! You make me laugh so many times per day! :)

Oh and thank you Tesla!
182   WookieMan   ignore (7)   2021 Mar 15, 7:24pm     ↓ dislike (0)   quote   flag      

Bitcoin says
I couldnt help but laugh out loud!

Neither could I. lol. Here comes the yo yo.

183   WookieMan   ignore (7)   2021 Mar 15, 7:26pm     ↓ dislike (0)   quote   flag      

Almost 10% in 24 hours. Yeah, sign me up for that shit... lol.

We'll see if the sell off is starting. Might want to stay awake tonight. Or not. I really don't care if you lose it all because you don't have any.
184   HunterTits   ignore (4)   2021 Mar 15, 7:27pm     ↓ dislike (0)   quote   flag      

Patrick says
I'm assuming you two just enjoy dissing each other.


I suggest we have a Patnet poll! Who here votes that Wookie and G36/Bitcoin finally get a room?
185   WookieMan   ignore (7)   2021 Mar 15, 7:32pm     ↓ dislike (0)   quote   flag      

HunterTits says
Patrick says
I'm assuming you two just enjoy dissing each other.


I suggest we have a Patnet poll! Who here votes that Wookie and G36/Bitcoin finally get a room?

Ewww. I just think he's spamming the site. I'm not helping admittedly. I don't joke when I've know people that got burned bigly in 2017/18 when it crashed. It will again. I don't want anyone I know to get into the "game" and get burned like the people I knew. Ruined lives.

Damn near 10% from a Sunday night to now is pretty alarming is all I'll say. Some will just keep holding though and have dead money for years. This time around it will be dead for 5-6 years if it ever comes back.
186   Bitcoin   ignore (16)   2021 Mar 15, 8:03pm     ↓ dislike (0)   quote   flag      

WookieMan says
Damn near 10% from a Sunday night to now is pretty alarming is all I'll say


Thank you @WookieMan

I needed that laugh! You make me laugh out loud almost daily!
187   Bitcoin   ignore (16)   2021 Mar 15, 8:05pm     ↓ dislike (0)   quote   flag      

the bitcoin hater clown show:

Bitcoin drops: the haters come out of their hole and cheer like there is no tomorrow

Bitcoin recovers and goes to new all time high: the haters are quiet.

You ask, what happened haters? "We dont care about price"

Muahahahahahahahahaha. Every. Time.
Like clockwork! And Bitcoin continues to slap their face during this bull market. How many dips did we have since 15k? several. And every time the same clown show.
188   WookieMan   ignore (7)   2021 Mar 15, 8:14pm     ↓ dislike (0)   quote   flag      

Bitcoin says
Bitcoin recovers and goes to new all time high: the haters are quiet.

I've been against it up or down. Be consistent. Read.
189   Bitcoin   ignore (16)   2021 Mar 15, 8:24pm     ↓ dislike (0)   quote   flag      

You cheer when its down and hate when its up. Your prediction was it will go to 1.2k. Instead its over 50k and Tesla bought 1.5B USD worth of Bitcoin to HODL on their balance sheet. Sry
190   WookieMan   ignore (7)   2021 Mar 15, 9:51pm     ↓ dislike (0)   quote   flag      

Bitcoin says
You cheer when its down and hate when its up. Your prediction was it will go to 1.2k. Instead its over 50k and Tesla bought 1.5B USD worth of Bitcoin to HODL on their balance sheet. Sry

You just figured out what a prediction is? lol. I don't have a pony in the race and never will. Don't want to see people get burned. Not sure how difficult that is to understand. My position has been consistent. You've yet to explain why crypto has any value. Those that haven't ignored you will keep waiting.
191   Patrick   ignore (1)   2021 Mar 15, 10:26pm     ↓ dislike (0)   quote   flag      

WookieMan says
Because your site has been around so long all the search engines are tagging his keywords.


I've banned this site from being indexed by Google at all. Let me know if you see it linked to there. I might have cause for a lawsuit.

All other search engines are free to index patrick.net though.
192   Onvacation   ignore (6)   2021 Mar 16, 6:48am     ↓ dislike (0)   quote   flag      

Fuck google.
193   WookieMan   ignore (7)   2021 Mar 16, 6:55am     ↓ dislike (0)   quote   flag      

Patrick says
All other search engines are free to index patrick.net though.

That's just it though. I think most crypto guys avoid google as well. There's a reason the comments are worded the way they are and 1/2 with some link.

Not my realm at all, but I'd be shocked if google didn't have a work around to indexing the site that you'd never know about.
194   Bitcoin   ignore (16)   2021 Mar 16, 8:44am     ↓ dislike (0)   quote   flag      

When Bitcoin retraces/corrects, haters cheer about a reduction in price. Not because they can now buy the dip but because they hate that people invest/HODL in Bitcoin.
Bitcoin haters are all about the price, but only when the price is in the red. As soon as it recovers and goes to new all time highs, the haters are telling themselves that they are not interested in Bitcoin's price. To me it sounds like Bitcoin haters have a Bitcoin derangement syndrome.
195   WookieMan   ignore (7)   2021 Mar 16, 9:23am     ↓ dislike (0)   quote   flag      

12 ignores is a pretty clear sign no one cares about BTC or what you have to spam about it. That includes people that have invested in crypto and have said so on this site.

A possible prediction I made that didn't hit quickly doesn't mean I'm wrong. You seem very insecure about your "investment" to be so worried what others have to say on the price. Interesting.
196   Bitcoin   ignore (16)   2021 Mar 16, 10:07am     ↓ dislike (0)   quote   flag      

looks like I hit the nail on the head.
197   clambo   ignore (5)   2021 Mar 16, 10:19am     ↓ dislike (0)   quote   flag      

I will buy a bank account in Swiss Francs rather than bitcoin if I’m concerned about the US dollar value dropping.

Alternatively, I can buy some of a Swiss stocks ETF, I am aware of a couple of them.
(I have FLSW)
If I want capital appreciation I guess I’ll buy the ETF. If I want capital preservation, the bank account.

I have no idea what Bitcoin is and I have no interest in learning.
198   WookieMan   ignore (7)   2021 Mar 16, 11:04am     ↓ dislike (0)   quote   flag      

clambo says
I have no idea what Bitcoin is and I have no interest in learning.

This is the problem with Crypto. No one cares. People can earn money in plenty of other ways and there's zero evidence that crypto has an inherent value.

I'll keep making my money the way I do. It's outpaced crypto since 2017. So I'm good. I just don't want to see people lose their asses on some speculative video game that is 100% worthless outside of trading it.
199   Bitcoin   ignore (16)   2021 Mar 16, 11:28am     ↓ dislike (0)   quote   flag      

clambo says
I have no idea what Bitcoin is and I have no interest in learning.


Of course there has to be people that dont care about innovation, technology or advancements. I bet you, some people still own landlines. Imagine everyone would understand and like Bitcoin.....the price would explode too quickly. Slow and steady wins the race. Bitcoin was at 15k back in November and is now at 55k a few months later. That is reasonable for what it is....digital gold. Even Tesla invested 1.5B USD in Bitcoin.
200   clambo   ignore (5)   2021 Mar 16, 11:34am     ↓ dislike (0)   quote   flag      

You can call me a luddite, but the innovation that interests me makes my life easier.
That’s PayPal and ATM and credit cards.
As far as capital appreciation from Bitcoin, I don’t know what the risks are nor how to assess them, so I don’t want to buy it as an investment.
Exactly why should it go up? Is it because the dollar sucks?
I bought some Swiss Blue Chip stocks to accomplish the same thing and it is something I understand.
201   WookieMan   ignore (7)   2021 Mar 16, 11:40am     ↓ dislike (0)   quote   flag      

clambo says
Exactly why should it go up? Is it because the dollar sucks?

The question that never gets answers. TESLA!!!!!!!!!!

There's no use for it. To gain value from it, you use fiat. USD. This is indisputable. You do the same with stocks of course, but there's regulation, reporting, knowing who trades it, and most importantly ASSETS backing the value. None of that exists with crypto. It's spreadsheets with numbers. I guess some people find that valuable?
202   Bitcoin   ignore (16)   2021 Mar 16, 11:49am     ↓ dislike (0)   quote   flag      

WookieMan says
clambo says
Exactly why should it go up? Is it because the dollar sucks?

The question that never gets answers. TESLA!!!!!!!!!!


Institutional investors are pouring billions of USD into Bitcoin. Bitcoin is a new asset form. It could replace Bonds and is seen as digital Gold.
203   Bitcoin   ignore (16)   2021 Mar 17, 3:50pm     ↓ dislike (0)   quote   flag      

Bitcoin says
WookieMan says
Damn near 10% from a Sunday night to now is pretty alarming is all I'll say


Thank you @WookieMan

I needed that laugh! You make me laugh out loud almost daily!


nice rebound!

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