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Let’s spell out the more blatant shortcomings of Bitcoin


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2021 Mar 8, 8:35am   2,711 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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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?
68   Onvacation   2021 Mar 9, 2:57pm  

HunterTits says
I think I will add @G36 to every comment and post I make. I don't get any from him because I have his ass on ignore.

Unfortunately it does not work that way.

As I reply I can see G's chart the one that says crypto is more scarce than gold. Is that the most ridiculous thing you ever saw?
69   Bitcoin   2021 Mar 9, 3:02pm  

Onvacation says
As I reply I can see G's chart the one that says crypto is more scarce than gold.


Beautiful, is it not? Digital Gold (Bitcoin) has true scarcity. Not like Gold where constantly more gold can be found.
You cant find magically more Bitcoin. 21M can only be mined and thats it.

No wonder Tesla invests 1.5B USD into precious Bitcoin!
Thanks Tesla!
70   Onvacation   2021 Mar 9, 3:05pm  

Rb6d says
I do not get what is "programmable", as I can not program my crypto?

It means if 51% of the "miners" agree to change the rules the rules are changed. Of course the other 49% can continue playing the current game but the more popular game will continue to get more bets.

Until enough HODLers realize it's a game and try to fiat (cash) in their "coins".
71   Onvacation   2021 Mar 9, 3:07pm  

Onvacation says
It means if 51% of the "miners" agree to change the rules the rules are changed. Of course the other 49% can continue playing the current game but the more popular game will continue to get more bets.

Transferring "store of value" when a coin "forks" (one becomes two) isn't an issue as there is no store of value to transfer.
72   Bitcoin   2021 Mar 9, 3:08pm  

absolutely. Programmable money (aka smart money) is the future. Part of Bitcoin's code is the rule that no more than 21M Bitcoin can be created (mined).

You cant do that with FIAT. You can print as much FIAT as you want.

You cant program physical gold. Or have you successfully tried to plug a gold brick into your laptop?

Due to the much better traits that Bitcoin has, "smart money" (me/smart investors) like to make the following comparison:

Gold is like wanna be Bitcoin. Its like a landline and Bitcoin is like an Iphone 12 max pro. No matter how hard the landline tries, it cannot keep up with the iphone. You can call someone with a landline but it doesnt have the same features and will never have those features (traits).
73   Onvacation   2021 Mar 9, 3:11pm  

0110101000100110100101101001010101001010101010010011010011101010101010101010101001010101010101001010101010101010110010101001010100110010101010101010100101...

oops, ran out of bits
74   Bitcoin   2021 Mar 9, 3:13pm  

and you can turn 28K in over 100k in less than 6 months! Brilliant! Thank you Tesla!
75   EBGuy   2021 Mar 9, 3:20pm  

Call me crazy (wait, that name rings a bell), but if the Bitcoin Core software goes sideways, you could introduce inconsistencies in the ledger. For example.... in Bitcoin Core 0.14.X, any attempts to double-spend a transaction output within a single transaction inside of a block will result in an assertion failure and a crash, as was originally reported.
In Bitcoin Core 0.15, as a part of a larger redesign to simplify unspent transaction output tracking and correct a resource exhaustion attack the assertion was changed subtly. Instead of asserting that the output being marked spent was previously unspent, it only asserts that it exists.
Thus, in Bitcoin Core 0.15.X, 0.16.0, 0.16.1, and 0.16.2, any attempts to double-spend a transaction output within a single transaction inside of a block where the output being spent was created in the same block, the same assertion failure will occur (as exists in the test case which was included in the 0.16.3 patch). However, if the output being double-spent was created in a previous block, an entry will still remain in the CCoin map with the DIRTY flag set and having been marked as spent, resulting in no such assertion. This could allow a miner to inflate the supply of Bitcoin as they would be then able to claim the value being spent twice.
I'm sure a lot of eyes are on the software, but some things do get by the architects...
76   Bitcoin   2021 Mar 9, 3:26pm  

EBGuy says
Call me crazy


Crazy!

Bitcoin solved the double spend issue. No wonder why Tesla invested in 1.5B USD in Bitcoin.

you can counterfeit FIAT or Gold...Not with Bitcoin! all you need is this chart and you will know Bitcoin is the best thing since sliced bread. Time to take the doggy for a walk in this beautiful SoCal weather.

77   WookieMan   2021 Mar 9, 5:10pm  

G36 says
You can print as much FIAT as you want.

Yup. Backed by a government that can throw your ass in jail in a moments notice for holding it, nuke the planet or at least bomb the shit out of, and has the best real estate in the world as backing to its fiat. The fiat you use to gain entry into your video game money.

Your spam chart makes zero sense. You need "Sovereign (Government Issued) fiat to PURCHASE btc. And when you sell, someone needs to buy it with government issued fiat for you to make a gain. This isn't that complicated. You're trading a penny stock and pumping/spamming it here. You won't honestly ever answer a question.

The math for what you say you invested doesn't add up either. You say you're early 30's, millennial. There's literally less than a 1% chance that you have $25k invested in crypto. It's math. Almost 50% of Americans couldn't pay for a $1k emergency. You're not doing what you say you are which I think is why you get the pushback and keep spamming. You're jealous of peers that have done far better than you. I live it every day. I deal with it every day. People like you that are at the bottom of the pyramid and blame those at the top. Grow up.
78   GlocknLoad   2021 Mar 9, 6:57pm  

B.A.C.A.H. says
See what happens WineHorror1?

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

I got that asshat on ignore. LOL
79   GlocknLoad   2021 Mar 9, 7:04pm  

Tenpoundbass says
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.

Society is in the age of gambling. It may just send us back to the stone age.
80   GlocknLoad   2021 Mar 9, 7:08pm  

Onvacation says
He might need to go back on moderation.

Yes ^^^^^^^^^^^^^^^

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