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Let’s spell out the more blatant shortcomings of Bitcoin
invite response
2021 Mar 8, 8:35am 3,346 views 191 comments
by GNL ➕follow (0) 💰tip ignore
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72
Bitcoin
2021 Mar 9, 3:08pm
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).
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
Onvacation
2021 Mar 9, 3:11pm
0110101000100110100101101001010101001010101010010011010011101010101010101010101001010101010101001010101010101010110010101001010100110010101010101010100101...
oops, ran out of bits
oops, ran out of bits
74
Bitcoin
2021 Mar 9, 3:13pm
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...
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
Bitcoin
2021 Mar 9, 3:26pm
EBGuy says
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.
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
WookieMan
2021 Mar 9, 5:10pm
G36 says
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.
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
GlocknLoad
2021 Mar 9, 6:57pm
B.A.C.A.H. says
I got that asshat on ignore. LOL
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
GlocknLoad
2021 Mar 9, 7:04pm
Tenpoundbass says
Society is in the age of gambling. It may just send us back to the stone age.
G36 saysBitcoin 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.
81
GlocknLoad
2021 Mar 9, 7:14pm
GlocknLoad
2021 Mar 9, 7:14pm
HunterTits says
Yes, of course.
GlocknLoad saysB.A.C.A.H. saysSee what happens WineHorror1?
He spammed your post, turning it into a pro-Bitcoin thread.
I got that asshat on ignore. LOL
@G36 is the asshat in question, I assume? :)
Yes, of course.
83
SoTex
2021 Mar 9, 8:06pm
SoTex
2021 Mar 9, 8:06pm
Onvacation says
Hah! I can't believe you said that!
10110101001010100100100010001010010100010001101010101000010010100010100101!!!
0110101000100110100101101001010101001010101010010011010011101010101010101010101001010101010101001010101010101010110010101001010100110010101010101010100101
Hah! I can't believe you said that!
10110101001010100100100010001010010100010001101010101000010010100010100101!!!
84
SoTex
2021 Mar 9, 8:08pm
SoTex
2021 Mar 9, 8:08pm
MisdemeanorRebel says
I'm going to start doing that everywhere for everything. Mostly because I like it when people think I'm nuts.
I asked my dentist today if you can use crypto to fill cavities, he looked at me like I was nuts.
I'm going to start doing that everywhere for everything. Mostly because I like it when people think I'm nuts.
85
Bitcoin
2021 Mar 9, 8:13pm
Bitcoin
2021 Mar 9, 8:13pm
WookieMan says
precisely!
I agree that this must be the reason why Tesla bought 1.5B USD worth of Bitcoin.
Converting cash into Bitcoin is a must in today's world. At least 5-10%. Smart money converts up to 20% into BTC.
Yup.
precisely!
I agree that this must be the reason why Tesla bought 1.5B USD worth of Bitcoin.
Converting cash into Bitcoin is a must in today's world. At least 5-10%. Smart money converts up to 20% into BTC.
86
Bitcoin
2021 Mar 9, 8:44pm
Bitcoin
2021 Mar 9, 8:44pm
Patrick says
I like that. People should focus on Bitcoin and its advantages over physical gold (aka wannabe bitcoin) and fiat.
Still, let's talk about anything other than the other users.
I like that. People should focus on Bitcoin and its advantages over physical gold (aka wannabe bitcoin) and fiat.
87
WookieMan
2021 Mar 9, 9:04pm
WookieMan
2021 Mar 9, 9:04pm
G36 says
Fiat is BTC. Explain why it's not?
You can't. We've tried to discuss it everyday now for the last couple months and you spam the same graph and 1-2 line riffs you got. You don't want to have a conversation.
Patrick saysStill, let's talk about anything other than the other users.
I like that. People should focus on Bitcoin and its advantages over physical gold (aka wannabe bitcoin) and fiat.
Fiat is BTC. Explain why it's not?
You can't. We've tried to discuss it everyday now for the last couple months and you spam the same graph and 1-2 line riffs you got. You don't want to have a conversation.
88
GNL
2021 Mar 10, 4:27am
GNL
2021 Mar 10, 4:27am
Patrick says
Your consistency is admirable.
Still, let's talk about anything other than the other users.
Your consistency is admirable.
89
WookieMan
2021 Mar 10, 5:29am
WookieMan
2021 Mar 10, 5:29am
WineHorror1 says
I actually don't mind talking about other users as long as it doesn't get personal. I'm just sick of seeing that retarded graph that makes zero sense. The user that posts it doesn't even make an attempt to answer a question and posts it every 5 comment practically. Dumps more link spam, talks about Tesla and brags about something he's not even invested in the way he says he is.
Many here have asked many questions and we get no answer on BTC. It's either do the research yourself, it's digital gold or they get angry because we question their "investment" that they know nothing about. It's sad, but at the same time humorous to me. If they've sold, they're making money on something they can't even explain. Even some of the more high profile BTC people cannot even explain it.
If you really want to turn on the pump, answer questions. Sell us. They don't. Hence we know it's a game and a scam.
Patrick saysStill, let's talk about anything other than the other users.
Your consistency is admirable.
I actually don't mind talking about other users as long as it doesn't get personal. I'm just sick of seeing that retarded graph that makes zero sense. The user that posts it doesn't even make an attempt to answer a question and posts it every 5 comment practically. Dumps more link spam, talks about Tesla and brags about something he's not even invested in the way he says he is.
Many here have asked many questions and we get no answer on BTC. It's either do the research yourself, it's digital gold or they get angry because we question their "investment" that they know nothing about. It's sad, but at the same time humorous to me. If they've sold, they're making money on something they can't even explain. Even some of the more high profile BTC people cannot even explain it.
If you really want to turn on the pump, answer questions. Sell us. They don't. Hence we know it's a game and a scam.
91
WookieMan
2021 Mar 10, 7:32am
WookieMan
2021 Mar 10, 7:32am
G36 says
BTC is 100% reliant on the $$$$$ to make any money. Give a logical argument why I'm wrong. Without quote manipulating. Should be easy to explain.
And I'm not talking about Tesla, "institutional investors" or your silly graph. YOU explain. No links.
think of Fiat like the the US Dollar
And BTC is Bitcoin.
BTC is 100% reliant on the $$$$$ to make any money. Give a logical argument why I'm wrong. Without quote manipulating. Should be easy to explain.
And I'm not talking about Tesla, "institutional investors" or your silly graph. YOU explain. No links.
92
Bitcoin
2021 Mar 10, 7:35am
Bitcoin
2021 Mar 10, 7:35am
WookieMan says
Yes, you usually convert your Fiat (USD) into Bitcoin. Tesla converted 1.5B USD into Bitcoin. Smart!
G36 saysthink of Fiat like the the US Dollar
And BTC is Bitcoin.
BTC is 100% reliant on the $$$$$ to make any money
Yes, you usually convert your Fiat (USD) into Bitcoin. Tesla converted 1.5B USD into Bitcoin. Smart!
95
WookieMan
2021 Mar 10, 8:01am
WookieMan
2021 Mar 10, 8:01am
G36 says
Mt Gox. Explain how it's secure? Let's start there.
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
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
WookieMan
2021 Mar 10, 8:56am
G36 says
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.
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
Bitcoin
2021 Mar 10, 9:02am
WookieMan says
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.
G36 saysThe 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
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).
or maybe he really doesnt understand the basics (an exchange is different from the bitcoin network itself).
101
Bitcoin
2021 Mar 10, 10:15am
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
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
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
WookieMan
2021 Mar 10, 10:22am
G36 says
Yes, bastions of security. You spouted off something more nonsensical than the chart. Didn't think that was possible.
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
Bitcoin
2021 Mar 10, 10:30am
WookieMan says
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.
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
Onvacation
2021 Mar 10, 10:37am
G36 says
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.
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
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.
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
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
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
109
Bitcoin
2021 Mar 10, 11:25am
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).
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
Bitcoin
2021 Mar 10, 11:27am
G36 says
he didnt provide a single link....
par for the course :)
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
WookieMan
2021 Mar 10, 11:39am
HunterTits says
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.
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.
« First « Previous Comments 72 - 111 of 191 Next » Last » Search these comments
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.