19 votes

Bitcoin: What You're Not Being Told


http://youtu.be/PfeA94BedQI

Just posting this cause I have seen a lot of Bitcoin posts lately, and thought you folks might find it interesting. I didn't know that everyone who uses Bitcoin has to download a file of all Bitcoin transactions ever made, and that this file is growing exponentially in size as more people start using Bitcoin.

I don't have any Bitcoins. Not trying to make some statement for or against. I'm still just learning about this. I'm in "wait and see" mode on it.



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what you are watching right now is ...

an example of when something is in high demand and at the same time very difficult to liquidate.

Speculators do not want a great deal of end uses.

It would crash the value and burst the bubble.

If everybody that bought at 12 could instantly liquidate at 1200 ... there would be no 1200.

I am all for bitcoin, but be warned ... this is going to end badly for the Joe Schmuck speculator.

God Bless.

not a fan of this guy

he doesn't know what he's talking about in regards to btc that's for sure. i remember him debating Stefan Molyneux a few months ago and he got his ass handed to him. he's probably still butt hurt and that's where this anti btc rant was spawned from.

you don't have to dl the whole blockchain.... http://mycelium.com/
that's one wallets and i saw someone mention electrum too which i haer is good. also you can get a online wallet from blockchain.info or coinbase and others. no blockchain needs to be downloaded.

Freedom is Tyranny? Stefan Molyneux Debates StormCloudsGathering

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

You say

you're not making a statement for or against but your title has the words "what you're not being told" which infers something nefarious.

Who exactly is withholding information? All info on Bitcoin is available to anyone that searches for it.

Bunk

It's just a copy paste of the original title on Youtube. Nothing more. It's not "my" title. It's StormCloudGathering's.

I never said anyone was withholding information. All I said was "I'm still just learning about this. I'm in "wait and see" mode on it." Again, I'm neither bashing nor praising. I'm still in the very early stages of learning about BitCoin.

By posting his vid, other DP'ers reply, some with information that my shoot down his claims (haven't checked the Blockchain debunking yet, but will.) As a result, I'll learn more.

I see many posts on the DP praising it. I see many others that are wondering if it's not a big trick to bring in a cashless society. When the Federal Reserve and Bank of America tout it, naturally, that should raise warning signs upstairs, hence, why I'm not jumping on the bandwagon until I can learn more about it.

Fair enough

I agree.

Not true

It's not true that everyone has to download the full blockchain. Most people use lightweight clients that don't do that. https://en.bitcoin.it/wiki/Scalability

But growth of the blockchain size is a known problem, since it records every transaction ever made. Add it to the list of things that competitors will address by designing from the ground up based on seeing what bitcoin got wrong, and that bitcoin will have a hard time addressing. The competitors that are out there now are mostly just clones with parameters tweaked to shorten confirmation times and other small things, but a new generation of competitors that aren't just clones won't be far behind.

well said

I think Bitcoin itself will crash and burn... but some similar concept will arise and may very well mark the end of the current economic system.

I don't have any BC, but if I did, I'd sell 'em all now and wait for the next generation of e-crypto-currency.

It's definitely a great idea, but like all new ideas it takes a while to perfect it... I also genuinely worry about the idea of a totally electronic currency. I'd much rather have something i can hold in my hand (Not paper fiat though).

At their inceptions, the #Liberty, #OccupyWallStreet and #TeaParty movements all had the same basic goal... What happened?

I agree downloading the blockchain is a problem

but it's certainly not the problem everyone thinks it is. It's not an exponential growth curve. It's linear with transaction count. That's a huge difference, even if it's not enough.

To correct this, the obvious choice might be seen as reducing the amount of blocks that the miners need to download. This leaves the problem of maintaining a balance starting point to move forward from. I don't know if it's possible, but one way could possibly be to have every wallet generate a single transaction to transfer it's entire balance to itself. No idea how, but the point is that this would create a record in the current block of all wallet balances. With that in place, all transactions could be added on top of the new balance with past blocks archived away. If something like this is possible within the current framework (i.e. the coders can agree on how and get it implemented), then it may get a periodic size reset.

Perhaps the problem with this is that no one wants a public record of what the wallets currently hold? In that case, maybe this new balance-generating group of transactions could be added retroactively to a block that's 6 or more generations back (because that makes it untraceable, supposedly.)

Thnx for the link.

So, without access to the

So, without access to the full blockchain, transactions may be delayed... correct?

This could be another are of opportunity for existing banks, acting as a clearinghouse for transactions and a guarantor for monetary conversions in and out of Bitcoin and the dozens of other crypto-coins.

Why not use an iPhone Bank of America app to enable certain Bitcoin transactions? Or a Visa app paying in Bitcoins?

i'm not so sure about that

i know you can use the http://mycelium.com/ wallet which does not dl the bc but rather stores it in the cloud. never heard of it being slower but i have not used that wallet yet.

i'm not worried, the bitcoin geeks/gods will figure out how to manage the blockchain i'm sure.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016