Comment by nosuchthing | Hacker News Reader

Comment by nosuchthing | Hacker News Reader

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You seem to have no familuarity with software or computer science, and you're intentionally ignoring and evading addressing the issue with the Bitcoin bugs and hacks on BTC client wallet software, which keeps having bugs/hacks in the protocol itself allowing more free Bitcoins to be generated by hackers:

https://en.bitcoin.it/wiki/Common_Vulnerabilities_and_Exposu...

  CVE-2010-5141 remote attack can spend anyone's balance 


  CVE-2010-5139 On 15 August 2010 over 184 billion bitcoins were generated 
  in a transaction, and sent to two addresses on the 
  network.

https://www.webcitation.org/6IwX8oDIN

  CVE-2012-2459 2012-05-14 This could be used to fork the 
  blockchain, including deep double-spend attacks. 

  CVE-2013-3219 Attacker can double-spend with 1 confirmation

  CVE-2018-17144 Multiple double spend bugs allowing a user
  to send more funds then available in wallet balance.

This book offers a more comprehensive and detailed insight into the history and technical details of Bitcoin and the history of those involved within "the Blockchain community": https://davidgerard.co.uk/blockchain/book/

If you look at the previous comments you keep ignoring the specific points explained against why your claims are disingenuous and naive and repeating the same tired marketing falsehoods in your attempt to convince rubes into buying database software which may very likely become obsolete at any moment in the immediate future. Why would you want to store your "money" in a fragile software system with no protection or safeguards? At least with gold, you won't have someone on the other side of the world capable of breaking into your house remotely and stealing your savings.

Here's a recent research paper analysis on Bitcoin and the lightening network:

https://ftalphaville.ft.com/2019/01/23/1548238967000/BIS-tro...

https://www.bis.org/publ/work765.pdf

https://www.ft.com/__origami/service/image/v2/images/raw/htt...

No one is under the illusion that Bitcoin is not a human written piece of software. However, the network has a an incredible uptime of 99.9832335764 % since jan 2009 (http://bitcoinuptime.com/)

Yes, of course. Like all software Bitcoin has bugs, however, none of Bitcoin's bugs has been catastrophic, or else it would have collapsed to $0 and stayed there. The odds of catastrophic bugs still exist but with the most development moved to layer 2, it's hard to see any more changes coming to the core software for the foreseeable future.

I'm not saying Bitcoin is perfect and it has many problems. However, the problems you bring up are mostly incorrect.

* Mining centralization is an issue. Due to the fact that Mining hardware is currently produced mainly by 1 company. Hopefully, simple economics will change that and larger companies will start making dedicated mining chips.

* On chain transaction costs. If the number of transactions on BTC spikes, the fees will also skyrocket. LN is the solution to this problem but the network is still in development.

* Confidential transactions (CT) and fungibility. Currently, Bitcoin is not fungible and you must go through several steps in order to clear coin's history. Gold is fungible and so is cash. However Bitcoin devs have been working on CT for some time now and hopefully, we might see an implementation this year and pushed on to the network within the next 2 years.

* Push of centralization. Everything naturally trends towards centralization. A centralized bitcoin is useless, no matter how secure the chain is or how stable the software is. The community must reject all centralization efforts so BTC can keep its value

To your point that if a catastrophic bug is discovered which enables double spend and/or inflation, the Ethereum community showed that it is possible to hard fork and reverse the chain given unanimous approval by all factions of the network. So if you wake up one day and the network has collapsed due to some bug in Bitcoin Core then Bitcoin's governance system will kick in to save the network.

To your point that you think i'm "scamming" you. I couldn't care less if you bought Bitcoin or not, that's the beauty of Bitcoin. No one is forced to use it and no one really cares about what anyone thinks. You can sit there and call everyone a scammer, you can sit there and point out all the problems it has (Like anything man-made is perfect), people can write all the research paper they want about how it will fail HOWEVER, The reality is that the Bitcoin network and ecosystem is thriving and has survived incredible obstacles. The fact that you've pointed out at all the past issues and the fact that it has overcome just says that Bitcoin works!

Have a good day sir :)

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