Quote from traitor786:
yeah it went up we know.
but can it be broken down? To rephrase, is it as worthless as euro ?
if so is it better then the predecessors' of the euro? (we used to call that money remember)
I think when a transaction it done it is confirmed some how through many nodes. only when it is confirmed is the transaction done.
This is where 51% come in I think. if 51% of nodes confirm, it is accepted.
I think
this means that the weaknesses are alot.
1) internet failures outages and blocking or what ever some said happened to their internet on some posts.
2) software updates (like a mandatory windows update) blocking the "problem"
3)Disinterest in being a node. (im sure p2p's began with alot of uploading untill people realised that by clicking "do not upload" fixed their pc somehow)
government need to abolish.
4)virus software simultaneously shutting down the "virus"
5) EMT's
6) a new currency accepted world wide and the need to diversify in bitcoin is not as important as it is now.
How can it be strong?
Bit coin actually ends up to be the this new world wide trusted currency, which does not quite work when the power goes off or a natural disaster ect.
2. The governments love the idea of not being in control of the money and therefore do not stop it.
3.Governments know the collapse is coming, and nothing will be spared but 1 system. They sit and decide that they want in cheap and no one else to enter until they are in. They decide to use the least logical future currency (bitcoin) and get in while it is low. and then announce that: HAHA the euro/amero was just a joke, we now use bitcoins. go get them at your banks.
both have strong points. but banks have computers. 51% is not hard.
Just to clarify, Im not anti bitcoin, Im just wondering, long run is there any low probability scenario you can think of that it will survive?
I think some of these points are more valid than others.
1. Internet goes out.. ok. Well, that is a real problem. Doesn't mean your coins will be erased though as everyone keeps the entire ledger with a full bitcoin client running. When the internet gets turned back on, however, everything should be all good. That is if the internet can be "turned off."
2. I'm guessing that you can somehow allow the ports to be open.
3. The miners process transactions in an encrypted message of sorts. I am not real strong in information around these subjects. This is best found on the "mining" board at bitcointalk.org
4. Virus.. there has been viruses made especially for bitcoin wallets, I have heard, at least. You can print to a paper wallet to be sure, or just keep your wallet encrypted with a VERY STRONG passcode, as I do. I also spread my risk around, so I don't keep all my coins in one wallet, I have multiple usb drives and internet locations where my coins reside.
5. I'm guessing you mean't EMP? Yeah, don't really know how these actually work outside of Ocean's 13, or what is 12? Anyway, I have no idea.
6. Not sure.. inherent risk, if I am understanding what you are saying here.
The rest of the post seems like conjecture and inherent risk with BTC. But, like I have been saying, BTC is full of risk. But the reward so far, for me at least, has been enormous. I still think dollar cost averaging is the way to go with this.
