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The hole in Bitcoin

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http://webb-site.com/articles/bitcoinhole.asp

 

A well-written and extremely interesting article that gives a detailed technological and economic analysis of Bitcoin in a way that most of us can understand in an attempt to explain what all the fuss is about, and why we are probably looking at one big, energy-consuming bubble.

 

Got me thinking anyway.....

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Fantastic Article "OP".

 

Nice Find,

 

I was once tempted to "Mine" Bitcoins, But its simply not worth it as it takes the fun out of a "DIY Project" & Cost's far to much to even break even...

The only thing it has going for it, is its "Annonimity" Which is fantastic, if they just level out the bitcoins & Increase its number magicly, And we can Pay 1:1 To our Currency, it would be a great thing to have around..

But how it stands, Its simple not worth the effort.. 1 Bit coin Averaging 150 Dollars -/+ Hell No...

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Glad you found it as interesting as I did...

 

I was going to pay for my airvpn subscription with bitcoin until I saw how many hoops I needed to jump through and decided the anonymity it provided wasn't complete enough to make it worth it.  Presumably one DNS leak would be all it takes to tell someone you subscribe to airvpn

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Hello,

 

Bitcoin is not anonymous by itself (as it is, it just adds a significant privacy layer) and has not been designed with this purpose. The purposes of Bitcoin are different and much more radical. You should add an anonymity layer (for example simply running the client over TOR), an operation which should take no more than a minute, if you wish anonymous transactions.

 

The "hole in Bitcoin" according to the article's author refers to energy consumption to generate blocks and economics, with the totally arbitrary assumption that 1 BTC=220 USD. This assumption has a fundamental flaw in it, and anyway it is wrong today, so all the article calculations are questionable. Furthermore they are not much pertinent to those people who need a highly private (or even anonymous) subscription to an online service.

 

Kind regards

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Bitcoin was created to challenge control over the money supply by central banks. It has nothing to do with anonymity or get-rich-quick schemes.

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