Bitcoin's 3 Fatal Design Flaws - Positive Money

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4 Bitcoin Design Flaws That Restraints The Advancement Of Bitcoin

4 Bitcoin Design Flaws That Restraints The Advancement Of Bitcoin submitted by Cryptolover1997 to btc [link] [comments]

4 Bitcoin Design Flaws That Restraints The Advancement Of Bitcoin

4 Bitcoin Design Flaws That Restraints The Advancement Of Bitcoin submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

4 Bitcoin Design Flaws That Restraints The Advancement Of Bitcoin

4 Bitcoin Design Flaws That Restraints The Advancement Of Bitcoin submitted by TheCoinOwl to u/TheCoinOwl [link] [comments]

Bitcoin design flaw?

With traditional banking there is protection and service in place to refund involuntarily transactions. This means that no one can break into my home, hold me hostage and force me to send my funds to his bank account, because I could call my bank later and have it refunded.
As far as I understand bitcoins are untraceable and chargebacks aren't possible. So what is stopping criminals from targeting bitcoin hoarders and stealing all their wealth?
submitted by ThePeanutFish to Bitcoin [link] [comments]

4 Bitcoin Design Flaws That Restraints The Advancement Of Bitcoin

4 Bitcoin Design Flaws That Restraints The Advancement Of Bitcoin submitted by LaVitaRicca to Bitcoin [link] [comments]

Bitcoin design flaw? /r/Bitcoin

Bitcoin design flaw? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

It seems strange to see a design flaw in Bitcoin, something which was otherwise so perfectly-crafted.

submitted by straciatella_vla to programmingcirclejerk [link] [comments]

PayFast Ending support for BTC: "there are a number of limitations and design flaws unique to Bitcoin [BTC] that make it an impractical substitute for cash, including high transaction fees and long confirmation times for buyers"

PayFast Ending support for BTC: submitted by unstoppable-cash to btc [link] [comments]

Why is Bitcoin protocol not fixed against TX malleability once and for all?

At present, a transaction malleability attack is hitting the Bitcoin network. This causes no loss of funds but often requires manual interactions at the side of service providers and also wallet end users. Moreover, it renders Bitcoin's feature of spending unconfirmed transactions useless, which is a pity.
The problem is that the sender's signature of a transaction does not cover the complete transaction string, so an attacker can pick any unconfirmed transaction, change the parts that are not covered by the signature, thereby creating a new valid(!) transaction that he broadcasts to the network. This looks like a double spend then (albeit with identical in- and outputs).
To me this is a fundamental design flaw that should be fixed soon!
The signature that the sender adds to the transaction should cover every single bit of the transaction (incl. any tx IDs or whatever), and not only input+output addresses and fee and amounts. This way, any tx malleability would be impossible by design!
The fact that this is not the case seems like a fundamental and completely unnecessary Bitcoin design flaw, actually I am shocked that it is still there.
I am even more shocked to read that there might(?) be several different/unknown malleability attacks possible.
Shouldn't it be easy to fix this once and for all with a protocol upgrade which respects the most basic property of a digital signature, namely that the signature spans over the COMPLETE transaction string? I cannot see what disadvantages this should bring and assume the fix should be relatively simple for a new protocol version.
It could even be downwards compatible in that the new transaction format is introduced on top of the legacy format (which still remains valid [and prone to malleability]). So wallets could implement the new format and thereby advertise to be 100% safe against tx malleability. At a later point in time, once the old format amounts to less than 1% of all transactions, another protocol update could be introduced that renders the old transaction format invalid.
submitted by Amichateur to Bitcoin [link] [comments]

South African merchant solution Payfast ending support for Bitcoin as customers are unable to ‘Pay Fast’ at all. “Unfortunately there are a number of limitations and design flaws unique to Bitcoin that make it an impractical substitute for cash”.

South African merchant solution Payfast ending support for Bitcoin as customers are unable to ‘Pay Fast’ at all. “Unfortunately there are a number of limitations and design flaws unique to Bitcoin that make it an impractical substitute for cash”. submitted by foxtrotdash to dashpay [link] [comments]

Vitalik Buterin uses the recent flood wiping out 20% of Bitcoin's hashrate as an example of a flaw in the design. In fact, this displays Bitcoin's *robustness*. 20% of the hashrate can go offline and the network is uninterrupted.

Vitalik Buterin uses the recent flood wiping out 20% of Bitcoin's hashrate as an example of a flaw in the design. In fact, this displays Bitcoin's *robustness*. 20% of the hashrate can go offline and the network is uninterrupted. submitted by The_BCH_Boys to btc [link] [comments]

02-19 01:23 - 'You need to understand why gold can be used as currency. You also need to understand why gold needs banks to deflate infinitely. / [quote] This logic is stupid. Common... / [quote] Bitcoin Network security only exists if the...' by /u/-Claymore- removed from /r/Bitcoin within 13-23min

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You need to understand why gold can be used as currency. You also need to understand why gold needs banks to deflate infinitely.
But by that logic, gold isn’t truly scarce either because I can take a random piece of wood, spray paint it gold, and offer this “woodgold” as a competing commodity.
This logic is stupid. Common...
Bitcoin has properties that a random altcoin doesn’t; i.e., network security (people seriously underestimate how valuable it is that Bitcoin has survived nearly a decade of sophisticated and persistent attacks)
Bitcoin Network security only exists if the miners are smart people. Since Bitcoin Hashing protocol is not ASIC resistant, this actually became a Bitcoin design flaw. Satoshi did not predict the use of GPUs for mining. Changing the hashing algorithm to an ASIC resistant algorithm, would have been an improvement and would have helped to distributed bitcoins through out the world. Instead, miners with big investments take it all. Bitcoin Gold did this. This fork was an improvement which the main Bitcoin Mining Network refused... too bad.
, the development community,
Just because you fork the code, doesn't mean you cannot continue to pull patches from upstream. Learn how a git repository work, and you will understand this better.
first mover status
Just because it's the first, doesn't mean it's the best.
number of adopters
Fan boys, you say... Real investors diversify.
Sure, anyone can create an infinite number of random altcoins, but good luck trying to get people to adopt it and to take the time to protect the integrity of the network.
What adopters? Retailers? Lambo sellers? I could bet with you that when retailers start accepting cryptos, they will not only accept Bitcoin, they will also accept the other remaining TOP10 currencies, specially Ripple. Why? Market diversity. Retailers want clients, not cryptos fan-boys.
Retailers don't care what crypto you use, as long it has value. Financial Institutions which are currently investing in Cryptos, are already diversifying through many different cryptos.
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Author: -Claymore-
submitted by removalbot to removalbot [link] [comments]

"The paradigm of BSV was so strong for me that it lead me up to review my thoughts on Bitcoin as a long-time BTC supporter. I've realized that BSV is the same Bitcoin as defined in the whitepaper by Satoshi, moreover the design has no flaws as said by many and it will work."

submitted by satoshi_vision to bitcoincashSV [link] [comments]

PayFast Ending support for BTC: "there are a number of limitations and design flaws unique to Bitcoin [BTC] that make it an impractical substitute for cash, including high transaction fees and long confirmation times for buyers"

PayFast Ending support for BTC: submitted by vegasbooty to Cryptoandme [link] [comments]

10-21 18:33 - 'Libra's design is fundamentally flawed and doomed to fail. In a custodian alliance model, the system is as secure/compliant as the weakest member.' (i.redd.it) by /u/Meter_IO removed from /r/Bitcoin within 920-930min

Libra's design is fundamentally flawed and doomed to fail. In a custodian alliance model, the system is as secure/compliant as the weakest member.
Go1dfish undelete link
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Author: Meter_IO
submitted by removalbot to removalbot [link] [comments]

PayFast ditches bitcoin, blames ‘design flaws’ in cryptocurrency

PayFast ditches bitcoin, blames ‘design flaws’ in cryptocurrency submitted by SAtechnewsbot to SAtechnews [link] [comments]

What is the flaw in the design of Bitcoin that doesnt let it be stable currency.

A good currency doesnt have to make early adopters rich. Crazy swings in value makes a currency unusable and unrelieable.
I'm not only talking about Bitcoin here but also Crypto in general. Even thouh Bitcoin and its white paper were the guideline for so many coins.
Some people think once alot more coins will be mined the price will be more stable. Does that mean maybe there should have been less coins to mine from the beginning. If it would have been 12million coins instead of 21million.
Did Gold ever have these crazy swings? Is there a fundamental design flaw in Bitcoin/Crypto that let this happen?
submitted by Geoku11 to Bitcoin [link] [comments]

JP Morgan Calls Bitcoins Main Strength a ‘Simple Design Flaw’

JP Morgan Calls Bitcoins Main Strength a ‘Simple Design Flaw’ submitted by redundo to Bitcoin [link] [comments]

05-10 08:33 - 'Agreed; and you raise a great point about a critical flaw in Bitcoins design. / Either they raise the blocksize, lower fees enough to bring about lightning for the poor, just for lightning to not be adopted fully. / Or, they...' by /u/rev0lute removed from /r/Bitcoin within 310-320min

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Agreed; and you raise a great point about a critical flaw in Bitcoins design.
Either they raise the blocksize, lower fees enough to bring about lightning for the poor, just for lightning to not be adopted fully.
Or, they restrict the blocksize, raise fees to secure the network and push people to use lightning, which will eventually become too expensive to open channels.
Bitcoin is not going to work for the poor, just like obtaining Gold doesn’t happen to the poor.
The only other option is a different network security system other than PoW
'''
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Go1dfish undelete link
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Author: rev0lute
submitted by removalbot to removalbot [link] [comments]

"The paradigm of BSV was so strong for me that it lead me up to review my thoughts on Bitcoin as a long-time BTC supporter. I've realized that BSV is the same Bitcoin as defined in the whitepaper by Satoshi, moreover the design has no flaws as said by many and it will work."

submitted by satoshi_vision to bitcoin__SV [link] [comments]

Research Finds Design Flaws in Scaling Proposal Bitcoin Unlimited

Research Finds Design Flaws in Scaling Proposal Bitcoin Unlimited submitted by _Mido to btc [link] [comments]

What is the flaw in the design of Bitcoin that doesnt let it be stable currency. /r/Bitcoin

What is the flaw in the design of Bitcoin that doesnt let it be stable currency. /Bitcoin submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

The three flaws with bitcoin Bitcoin flaws: Can fundamental problems be fixed? Bitcoin's Biggest Flaw The Design Flaw - YouTube 3 Bitcoin Flaws

BIS Says Bitcoin Unstable, Has Design Flaws, High Energy Costs & Fraud Problems. by Bitcoin Exchange Guide News Team. June 18, 2018. Home Bitcoin News Bitcoin Information. Facebook. Twitter . Telegram. ReddIt. Linkedin. Email. The Bank of International Settlements just released their annual economic report, and the part that is getting the most attention is a 24-page article that discusses the ... An analysis of irregularities discovered in the Augur decentralized prediction market platform has identified a number of design flaws. Namely, it identified a potential attack vector based on discrepancies between a market’s expiry date and its outcome date. Research Finds Design Flaws in Scaling Proposal Bitcoin Unlimited. A new research paper from international analyst group IMEC has found that changes to bitcoin proposed by a software ... Bitcoin’s flaws stem from its first-mover disadvantage. As is often the case with the first iteration of any new technology, it is slow, expensive and has fatal design problems that are not easily overcome: • There is no easy way to upgrade Bitcoin’s protocol (software code). Typically, the only solution is to create clones of Bitcoin, then upgrade a tad and start a brand-new network ... I want to look at Bitcoin’s design flaws here, so if you want to know more about the details of the currency itself, read How to Explain Bitcoin to your Grandmother by Brett Scott or this Chicago Federal Reserve paper for a central bank perspective. Bitcoin is a prototype. The key point to note is that Bitcoin is a prototype for what is now known as crypto currency. It was the first of its ...

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The three flaws with bitcoin

Three major reasons Bitcoin isn’t sustainable. This video is unavailable. Watch Queue Queue Bitcoin has a fatal design flaw that almost no one is talking about. The current bubble is just the tip of the iceberg. Script and sources: http://stormcloud... If you're already familiar with the S2F model, skip to 4:15. This video summarizes my article: https://francistapon.com/Work/WanderLearn-Podcast/8-Flaws-in-B... The Design Flaw. 3:34 Stop Watching Us Rally - Yacht (live) "Party at the NSA!" 2:10 Rocky Road to Dublin View full playlist (28 videos) Show more. This item has been hidden. Subscriptions. Moment ... Bitcoin's Biggest Flaw Crypto Daily. Loading... Unsubscribe from Crypto Daily? ... Bitcoin Explained Simply for Dummies - Duration: 12:49. 99Bitcoins 698,163 views. 12:49. Bitcoin About to Rocket ...

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