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The stuff about the gold standard is quite muddled, and the tech part essentially boils down to "It's crypto so it will be hacked". But part about the powers-t

The stuff about the gold standard is quite muddled, and the tech part essentially boils down to "It's crypto so it will be hacked". But part about the powers-that-be wanting to remain the powers-that-be is certainly true, and that's probably enough.

TimothyFBurgess 16y ago
But part about the powers-that-be wanting to remain the powers-that-be is certainly true, and that's probably enough. Very true, and sadly the vast majority of people just accept/believe that the powers-that-be are inherently powerful and that there's nothing they can do to change that. The world is everyones, not just a handful of power mongers. With the help of the world wide web, positive thinking, and some determination, I think we'll see a shift in the mindsets of the general population, as it's already happening with a subset of the population.
mdemare 16y ago
I'd say the tech part boils down to "it's untested crypto so it may be hacked". A successful currency is worth at least tens of billions of dollars - do you really want to base it on untested cryptography? And the transaction part looks much shakier than the bitcoin generation part.
- hasenj 16y ago
  Re: peer view; it's open source, so there's the peer review. https://github.com/bitcoin/bitcoin https://github.com/bitcoin/bitcoin It has about 100 forks (contributers).
  - georgemcbay 16y ago
    Just because something is open doesn't mean anyone is actually looking at it... or more importantly, REALLY verifying it. Linux is Open Source, Apache is Open Source, both have had lots of major security exploits lurking in them for many years prior to being found and they almost certainly have many, many more still in there. Having something be Open Source is great for a lot of reasons but it is nowhere near a replacement for a dedicated rigorous peer review process based on mathematical proof of the algorithms.
cwp 16y ago
No, the tech part boils down to "If the crypto is hacked, the whole system goes down in flames." Offline currencies can tolerate a bit of forgery or fraud, but the moment a bitcoin is successfully forged, all bitcoins instantly become useless.

TimothyFBurgess 16y ago

But part about the powers-that-be wanting to remain the powers-that-be is certainly true, and that's probably enough. Very true, and sadly the vast majority of people just accept/believe that the powers-that-be are inherently powerful and that there's nothing they can do to change that. The world is everyones, not just a handful of power mongers. With the help of the world wide web, positive thinking, and some determination, I think we'll see a shift in the mindsets of the general population, as it's already happening with a subset of the population.

mdemare 16y ago

I'd say the tech part boils down to "it's untested crypto so it may be hacked". A successful currency is worth at least tens of billions of dollars - do you really want to base it on untested cryptography? And the transaction part looks much shakier than the bitcoin generation part.

hasenj 16y ago
Re: peer view; it's open source, so there's the peer review. https://github.com/bitcoin/bitcoin https://github.com/bitcoin/bitcoin It has about 100 forks (contributers).
- georgemcbay 16y ago
  Just because something is open doesn't mean anyone is actually looking at it... or more importantly, REALLY verifying it. Linux is Open Source, Apache is Open Source, both have had lots of major security exploits lurking in them for many years prior to being found and they almost certainly have many, many more still in there. Having something be Open Source is great for a lot of reasons but it is nowhere near a replacement for a dedicated rigorous peer review process based on mathematical proof of the algorithms.

cwp 16y ago

No, the tech part boils down to "If the crypto is hacked, the whole system goes down in flames." Offline currencies can tolerate a bit of forgery or fraud, but the moment a bitcoin is successfully forged, all bitcoins instantly become useless.