I've been a fan of the blockchain for a few years now, but I have serious concerns about bitcoin itself. Care to calm my fears?

As the title mentions, I'm a huge fan of the blockchain. I think it's wonderful P2P tech, and it's already in use for amazing things like namecoin and even spin-off projects like bitmessage (doesn't use a blockchain, but similar tech for PoW and authentication).
Even bitcoin, when it first popped up, seemed like amazing stuff. I definitely am a fan of trustless/p2p currency. However, I can't help but notice that bitcoin has a couple of obvious problems (namecoin shares them, but the problem isn't as bad, given it's not intended to be a currency and also has a base of value).
The most obvious problem to me is one that seems to plague cryptocurrency in general: pre-mining. The idea that the early-adopters can become absurdly wealthy simply by getting there first. I read over on /buttcoin that Satoshi has 20% of the possible bitcoin? Is that true? That seems like it'd lead to massive wealth inequality once those coins do start moving. And there's certainly countless others with hundreds of thousands of bitcoin simply because they were handed out like candy at the beginning. For someone coming in, a single bitcoin is $400. Whereas early adopters got a few hundred with a couple of hours of mining on a laptop. How is that fair?
The mining cap. This is another huge problem. At first I was fond of it, as it put a hard cap on inflation, meaning that the currency is deflationary instead. This is a good feature, but with an obvious flaw: it rewards early adopters, and it promotes hoarding bitcoin rather than spending it (the whole point of a currency!). Along with that, any coins that are 'destroyed' (namecoin does this), and/or lost, are essentially gone forever. Meaning that over time the amount of possible bitcion will reduce to nothing. This is not a valid long-term ideal. This simply doubles down on bitcoin's huge problem (massive inequality between early/late adopters).
And lastly, the distribution of new coins. This is already a huge problem with fiat currency, and I'm baffled at why bitcoin copied this model of distributing wealth to 'bankers' (miners who manage the blockchain). Not only does it promote the rich-get-richer structure, not only does it reward those who got there earliest and stay there longest, but it also creates a continually rising paywall to actually get in on the action. There's no way to get bitcoin without working for someone else already in the system or spending potentially thousands of dollars to get a tiny amount of bitcoin that's mined.
Though, to be fair, it's not just bitcoin's problem. It's all alt-coins who share these issues without changing stuff.
There's also the issue of increasing computation demand, leading to waste and potentially harming the environment.
Personally, I like something like uCoin, which implements the relative theory of money into a blockchain/bitcoin style structure.
So... can anyone calm these fears that bitcoin will simply be yet another USD spin-off and run into the exact same problems of wealth concentration?
Keep in mind, I do like the blockchain and similar tech. And I do like the goal of bitcoin itself. It's definitely a great first step. I just can't get around these glaring problems that seem to almost guarantee that bitcoin will die in the future.
submitted by Kafke to btc [link] [comments]

Similar or Interesting Projects and other Links

This is an initial collection of interesting links. The purpose is to gather a bigger picture of the frontier of society and to spur discussion. Descriptions so far are mostly copypasted. Please add to this in the comments.
[ What is it? - infographic This is an incredibly important project. Becoming more sustainable as a city will soon be a major priority for everyone. Unless these and further methods are implemented, a city may still be facing shortfalls outside of its control.
Open Source Ecology is developing open source industrial machines that can be made for a fraction of commercial costs, and sharing our designs online for free. The goal of Open Source Ecology is to create an open source economy – an efficient economy which increases innovation by open collaboration.
The Venus Project calls for a straightforward redesign of our culture in which the age-old inadequacies of war, poverty, hunger, debt and unnecessary human suffering are viewed not only as avoidable, but as totally unacceptable. Anything less will result in a continuation of the same catalogue of problems inherent in today's world
The Zeitgeist Movement It is the assumption of The Movement that the educational/activist pressure generated, coupled with what is currently a failing social system, will inhibit and override the established political, commercial and nationalist institutions outright, exposing and resolving the flaws inherent.
RepRap is humanity's first general-purpose self-replicating manufacturing machine. 3D printing is part of the trend towards decentralization, efficiency and self sustainability. It will likely become a big part of helping cities to become more independent of traditional global supply chains. "Mesh - The pulse of the Sharing Economy" Also check out this infographic detailing categories and examples of collaborative and sharing based networks. Notice the sybiotic behavior of heirarchical central structure (businesses) to enable the peer-to-peer participation networks. Ultimately the technology will decide where the balance lies based on what can be automated and agreed upon through voluntary participation. The 1st business development centre dedicated to fintech innovation & decentralizing technology. A General Directory for Decentralization Projects and Disruptive Ideas BIGbtc Bitcoin Integration Group. Provides services related to the business adoption of crypto in Canada!
Blockchain Based Consensus: - Decentralized Voting Blockchain, Peer-2-Peer Node Based Network, Votes Verified By Miners Like Bitcoins, Public Ledger Of Votes Constantly Recorded, Anonymous, Pseudonymous & Full Identity - "The dawn of cryptoequity." Decentralized peer-to-peer crowdfunding/ownership of projects. Could be used to quickly bring capital to crypto based projects. Wikipedia - Consensus Decision Making Wikipedia - Populist Deliberative Democracy. Civillians design their consensus tools so that not just a small sample of the population is involved, but the entire population may participate in discussion and voting. This would enable true collaboration between the people and their government. Government may then better represent the people and encourage rational discussion.
Legal Tender Law, Stagnation.
Economics: Wikipedia - The Sharing Economy (sometimes also referred to as the peer-to-peer economy, mesh, collaborative economy, collaborative consumption) is a socio-economic ecosystem built around the sharing of human and physical assets. - The end of work
Sustainability: Earth Policy Institute
Crypto Anarchy:
Scientific Method: Futurica Trilogy - Alexander Bard - Our history from a more accurate information perspective. New Internet paradigm, netocrats, etc. Transformation from directed information to interactive information (collaborative tools enabled by the Internet).
Bitcoin threatens kleptocracy and through that bitcoin saves capitalism - Andreas M. Antonopoulos The comments on this are very good.
"Networks vs. Hierarchies: Which Will Win? Niall Furguson Weighs In" - Michael Krieger
Legacy CryptoTown Stuff from the sidebar
Current List of CryptoTown Malls (CryptoMalls)
CryptoTown Explained - Goals, Roles, and Advantages
Crypogenic Bullion (CGB)
(How to support CryptoTown as a cryptocoin community)
Consultancy Culture and the Universal Perspective (Jul17-2014)
Point of Sale Methods (Jul9-2014)
Coin Distribution Methods (Jul5-2014)
Ham Radio Applications (Jul3-2014)
CryptoTown On The Ground (Jun20-2014)
CGB Development Workshop (May29-2014)
Commercial Development Workshop (May11-2014)
submitted by papersheepdog to CryptoTown [link] [comments]

[Bitmessage Mail] You Can't Steal Bitcoins.

This came in on the bitmessage, and since we're only talking about things that are up on the subreddit I figured I'd post this here first :) Any thoughts/comments/rebuttals?
I'd like to give my opinion about the discussion you had about "Bitcoin theft" in episode 29 and I would like to start out that in my opinion such a thing doesn't exist. Everybody is (and/or should be) free to make any transaction on the Blockchain. The consensus between miners are (and should be) the judge and jury over the validity of this transaction.
If somebody for some reason get a hold of a private key of an address that already contains Bitcoin, it should stay fully legal to make a transaction to any address I like. This should NOT be called a theft. As Satoshi himself said "The owner of a coin is just whoever has its private key."
There are only two illegal ways to obtain Bitcoins.
1: Scamming somebody with a false promise and there are already laws for that. 2: Breaking and entering (either physical or by hacking) and there are already laws for that.
However, in case of the 2nd way, if you obtain knowledge of a private key in the process, making the actual transaction should not be called theft. There is no central entity where you can claim ownership over a private key, unless you want to (ab)use intellectual property laws for this. This wouldn't make revenge actions equally legal. If exchanges just take blacklisted funds and return it to whom they feel are the rightful owner, they are basically scamming their customers with whom they have a contract.
I wonder what your thoughts are about this type of reasoning.
Thanks and keep up the good work.
submitted by gamerandy to letstalkbitcoin [link] [comments]

What if bitmessage had a blockchain, mining and fees?

A day or two ago, a brand new messaging protocol was launched called Bitmessage. It is inspired by bitcoin and features public key cryptography for the sending and recieving messages on a public, distributed, open source network. There is no block chain, no mining and consequently no fees. To make it work, people have to pass other people's messages around for free. Personally, I question the viability of this approach.
I feel like having a central blockchain would help. Could it be possible to re implement the bitmessage protocol to feature a blockchain, compiled by miners, who are paid with BTC fees for every bitmessage sent? So it would be just like bitcoin but rather than a private key being used to send coins, you use a private key to decrypt messages, and the sending fee pays for them to be archived anywhere, accessible everywhere, by the person who holds the corresponding private key. Miners could accept any amount of bitcoins they want in order to send a message and save it. People could even send a bitmessage to different miners, who would make it avalable to the reciever for long periods of time for a higher fee, or cheaper miners who would host it long term for extra BTC.
I'm no software programmer and have no skills with code, but the Idea makes more sense to me than the bitmessage protocol proposed earlier. What do you think about this?
submitted by Skyler827 to Bitcoin [link] [comments]

Twister, enfin un réseau social décentralisé ?

Voici le lien vers leur nouvelle page de présentation toute belle, toute neuve et en anglais :
Et puis le papier plus technique (et toujours en anglais) :
Bon, je n'ai pas fini de lire le papier, ni eu l'occasion de jouer avec les code source fournis, les fêtes et le travail c'est prenant, bonne année o/. Du coup mon résumé sera partiel.
Basiquement c'est un réseau social twitter like complètement décentralisé et chiffré, s'appuyant sur une blockchain à la Bitcoin et quelques outils développés pour Bittorent. L'accent est mit sur la facilité d'utilisation, ce qui pèche beaucoup dans ce genre de projets d'habitude il faut l'avouer.
Ainsi, la blockchain utilisée sert a réserver les noms d'utilisateurs, permettant d'avoir un pseudonyme classique plutôt qu'une adresse aléatoire. D'après ce que j'ai compris pour l'instant, les messages ne sont pas enregistrés dans la blockchain, ils sont enregistrés grâce a une "Distributed Hash Table" (une base de donnée clé/valeur distribuée). Et grande nouveauté pour un protocole basé sur une blockchain, il n'y a pas de monnaie associée ! L'intérêt pour les mineurs de miner est que quand quelqu'un trouve un bloc, il a le droit d'envoyer un message "promoted" que tous les clients devraient afficher... De la publicité en peer to peer, je ne sais pas si c'est une première, mais ça peut être noté.
J'ai quelques craintes quand a la viabilité de la chose dans la nature. Notamment rien n’empêche techniquement un client de ne pas afficher les message "promoted", réduisant l’intérêt de fournir de la puissance de calcul (une 51% pourrait entraîner des vols d'identité). Et puis il y a des proof of work un peut partout pour éviter le spam (à la façon Bitmessage), je n'ai jamais eu confiance en ce mécanisme, si on permet à un desktop de faire une opération en quelques secondes/minutes, je ne vois pas comment ça empêche complètement un botnet de spammer. Mais bon, le moyen le plus simple de savoir si ça marche c'est de tenter grandeur nature... Et au pire on se retrouve avec un réseau social qui ne fonctionne pas bien, c'est pas la fin du monde.
Encore une foi, je n'ai pas bien fait mes devoirs, j'ai survolé rapidement le white paper et puis j'ai commencé ma journée de travail. Il peut donc y avoir des erreurs qui se glissent dans ce que j'ai compris de la bête.
Bref, j'aimerai savoir ce que vous pensez de Twister. Techniquement est-ce viable ? A-t'on besoin d'un nouveau réseau social chiffré ?
Personnellement, je pense que si il tiens ses promesses, grande facilité d'utilisation et grosse cryptographie, et compagnie seront très vite aussi obsolètes que les page web sans css.
submitted by JeanBono to BitcoinFrance [link] [comments]

Potential Design For A Distributed Marketplace

Potential design for a distributed marketplace
I keep hearing about people wanting to move to a distributed architecture, so lets design it. Please point out where I'm wrong, and propose changes.
Sellers create a bitcoin address they accept payment at.
Sellers create a listing and sign that listing with the bitcoin address they just created. This listing is published via a bitmessage publically known marketplace chan. This solves the core problem, everyone can see listings without having to access a central server.
To avoid spammers/scammers, sellers should have an initial cost or deposit, to create a selling account. This prevents a seller from creating a new account for every transaction which hinders accurate feedback. To do this sellers can provide a deposit, however this has a centralization effect even though many different parties can be used to hold a deposit. This piece probably needs the most additional work, however technically it is not required.
Feedback can be given though bitmessage, either to the same chan or a different one. Feedback given for seller A from buyer B, should provide a reference to a bitcoin transaction from the buyers bitcoin address B to the sellers known address A (that matches a listing with the same bitcoin receive payment address). This feedback must be signed with the buyer's address B to help prevent fake feedback. This will not prevent sellers from creating fake buyers which provide them good feedback, however this is a problem in centralized systems also. Buyers could also provide a deposit in the same way sellers do to help prevent fake buyers.
Perhaps a better way to discourage fake buyers may be to require a seemingly high fee in the transaction. Centralized systems normally take a percentage from the seller as a fee. This prevents a seller from creating fake buyer accounts because the seller would only get (100% - fee) of their coins sent to themselves from a fake buyer. A way to create a cost for each transaction is require a higher than normal bitcoin transaction fee (which goes to bitcoin miners). This wouldn't be required, but if a transaction was completed without this higher bitcoin transaction fee, then feedback from the transaction may not be considered valid. This gives an incentive to the seller to only accept transactions from buyers with this higher fee, or the transaction and feedback will be considered probably fake by others. In practice only new sellers may wish to require this higher fee while they build their reputation, and slowly lower it or potentially even remove it once they become trusted.
This same method can be used for sellers, instead of providing a deposit the first transaction to a bitcoin address that they will accept payment on could include a transaction with a higher than normal fee. This creates the artificial cost to sellers and helps prevent fake seller accounts. However this is less optimal than the "providing a deposit" method above. By providing a deposit to a third party/parties, buyers have a potential way to get some of their money back from scammers.
For the actual transaction escrows can be used with multisignature addresses (implemented today in the protocol). Similar to providing a deposit this has a centralization effect, though anyone or even multiple parties can be used as a mediator.
Client side
So from a client perspective buyers scrape the bitmessage channel for all current listings, and verify the bitcoin signature of each listing. Each seller's "cost" and "account age" is determined by scraping the blockchain for either the deposit transaction or high fee transaction. The client then scrapes the feedback channel verifying the feedback is signed by a bitcoin address and transaction that took place. It weights each feedback based on fees paid, and the number of verified transactions and feedback to other sellers (making it less likely it is a fake account).
None of this is groundbreaking, I'm just combining multiple tools that already exist, but it seems to me like it could work. There is clearly more work to do in tumbling coins, perhaps between chains, and sellers may need to repost feedback.
As a concept does this also seem possible to others?
submitted by MarketConcept to SilkRoad [link] [comments]

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Bitmessage: Bitcoin based decentral, encrypted, P2P, trustless communications - Joachim de Koning

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