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by SODaniel 4847 days ago
Something else people seem to forget is: This is an unregulated electronic currency without a paper trail.

Can you say "A market that a group of people wanting to rig value would LOVE!"

Nothing (as far as I can tell) stopping a group of large BTC owners to completely run the price on BTC to their advantage. Wouldn't even take that much money to drive prices, and impossible (almost) to detect and do something about.
1 comments
mikegioia 4847 days ago
What do you mean no paper trail? I thought Bitcoin worked by having a master list of EVERY transaction and then hashing the most recent for each new transaction.

This is from the Bitcoin doc [1]:

We define an electronic coin as a chain of digital signatures. Each owner transfers the coin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership.

[1] http://bitcoin.org/bitcoin.pdf

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SODaniel 4847 days ago
Transaction records? Yes. Tied to a physical person? No. There is as far as I understand nothing hindering private trades among owners, making 'rigging' entirely possible (I may be wrong).
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mikegioia 4846 days ago
They're tied to a wallet ID which is unique.

Also, of course nothing is hindering private trades among bitcoins. Do you understand that BTC is a currency and not a stock exchange?

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