Gary Han - A Nerd Who Tries To Be Cool And Failed Thus Far

OK! After selling my 4 bitcoins I had left back in the days for $10,000 few months ago to now what claimed to be $16k for 1??!!!

I had to write something about bitcoin...

First of all, the idea of crypto-currency is very promising. HOWEVER how bitcoin implemented the currency has huge issues.

1. The so called mining process uses a trial and error method to find the next nonce value that will create a hash value that is smaller than the previous hash value. And the time to find that next nonce is the "work" you need to do. (which i think is stupid and waste of power)

this is a MAJOR flaw in the system, as you add more blocks to the chain, the hash gets smaller and smaller, and even though the hash value is SUPER HUGE, the chain will eventually end where you will not be able to find a hash value smaller than the previous.

2. Anyone can create any number of accounts, an account is just a public and private key pair. THERE IS NO STOPPING people from creating infinite number of keys!!! Right now, people claim the likely hood of you generating the same key as someone else is very low, yes, but there is no regulation, and as more people continue to create infinite number of accounts, the chance of you creating a key one day and that key contains bitcoin in it increases!!!

SO YOUR BITCOIN IS NOT SECURE!!!
the so called secure account you have is not secure, is not worth creating yet, but when over 50% of the population starts to use bitcoin, developers over the world can write a simply program to generate and store these keys, then constantly checking the balance on these keys, and once a balance is found on the accounts, sell off the balance on those keys for cash, and you have just lost all your money! Then continue to check these EXISTING accounts and eventually they will have balance again as other people generate and use the same key.

the chances of you being "hacked" (someone simply generate a key, and he gets your coins right away) increase dramatically as more people start to generate these so called wallets...

the point is, sha256 is secure if only 1 or a few people trying to hack it, but when the whole world is "hacking" it (generating new keys) your likely hood of being hacked increases.

so yea...bitcoin is not secure...

3. the prices on the coins are NOT REAL!!!
There is no regulation, so anyone can create any number of accounts, then transfer coins to these so called accounts, and claim as a cash transaction!

So one person with large amount of coins can inflate the price of the coins artificially!!

The idea of crypto-currency was fantastic, but bitcoin is not ready to be such currency, or any of the current coins out there,

unless the above problem along with many other are solved.

so my advice to you is, if you have it SELL IT NOW! if you don't have it, DONT BUY IT unless you just love to gamble.