"Bitcoin Is Broken" FINTECHinc.'s Plan to Rebirth BTC

[CoyoteOfWallSt]

PRESS RELEASE - OCT 17, 2015 14:32 EDT - UPDATED: OCT 17, 2015 15:49 EDT

FINTECHinc. a developmental stage blockchain educational service has announced its plan to 'rebirth' the digital currency Bitcoin with a new & improved version coined, "Bitcoin 10.0". The original version of Bitcoin was an experiment that fails to meet the needs of a 'real-time' P2P transaction ledger with up to 1 hour clearance delays in funds transferred. Bitcoin 10.0 is 10X faster than Bitcoin.

New York, New York, October 17, 2015 (Newswire) - ​FINTECHinc. founder Patrick 'PK' McDonnell thinks "Bitcoin Is Broken". McDonnell believes that Bitcoin was designed with too many flaws from the start that 'cannot' be corrected this far into the cryptocurrencies development. The alternative cryptocurrency market has proved this correct with many launches in recent years that outpace the speed of a Bitcoin transaction. Bitcoin 10.0 is being developed taking into account all of the errors involved in the original Satoshi Nakamoto Bitcoin protocol while enhancing many recent technologies needed to ensure safe, secure & seamless mainstream adoption through user friendly applications.

SOURCE:http://www.newswire.com/press-release/b ... th-bitcoin

"The official Bitcoin dev team will not publicly admit to obvious flaws in the system because they have huge financial interests in its success. Truth be told, if they came clean BTC would trade to a satoshi in minutes. It's all smoke & mirrors with these guys until they unload their bags." ~ FINTECHinc.

[LiteCoinGuy]

i thought you were leaving bitcoin?


(Gleb? is that you ? )

[CoyoteOfWallSt]

i thought you were leaving bitcoin?


(Gleb? is that you ? )

You are correct I left Bitcoin. I will never leave cryptocurrency. Very big difference & a lot more unbiased. You I happen to like & thank you for caring.

[P2XTPool]

Gee, why didn't anyone think about doing this before?...

[knight22]

Is this another miraculous altcoin or what?

[arnoudk]

Wow, there is actually not a single argument in this entire "press release"! Not one!

PRESS RELEASE - OCT 17, 2015 14:32 EDT - UPDATED: OCT 17, 2015 15:49 EDT
FINTECHinc. a developmental stage blockchain educational service has announced its plan to 'rebirth' the digital currency Bitcoin with a new & improved version coined, "Bitcoin 10.0".

Comparing something in the developmental stage to an actual product is a logical fallacy, if you then claim the non-existent product to be superior to the existing product.

PRESS RELEASE - OCT 17, 2015 14:32 EDT - UPDATED: OCT 17, 2015 15:49 EDT
The original version of Bitcoin was an experiment that fails to meet the needs of a 'real-time' P2P transaction ledger with up to 1 hour clearance delays in funds transferred. Bitcoin 10.0 is 10X faster than Bitcoin.

Was? I believe it is still very much alive today. And a claim is not a statement of fact. There is a claim that Bitcoin 10.0 is 10x faster (even though it is in the developmental stage and not the production stage), but it does not link to any evidence to underwrite this claim. A few quick google searches did not provide any benchmark information. Maybe it is out there, but I could not find it.

PRESS RELEASE - OCT 17, 2015 14:32 EDT - UPDATED: OCT 17, 2015 15:49 EDT
New York, New York, October 17, 2015 (Newswire) - ​FINTECHinc. founder Patrick 'PK' McDonnell thinks "Bitcoin Is Broken". McDonnell believes that Bitcoin was designed with too many flaws from the start that 'cannot' be corrected this far into the cryptocurrencies development.

These are opinions, not facts. No arguments here.

PRESS RELEASE - OCT 17, 2015 14:32 EDT - UPDATED: OCT 17, 2015 15:49 EDT
The alternative cryptocurrency market has proved this correct with many launches in recent years that outpace the speed of a Bitcoin transaction.

Proved what correct? Using the word proved does not make something true. And the statement itself is very vague. Have alternative markets proved that there are flaws in bitcoin that cannot be corrected? As in never? Forever is a very long time, so it is quite a bold statement. There is a lot of financial investment in bitcoin, and as such there exists an incentive to fix any issues that are out there in a mature manner. This above quote is not a valid argument at all, in fact it is not an argument. I need to make a lot of assumptions to interpret this. I assume the author is referring to eg Litecoin, which certainly has faster confirmations. However, a confirmation is backed by less hashing power and is thus easier to double-spend. Being included in 10 bitcoin blocks is worth more than being included in 100 litecoin blocks (worth defined as difficulty to reverse the chain to double spend). There are protocols that can be developed on top of bitcoin (micropayment services, multisig) that can be used for immediate confirmations with 0 confirmations. And speed is not the only important aspect, it is security and the distributed nature. The fastest transactions are not peer to peer, but peer to clearinghouse (ie bank). But they are less secure (banks can do a bail-in), and are not distributed.

PRESS RELEASE - OCT 17, 2015 14:32 EDT - UPDATED: OCT 17, 2015 15:49 EDT
Bitcoin 10.0 is being developed taking into account all of the errors involved in the original Satoshi Nakamoto Bitcoin protocol while enhancing many recent technologies needed to ensure safe, secure & seamless mainstream adoption through user friendly applications.

The press release talks about "all the errors", but not a single one is mentioned, nor is explained how their still-in-development product is superior?

PRESS RELEASE - OCT 17, 2015 14:32 EDT - UPDATED: OCT 17, 2015 15:49 EDT
"The official Bitcoin dev team will not publicly admit to obvious flaws in the system because they have huge financial interests in its success. Truth be told, if they came clean BTC would trade to a satoshi in minutes. It's all smoke & mirrors with these guys until they unload their bags."

Assertions, without a single fact to support them. These are baseless claims.

I'd love to see true innovation in the blockchain / bitcoin world, but if this press release is anything to go by it is not coming from Bitcoin 10.0 or FINTECHinc.

[rogerver]

Don't forget about his other wonderfully reasoned piece: Roger Ver "The Displaced American Refugee Terrorist Abroad"

[arnoudk]

Don't forget about his other wonderfully reasoned piece: Roger Ver "The Displaced American Refugee Terrorist Abroad"

I'm sorry Roger, I don't seem to be able to find any logical fallacies in the article you linked to. Oh wait