Re:The World's Biggest Wealth Manager Won't Touch Bitcoin
by samsonradu on Friday November 17, 2017 @03:05PM
(#15725543)
> Your coins are securely stored across computers all over the world.
Please lets not start this debate. Times and times again it has been proven that software is not secure. OpenSSL was also thought to be secure for quite some time too..
Re:The World's Biggest Wealth Manager Won't Touch Bitcoin
by XR0CSWV3h3kZWg on Friday November 17, 2017 @05:48PM
(#15726631)
Agreed. In this case there is an implicit, very large, bug bounty that anyone can cash in. So far there has been one creation of new bitcoin bug and zero spending other people's bitcoin bugs.
That does not mean it's secure, but at this point it's looking more secure every day.
Re:The World's Biggest Wealth Manager Won't Touch Bitcoin
by samsonradu on Saturday November 18, 2017 @03:53AM
(#15728309)
The more centralized bitcoin becomes, and it will, the more vulnerable it will be. As time goes by a few exchanges will become huge BTC storage centers. What if it’s an inside attack and someone steals the data from the servers? Is there any insurance/rollback mechanism in place?
Re:The World's Biggest Wealth Manager Won't Touch Bitcoin
by lukevdp on Saturday November 18, 2017 @05:31AM
(#15728493)
Unless you can pay taxes in Bitcoin, people will always need to be able to convert Bitcoin to fiat.
Bitcoin itself cannot be stopped, but it's utility as a currency (or, as it is now, a speculative investment) can be.
The Bitcoin code is open source. Anyone from anywhere can download the code and run a local copy. Your coins are securely stored across computers all over the world. Your balance cannot be frozen by any authority. Maybe central exchanges that convert fiat to Bitcoin could be regulated, but mining cannot be stopped, transactions cannot be stopped. Unless governments all over the world shut down electricity and internet.
At that point question mark is on the government that does this rather than Bitcoin.