Re:Bitcoinica hacked. ~$100k USD stolen.
by ef4 on Friday May 11, 2012 @07:26PM
(#3961965)
> it's probably a requirement if Bitcoin is to be taken seriously as a safe medium of exchange for business purposes
Bitcoin is just an alternative to cash. It doesn't aspire to be anything else. Businesses generally don't transact in large amounts of physical cash either. They use trusted institutions and contracts to limit their liability.
You can of course build all that infrastructure on top of bitcoins just as easily as you can on top of cash. It's a question of reaching a sufficient amount of economic activity to make it all profitable.
Bitcoin is just an alternative to cash. It doesn't aspire to be anything else. Businesses generally don't transact in large amounts of physical cash either. They use trusted institutions and contracts to limit their liability.
You can of course build all that infrastructure on top of bitcoins just as easily as you can on top of cash. It's a question of reaching a sufficient amount of economic activity to make it all profitable.