Re:Bitcoin makes journalists say stupid things
by danmaz74 on Friday April 05, 2013 @03:32PM
(#5500515)
Uhm... if the owner of some bitcoin loses (eg, disk crash and no backup) his secret keys, aren't his bitcoin lost for any practical meaning of the word?
Re:Bitcoin makes journalists say stupid things
by cs702 on Friday April 05, 2013 @03:47PM
(#5500618)
Yes, of course -- very much like losing a physical wallet with cash inside it or a bag with gold coins. Lost forever. Just like paper currency. Just like gold. Unlike paper currency or gold, however, bitcoins can be encrypted and backed up.
PS. You will enjoy reading this post on the origins of money, in which among other things the author analyzes the common properties of many commodities used as money throughout history -- including not just gold and silver but less-well-known materials like wampun shells, ivory beads, and ostrich egg shells: http://szabo.best.vwh.net/shell.html