4 ms·

Yeah, its really risk shifting from a single counterparty to the bitcoin network.

• Cshelton 11y ago
  counterparty risk is still there, but you have a verifiable public record of the transactions. Would take regulators and court cases to set precedence after a transaction has happened. The ability to undo a transaction would have to be there as well (fraud). This is also something that needs to happen. "unregistered public offering in accordance with Rule 506(c) of Regulation D". Cuts out a lot of the market, as many can not trade in unregistered offerings.
• brighton36 11y ago
  Once you're confirmed on the Bitcoin network - you're immutable. This is completely unlike incumbent systems. Even in the case that Bitcoin 'went down' the account information isn't changing. Risk is normalized under a huge swath of actors from across the world who are burning energy to attest to truth. As opposed to a single company who has complete authority over the data and/or value.
  • fweespeech 11y ago
    http://www.coindesk.com/double-spending-risk-bitcoin-network-fork/ http://www.coindesk.com/double-spending-risk-bitcoin-network... etc
    • brighton36 11y ago
      These issues are fairly rare, and in this case, it was due to some miners who did not upgrade their bitcoind (when everyone was made very clear that there were a number of large changes). Bitcoin is a WIP. If you're not a wizard, use a bank such as coinbase or circle who will happily insure you against such rare events.
      • fweespeech 11y ago
        I highly doubt Coinbase can insure $5-10 million dollar transactions which is what the OP is used for.