4 ms·

> This decentralized nature of the bitcoin network is not without consequences—the main one being that if you screw up, it’s your own damn problem. This is goi

by s17n 9y ago

> This decentralized nature of the bitcoin network is not without consequences—the main one being that if you screw up, it’s your own damn problem. This is going to be a deal-breaker for most people. For mass adoption, you'll need bitcoins to be held by institutions that take responsibility for screwups like lost keys (ie, banks).

revmoo 9y ago
Lmao imagine somebody saying this about cash
ringaroundthetx 9y ago
There are institutions that do that with multisignature addresses. Thats been around for probably longer than you knew about bitcoin, so there goes your rebuttal.
- s17n 9y ago
  It's not a technical problem, it's an institutional problem - really multisig is probably worse than just having the bank hold the keys, as it makes it possible for users to lose their money by doing something stupid with their key.
  - ringaroundthetx 9y ago
    2 of 3 multisig would work with the user having two keys, and one key being authorized by 2 factor authentication. When the user loses their non 2 factor key, they just have the 2 factor one and the institution. The institution can authorize the transaction to move their money to a new address with new keys.
    - s17n 9y ago
      What I'm saying is that the user probably shouldn't have any keys at all, because they will end up losing their money to a phishing scam or something.
Karunamon 9y ago
This isn’t a problem with cash - why is it a problem with bitcoin? I think this is a perception problem. BTC isn’t an online credit card, it’s online cash. With everything that implies.
- s17n 9y ago
  It's not a "problem with bitcoin" per se, it just means that bitcoin will have to be supported by banks in the same way that cash is - your assets are kept in an account that the bank is responsible for and you only hold a small amount of cash at a time - for it to be useful to people.

by s17n 9y ago

revmoo 9y ago

Lmao imagine somebody saying this about cash

ringaroundthetx 9y ago

There are institutions that do that with multisignature addresses. Thats been around for probably longer than you knew about bitcoin, so there goes your rebuttal.

s17n 9y ago
It's not a technical problem, it's an institutional problem - really multisig is probably worse than just having the bank hold the keys, as it makes it possible for users to lose their money by doing something stupid with their key.
- ringaroundthetx 9y ago
  2 of 3 multisig would work with the user having two keys, and one key being authorized by 2 factor authentication. When the user loses their non 2 factor key, they just have the 2 factor one and the institution. The institution can authorize the transaction to move their money to a new address with new keys.
  - s17n 9y ago
    What I'm saying is that the user probably shouldn't have any keys at all, because they will end up losing their money to a phishing scam or something.

Karunamon 9y ago

This isn’t a problem with cash - why is it a problem with bitcoin? I think this is a perception problem. BTC isn’t an online credit card, it’s online cash. With everything that implies.

s17n 9y ago
It's not a "problem with bitcoin" per se, it just means that bitcoin will have to be supported by banks in the same way that cash is - your assets are kept in an account that the bank is responsible for and you only hold a small amount of cash at a time - for it to be useful to people.