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You misrepresent the intent of bitcoin along with it's intended use. Bitcoin was designed to be lost - to be eternally deflationary and for coins to fall out of
by 282883392 9y ago
You misrepresent the intent of bitcoin along with it's intended use. Bitcoin was designed to be lost - to be eternally deflationary and for coins to fall out of circulation. Also you have to consider that the majority of coins were lost when bitcoin was worth considerably less than it is worth today.
Proper techniques to store bitcoin (local keys on a secure machine or a hardware wallet) make bitcoin mathematically impossible to steal. "Stolen" bitcoin is synonymous with "insecure" bitcoin. Properly securing bitcoin would be significantly cheaper than storing gold bars in a mattress.
- boffinism 9y agoCan one mathematically prove invulnerability to a $5 wrench attack? Edit: Just in case it's not clear, my point is not that specifically bitcoin is more vulnerable to violence/coercion than other forms of value storage (although I'm pretty sure it is, as there are fewer safeguards/redress mechanisms). My point is that the regardless of the security of the mathematical element, cryptocurrency also has the real-world to contend with, which contains bugs, hardware failure, extortion, phishing, memory loss, theft, etc.