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How is the USD worth anything after some many bank robberies? Bitcoin itself worked as expected, and the fact that no one can easily reverse transactions is on
by alcio 7y ago
How is the USD worth anything after some many bank robberies?
Bitcoin itself worked as expected, and the fact that no one can easily reverse transactions is one of the features described in the original whitepaper:
"Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers"
- simiones 7y ago> How is the USD worth anything after some many bank robberies? Well, because in bank robberies, it is the bank losing money, not the customers - this is exactly what bitcoin is missing.
- lawn 7y agoNo, it is in fact the exchanges that are losing money. In this case the customer funds are insured and they will not lose any funds. > this is exactly what bitcoin is missing What you mean to say is this is what many cryptocurrency exchanges are often missing, which I agree with.
- ForHackernews 7y agoThey're not really insured: the exchange has claimed they have a self insurance fund (they call it 'SAFU') that they will draw on to make their customers whole. We'll see if that happens.