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This is what I really dislike about owning crypto long term as a store of value. It's a cat-and-mouse game with hardware and software development, and there's a

This is what I really dislike about owning crypto long term as a store of value. It's a cat-and-mouse game with hardware and software development, and there's a lot of faith in maintainers to stay ahead of the threats.

ses1984 7y ago
>there's a lot of faith in maintainers to stay ahead of the threats. Isn't that true of basically all software?
- notahacker 7y ago
  Not all software purports to be a store of value
  - ses1984 7y ago
    It doesn't have to be a store of value to be critical to fortunes greater than bitcoin wallets, or even life and limb.
  - hanniabu 7y ago
    Banking software and all the algorithms that power the global economy are vulnerable. Every 10 years or so there's a major crash because of dinne oversight and the result is "this will never happen again", yet it continues to happen again. At least here we can build an economy off an economic model instead of what we do now which is build an economic model off of the economy.
Hendrikto 7y ago
I‘d rather put my trust in an open source community than in centralized banks.
- sagichmal 7y ago
  A fool and his money are soon parted :)
- Nextgrid 7y ago
  Just wondering, unless you’re doing something illegal or are targeted by the government and your money is at risk of seizure, why would you keep it in crypto with all its associated risks instead of in a bank? Banks are highly regulated and so can’t just run away with your money.
  - hippich 7y ago
    Couple points: 1) If we are talking about central banks such as FED - non-QE QE happening right now in the USA could be good example of why one would not be want to be part of the game. 2) If we are talking about centralized banking as a group of banks operating under the rule of the government - similar question to yours could apply to the general cryptography - why you need it (unless you are a criminal) if the state protects your rights? We seen countless examples where it doesn't quite work like that. I really want you to consider that desire to not be forced to use the only one available medium of exchange does not mean someone wants to do something illegal (also, try to define illegal in the very general way, that would apply equally in the USA and in Venezuela, and in Russia, and in Somalia =))
    - jgalt212 7y ago
      > 1) If we are talking about central banks such as FED - non-QE QE happening right now in the USA could be good example of why one would not be want to be part of the game. Crypto doesn't get you away from this. Not to sound like a mediocre Ashton Kutcher film, but it's all connected. In short, too much fiat, cryto prices in terms of fiat will go up and the converse is true as well. The only way crypto wins or is THE place to put your money is if the entire world stops using fiat money.
      - hippich 7y ago
        Even more than that - crypto developers can decide they want to have more than 21m (or whatever fixed number) of coins out there changing the whole mechanic of it. But it is one fork away if majority disagree. Try to fork USD.
  - 7y ago
josu 7y ago
Bitcoin's software development could completely freeze right now, and it would still be useful. Most other projects require constant upgrades and tweaks, since they are very far from the stage they promised when they started. This is especially true for Ethereum.

ses1984 7y ago

>there's a lot of faith in maintainers to stay ahead of the threats. Isn't that true of basically all software?

notahacker 7y ago
Not all software purports to be a store of value
- ses1984 7y ago
  It doesn't have to be a store of value to be critical to fortunes greater than bitcoin wallets, or even life and limb.
- hanniabu 7y ago
  Banking software and all the algorithms that power the global economy are vulnerable. Every 10 years or so there's a major crash because of dinne oversight and the result is "this will never happen again", yet it continues to happen again. At least here we can build an economy off an economic model instead of what we do now which is build an economic model off of the economy.

Hendrikto 7y ago

I‘d rather put my trust in an open source community than in centralized banks.

sagichmal 7y ago
A fool and his money are soon parted :)
Nextgrid 7y ago
Just wondering, unless you’re doing something illegal or are targeted by the government and your money is at risk of seizure, why would you keep it in crypto with all its associated risks instead of in a bank? Banks are highly regulated and so can’t just run away with your money.
- hippich 7y ago
  Couple points: 1) If we are talking about central banks such as FED - non-QE QE happening right now in the USA could be good example of why one would not be want to be part of the game. 2) If we are talking about centralized banking as a group of banks operating under the rule of the government - similar question to yours could apply to the general cryptography - why you need it (unless you are a criminal) if the state protects your rights? We seen countless examples where it doesn't quite work like that. I really want you to consider that desire to not be forced to use the only one available medium of exchange does not mean someone wants to do something illegal (also, try to define illegal in the very general way, that would apply equally in the USA and in Venezuela, and in Russia, and in Somalia =))
  - jgalt212 7y ago
    > 1) If we are talking about central banks such as FED - non-QE QE happening right now in the USA could be good example of why one would not be want to be part of the game. Crypto doesn't get you away from this. Not to sound like a mediocre Ashton Kutcher film, but it's all connected. In short, too much fiat, cryto prices in terms of fiat will go up and the converse is true as well. The only way crypto wins or is THE place to put your money is if the entire world stops using fiat money.
    - hippich 7y ago
      Even more than that - crypto developers can decide they want to have more than 21m (or whatever fixed number) of coins out there changing the whole mechanic of it. But it is one fork away if majority disagree. Try to fork USD.
- 7y ago

josu 7y ago

Bitcoin's software development could completely freeze right now, and it would still be useful. Most other projects require constant upgrades and tweaks, since they are very far from the stage they promised when they started. This is especially true for Ethereum.