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While the current financial system does suffer from many of the same problems, the difference is that there is a sophisticated infrastructure that exists to com

by trotsky 16y ago

While the current financial system does suffer from many of the same problems, the difference is that there is a sophisticated infrastructure that exists to combat this behavior in these cases. Law enforcement, security services, intelligence agencies, government regulators, bank and credit card employees and insurance companies, among others, all work every day to mitigate these risks on behalf of their respective systems.

dublinclontarf 16y ago
And you don't think anyone in the bitcoin world is working on the same thing? >the difference is that their a sophisticated infrastructure that exists to combat.... Infrastructure becomes moot when it's too "sophisticated" for granny(or me,I mean really, how often haveI lost my online banking key fob? or I have to enter an endless string of numbers just to see my balance?) to use. And besides, we have the "sophisticated" infrastructure of cryptography on our side. The only real way around this is with social engineering, to which the current financial system is equally vulnerable. With regards to the "authorities" you list see here http://news.ycombinator.com/item?id=2387022 http://news.ycombinator.com/item?id=2387022, I find it hard to imagine that the CIA is worried or working on the problem of Nigerians or Russians trying to scam people, or helping people who are victims.
- trotsky 16y ago
  While I find it difficult to believe you don't actually understand what I was saying, I will clarify. The basic difference is that if someone manages to steal $1000USD from my bank account, the overwhelming odds are that I'll get it back, if for no other reason than my bank will cover it. If someone steals 1000BTC from my wallet, the odds are vanishingly small that I'll ever recover it. Clearly the CIA isn't acting directly on behalf of your grandmother if someone steals her credit card, but then again local law enforcement isn't acting to derail sophisticated electronic attacks against the international banking system. Never the less, they both have their roles that they play in protecting the financial system over all.
  - dublinclontarf 16y ago
    >if someone manages to steal $1000USD from my bank account, the overwhelming odds are that I'll get it back, if for no other reason than my bank will cover it. That all depends on how they stole it. If they skimmed your ATM card and got the pin then they have the money, and it's gone, and your bank won't give it back(you're supposed to keep the PIN secret remember), and the police can do nothing. The overwhelming odds are that your money, once gone is gone for good. Also people don't steal bitcoins from your wallet, maybe they can steal the wallet itself but not the bitcoins from the wallet, and if that wallet is encrypted then good luck with that.

by trotsky 16y ago

dublinclontarf 16y ago

And you don't think anyone in the bitcoin world is working on the same thing? >the difference is that their a sophisticated infrastructure that exists to combat.... Infrastructure becomes moot when it's too "sophisticated" for granny(or me,I mean really, how often haveI lost my online banking key fob? or I have to enter an endless string of numbers just to see my balance?) to use. And besides, we have the "sophisticated" infrastructure of cryptography on our side. The only real way around this is with social engineering, to which the current financial system is equally vulnerable. With regards to the "authorities" you list see here http://news.ycombinator.com/item?id=2387022 http://news.ycombinator.com/item?id=2387022, I find it hard to imagine that the CIA is worried or working on the problem of Nigerians or Russians trying to scam people, or helping people who are victims.

trotsky 16y ago
While I find it difficult to believe you don't actually understand what I was saying, I will clarify. The basic difference is that if someone manages to steal $1000USD from my bank account, the overwhelming odds are that I'll get it back, if for no other reason than my bank will cover it. If someone steals 1000BTC from my wallet, the odds are vanishingly small that I'll ever recover it. Clearly the CIA isn't acting directly on behalf of your grandmother if someone steals her credit card, but then again local law enforcement isn't acting to derail sophisticated electronic attacks against the international banking system. Never the less, they both have their roles that they play in protecting the financial system over all.
- dublinclontarf 16y ago
  >if someone manages to steal $1000USD from my bank account, the overwhelming odds are that I'll get it back, if for no other reason than my bank will cover it. That all depends on how they stole it. If they skimmed your ATM card and got the pin then they have the money, and it's gone, and your bank won't give it back(you're supposed to keep the PIN secret remember), and the police can do nothing. The overwhelming odds are that your money, once gone is gone for good. Also people don't steal bitcoins from your wallet, maybe they can steal the wallet itself but not the bitcoins from the wallet, and if that wallet is encrypted then good luck with that.