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> Is it even demonstrably secure against the potential of malicious original owners/operators running away with large sums of money? Are you talking about Bitc
by DennisP 6y ago
> Is it even demonstrably secure against the potential of malicious original owners/operators running away with large sums of money?
Are you talking about Bitcoin itself here? There are no operators holding your money. It's secured by standard cryptography implemented in open source code, and the entire ledger is public.
There are developers who fix bugs that come up, and make minor improvements to the protocol occasionally. Ultimately it's everybody running the software who decides whether the changes actually deploy.
(If you're talking about Coinbase, they do hold your money and they are regulated and audited.)
- airhead969 6y agoThe ledger can be public and people can choose what code to run, but someone started it. Do does anyone know how distributed (as a running system, not as a protocol) BTC actually began vs. is? And someone early likely has a giant pool of BTC. Does anyone suspect BTC is a long con? I'm not talking about who is holding money at present time, but running away with the value from piles of BTCs (either historic wallets, customer wallets, or modern investment), cashing-out, and dumping BTC's value.
- DennisP 6y agoHow would that be more of a con, than a company founder who holds a large amount of stock?
- airhead969 6y agoIt's entirely different if a "founder" can walk away with their now insanely valuable "stock" or someone else's "stock," effectively a partial pyramid scheme.
- DennisP 6y agoI mean, Elon Musk could sell a large amount of TSLA if he wanted, just like Satoshi could theoretically sell lots of BTC. Neither can sell someone else's holdings.