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"Try and see ordinary people deal with a Bitcoin wallet and discover there's no recourse if a vulnerability in their computer means the contents are irreversibl

by vinger 6y ago

"Try and see ordinary people deal with a Bitcoin wallet and discover there's no recourse if a vulnerability in their computer means the contents are irreversibly stolen." I lived in a period without debit and credit cards. You dropped your cash it was gone. I'm not sure not having a reversal transaction is the killer missing feature.

gota 6y ago
Anecdote - to me it is. I know what life is like with the existing feature of getting thousands of stolen dollars back by relying on the banking (and/or legal) system. I won't willingly adopt a system without it.
dmitriid 6y ago
Even with cash you had consumer protection laws. So you could get your cash back. With bitcoin it's medieval ages at best.
- hfsp 6y ago
  God forbid btc give people the option of freedom and asking them to take responsibility for themselves.
- vinger 6y ago
  Wouldn't the same laws apply regardless of payment? If a store defrauds you or if you know who the other person is in the exchange (regardless if it's cash or bitcoin or gold). If you don't know the other person then cash or bitcoin it wouldn't matter. If you drop your cash it's gone. If you drop your bitcoin wallet and you backed it up you still have your bitcoin..
  - dmitriid 6y ago
    Ah. It was late last night when I wrote this, so for some reason I was thinking "drop cash" as in "drop cash on some purchases" :)
heavyset_go 6y ago
Could anyone in the world hack into your phone and steal your wallet from the comfort of their homes like they can with Bitcoin? Most Android phones stop receiving security updates after two years or less.
- vinger 6y ago
  I haven't heard about someone hacking a bitcoin wallet. I've love to hear more details. If I knew how I would try for the genesis blocks. Can someone hack an exchange or your bank account login/password or your bank or worse setup for an account under your name no phone needed?
  - heavyset_go 6y ago
    > I haven't heard about someone hacking a bitcoin wallet. I've love to hear more details. There's plenty of malware that looks for unsecured Bitcoin wallets on machines it infects, or masquerades as legitimate wallet software. If you have root, you just need to wait until the user unlocks their wallet, or if you're lucky, their wallets don't have passwords.

by vinger 6y ago

gota 6y ago

Anecdote - to me it is. I know what life is like with the existing feature of getting thousands of stolen dollars back by relying on the banking (and/or legal) system. I won't willingly adopt a system without it.

dmitriid 6y ago

Even with cash you had consumer protection laws. So you could get your cash back. With bitcoin it's medieval ages at best.

hfsp 6y ago
God forbid btc give people the option of freedom and asking them to take responsibility for themselves.
vinger 6y ago
Wouldn't the same laws apply regardless of payment? If a store defrauds you or if you know who the other person is in the exchange (regardless if it's cash or bitcoin or gold). If you don't know the other person then cash or bitcoin it wouldn't matter. If you drop your cash it's gone. If you drop your bitcoin wallet and you backed it up you still have your bitcoin..
- dmitriid 6y ago
  Ah. It was late last night when I wrote this, so for some reason I was thinking "drop cash" as in "drop cash on some purchases" :)

heavyset_go 6y ago

Could anyone in the world hack into your phone and steal your wallet from the comfort of their homes like they can with Bitcoin? Most Android phones stop receiving security updates after two years or less.

vinger 6y ago
I haven't heard about someone hacking a bitcoin wallet. I've love to hear more details. If I knew how I would try for the genesis blocks. Can someone hack an exchange or your bank account login/password or your bank or worse setup for an account under your name no phone needed?
- heavyset_go 6y ago
  > I haven't heard about someone hacking a bitcoin wallet. I've love to hear more details. There's plenty of malware that looks for unsecured Bitcoin wallets on machines it infects, or masquerades as legitimate wallet software. If you have root, you just need to wait until the user unlocks their wallet, or if you're lucky, their wallets don't have passwords.