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The meaningful difference with real money is that if your real money get stolen, you can be reimbursed. With bitcoin there is nothing you can do. I prefer whe
by jokoon 6y ago
The meaningful difference with real money is that if your real money get stolen, you can be reimbursed.
With bitcoin there is nothing you can do.
I prefer when the supply of money is under control.
If bitcoin exchangers can agree to a fixed rate between dollar and btc, maybe people will care.
- conanbatt 6y agoIf you can be reimbursed, you can also be denied your funds. This happens in plenty of scenarios (a fun institutional example was Citibank recently). There are different use cases where sometimes you would like being able to revert transactions and sometimes you don't want it to happen. The supply of money is most under control with BTC, to be clear. The price is now very volatile, but volatile up is way better than stable down to me.
- majortennis 6y agohow do you get your money back when you get mugged or scammed?
- rchaud 6y agoBy deactivating your credit card. I lost my card once, took all of 60 seconds to dial an automated line, confirm my ID and cancel the card.
- bhandziuk 6y agoYou are usually not carrying your life savings in cash so getting mugged sucks but it's week altering not life altering. Getting scammed can happen with bitcoin just as easily except, depending on the scam, you have a chance of getting your dollars back.
- loceng 6y agoLikewise, policy like the Magnitsky Act can't be implemented - and so known bad actors can't then be punished financially to help sway them away from continuing their bad behaviour. This unavoidable pitfall never gets answered when I bring it up in conversation with a Bitcoin owner.
- ajkdhcb2 6y agoThere is an argument that there will be bitcoin banks to act as custodians for people like you. Personally I find it outrageous to not be in control of my own money and would rather set up my own security solutions (how will someone steal from a wallet that has never been connected to the internet, is protected by a password with a decoy wallet, and nobody knows how much I own?)
- imtringued 6y ago>There is an argument that there will be bitcoin banks to act as custodians for people like you. Paypal, Visa and Mastercard are trying to corner this market.