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Step 1: Give money to ExchB. Step 2: Withdraw bitcoins from ExchB. That's pretty much how BitCoin is supposed to work. You store the coins in a secure place,
by javert 15y ago
Step 1: Give money to ExchB.
Step 2: Withdraw bitcoins from ExchB.
That's pretty much how BitCoin is supposed to work. You store the coins in a secure place, like your hard drive. The only real vulnerability is if ExchB gets hacked or rips you off between Step 1 and Step 2. So don't do humongous transactions, and do one at a time (which is probably what you'd do anyway).
Your argument is pretty much worthless. It's a straw man. If you don't understand BitCoin, don't pretend like you do. If you do understand BitCoin, don't make silly arguments.
Non-disclaimer: I am totally not affiliated with ExchB at all. I don't even own any BitCoins.
- wmf 15y agoThere's not much risk for a one-time transaction, but Bitcoin daytraders need to keep a balance at the exchange.
- javert 15y agoI agree with you, I don't think daytrading with bitcoin is practical at all right now, without trusting the exchange. (If any bitcoin insiders want to prove me wrong on that, I'd be delighted.) Anyway, the point of bitcoin isn't daytrading. I think a service like this facilitates moving dollars to bitcoins for people who want to actually use it for bitcoin transactions, so the snide remarks about this service that I've seen are just unwarranted.