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Bitcoin is on the scale of global commerce simply a thought experiment (or, less charitably, a Ponzi scheme). All successful things start small. Never mind th
by kiba 15y ago
Bitcoin is on the scale of global commerce simply a thought experiment (or, less charitably, a Ponzi scheme).
All successful things start small.
Never mind the fact that virtually all Bitcoin development is done either as a hobbyist project or by fly-by-night operations that end up getting fully compromised. No, somehow engineering problems that banks can't solve with tens of millions of dollars of dedicated IT security investment are going to be solved by Bitcoin startups for half-pennies on the dollar.
I don't claim that bitcoin startup solve problems that banks can't solve, just that I am asking you to compare bitcoin banks with banks, not bitcoin to banks.
- deleted 15y ago[deleted]
- kiba 15y agoOnce again a Bitcoin advocate asks us to compare a hypothetical fantasy institution with a real-world business, The biggest company in the arena is currently mtgox, which is admittedly a bitcoin exchange, but they also have a merchant solution and function like paypal in some respect. They have a multi factor authentication scheme. There is also a company called bit-pay that acts like a regular payment processor. Also, Gavin is working on adding support for multisignature transaction, which will help everyone in the bitcoin ecosystem. and, presumably, to plow money into Bitcoin accordingly. It doesn't matter as long the argument stand or the reason is sound.
- tptacek 15y agoSo do the unsuccessful things.