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Your logic is slightly wrong. When a project is opensourced and popular, odds are you actually have more engineers looking at it and fixing things, than when yo
by snitko 14y ago
Your logic is slightly wrong. When a project is opensourced and popular, odds are you actually have more engineers looking at it and fixing things, than when you have isolated teams working on software for each individual bank. And that's not even talking about testers.
Then you also are paying much higher fees for what is supposed to be more safety. These fees come in various forms: government taxes, inflation, transaction fees.
- URSpider94 14y agoInsurance in any form is never a good deal, actuarially -- the house always wins. What insurance is, is a way to trade a non-zero risk of ruin (someone steals all your bitcoin and you are broke) for a zero risk of ruin and a guaranteed risk of a small loss (someone steals your credit card number and you are not liable, but you pay 2% of every transaction). Most people will take this trade all day, every day -- and they are not wrong to do so. It's a valid decision to pay for predictability.
- snitko 14y agoThere's nothing out there that prevents companies to create Bitcoin services to store and insure your savings for you. I believe they will inevitably emerge as the Bitcoin economy grows.
- eric_bullington 14y agoAlready happening: http://bitcoinmagazine.com/coinlab-bringing-bitcoin-to-wall-street-with-mtgox-deal/ http://bitcoinmagazine.com/coinlab-bringing-bitcoin-to-wall-... They are working with some major Wall St insurers to insure and store large quantities of btc.