4 ms·

> Feel free to try to get the Cyprian government to adopt Bitcoin as legal tender but be aware that putting the national reserves into a commodity that can be "

> Feel free to try to get the Cyprian government to adopt Bitcoin as legal tender but be aware that putting the national reserves into a commodity that can be "stolen" in its entirety in about 30 seconds of computer footwork and it doesn't pass the sniff test. I'm not a Bitcoin expert, but my understanding is that you can encrypt a wallet and store it offline somewhere protected, like a safe-deposit box at a bank. I'd expect any large scale and bureaucratic organization with Bitcoin reserves to have those kinds of safe guards.

bitcartel 14y ago
You might want some redundancy in case the bank accidentally destroys your safety deposit box [1] or the bank is raided and valuables are confiscated from every single deposit box [2]. [1] http://www.dbs.com.hk/en/aboutus/newsroom/2004/041005/ http://www.dbs.com.hk/en/aboutus/newsroom/2004/041005/ [2] http://www.dailymail.co.uk/news/article-1362561/Bank-gangsters-Police-open-7k-safety-deposit-boxes-discover-50m.html http://www.dailymail.co.uk/news/article-1362561/Bank-gangste...
tomp 14y ago
But then you can't use it. And you forget the password.
pseudonym 14y ago
The thing is that for a national currency, multiple sources have to agree that "yes, this money is not in this account anymore" for money to actually move from point A to point B. If I write a check, I can send it to person B. I can then go and put a stop payment on it, which prevents them from cashing it. Or, if they got my checkbook somehow and wrote themselves a check, I can go to my bank and say "This was a fraudulent check" and go down the legal road. These are things that happen many, many times on any given day, and the same goes for things like debit and credit cards. Bitcoin, on the other hand, by it's own proselytes, is an "anonymous crypto-currency" with "no chargebacks" and "no way to recover a lost wallet", as if any of those things is a benefit to any nation, any consumer, or any person who's ever had to access a "recover password" form. Bitcoin has it's uses, and is fantastic under certain circumstances. But this is not one of them.

bitcartel 14y ago

You might want some redundancy in case the bank accidentally destroys your safety deposit box [1] or the bank is raided and valuables are confiscated from every single deposit box [2]. [1] http://www.dbs.com.hk/en/aboutus/newsroom/2004/041005/ http://www.dbs.com.hk/en/aboutus/newsroom/2004/041005/ [2] http://www.dailymail.co.uk/news/article-1362561/Bank-gangsters-Police-open-7k-safety-deposit-boxes-discover-50m.html http://www.dailymail.co.uk/news/article-1362561/Bank-gangste...

tomp 14y ago

But then you can't use it. And you forget the password.

pseudonym 14y ago

The thing is that for a national currency, multiple sources have to agree that "yes, this money is not in this account anymore" for money to actually move from point A to point B. If I write a check, I can send it to person B. I can then go and put a stop payment on it, which prevents them from cashing it. Or, if they got my checkbook somehow and wrote themselves a check, I can go to my bank and say "This was a fraudulent check" and go down the legal road. These are things that happen many, many times on any given day, and the same goes for things like debit and credit cards. Bitcoin, on the other hand, by it's own proselytes, is an "anonymous crypto-currency" with "no chargebacks" and "no way to recover a lost wallet", as if any of those things is a benefit to any nation, any consumer, or any person who's ever had to access a "recover password" form. Bitcoin has it's uses, and is fantastic under certain circumstances. But this is not one of them.