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Under "protection": "The nature of Bitcoin means that, compared to credit cards or other financial tools, your identity is safer from theft. Your level of priv
by lingben 13y ago
Under "protection":
"The nature of Bitcoin means that, compared to credit cards or other financial tools, your identity is safer from theft. Your level of privacy is up to you, and in the online world privacy and protection are an asset."
This is hilarious. Right now basically every week we have news of millions of dollars worth of bitcoins being stolen from sites. In contrast, with a credit card every client has full protection including fraud, charge-backs, returns, etc.
- pilker09 13y ago> Right now basically every week we have news of millions of dollars worth of bitcoins being stolen from sites. Rule 1: If you store your bitcoins with someone else, they'll most likely get stolen. People need to learn how to store their own bitcoins or they'll end up not having any.
- stingraycharles 13y agoOut of curiosity, what is the best way to store bitcoins? Have your wallet synchronized with a third-party backup provider?
- pilker09 13y agoHere's my method, further down the comments: https://news.ycombinator.com/item?id=6814692 https://news.ycombinator.com/item?id=6814692
- alexro 13y agohttp://www.reddit.com/r/Bitcoin/comments/1pxycu/tutorial_how_to_create_a_safe_paper_wallet_for/ http://www.reddit.com/r/Bitcoin/comments/1pxycu/tutorial_how... http://www.reddit.com/r/Bitcoin/comments/1pxq6s/can_we_get_a_stickied_post_on_keeping_bitcoins/ http://www.reddit.com/r/Bitcoin/comments/1pxq6s/can_we_get_a...
- wcummings 13y agoSaying CC's have robust fraud protection is equally misleading, imo. They require you trust every merchant, website, waiter, etc to not abuse your information. Chargebacks just shift the cost of the merchant, most of the time, and as best I can tell PCI exists mostly to shift liability around.
- bunderbunder 13y agoIn the USA, credit cards don't do anything protect anybody from fraud. However, they have extremely robust mechanisms in place for shuffling around the consequences of all the rampant fraud that results from their complete failure to offer even the barest minimum of fraud protection. So as a consumer I get to feel protected all the same.
- alexro 13y agoHow about having your funds sliced by sort of Cyprus scenario? How about getting ill for half a year and finding out that the inflation has eaten most of your savings away?
- jonknee 13y agoI'll take my chances on a major currency (Euro/USD/GBP) over BTC in terms of volatility any day. You could find out that your BTC savings have become nearly worthless in six months. Or if you are unlucky enough to have a debt in BTC you could find out your debt has skyrocketed because of more BTC speculation (imagine you had a 1000BTC loan back when it was $10 a coin).
- gaadd33 13y agoWhat major currency has such hyperinflation that it would eat away savings in half a year?
- GhotiFish 13y agohalf a year? Nothing comes to mind. Interestingly, 10 years is a different story! http://www.economist.com/content/big-mac-index http://www.economist.com/content/big-mac-index
- bunderbunder 13y agoAt the same time, seems like the credit industry was kind of asking for this kind of thing when they decided to muddy the waters by spin doctoring "credit card fraud" into "identity theft"
- devcpp 13y agoLike they said, "Your level of privacy is up to you". It seems like most people are competent enough to manage keeping their wallets safe...