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> Transaction metadata is public So I can verify the transaction > Transactions are irreversible. I can be sure the transaction is final > You have no FDIC
by VMG 13y ago
> Transaction metadata is public
So I can verify the transaction
> Transactions are irreversible.
I can be sure the transaction is final
> You have no FDIC protection of your savings
I can be sure that no currency can be created out of thin air. I still have the option to buy third-party insurance
> Volatility, volatility, volatility
Better than artificial stability that hides risk
> Oh and now I guess if you really want to hold on to your bitcoins you have to keep them in "deep cold storage," whatever that means
Ownership of the private key(s) is equivalent to ownership of the funds.
> Bitcoin is the technology equivalent of the emperor's new clothes.
Either that or http://tvtropes.org/pmwiki/pmwiki.php/Main/UnderdogsNeverLose http://tvtropes.org/pmwiki/pmwiki.php/Main/UnderdogsNeverLos... ;-)
- foobarqux 13y ago> Ownership of the private key(s) is equivalent to ownership of the funds. You don't hold the private keys when using a third party service, including this insured storage.
- VMG 13y agoYou also don't really own your Bitcoin then.
- foobarqux 13y ago> Ownership of the private key(s) is equivalent to ownership of the funds. You don't hold the private keys when using a third party service.