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Today it's transaction malleability. Tomorrow it's something else. Bitcoin is an experiment. Those seeking to turn it into a ponzi scheme are pretending as if i
by 345723 13y ago
Today it's transaction malleability. Tomorrow it's something else. Bitcoin is an experiment. Those seeking to turn it into a ponzi scheme are pretending as if it's a reliable currency or investment.
Their is no accountability in the Bitcoin ecosystem.
If you transfer your coins anywhere you should consider them gone. The only "safe" coin is a cold storage coin. The second it goes hot it's at risk. The second you send it somewhere it's at risk.
Whether it's Silk Road or MtGox or whatever comes next, this will happen over and over again. People will spend their time either trying to exploit someone else's system or creating the illusion of trust in a system which they plan to exploit. The next MtGox is already out there.
This happens with dollars all the time too. But we hold people accountable. We have a number of ways to reverse transactions. We have insurance.
- mcantelon 13y agoFiat currency can disappear as well. You can't get blood from a stone. http://www.reuters.com/article/2014/02/11/us-mfglobal-corzine-idUSBREA1A1QS20140211 http://www.reuters.com/article/2014/02/11/us-mfglobal-corzin...
- baddox 13y ago> This happens with dollars all the time too. But we hold people accountable. You mean like the bank bailouts, and all the money that "went missing" from that?
- pmorici 13y agoMy thought exactly, why don't we call up Jon Corzine and ask him what kind of accountability he was held to after losing all MF Global's customers money.
- ceol 13y agoYou mean like how we made a profit from them?[0] [0]: http://projects.propublica.org/bailout/list http://projects.propublica.org/bailout/list
- deleted 13y ago[deleted]
- grey-area 13y agoThe only "safe" coin is a cold storage coin. Even that is not safe, because the value ultimately depends on confidence in the currency as a whole. Money is a social construct; you can never safely hold it with no fear of loss, even in cold storage or under your mattress. As you say, this happens with every currency, but we introduce regulations to limit the fallout. This is a lesson that many alternative currency fans are learning today.
- imperialdrive 13y agoDitto - it's a lesson to be learned for many young/youth that are deep in tech that sip the kool aid that all is fine in the land of 1's and 0's