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I was wondering when people would start to realise how easy a target all these sites that store BTC would be. I mean, I trust the banks with my money because th

I was wondering when people would start to realise how easy a target all these sites that store BTC would be. I mean, I trust the banks with my money because they are legally liable for it. Some random website, where you can't audit the code and there's no real legal process for recovery of assets? Yeah that's a great system. The whole point of state-backed currency is to provide stability and make it so there's money you can trust - not some wild west cross-your-fingers system. Yes, countries have failed (e.g. hyperinflation), but at least there are extremely powerful institutions in place who's remit is to prevent that at all cost.

ilamont 13y ago
This is what the Mt. Gox website said on its front page until last week: You can quickly and securely trade bitcoins with other people around the world with your local currency! Sadly, I think many people trust such marketing claims, partially because they assume the people behind the site know what they are doing, they assume the laws of a developed host economy like Japan are strong enough to prevent companies from making false claims (even while the market itself is unregulated), and, most importantly, they want to believe it will benefit them.