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The answer for why Bitcoin instead of Gold or stocks or whatever comes down to trust and logistics. Take Gold for example you have to have to either ship the g
by pmorici 12y ago
The answer for why Bitcoin instead of Gold or stocks or whatever comes down to trust and logistics. Take Gold for example you have to have to either ship the gold around which is expensive and slow or have a trusted third party store the gold and handle netting out the transactions between entities or accept delayed payment and trust that the counter party will deliver the underlying asset. Bitcoin does not require trust in anything except the math underlying the system.
- Vik1ng 12y agoYou are completely ignoring that you still have to trust your own security and 3rd party apps and services.
- XorNot 12y agoAlso that BTC has no chargebanks, fraud detection etc. Once its gone from your account its gone.
- Natanael_L 12y agoMultisignature services enable escrow and fraud detection, etc.
- baddox 12y agoI don't think you'll ever be able to devise a system where you don't even have to trust yourself.
- sergiosgc 12y ago> Bitcoin does not require trust in anything except the math underlying the system. False. It requires trust in the liquidity of bitcoin. If you can't convert bitcoin to local currency, it has no value. Bitcoin's fragility is in its ability to act as a holder of value, as repeatedly show by speculative price swinging (sometimes without apparent cause). Gold, for all its faults, has a huge track record as a value store.