Topic: Another huge problem with Bitcoin and the problems users have staying safe - page 2. (Read 1456 times)
August 10, 2015, 01:52:11 AM
Banks and international communications companies are interested in using blockchain. Some new founded company is developing and use blockchain to exchange traditional currencies in the hope of seeing the simple and efficient financial transaction. The rising of Blockchain brings a basic issue that if the human autonomy should be replaced of technology.
August 10, 2015, 01:20:20 AM
then a criminal could be in possession of half the wealth in the world.....
Sounds surreal and could not happen in a FIAT system.
Are you kidding us? In the current fiat system, most of the money in the world IS in possession of a small group of criminals. Sounds surreal and could not happen in a FIAT system.
August 10, 2015, 12:52:28 AM
Hope that happens soon, I want to be rich! 
Each bitcoiner wants to be rich. 
August 09, 2015, 11:29:09 PM
We need less web-based wallets, the common folk need to understand that private keys should always be stored on a secure location,
August 09, 2015, 07:36:24 PM
If mass acceptance happens, there'll probably have to be some type of Bitcoin banks. There already are such things in the forms of Coinbase and Xapo etc.
They're already insured in case they're hacked at their end. You can bet your arse that to get such insurance they had to prove absolutely bulletproof security measures.
They're already insured in case they're hacked at their end. You can bet your arse that to get such insurance they had to prove absolutely bulletproof security measures.
August 09, 2015, 07:30:15 PM
The big vaults storing other people's private keys that take their work seriously are using massive resources to keep your shit safe, for example look at Xapo, they store your stuff in some sort of bunker. The attacker would need to not only get inside the armored core, but crack the SHA256 passwords of every encrypted wallet. How insane is that? not gonna happen.
August 09, 2015, 05:35:20 PM
Circumstance not likely, with mass adoption comes greater strides in security and ease of use. Will there be times that this stumbles? For sure, but wallets will evolve to meet the expectations of the market.
August 09, 2015, 05:28:02 PM
Sounds like the OP is claiming the 1% who control the fiat are not criminals.
Like the saying goes "extraordinary claims require extraordinary evidence". -- Carl Sagan paraphrasing Marcello Truzzi.
Like the saying goes "extraordinary claims require extraordinary evidence". -- Carl Sagan paraphrasing Marcello Truzzi.
August 09, 2015, 04:23:59 PM
Imagine a wallet (hot or not) becomes the market leader and more than half the existing bitcoins are stored there.
Then imagine it's security is breached.
If this happens at a time when bitcoin has been mass accepted and it is a dominant currency to store wealth in world-wide - then a criminal could be in possession of half the wealth in the world.....
Sounds surreal and could not happen in a FIAT system.
Then imagine it's security is breached.
If this happens at a time when bitcoin has been mass accepted and it is a dominant currency to store wealth in world-wide - then a criminal could be in possession of half the wealth in the world.....
Sounds surreal and could not happen in a FIAT system.
I must have missed the previous 'huge problem' that made this 'another huge problem'. Care to elucidate?
The scenario you described is one that will only be approached slowly. On the ramp up, security will also be ramped up. Gox taught us that, even tho it shouldn't even have needed to be learnt.
So I imagine such a centralized wallet solution would have multisig security on it at least. 2FA etc. Probably insurance as well.
So ... no problem. FUD again.
Where are all you guys coming from?
August 09, 2015, 04:19:57 PM
Imagine a wallet (hot or not) becomes the market leader and more than half the existing bitcoins are stored there.
Then imagine it's security is breached.
If this happens at a time when bitcoin has been mass accepted and it is a dominant currency to store wealth in world-wide - then a criminal could be in possession of half the wealth in the world.....
Sounds surreal and could not happen in a FIAT system.
Then imagine it's security is breached.
If this happens at a time when bitcoin has been mass accepted and it is a dominant currency to store wealth in world-wide - then a criminal could be in possession of half the wealth in the world.....
Sounds surreal and could not happen in a FIAT system.
One word... fork.
August 09, 2015, 04:19:22 PM
Hope that happens soon, I want to be rich!
August 09, 2015, 04:14:57 PM
Imagine a wallet (hot or not) becomes the market leader and more than half the existing bitcoins are stored there.
Then imagine it's security is breached.
If this happens at a time when bitcoin has been mass accepted and it is a dominant currency to store wealth in world-wide - then a criminal could be in possession of half the wealth in the world.....
Sounds surreal and could not happen in a FIAT system.
Then imagine it's security is breached.
If this happens at a time when bitcoin has been mass accepted and it is a dominant currency to store wealth in world-wide - then a criminal could be in possession of half the wealth in the world.....
Sounds surreal and could not happen in a FIAT system.
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