bitcoin protocol cant be hacked. but FIAT can

jonald_fyookball

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Quote from: franky1 on May 26, 2014, 09:19:51 PM

Quote from: jonald_fyookball on May 26, 2014, 08:41:32 PM

Yeah but it's obviously relevant!

Think about it: if bitcoin is supposed to be about getting away from old
Ways of thinking and into self responsibility, then the question changes
From "can the central system be hacked" to "can I the individual get hacked".

thats "USER ERROR" problems.

so again bitcoin cannot be hacked. FIAT CAN be hacked

and... people can be security morons whether bitcoin of fiat holders.(totally separate from the topic)

obviously security (of their coins) is what everyone
is concerned about at the end of the day.

Yes, its nice to know the protocol is safe.
With that, I agree.

franky1

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Quote from: jonald_fyookball on May 26, 2014, 08:41:32 PM

Yeah but it's obviously relevant!

Think about it: if bitcoin is supposed to be about getting away from old
Ways of thinking and into self responsibility, then the question changes
From "can the central system be hacked" to "can I the individual get hacked".

thats "USER ERROR" problems.

so again bitcoin cannot be hacked. FIAT CAN be hacked

and... people can be security morons whether bitcoin of fiat holders.(totally separate from the topic)

jonald_fyookball

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Yeah but it's obviously relevant!

Think about it: if bitcoin is supposed to be about getting away from old
Ways of thinking and into self responsibility, then the question changes
From "can the central system be hacked" to "can I the individual get hacked".

franky1

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Quote from: jonald_fyookball on May 26, 2014, 08:33:20 PM

Quote from: franky1 on May 26, 2014, 08:04:13 PM

Quote from: jonald_fyookball on May 26, 2014, 06:33:03 PM

Quote from: redhawk979 on May 26, 2014, 06:11:16 PM

Quote from: jonald_fyookball on May 26, 2014, 05:26:31 PM

Quote from: redhawk979 on May 26, 2014, 05:20:31 PM

There are a million stories on this forum, reddit, and elsewhere on why its a terrible idea for most people to "be their own bank".

what do you think is the solution?

I don't have one, was just pointing that out. Most Bitcoiners trumpet that as an advantage, but for most people it may not be.

you're right... i think multisig + hardware is the only way... because most people are morons, not crypto-nerds.

same goes for the fiat side. there are alot of morons that leave their cash and debit cards in full view inside their car. easy to steal
alot of people get pick pocketed every day
card cloning.
diverted mail
work from home scams asking for upfront payments (multilevel (pyramid) schemes)

Yeah but fiat can be stored in a bank by a moron.
We need bitcoin banks for the masses.

kind of agree...

i prefer people to have hardware wallet for life savings in bitcoin (self secured) after all, bitcoin is all about gtting away from th old ways of banking.
a 'bitcoin bank' for daily spend amounts (easier to manage without losing)

but this whol conversation has meandered off course..

bitcoin THE PROTOCOL!!!!!!!!!!!!!! cannot be hacked. fiat bank accounts can.

again im not talking about what users do, hold.. im talking about the system

and the link in my OP proves that banks are not secure, hence not trusting life savings in a bitcoin 'bank'

jonald_fyookball

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Quote from: franky1 on May 26, 2014, 08:04:13 PM

Quote from: jonald_fyookball on May 26, 2014, 06:33:03 PM

Quote from: redhawk979 on May 26, 2014, 06:11:16 PM

Quote from: jonald_fyookball on May 26, 2014, 05:26:31 PM

Quote from: redhawk979 on May 26, 2014, 05:20:31 PM

There are a million stories on this forum, reddit, and elsewhere on why its a terrible idea for most people to "be their own bank".

what do you think is the solution?

I don't have one, was just pointing that out. Most Bitcoiners trumpet that as an advantage, but for most people it may not be.

you're right... i think multisig + hardware is the only way... because most people are morons, not crypto-nerds.

same goes for the fiat side. there are alot of morons that leave their cash and debit cards in full view inside their car. easy to steal
alot of people get pick pocketed every day
card cloning.
diverted mail
work from home scams asking for upfront payments (multilevel (pyramid) schemes)

Yeah but fiat can be stored in a bank by a moron.
We need bitcoin banks for the masses.

Ron~Popeil

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Pretty simple. Be responsible for your own stuff. If you can't do that you will end up losing it eventually anyway.

franky1

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Quote from: jonald_fyookball on May 26, 2014, 06:33:03 PM

Quote from: redhawk979 on May 26, 2014, 06:11:16 PM

Quote from: jonald_fyookball on May 26, 2014, 05:26:31 PM

Quote from: redhawk979 on May 26, 2014, 05:20:31 PM

There are a million stories on this forum, reddit, and elsewhere on why its a terrible idea for most people to "be their own bank".

what do you think is the solution?

I don't have one, was just pointing that out. Most Bitcoiners trumpet that as an advantage, but for most people it may not be.

you're right... i think multisig + hardware is the only way... because most people are morons, not crypto-nerds.

same goes for the fiat side. there are alot of morons that leave their cash and debit cards in full view inside their car. easy to steal
alot of people get pick pocketed every day
card cloning.
diverted mail
work from home scams asking for upfront payments (multilevel (pyramid) schemes)

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

Quote from: redhawk979 on May 26, 2014, 06:11:16 PM

Quote from: jonald_fyookball on May 26, 2014, 05:26:31 PM

Quote from: redhawk979 on May 26, 2014, 05:20:31 PM

There are a million stories on this forum, reddit, and elsewhere on why its a terrible idea for most people to "be their own bank".

what do you think is the solution?

I don't have one, was just pointing that out. Most Bitcoiners trumpet that as an advantage, but for most people it may not be.

you're right... i think multisig + hardware is the only way... because most people are morons, not crypto-nerds.

redhawk979

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Quote from: jonald_fyookball on May 26, 2014, 05:26:31 PM

Quote from: redhawk979 on May 26, 2014, 05:20:31 PM

There are a million stories on this forum, reddit, and elsewhere on why its a terrible idea for most people to "be their own bank".

what do you think is the solution?

I don't have one, was just pointing that out. Most Bitcoiners trumpet that as an advantage, but for most people it may not be.

franky1

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Merit: 4458

Quote from: Pobre on May 24, 2014, 06:00:20 AM

Well suppose ive btc in my external haqd drive and i keep my fiat in the bank. now telling from my personal experience, ive never seen anything happening to the fiat i have but a month ago my little brother formatted the hard drive and i didnt have any backup for that wallet and so i lost all my coin. thats why i prefer fiat

1. get off this forum if your not into bitcoin Cheesy

(joke)
2. your story is not about bitcoin protocol hacking. your story is about user error. same thing can happen if your brother cut up your bank card, ID and birth certificate.. without other copies of your ID your bank wont give you cash Cheesy

keithers

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This is the land of wolves now & you're not a wolf

Quote from: jonald_fyookball on May 23, 2014, 05:23:34 PM

Mostly agree, but let me play devils advocate.

Banks spend millions on security.....
Average user PC is vulnerable.

Your turn :-)

I agree with you there. I don't think there really is a way to be 100% secure, you just have to try your best on both BTC and fiat to be as safe as possible...

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

Quote from: redhawk979 on May 26, 2014, 05:20:31 PM

There are a million stories on this forum, reddit, and elsewhere on why its a terrible idea for most people to "be their own bank".

what do you think is the solution?

redhawk979

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There are a million stories on this forum, reddit, and elsewhere on why its a terrible idea for most people to "be their own bank".

rhino34567

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Quote from: Satan666 on May 25, 2014, 02:13:58 PM

Quote from: Beliathon on May 24, 2014, 06:18:24 PM

Have this conversation again in 18 months, and Banks will still be spending millions of their worthless fiat, but the average Bitcoin user will be totally invulnerable to theft.

You can quote me on that.

Done. See you in 18 months.

Haha, let me double quote that for you. Looking forward to the next year and a half. Wink

Ron~Popeil

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Quote from: jonald_fyookball on May 24, 2014, 06:07:03 PM

Quote from: sleepygeekygeek on May 24, 2014, 05:55:23 PM

So

Quote from: jonald_fyookball on May 24, 2014, 04:58:18 PM

Quote from: sleepygeekygeek on May 24, 2014, 04:54:23 PM

How long do u think before bitcoin is hacked?? If I were the bankers I would throw a trillion into mining and commit a 51 precept attack...

and then how long would it be before bitcoin 2.0 comes out with a different proof of work hash, using a copy of the blockchain right before the attack?

So I should invest in a POS coin or bitcoin 2.0? When the day a 51 percent attack happens all that wealth will funnel out and into other crypto..

Some money will be funneled out. How much is anyone's guess. You should invest in bitcoin.
If that huge attack ever happens, it is almost certain a bitcoin 2.0 will arise quickly, preserving
most of the wealth. But the fact that wealth can be transferred to a new fork or to another coin
is a huge disincentive for the attack to ever happen in the first place.

The ability to fork the block chain makes a 51% attack a waste of time and resources. They could mess with the protocol for a whole ten minutes before it is discovered and forked.

Satan666

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The love of fiat is the root of all good

Quote from: Beliathon on May 24, 2014, 06:18:24 PM

Have this conversation again in 18 months, and Banks will still be spending millions of their worthless fiat, but the average Bitcoin user will be totally invulnerable to theft.

You can quote me on that.

Done. See you in 18 months.

Beliathon

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Activity: 784

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https://youtu.be/PZm8TTLR2NU

Quote from: jonald_fyookball on May 23, 2014, 05:23:34 PM

Mostly agree, but let me play devils advocate.

Banks spend millions on security.....
Average user PC is vulnerable.

Have this conversation again in 18 months, and Banks will still be spending millions of their worthless fiat, but the average Bitcoin user will be totally invulnerable to theft.

You can quote me on that.

jonald_fyookball

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Activity: 1302

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Core dev leaves me neg feedback #abuse #political

Quote from: sleepygeekygeek on May 24, 2014, 05:55:23 PM

So

Quote from: jonald_fyookball on May 24, 2014, 04:58:18 PM

Quote from: sleepygeekygeek on May 24, 2014, 04:54:23 PM

How long do u think before bitcoin is hacked?? If I were the bankers I would throw a trillion into mining and commit a 51 precept attack...

and then how long would it be before bitcoin 2.0 comes out with a different proof of work hash, using a copy of the blockchain right before the attack?

So I should invest in a POS coin or bitcoin 2.0? When the day a 51 percent attack happens all that wealth will funnel out and into other crypto..

Some money will be funneled out. How much is anyone's guess. You should invest in bitcoin.
If that huge attack ever happens, it is almost certain a bitcoin 2.0 will arise quickly, preserving
most of the wealth. But the fact that wealth can be transferred to a new fork or to another coin
is a huge disincentive for the attack to ever happen in the first place.

sleepygeekygeek

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Merit: 0

So

Quote from: jonald_fyookball on May 24, 2014, 04:58:18 PM

Quote from: sleepygeekygeek on May 24, 2014, 04:54:23 PM

How long do u think before bitcoin is hacked?? If I were the bankers I would throw a trillion into mining and commit a 51 precept attack...

and then how long would it be before bitcoin 2.0 comes out with a different proof of work hash, using a copy of the blockchain right before the attack?

So I should invest in a POS coin or bitcoin 2.0? When the day a 51 percent attack happens all that wealth will funnel out and into other crypto..

moni3z

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Merit: 1002

This guy counterfeited untold multi millions in US currency. He handed over $250 million but ran this operation for years
http://abc7news.com/news/master-money-counterfeiter-prints-millions-says-screw-you-to-us/51231/

At least you can't counterfeit bitcoins.

Topic: bitcoin protocol cant be hacked. but FIAT can (Read 1837 times)