Topic: Economic effects of bitcoins - page 6. (Read 2735 times)
Yahh that could be possible .but i think by that time when the 20 million bitcoins have been mined then the security would increase a lot and our government would give a tight security to make not that happen.
I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?
It is very possible that a genius may hack majority of bitcoin. But that act alon will make all his effort in vain in hacking the majority of bitcoin. Reason is that, bitcoin will automatically fall in price until to the point of being worthles. Support will be taken away because it shows that bitcoin is a failure.
Unfortunately big minus in Bitcoin - is security. No one can know what will happen tomorrow with his wallet. Everyone knows that risk
I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?
It is very possible that a genius may hack majority of bitcoin. But that act alon will make all his effort in vain in hacking the majority of bitcoin. Reason is that, bitcoin will automatically fall in price until to the point of being worthles. Support will be taken away because it shows that bitcoin is a failure.
I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?
If the whole world adopts it, the distribution would be much wider than what we have.
It is unlikely that any one point of failure would result in such large amounts of bitcoin getting stolen.
I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?
It is very possible that a genius may hack majority of bitcoin. But that act alon will make all his effort in vain in hacking the majority of bitcoin. Reason is that, bitcoin will automatically fall in price until to the point of being worthles. Support will be taken away because it shows that bitcoin is a failure.
the genius would no longer be a genius because he would instantly make bitcoin worthless. we'd probably undergo the hard fork from hell and turn his theft to dust. after that there wouldn't be any faith left and people would move on to something else.
but the world's not taking bitcoin to its heart until all the vulnerabilities and amateurishness are taken care of. how it is at present ain't acceptable.
but the world's not taking bitcoin to its heart until all the vulnerabilities and amateurishness are taken care of. how it is at present ain't acceptable.
that is possible and not only with bitfleinex we have seen many incidents like mtgox or other bubbles. if something like that happens which op is saying then i think we will be dommed but not really there are many smart people in bitcoin world who do not put their money without researching
This could be possible, but if no one has done it until now, there is little chance they manage to do it in a few years. As bitcoin becomes more and more popular, industries will use it too. But if they have to trust bitcoin, they will probably pay a lot of money to review all the code (to see if their investment is safe).
But if someone cracks it anyway, we should expect a rollback.
But if someone cracks it anyway, we should expect a rollback.
I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?
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