Do you trust Bitcoin?

+2 Jonah Morrison · September 23, 2014
I'm not sure if I trust Bitcoin or any other crypto currency... yet...

What are your thoughts on this? It seems like it is to easy to fail. At least with cash you have something tangible. With Bitcoin there is nothing to show for it.

Here's my biggest issue: What happens when the public/private key encryption gets hacked. Its only a matter of time. We have seen it happen with practically every form of encryption.

Lastly, if you require other computers on the network to verify the transaction what happens when there needs to be a software update for this? Frankly who would come up with the update? To me it just seems like Bitcoin is bound to fail.

I talked to this guy at a social gathering and he is obsessed with it. He thinks its the greatest thing to ever be on this earth... haha... This started to make we wonder.

Maybe I just don't understand how the system works. Or maybe its flawed.

Cheers!

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+4 Mathias Frits Rørvik · September 23, 2014
There's no one controlling it, it is definitely more trustable than todays banks. 

Public-key cryptography is pretty darn strong. How are you going to be able to guess a private key?

The worst thing that can happen to bit coin is that people stop using it. That's the part I am the most worried about. The less people caring about crypto currency the lower value it will get. 
+3 George Williams · September 24, 2014
@Mathias = strong does not mean invincible.

While it will be near impossible to crack it,it can be cracked if you have a extremely dedicated team. Anyways, your main worries is not cracking the cryptography, its cracking the algorithm that will completely destroy the currency and on the plus side for the hackers, it will be easier especially for the mathematicians who are trying to crack it.

Bitcoin and any other cryptography only survives for this long because :

1) Most(if not all) mathematicians would rather be on the good side trying to help science move further along or teaching the next generation.
2) I doubt a group of hackers/mathematicians would sit around trying to crack a virtual currency when they can just hack Home Depot

To really answer the topic owners question, Bitcoin is secure because of laziness, there will never be an update to anything unless its third party because Bitcoin has a set destiny of only ever going to 2.1B-2.7B. I am saying its secure but doesn't mean I am saying trust it, especially since its a currency without a known author. Let the conspiracy begin.
+2 Mathias Frits Rørvik · September 25, 2014
I don't think you quite understand how public-key cryptograhpy works.

+2 William Frost · September 26, 2014
Bitcoin is love, Bitcoin is life
+1 Newbie Patrol · February 13, 2015
In my opinion they are safe for now, but the day will come that it all goes down!
+1 Donny Garner · March 25, 2015
Bitcoin is a bad investment since the currency has shown a downward trend in the past couple years.  It went from being worth over a thousand to a mere couple hundred.  I wouldn't recommend investing in bitcoin for the long-term.  Short-term, however, you can capitalize by doing something like Forex which is a currency exchange.  

Let's say, theoretically, (because i would never recommend anything illegal) that you wanted to turn your Dollar into Euros.  Well we can do this "anonymously" through a crypto-currency like bitcoin.  I won't get into further details but you might want to look into it if you want to make quick money.
+1 Gary Murphy · September 23, 2014
Not really sure myself, but have to admit I am curious.
Thinking I might look into it myself.  See if it's something worth doing.
+1 Eugene Botma · March 27, 2015


Bitcoin is a bad investment since the currency has shown a downward trend in the past couple years. It went from being worth over a thousand to a mere couple hundred. I wouldn't recommend investing in bitcoin for the long-term. Short-term, however, you can capitalize by doing something like Forex which is a currency exchange. 


Let me correct you there a bit.

A few years ago, someone bought a pizza with 10 000 bitcoin. Now you can buy (on average in the US) about 19 pizzas for 1 bitcoin. It went from being worth absolutely nothing to a couple of hundred dollars! I'd say that is quite the improvement! 

But disregard the price's volatility and decline from its peak price. 2 years ago. The blockchain technology that bitcoin runs on is amazing.

In the words of Andreas M. Antonopoulos: "Bitcoin in not just money for the internet and to look at it simply as money for the internet is to miss the point. Bitcoin is the internet of money and currency is just the first app"
+1 George Williams · September 26, 2014
" I don't think you quite understand..."

Lmao, trust me, I know what public key cryptography is . It's actually one of the first thing I had to learn when I went to that Offensive-Security penetration testing course. I shall leave you to believe what you wish to believe.
+1 Eugene Botma · September 26, 2014
Bitcoin is safe. Transactions are final and it's virtually impossible to crack private keys (there's probably about the same chance of logging in to a random bank with random credentials and logging in to bill gates' bank account).

The problem rather is people don't understand how to work with it. People don't know how to keep their own bitcoin safe, or how to develop services that keep their clients' bitcoin safe. People will also throw bitcoin at shady stuff that they would never touch with fiat money.

Basically what i'm trying to say is bitcoin is just as safe (maybe safer) than a bank, people are just retarded with it.
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