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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0 c student · March 28, 2015
While you guys are busy cracking asymmetric cryptoalgorithms, people who are more realistic are exploiting secure channels and utilizing trojans to steal keys rather than trying to overcome the ridiculous time complexity in resolving prime number exponentiation.  And yes, mathematicians and hackers are always attempting to crack cryptoalgorithms all the time unless you want malicious users to find these vulnerabilities before it's secured.
0 Eugene Botma · March 27, 2015
That totally depends on where you are. In South-Africa (where I live) bitcoin is considered foreign currency, In Canada and certain states of the US, it is considered and treated as currency.
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