Do you trust Bitcoin?

+5 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.


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+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.
+1 William Frost · September 26, 2014
Bitcoin is love, Bitcoin is life
+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.
+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.
+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.
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