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.


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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. 
+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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