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RE: Why Bitcoin will never be as secure as a Bank
@bitcoindoom As horrible as the banks are, you do make a lot of valid points. IMO Bitcoin is a major evolution in fiat (by decree) currency. And yes, it definitely has a long way to go concerning the points you mentioned, and ease of use by the general (zombie) public.
The major problem with government fiat currencies is that they are guaranteed to "safely" lose value over time through inflation. Whereas Bitcoin has a lot of risks and it's given people many rewards.
Enjoyed your article :)
My counterpoint is that you want those things to happen in banks USING money. I don't want them to be in my money-system itself. I don't want to be affraid someone can turn their payment to me back. The hacked things are exchanges, which is about as safe as any place where money is exchanged. Thefts happen a lot there with or without Bitcoin, we just don't here about it. People try to make a point that Bitcoin is not secure, to either scare people away, or worse, to cripple bitcoin by building in loopholes going against its principles that make it worth having bitcoin in the first place. Don't confuse a bitcoin bank with bitcoin itself. Bitcoin itself is as safe as it can be, and similar attacks on security happen ALL THE TIME with the banking system, often with even less traces or no traces at all, while Bitcoin has all tracks there and provides a view on catching the thiefs.
At least with bitcoin, your money can't be frozen and bailed in by insolvent, irresponsible banks. That puts it way ahead in the current situation.
You're right. Most of the thefts have occurred from exchange which is again a 3rd party. Hacking bitcoin wallet even with exposed public key is close to impossible.
I've thought a lot about what might eventually drive a significant number of Americans into Bitcoin and 'ease of use + security' will grease the way, but I think more likely it will be the accelerating reality of inflation and zero/negative interest rates on their savings and pensions that will drive people to Bitcoin in spite of the lack of ease-of-use.
Bitcoin security is just a computer science problem to solve, and engineers live for that sort of thing. My first PC the TRS-80 was friggin' primitive compared to my new Galaxy Note 7 and in 10 years I suspect cryptocurrency use will be quite easy and secure.
In short , Bitcoin offers a way to preserve wealth and interact in an increasingly online world, and don't forget, for the first time, we have a viable way to opt-out into a less corrupted system.