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RE: Why Bitcoin will never be as secure as a Bank

in #bitcoin8 years ago

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.

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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.

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