Now excepting Bit-coin
- Thread starter moresound
- Start date
fritsthegirl
Taste of home
Excepted? Or accepted? 
It's just that I've got a billion bit coins to blow, so you know, I need to know one way or the other. 
It's just that I've got a billion bit coins to blow, so you know, I need to know one way or the other.
fritsthegirl
Taste of home
I virtually sold myself during a slump.
Not possible.
valverec
Member
Aren't people a bit worried about bitcoin...after the hacks/losses, and suicides of bitcoin related CEO's?
If the company you're in business with gets hacked...your value/bitcoinage, can just disappear overnight and there's no governmental body there to stop it or get the value back.
If the company you're in business with gets hacked...your value/bitcoinage, can just disappear overnight and there's no governmental body there to stop it or get the value back.
fritsthegirl
Taste of home
Been on a ski-ball binge again?
valverec
Member
Your money in a bank is backed up by the federal reserve up to roughly $200,000. If someone hacks your bank and steals all their money, or walks in with a gun and steals all their (your) money, the government gives you your money back.
Bitcoin has no such guarantee. And half a billion dollars in bitcoin just vanished. Those people who's bitcoin was hacked and stolen just lost it with no recourse. It's just gone.
Don't get me wrong, I love the idea of bitcoin. I hope they find a way to save it, but right now, after the half billion dollar loss, I'd be pretty nervous. They clearly don't have the security side down yet. It's a lot like owning a stock and trading stocks for physical goods, in that regard.
Bitcoin's Price Plummets As Mt. Gox Goes Dark, With Massive Hack Rumored - Forbes
Another way that it's like stocks is that the value is very volatile. So if you had traded a $1000 piece of gear for the equivalent value in bitcoin in December, you would have lost half of your $ equivalent value since just December, if you didn't spend it right away.