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[ARS]“Bank” that claimed to solve Bitcoin’s security problem robbed, shuts down - Page 5

post #41 of 52
If people really want to store their BTC securely, they should just use a real bank. Print out paper wallets and rent a safe deposit box to store the large quantities in.
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post #42 of 52
How ironic...
post #43 of 52
Quote:
Originally Posted by Jack Mac View Post

How ironic...

lol, true dat.
post #44 of 52
Quote:
Originally Posted by CJRhoades View Post

If people really want to store their BTC securely, they should just use a real bank. Print out paper wallets and rent a safe deposit box to store the large quantities in.

at first i though you were joking, but you can actually print BTC.... so at this point BTC is just another currency, with very loose regulation (which implies very easily stolen/manipulated) and the bankers are the miners this time around.
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post #45 of 52
Quote:
Originally Posted by Zaid View Post

at first i though you were joking, but you can actually print BTC.... so at this point BTC is just another currency, with very loose regulation (which implies very easily stolen/manipulated) and the bankers are the miners this time around.

You can't create btc out of thin air, if that is what you imply.
post #46 of 52
Quote:
Originally Posted by Deuce65 View Post

So what would stop an exchange from collecting money from people, and then "losing" it all to a "theft" and subsequently shutting down?

Nothing...this has obviously happened to quite a few places. Probably happened at mtgox.

And lets not beat around the bush with the whole "oh we got robbed" excuse.
Edited by $ilent - 3/5/14 at 4:22pm
post #47 of 52
Quote:
Originally Posted by CJRhoades View Post

If people really want to store their BTC securely, they should just use a real bank. Print out paper wallets and rent a safe deposit box to store the large quantities in.

Sensible encryption is even more secure. The contents of a safe deposit box can be stolen or destroyed, but good encryption cannot be cracked.

I put my encrypted wallets in torrents I upload, so there is no reasonable way to deny me (or anyone) access to those files. I am the only one who can use them though, because only I can identify which file contains the wallet, and only I can decrypt it.
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post #48 of 52
Quote:
Originally Posted by ivanlabrie View Post

You can't create btc out of thin air, if that is what you imply.

not at all, i was implying that btc are just another currency, nothing special. you cant make btc out of thin air, but people are essentially making bitcoins out of thin air just by processing the transactions.

more BTC are in the pool then b4 someone processed a transaction and was awarded the newly generated BTC.

at first i though "yay, currency that isnt controlled by big bangs, secure, and easy to transfer". now its just another currency, except no nation/state backing.

i see no reason to ever use BTC. except if i was to start mining, then i would just convert to USD and spend.
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post #49 of 52
Quote:
Originally Posted by Zaid View Post

i see no reason to ever use BTC. except if i was to start mining, then i would just convert to USD and spend.

It's often less hassle to just use BTC than it is to convert it, or even to send fiat.

I like to be able to cut out middlemen as much as possible. Which is why the bulk of my cryptos come into my possession as crypto, and are spent as crypto, without being exchanged.
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post #50 of 52
Quote:
Originally Posted by Blameless View Post

It's often less hassle to just use BTC than it is to convert it, or even to send fiat.

I like to be able to cut out middlemen as much as possible. Which is why the bulk of my cryptos come into my possession as crypto, and are spent as crypto, without being exchanged.

not that many places accept BTC as opposed to places that accept USD/CAD/Euro etc...

how are you spending your cryptos?
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