Thread: Money Bitcoin Take?
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Old 04-11-2013, 04:29 PM   #38
AustinChief AustinChief is offline
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Join Date: Aug 2000
Location: Austin
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ok, there are a lot of people here who don't seem to understand bitcoin at all.

#1 YES it is vulnerable to hackers.. but not in the way you would think. Hackers don't attack the currency itself. (well occasionally they do steal wallet files just like real world pickpockets) What they do is attack the currency trading sites. This tends to drive prices down. Sometimes a little, sometimes a lot. When the prices go down, they swoop in and buy low then sell high. It's not really a big deal and likely will work itself out over time.

#2 yes someday the ACTUAL cryptography will be much easier to "hack" but we are not anywhere CLOSE to that right now. We are (at current rates) DECADES away from that being even a consideration. UNLESS people get off their asses and put out some serious quantum computers.

#3 See above for concerns about mining... it's the same issue.
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