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View Diary: Please don't hate Bitcoin (57 comments)

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  •  My money is insured in an FDIC bank (upto $100K) (1+ / 0-)
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    until the US Gubmint collapses. Granted the way things have been going, the MIC just might loot us into collapse.

    Bitcoin money is safe until some anonymous guy on the Intertubes tells you your bitcoin bank got hacked and you lost everything.

    And yes I understand what Bitcoin is and the concept of how it works. I have been a software developer for 30 years.


    It's just not fair. It's 98% of the Politicians that give the other 2% a bad name. (both parties)

    by CitizenOfEarth on Mon Mar 03, 2014 at 11:24:12 AM PST

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    •  Very true. (0+ / 0-)

      It's just a simple way to provide a mental framework.
      Bitcoin = Cash - physical limits.
      Whatever insecurity/problem you have with cash, the same insecurity/problem you have'll have with bitcoin.
      The only difference is that bitcoin (or cryptocurrency) provide is a way to not need to trust anyone else (whether it's a smart idea not to trust anyone else is a different question).

      As you stated. If you store cash in bank, the government provide some insurance to dispel certain level of distrust you have in the bank. Bitcoin doesn't have that mechanism if you want to depoist in a bitcoin bank (until a government decide to ensure bitcoin deposit, which might involve bank to spend money to comply with regulation, which might involve bank having to charge you transaction fee and... kind of defeat the purpose of bitcoin in the first place).

    •  asdf (2+ / 0-)
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      grover, CitizenOfEarth

      Standard FDIC insures 250K per depositor

      "George RR Martin is not your bitch" ~~ Neil Gaiman

      by tardis10 on Mon Mar 03, 2014 at 12:45:02 PM PST

      [ Parent ]

      •  It's not automatic though. It's another one of (2+ / 0-)
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        CitizenOfEarth, tardis10

        Those things that Congress has to extend on a regular basis.

        And Congress, in its usual brilliance, has bumped up against that deadline more than would make me comfortable.

        Most likely, FDIC would extend coverage to $250k even if the extention hadn't been voted on (Senate would probably extend retroactively just to ensure that this

        Since the FDIC was established in 1933, no depositor has ever lost a single penny of FDIC-insured funds.
        remains true.

        But I'd never leave more than $100k at a single bank.

        But heh, I'd never spend $5 on a bitcoin either. That's a latte with a  generous tip to  the barista.  And you know what they say about "a latte in the hand worth more than a bitcoin out in cyberspace."


        © grover

        So if you get hit by a bus tonight, would you be satisfied with how you spent today, your last day on earth? Live like tomorrow is never guaranteed, because it's not. -- Me.

        by grover on Mon Mar 03, 2014 at 01:17:29 PM PST

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        •  I'm comfy with the FDIC (1+ / 0-)
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          language of 250K being upheld,no matter congressional natter. That's what confidence fairies are for bad PR before it's time or something. And I don't think we are yet at that that time.

          Re: Bitcoin. Yeah,I speculated and made actual USD on my bet. But then I felt dirty so decided just to stick with virtuous,dull Ithaca Hours when I need an alternative currency fix. Make mine with three shots of espresso please ;)

          "George RR Martin is not your bitch" ~~ Neil Gaiman

          by tardis10 on Mon Mar 03, 2014 at 01:37:57 PM PST

          [ Parent ]

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