Bitcoin Forum

So all the big philosophical questions aside, the simplest question is perhaps the most important:

What happens if someone steals/hacks/finds the private keys guarding the FRC's Foundations 80% of all mined coins?

Hack of the Century?

As debatable as the idea of the foundation is, it is also building into the system the greatest weakness: human beings. Where are these private keys? Who has them? How many copies are there? Where will they be stored? You can't build an entire currency system on the premise that the initial genius developers will never, ever, make a mistake.

Not to mention that the government might one day find a way to extort those private keys out of the foundation, one way or another. Not to mention kidnap or ransom techniques by organized criminals.

It is a tremendous Achilles heal.


EDIT: fixed that obvious typo in the title. heh heh heh

*IF  ;D ;D ;D

Honestly, I don't think it matters. If the coins are never used as a currency, it doesn't matter. If they are, the value of every coin once is a tiny drop in the bucket compared to the value of the currency as a means of exchange as each coin is turned over hundreds and hundreds of times.

It does mean the coins are less useful as a store of value because their value might drop if those coins are introduced into circulation suddenly. And it does mean a small increase in risk using the coins as a medium of exchange, again because of the risk you will be holding the "hot potato" on the day a large number of coins are dumped.

But compared to the value of a currency as a means of exchange, this is peanuts.

smoothie why is your "ignore" link always colored???

ps. sorry for offtopic

It's a convenience feature -- the ones you need more often are made easier to find.

I think you know why...lol

now i guess :(

 I don't know.... honestly I'm going to try and give as logical of a point of view as I can....Ummm..

Yeah, so if I had a cash of bottles that I had at one point thought "Hey I'll recycle these bastards abd get some serious change out of them. Then later looked into the fule money I'd burn getting them to the recycle center abd realised "Hey I'm not makeing shit off this deal". Then placed those bottles in a shed and someone lifted them. I'd blow it off abd consider it a favor.

I really don't believe this coin is going to work out in the long run. For one the "Government" running it seems just as lost with it as the people useing it. It has plenty of water cooler talk... But more haters then it should have way to soon. We have a fork already that's intent is to "Bring it back to the people". Yet It's clearly a slap in the face to said spaced out and devs.. Stealing this grant money as they call it seems like a waste of time at this point.

I'm not saying this will be a long running opinion. But clearly It's not starting off well. I furthermore have to laugh like hell and joke as much as I can... concerning the idea of purchaseing free steam games with it. I understand It's a trade. But seriously the thread titles "Selling Xxx title for Yyy freicoins" key word selling.... yeah in my mind it cancels out the idea it holds any value whatsoever

So many ppl have pushed his ignore button that it turned pee colour  ;D

If you push it it will turn BROWN lol...

Side note: Notice that Maaku did not even address this thread yet? ;D ;D ;D

What if the value of said 80% gets to be too much temptation for the foundation to not just cash out and run?

That is exactly what will happen.

Anyone who invests in FRC is likely to lose their money.

You may as well just send your bitcoins to me and I'll return them to you in several months when FRC is dead and unused. At least this way you would get your coins back.

LOL  :D :D :D

 :D ;) ;)