Do you even know what a 51% attack is? It only does limited damage as long as it is sustained. With Bitcoin a 51% attack, even if possible is not sustainable.
Yes, I'm well aware. Why wouldn't I be? Too bad that ultra secure 'network' is still prone to attack. And no, it's not a mathematical improbability. I've seen what has transpired with several other alts when there's a monopolization of control on certain pool servers. Yes, armed robbers can enter a bank and steal a chunk of the institution's funds. Problem is, banks are FDIC insured. Who insures the blockchain in the event of catastrophe? Or is it just a case of user stupidity for keeping btc on the blockchain.
Bitcoin is instant if you trust your payee, just like PayPal and credit cards. Bitcoins can be reversed up to ten minutes or so while PayPal and credit cards for six months.
Trust? Lol. Apparently you don't understand the meaning of semi-transparency or complete transparency. Refer to how that whole trust thing got people who used the largest exchanges. I'd barely trust my own family when sending fiat, let alone a transparent form such as crypto.
Bitcoin isn't meant to protect you from your own foolishness. You can always pay for your own insurance, but why should I pay for your foolishness?
That's a mighty fine form of idealism you got there. This world you live in...I'd love to visit.
If you forget or lose your wallet, you have no card or cash.
Bitcoin isn't meant to protect you from your own foolishness. You can always pay for your own insurance, but why should I pay for your foolishness?
Oh, the irony. So user error only applies to fiat and cc's? Gotcha. I can place my fiat in a mini bullet and fire proof safe, then place that safe in a safety deposit box inside an armed, secured bank.
I can replicate my bitcoin wallet on several cold storage devices...and all of the devices could fail. You know...cuz like...electronics are all subject to failure.
Don't take your freedom for granted or you will lose it all.
Probably the only area we agree.
Merchant acceptance and Bitcoin vendors are skyrocketing.
Yet merchant adoption is the same thing that hinders its price growth. Here's a hint: merchants don't give a damn about Bitcoin or its promise like a prospector. Their sole goal is to convert it the instant they get it to...that same very currency bitcoiners despise: fiat. No way would they hold btc and subject themselves to mass potential losses from such a volatile market. More merchants = more bitcoins being dumped onto the market on an hourly, daily, and monthly basis = more price suppression.
You pay fees to use banks and credit cards. Fiat lenders charge more than 1600% interest for many people. That means they lose 95% per year, more than Bitcoin lost.
To quote yourself, you can't protect yourself from your own foolishness. Those who hoard credit cards and manage to dig themselves in huge debt and don't pay off their balances monthly deserve to reap what they sew. Additionally, way to cite an outrageous extreme source to back your argument. I get charged 12.9% APR on my visa platinum card, which I don't see any of...because I'm responsible with my finances and pay my balance off in full every month. I don't mind paying a $50 annual fee, because...the amount of money I could possibly save in the event of fraudulent charges makes that such a small price to pay.
Tell me what percentage of your coins you can recoup should you be scammed by a payee a few days, or weeks later?
You're also comparing fiat lending services to btc. Now tell me how btc lenders work and how much 'insurance' you have should they pack up and steal your coins.
Now, sell me this fiat?I just did. And with that fiat, you could buy a pen. At any store in the world. Now tell me the same can be done with your bitcoin.
We'll have to agree to disagree. You have not changed my position and I haven't changed yours. Time will be the judge. Goodbye.
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