Another huge problem with Bitcoin and the problems users have staying safe

[Undermood]

Hope that happens soon, I want to be rich!

Bitcoin will fall into chaos and the price will plummet! Yes, fork is a good solution, which will roll back to the block before the incident happened! But it will cause some users missing money or getting back the sent out balance! I have to say fork can not be the solution forever! We need better solutions which is easily applied in real!

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[redsn0w]

Imagine a wallet (hot or not) becomes the market leader and more than half the existing bitcoins are stored there.

Then imagine it's security is breached.

If this happens at a time when bitcoin has been mass accepted and it is a dominant currency to store wealth in world-wide - then a criminal could be in possession of half the wealth in the world.....

Sounds surreal and could not happen in a FIAT system.

Oh yes a system where .0001% of the population are the only ones that are allowed to create money and have the police and armies all over the  country bought out to ensure their power....  

OH YES WHAT AN AMAZING FIAT SYSTEM WE HAVE....

What happens when the gov decides to just randomly debase your currency 50%? Or print 1000000x more of it?

WHAT HAPPENS THEN RANSOMER WHAT HAPPENS THEN?

Can we fork back.. NOPE WE CANNOT, Can we make our own ? NOPE WE CANNOT.

But you can always leave....

[Undermood]

Imagine a wallet (hot or not) becomes the market leader and more than half the existing bitcoins are stored there.

Then imagine it's security is breached.

If this happens at a time when bitcoin has been mass accepted and it is a dominant currency to store wealth in world-wide - then a criminal could be in possession of half the wealth in the world.....

Sounds surreal and could not happen in a FIAT system.

Oh yes a system where .0001% of the population are the only ones that are allowed to create money and have the police and armies all over the  country bought out to ensure their power.... 

OH YES WHAT AN AMAZING FIAT SYSTEM WE HAVE....

What happens when the gov decides to just randomly debase your currency 50%? Or print 1000000x more of it?

WHAT HAPPENS THEN RANSOMER WHAT HAPPENS THEN?

Can we fork back.. NOPE WE CANNOT, Can we make our own ? NOPE WE CANNOT.

But you can always leave....

How could we? We have deeply involved in the fiat dominating economy! We need to use the printed money to pay for our food and living, get paid from  our jobs!

[dothebeats]

Imagine a wallet (hot or not) becomes the market leader and more than half the existing bitcoins are stored there.

Then imagine it's security is breached.

If this happens at a time when bitcoin has been mass accepted and it is a dominant currency to store wealth in world-wide - then a criminal could be in possession of half the wealth in the world.....

Sounds surreal and could not happen in a FIAT system.

Any vault or storage that contains a vast amount of wealth would likely have a heavy security around it. For you to get access on the inside, you must first pass through different layers of security. Not sure what do you really want to convey in this post, but security is not bitcoin's problem, it is on the user that is maintaining the wallet to keep it secure.

[jonald_fyookball]

Imagine a wallet (hot or not) becomes the market leader and more than half the existing bitcoins are stored there.

Then imagine it's security is breached.

If this happens at a time when bitcoin has been mass accepted and it is a dominant currency to store wealth in world-wide - then a criminal could be in possession of half the wealth in the world.....

Sounds surreal and could not happen in a FIAT system.

If you're not the sole controller of your private keys, you don't have any Bitcoins.
Most experienced people here prefer to have Bitcoins, not IOUs.

The whole point of Bitcoin is you can be your own bank.
So, I don't think this is a "huge problem".

[LiteCoinGuy]

Imagine someone steals trillion of dollars per year from people and they use it to go out and bomb and shoot people and kidnap and imprison millions of other people.

Scary thought.

wait.....is there an underlying message?  

[Sarthak]

Imagine a wallet (hot or not) becomes the market leader and more than half the existing bitcoins are stored there.

Then imagine it's security is breached.

If this happens at a time when bitcoin has been mass accepted and it is a dominant currency to store wealth in world-wide - then a criminal could be in possession of half the wealth in the world.....

Sounds surreal and could not happen in a FIAT system.

We can do a 51% attack anytime if this really happens

[Borisz]

Imagine someone steals trillion of dollars per year from people and they use it to go out and bomb and shoot people and kidnap and imprison millions of other people.

Scary thought.

Just like in The Dictator American Democracy Speech

Imagine a wallet (hot or not) becomes the market leader and more than half the existing bitcoins are stored there.

Then imagine it's security is breached.

If this happens at a time when bitcoin has been mass accepted and it is a dominant currency to store wealth in world-wide - then a criminal could be in possession of half the wealth in the world.....

Sounds surreal and could not happen in a FIAT system.

We can do a 51% attack anytime if this really happens

Shady road to go down. Also, if this really happened it would probably be late for bitcoin and whoever still had some would abandon it because of simple fear. And rightfully so.

[klm bitcoin]

Potentially the security aspect will be solved (or at least made easier for the masses) and then you are left with a fine form of currency.

[jc12345]

Some of OP points and other replies in the thread are flawed or misguided.

a) 51% attack is based on hashing power not ownership of coins.
b) Owning a large number of coins does not automatically mean the end of the world. The owner has to have malicious intent and the will to dump.
c) Assuming malicious intent, 49% ownership is just as bad as 51%
d) Fiat is not far off - refer this article as well as this one.

[roadbits]

The security factor is one of the biggest hurdles for bitcoin, absolutely. But, that doesn't take away from the fact that the technology is innovative and a breakthrough.

[MF Doom]

Imagine a wallet (hot or not) becomes the market leader and more than half the existing bitcoins are stored there.

Then imagine it's security is breached.

If this happens at a time when bitcoin has been mass accepted and it is a dominant currency to store wealth in world-wide - then a criminal could be in possession of half the wealth in the world.....

Sounds surreal and could not happen in a FIAT system.

I think if one wallet had half or more of the btc in existence, we'd already be in trouble, whether the wallet ever got hacked or not