Bitcoin is fundamentally broken and unviable in current form

[bitbollo]

There is a security problem with these exchanges. I lost money when cryptsy stole my bitcoins. It's happened to others with mtgox and now bitfinex and maybe other exchanges. I now am trading with poloniex, but I am concerned about security on any of these exchanges.

Yes you forget bter.com a chinese exchange that was hacked at least 3 times

Ideally Bitcoin is useful because it's a solid way to store your wealth. But still today in 2016 there is no proven way to fully secure your bitcoins. There is no consensus on how to keep coins safe and not getting coins stolen. This is a fundemental problem for me and until there is a universal consensus on a sure fire way to secure bitcoins I think Bitcoin is broken.

Absolutely false

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[Holliday]

Ideally Bitcoin is useful because it's a solid way to store your wealth. But still today in 2016 there is no proven way to fully secure your bitcoins. There is no consensus on how to keep coins safe and not getting coins stolen. This is a fundemental problem for me and until there is a universal consensus on a sure fire way to secure bitcoins I think Bitcoin is broken.

I'm sorry, but that is a ridiculous statement.

There is a very simple, very proven method to secure your bitcoins.

Create and store your private keys on a machine that never touches a network.

This is known as cold storage.

You can even take the additional step of dividing that cold storage with a M-of-N scheme of your choosing.

I would go so far as to say that cold storage combined with a M-of-N scheme makes Bitcoin the most secure asset on the planet. Done correctly it is impossible for anyone to touch your coins without your explicit permission.

[eternalgloom]

Ideally Bitcoin is useful because it's a solid way to store your wealth. But still today in 2016 there is no proven way to fully secure your bitcoins. There is no consensus on how to keep coins safe and not getting coins stolen. This is a fundemental problem for me and until there is a universal consensus on a sure fire way to secure bitcoins I think Bitcoin is broken.

I'm sorry, but that is a ridiculous statement.

There is a very simple, very proven method to secure your bitcoins.

Create and store your private keys on a machine that never touches a network.

This is known as cold storage.

You can even take the additional step of dividing that cold storage with a M-of-N scheme of your choosing.

I would go so far as to say that cold storage combined with a M-of-N scheme makes Bitcoin the most secure asset on the planet. Done correctly it is impossible for anyone to touch your coins without your explicit permission.

I wonder how many times we'd have to repeat that, and how many times companies will keep storing coins in a hot wallet while claiming that your coins are safe and secure?

[zodin]

There is a security problem with these exchanges. I lost money when cryptsy stole my bitcoins. It's happened to others with mtgox and now bitfinex and maybe other exchanges. I now am trading with poloniex, but I am concerned about security on any of these exchanges.

yes these are the big issues facing the crypto currencies, and these issues must be solve on priority basis because people are loosing their interest on crypto currencies because of these issues, as you can see the effect of the bitfinex problem on all the crypto currencies, most of the people withdraw their money from these kind of exchanges and there is still uncertainty in the market, therefore these issues must be solve.