bitcoin protocol cant be hacked. but FIAT can

[Pobre]

I don't see how that would make the fiat "protocol" hackable. ATMs got hacked, not the fiat. Same thing as supposedly happened with MtGox, they got hacked, not "bitcoin."

As far as "hacking" a protocol:

1. Dollar bills can be counterfeited, and bitcoins can't.
2. Bank ledgers can have errors, bitcoin ledger can't.

But the thing is that the bank ledger errors can be corrected and fake dollar bills can also be destroyed if you keep your EYES open. But you can instantly loose your bitcoins by loosing your wallet and the backup. I've seen many people loosing their bitcoins because of deletion of the wallets. We need to come up with something more safe for the bitcoins.

[ipnone5only]

Everything is hackable. Until that day it mains relatively safe!

[jonald_fyookball]

I don't see how that would make the fiat "protocol" hackable. ATMs got hacked, not the fiat. Same thing as supposedly happened with MtGox, they got hacked, not "bitcoin."

As far as "hacking" a protocol:

1. Dollar bills can be counterfeited, and bitcoins can't.
2. Bank ledgers can have errors, bitcoin ledger can't.

But the thing is that the bank ledger errors can be corrected and fake dollar bills can also be destroyed if you keep your EYES open. But you can instantly loose your bitcoins by loosing your wallet and the backup. I've seen many people loosing their bitcoins because of deletion of the wallets. We need to come up with something more safe for the bitcoins.

Like...what?

[sleepygeekygeek]

How long do u think before bitcoin is hacked??  If I were the bankers I would throw a trillion into mining and commit a 51 precept attack...

[jonald_fyookball]

How long do u think before bitcoin is hacked??  If I were the bankers I would throw a trillion into mining and commit a 51 precept attack...

and then how long would it be before bitcoin 2.0 comes out with a different proof of work hash, using a copy of the blockchain right before the attack?

[moni3z]

This guy counterfeited untold multi millions in US currency. He handed over $250 million but ran this operation for years
http://abc7news.com/news/master-money-counterfeiter-prints-millions-says-screw-you-to-us/51231/

At least you can't counterfeit bitcoins.

[sleepygeekygeek]

So

How long do u think before bitcoin is hacked??  If I were the bankers I would throw a trillion into mining and commit a 51 precept attack...

and then how long would it be before bitcoin 2.0 comes out with a different proof of work hash, using a copy of the blockchain right before the attack?

So I should invest in a POS coin or bitcoin 2.0? When the day a 51 percent attack happens all that wealth will funnel out and into other crypto..

[jonald_fyookball]

So

How long do u think before bitcoin is hacked??  If I were the bankers I would throw a trillion into mining and commit a 51 precept attack...

and then how long would it be before bitcoin 2.0 comes out with a different proof of work hash, using a copy of the blockchain right before the attack?

So I should invest in a POS coin or bitcoin 2.0? When the day a 51 percent attack happens all that wealth will funnel out and into other crypto..

Some money will be funneled out.  How much is anyone's guess.  You should invest in bitcoin.
If that huge attack ever happens, it is almost certain a bitcoin 2.0 will arise quickly, preserving
most of the wealth.  But the fact that wealth can be transferred to a new fork or to another coin
is a huge disincentive for the attack to ever happen in the first place.

[Beliathon]

Mostly agree, but let me play devils advocate.

Banks spend millions on security.....
Average user PC is vulnerable.

Have this conversation again in 18 months, and Banks will still be spending millions of their worthless fiat, but the average Bitcoin user will be totally invulnerable to theft.

You can quote me on that.

[Satan666]

Have this conversation again in 18 months, and Banks will still be spending millions of their worthless fiat, but the average Bitcoin user will be totally invulnerable to theft.

You can quote me on that.

Done.  See you in 18 months. 

[Ron~Popeil]

So

How long do u think before bitcoin is hacked??  If I were the bankers I would throw a trillion into mining and commit a 51 precept attack...

and then how long would it be before bitcoin 2.0 comes out with a different proof of work hash, using a copy of the blockchain right before the attack?

So I should invest in a POS coin or bitcoin 2.0? When the day a 51 percent attack happens all that wealth will funnel out and into other crypto..

Some money will be funneled out.  How much is anyone's guess.  You should invest in bitcoin.
If that huge attack ever happens, it is almost certain a bitcoin 2.0 will arise quickly, preserving
most of the wealth.  But the fact that wealth can be transferred to a new fork or to another coin
is a huge disincentive for the attack to ever happen in the first place.

The ability to fork the block chain makes a 51% attack a waste of time and resources. They could mess with the protocol for a whole ten minutes before it is discovered and forked.

[rhino34567]

Have this conversation again in 18 months, and Banks will still be spending millions of their worthless fiat, but the average Bitcoin user will be totally invulnerable to theft.

You can quote me on that.

Done.  See you in 18 months. 

Haha, let me double quote that for you. Looking forward to the next year and a half. 

[redhawk979]

There are a million stories on this forum, reddit, and elsewhere on why its a terrible idea for most people to "be their own bank".

[jonald_fyookball]

There are a million stories on this forum, reddit, and elsewhere on why its a terrible idea for most people to "be their own bank".

what do you think is the solution?

[keithers]

Mostly agree, but let me play devils advocate.

Banks spend millions on security.....
Average user PC is vulnerable.


Your turn :-)

I agree with you there.   I don't think there really is a way to be 100% secure, you just have to try your best on both BTC and fiat to be as safe as possible...  

[franky1]

Well suppose ive btc in my external haqd drive and i keep my fiat in the bank. now telling from my personal experience, ive never seen anything happening to the fiat i have but a month ago my little brother formatted the hard drive and i didnt have any backup for that wallet and so i lost all my coin. thats why i prefer fiat

1. get off this forum if your not into bitcoin (joke)
2. your story is not about bitcoin protocol hacking. your story is about user error. same thing can happen if your brother cut up your bank card, ID and birth certificate.. without other copies of your ID your bank wont give you cash

[redhawk979]

There are a million stories on this forum, reddit, and elsewhere on why its a terrible idea for most people to "be their own bank".

what do you think is the solution?

I don't have one, was just pointing that out. Most Bitcoiners trumpet that as an advantage, but for most people it may not be.

[jonald_fyookball]

There are a million stories on this forum, reddit, and elsewhere on why its a terrible idea for most people to "be their own bank".

what do you think is the solution?

I don't have one, was just pointing that out. Most Bitcoiners trumpet that as an advantage, but for most people it may not be.

you're right... i think multisig + hardware is the only way... because most people are morons, not crypto-nerds.

[franky1]

There are a million stories on this forum, reddit, and elsewhere on why its a terrible idea for most people to "be their own bank".

what do you think is the solution?

I don't have one, was just pointing that out. Most Bitcoiners trumpet that as an advantage, but for most people it may not be.

you're right... i think multisig + hardware is the only way... because most people are morons, not crypto-nerds.

same goes for the fiat side. there are alot of morons that leave their cash and debit cards in full view inside their car. easy to steal
alot of people get pick pocketed every day
card cloning.
diverted mail
work from home scams asking for upfront payments (multilevel (pyramid) schemes)

[Ron~Popeil]

Pretty simple. Be responsible for your own stuff. If you can't do that you will end up losing it eventually anyway.