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Author Topic: Bitcoin Theft vs. Fiat Theft Levels?  (Read 1432 times)
niktitan132
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March 19, 2015, 05:03:34 PM
 #21

Well we know that Fiat is stolen on a much higher level than Bitcoins.  Tongue
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March 19, 2015, 05:57:14 PM
 #22

obviously more fiat thefts because there's more fiat .. fiat is also less traceable than bitcoin, assuming it's in the form of cash

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March 20, 2015, 06:06:38 AM
 #23

well ... counting gox and depending on where you estimate their massive 1 billion fake-dollars ponzi fraud theft at ... plus the other literally hundreds of thefts / frauds at this point in bitcoin's short history ... all added up ... has been estimated at over 1 million directly stolen or otherwise fraudulently obtained bitcoins (out of the current supply of 14 million) ... that works out to a little over 7% of the entire monetary supply being stolen ... some of which has of course been re-sold at this point ... but to put this in real world terms ... if 7% of the fiat currency value of earth were stolen outright (which has an estimated global value of 75trillion , give or take a couple trillion) ... it'd be the equivalent of 5.5trillion dollars stolen from earth's entire monetary supply ... or put another way , roughly 1/2 of all the money in the U.S. (banks included) ... or put another way , roughly 1/3 of all the money in china (banks included) ... or put another way , every dime from the entire economy of all of france and the U.K. combined (banks included) ... or put another way , roughly $800 stolen out of the pocket of every man woman and child on earth (of course most people on earth don't even have that much to steal , so it'd probably be more like $100,000 out of the pocket of every man woman and child living in 1st world developed areas who have adequate money to steal $100,000 from) ... stupid fucking question ... the answer is blatantly obvious ... bitcoin theft levels are *extremely* much more than fiat theft levels ... do you drive a car you own / own and use a computer daily / have indoor plumbing ? did you have $100,000 stolen from you in the last 5 years ? NO ? not *every single person you know* in your family , every one of your coworkers , every neighbor you have in your neighborhood or building , and friends (if any) got $100,000 stolen from them in the last 5 years ? NO ? ... of course not ... and by the way ... most of the global monetary supply is held in the ledgers of banks anyway and backed by some % held in highly secure james bond villian style vaults, so realistically , if you wanted to steal fiat $ in an equivalency to the amount of theft that has taken place in the bitcoin world , you'd have to steal from every person on earth every single physical dollar euro yuan ruble and seashell currently in active circulation on earth AND rob 1,000,000 banks successfully of all of their on-hand currency ... santa couldn't do it with magic ...

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March 20, 2015, 12:26:12 PM
 #24

I don't we have to worry with this. Thiefts will always exists no matter what, so what we should look is for solutions, and good exchanges like Gemini are on the ways, and good storage solutions like Xapo as well.


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