Bitcoins

[DirtyDog]

What sort of idiot entrusts cold hard cash to strangers on the internet with no guarantees though? Anyone with any sense would be keeping their wallet more secure.

Send me £50 and I'll tell you

[DieScum]

I'm annoyed that I didn't dabble in these when I first though "oh, that sounds interesting".

It makes sense. An independent, anonymous store of value away from states and banks.

Don't really understand the investment though and seem to have missed the boat now.

[AtW]

What sort of idiot entrusts cold hard cash to strangers on the internet with no guarantees though? Anyone with any sense would be keeping their wallet more secure.

Main problem isn't getting 100% security but some redress AFTER it is breached - with bitcoin you can do fook all after it's stolen and that's why (one of the many reasons) it can't replace money.

Should I have bought them when they were < $10? Maybe...

[doodab]

Main problem isn't getting 100% security but some redress AFTER it is breached - with bitcoin you can do fook all after it's stolen and that's why (one of the many reasons) it can't replace money.

Exactly like cash then. **** all you can do if your physical wallet is stolen and someone takes the cash out of it.

[DieScum]

Exactly like cash then. **** all you can do if your physical wallet is stolen and someone takes the cash out of it.

I wonder if there is an opportunity for an insured online bitcoin wallet.

[AtW]

Exactly like cash then. **** all you can do if your physical wallet is stolen and someone takes the cash out of it.

Not at all - CCTV can catch guy who stole it and then he can be found and made pay for it - with bitcoins someone can hack into your system and take your money, you won't have ANY chance of getting it back.

Plus, how much you keep in cash anyway? There is no way to secure bitcoins 100% and 0 recourse after they are stolen.

[AtW]

I wonder if there is an opportunity for an insured online bitcoin wallet.

And your insurance premium will be small in your view?

[doodab]

Not at all - CCTV can catch guy who stole it and then he can be found and made pay for it - with bitcoins someone can hack into your system and take your money, you won't have ANY chance of getting it back.

You could keep your bitcoin wallet in your house on an encrypted USB drive, and you can both keep a back up of your bitcoin wallet and guarantee that a thief can't open it. You can make it as secure as you want, keep it in the safe if you like.

[AtW]

You could keep your bitcoin wallet in your house on an encrypted USB drive, and you can both keep a back up of your bitcoin wallet and guarantee that a thief can't open it. You can make it as secure as you want, keep it in the safe if you like.

The point is that once stolen you got ZERO recourse.

It's only good as transient credits that get turned quickly into real money.

[doodab]

The point is that once stolen you got ZERO recourse.

Really? You couldn't use the same CCTV to watch your USB drive as you use to watch your physical wallet?

What about if there is no CCTV? The backed up, encrypted, inaccessible bitcoin wallet is much more secure than physical cash then.