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re: Bitcoins were hacked yesterday?
Posted on 4/4/13 at 3:02 pm to GFunk
Posted on 4/4/13 at 3:02 pm to GFunk
quote:No, their value is influenced by confidence in the system, just like any other financial instrument. It just happens that at this point in time, there are relatively few websites that account for the majority of transactions, and the market itself is relatively tiny. Any disruption is expected to cause huge changes.
4.) Bitcoins value as a Cryptocurrency is entirely influenced by what are described as "simple" DDOS hacks on websites that deal in Bitcoins.
quote:No. Some sites (like Mt.Gox) are exchanges, and some store your wallet for you. The exchanges are necessary, but the wallet sites are most definitely not. Actually, storing your wallet on a website is probably the most risky thing you could possibly do. Neither, though, affect how "speedy" bitcoin is. Making purchases with bitcoins requires neither type of site.
5.) In order to be able to faciliate the "speedy" positive aspect of Bitcoin usage, one of these website establishments must be used.
quote:Paper, flash drive, cell phone, laptop, whatever. How, exactly, does this nullify the advantages of being decentralized, international, having low transaction costs, etc?
6.) If one of these websites isn't used, you must use long strings of printed paper or some sort've flash-drive dongle to keep your bitcoin info safe and secure. Which essentially nullifies the advantages of the currency on almost every level.
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