It really does get at what I think is stupid about Bitcoin. Superficially, you'd think, "it's all computerized, so you can't really steal it or lose it." Actually, though, the whole thing is set up to closely mimic what a piece of currency is like. Each Bitcoin is some magic number that satisfies some mathematical formula but it super-costly to make. Lose the number and it's just like burning up a $100 bill.

What really brought this home for me was when someone "stole" a bunch of Bitcoins from the National Bank of Bangladesh. How the frick do you steal something from a computerized banking system? That's just a piss-poor design. You ought to be able to press a key and put the money back where it belongs.

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Posted by lsu777

Lake Charles

Member since Jan 2004

31436 posts

Posted on 1/12/21 at 12:40 pm to USMEagles

quote:
You ought to be able to press a key and put the money back where it belongs.

Well you can but the number of bitcoins are finite and the dates of release is already scheduled so who are you stealing it from to get it back?

It would be like someone robbing a bank full of gold and saying...just put the gold back. Doesnt work that away

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Posted by dcrews

Houston, TX

Member since Feb 2011

30223 posts

Posted on 1/12/21 at 3:06 pm to USMEagles

quote:
How the frick do you steal something from a computerized banking system?

If you can hack and take $ from a bank account electronically, I'd imagine you could do it with any form of currency.

The only issue with this is that Bitcoin is not anywhere near as widespread or available like the $, so it's not as easily replaced by the institution from which is was stolen.

Also, I would imagine using Bitcoin as a replacement for gold is a better use of it than actually spending it to purchase items.

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