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The Water Cooler
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<blockquote data-quote="OKC03Cobra" data-source="post: 2154824" data-attributes="member: 7518"><p>Unfortunately, there's a bit more to Bitcoin than no government control.</p><p></p><p>(1) There are no real assets behind the currency, just like Federal Reserve notes.</p><p><a href="http://globalguerrillas.typepad.com/...sic-value.html" target="_blank">http://globalguerrillas.typepad.com/...sic-value.html</a></p><p></p><p>"Bitcoins have properties resulting from the system's design that allows them to be subjectively valued by individuals."</p><p><a href="https://en.bitcoin.it/wiki/Myths" target="_blank">https://en.bitcoin.it/wiki/Myths</a></p><p></p><p>(2) Bitcoins can be stolen from a digital account. There is no insurance I'm aware of for losses.</p><p><a href="https://bitcointalk.org/?topic=3977.0" target="_blank">https://bitcointalk.org/?topic=3977.0</a></p><p><a href="https://bitcointalk.org/index.php?topic=16457.0" target="_blank">https://bitcointalk.org/index.php?topic=16457.0</a></p><p></p><p>(3) Bitcoin service exchanges have been hacked, resulting in losses.</p><p><a href="http://www.nbcnews.com/technology/te...t-heist-980871" target="_blank">http://www.nbcnews.com/technology/te...t-heist-980871</a></p><p><a href="http://rt.com/usa/internet-stolen-bitcoin-currency-226/" target="_blank">http://rt.com/usa/internet-stolen-bitcoin-currency-226/</a></p><p></p><p>Bitcoin does have value as a medium for digital transactions. But, if the internet is down, so is Bitcoin. The digital units' safekeeping and storage is left up to the individual. And, if the electronic storage medium (hard drive, USB thumb drive, etc.) is broken, the digital units stored there are lost, unless there is a backup</p></blockquote><p></p>
[QUOTE="OKC03Cobra, post: 2154824, member: 7518"] Unfortunately, there's a bit more to Bitcoin than no government control. (1) There are no real assets behind the currency, just like Federal Reserve notes. [url]http://globalguerrillas.typepad.com/...sic-value.html[/url] "Bitcoins have properties resulting from the system's design that allows them to be subjectively valued by individuals." [url]https://en.bitcoin.it/wiki/Myths[/url] (2) Bitcoins can be stolen from a digital account. There is no insurance I'm aware of for losses. [url]https://bitcointalk.org/?topic=3977.0[/url] [url]https://bitcointalk.org/index.php?topic=16457.0[/url] (3) Bitcoin service exchanges have been hacked, resulting in losses. [url]http://www.nbcnews.com/technology/te...t-heist-980871[/url] [url]http://rt.com/usa/internet-stolen-bitcoin-currency-226/[/url] Bitcoin does have value as a medium for digital transactions. But, if the internet is down, so is Bitcoin. The digital units' safekeeping and storage is left up to the individual. And, if the electronic storage medium (hard drive, USB thumb drive, etc.) is broken, the digital units stored there are lost, unless there is a backup [/QUOTE]
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