[WriteLog] WriteLog 11.22 released AND a special sale...
k2qmf at juno.com
k2qmf at juno.com
Fri Sep 19 12:29:40 EDT 2014
I don't know about you but my bank
has FDIC insurance!!!
On Fri, 19 Sep 2014 15:30:45 +0000 "Wayne, W5XD" <w5xd at writelog.com>
> >Bitcoins sound a little bit sketchy to me...
> Yes, it does sound sketchy. Here are some facts to ponder:
> mt-gox is (was) a bitcoin exchange where "exchange" is an important
> word to understand.
> It was "like" a bank in the sense that bitcoin owners entrusted
> their private keys to
> a third party (mt-gox) who treated them in an insecure way (i.e. the
> private keys were
> stolen). This is analogous to taking a pile of cash to a bank, who
> put it in a safe, but
> the cash disappeared from the safe. The keeper of the safe declared
> bankruptcy because
> he didn't have the resources to pay back the depositors.
> Would we allow ourselves to say cash is "sketchy" and we should not
> use it? Every
> individual has to make a choice, but the underlying choice is one of
> trust: do
> you trust (a) the technology behind the "cash" or the "digital
> currency"? (b) the
> keepers of the keys to lock to the safe? (c) that the "cash" is
> itself not counterfeit?
> or (d) the cash won't be inflated to zero value by the time you want
> it back?
> My understanding of bitcoin, based on my own technical expertise, is
> that its technology
> meets basic standards of trustworthiness. But there is no absolute
> standard of
> trustworthiness. Each of us has to make a relative judgement of
> whether one choice is
> more trustworthy ("secure") than another. In this case, the choice
> is between bitcoin
> and the US dollar. Each offers a very different set of technical
> tradeoffs, and a very
> different set of human judgement tradeoffs (that is, you have to
> predict the future
> behavior of people in order to make a decision about who to trust.)
> Wayne, W5XD
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