The problem is people are stupid. If it is made up of 1's and 0's in a digital form it can be hacked. It doesn't matter what security you put behind it eventually it can get hacked.
That's the lesson here. For all you people who don't have a clue which is all of you don't invest in virtual anything. Not only does that include things like bitcoin but that also includes the cloud.
If it has any value hackers will hack into it and take it. Hackers could care less about your word documents. Hackers mostly want credit cards and anything else of value.
I saw this coming a mile away. I've warned everyone to stay away from bitcoin because it can be hacked. Sure enough I was right.
#7 | Posted by pragmatous at 2014-03-07 12:29 AM | Reply | Flag:
I tend to agree with you. But I'm consistently told by people who are smarter and more technically inclined than me that bitcoins themselves can't be counterfeited, duplicated or otherwise "hacked". And some of these people, like my father, don't own any so they have no personal stake in believing what they're telling me.
The exchanges that hold the bitcoins can be and are being hacked and the bitcoins stolen. That's the problem right now. For now is just as big of a problem as the bitcoins themselves being compromised somehow but its something they may be able to work around.
I remain skeptical about the long term viability. But I wish I would have bought a bunch when a friend told me to years ago and then sold them at any time they were over $500....