One of the most salient features of our Tech Hiring culture is that there is so much bullshit. Everyone knows this. Each of us contributes his share. But we tend to take the situation for granted.
Two weeks ago, my wallet was stolen in Paris, and the thieves took 5.500 euros from my bank account.
When something like this happens - and it happens all the time - with bitcoin, that's the end of the story. Too bad for you, you lost your money, you are on your own.
But there I had a centralized institutiion called "the police" where I said my money was stolen. And just like that, a centralized institution called "my bank" gave me money back. Because a centralized institution called "the government" forces it legally to do so.
How is the bitcoin system better for common people?
If the killer feature is that you can't be catched by the police, no wonder what happens with bitcoin in practice.
From what I understand, Bitcoin is almost impossible to steal. It would be much more expensive to attempt to find private keys than it would to just mine it.
However, yes bad security practices can lead to private keys getting stolen. This is definitely a big issue which needs to be addressed. Thanks a lot for sharing!
Looking from another perspective, there are use cases where transactions being kept secret can prove to be useful. (Ex: if the government is corrupt or if the government imposes huge fees on money sent from another country(especially if the transfer is done from a developed country to a developing county)). For common people, there's an issue of currency being devalued and high inflation could make hard earned savings worthless.
One of the most salient features of our Tech Hiring culture is that there is so much bullshit. Everyone knows this. Each of us contributes his share. But we tend to take the situation for granted.
In practice if you are in a country with super high inflation and a super corrupt government, people don't use bitcoin, they simply use fiat money from another country, ex the dolllar.
But inflation is a strange thing to worry about. In the last 15 years now, there are not been too much inflation, there have been not enough of it.
On the other hand what you really need from a currency is stability. Bitcoin lost 20% of its value in one day because Musk and Tesla said it was not so great. It never happens with the dollar or the euro that mean words from a billionaire makes it loose 20% of its value and that's a good thing.
That's true. Bitcoin is in a pretty volatile stage - the fluctuations are super scary and not at all suited for public use now.
But the technology behind bitcoin is pure genius and the ideals it could advocate for - economic freedom in a "perfect world" is super great too. But yeah, real world is a different story. I hope that it develops in the right direction and we come up with solutions to stop it's misuse.
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Two weeks ago, my wallet was stolen in Paris, and the thieves took 5.500 euros from my bank account.
When something like this happens - and it happens all the time - with bitcoin, that's the end of the story. Too bad for you, you lost your money, you are on your own.
But there I had a centralized institutiion called "the police" where I said my money was stolen. And just like that, a centralized institution called "my bank" gave me money back. Because a centralized institution called "the government" forces it legally to do so.
How is the bitcoin system better for common people?
If the killer feature is that you can't be catched by the police, no wonder what happens with bitcoin in practice.
From what I understand, Bitcoin is almost impossible to steal. It would be much more expensive to attempt to find private keys than it would to just mine it.
However, yes bad security practices can lead to private keys getting stolen. This is definitely a big issue which needs to be addressed. Thanks a lot for sharing!
Looking from another perspective, there are use cases where transactions being kept secret can prove to be useful. (Ex: if the government is corrupt or if the government imposes huge fees on money sent from another country(especially if the transfer is done from a developed country to a developing county)). For common people, there's an issue of currency being devalued and high inflation could make hard earned savings worthless.
In practice if you are in a country with super high inflation and a super corrupt government, people don't use bitcoin, they simply use fiat money from another country, ex the dolllar.
But inflation is a strange thing to worry about. In the last 15 years now, there are not been too much inflation, there have been not enough of it.
On the other hand what you really need from a currency is stability. Bitcoin lost 20% of its value in one day because Musk and Tesla said it was not so great. It never happens with the dollar or the euro that mean words from a billionaire makes it loose 20% of its value and that's a good thing.
That's true. Bitcoin is in a pretty volatile stage - the fluctuations are super scary and not at all suited for public use now.
But the technology behind bitcoin is pure genius and the ideals it could advocate for - economic freedom in a "perfect world" is super great too. But yeah, real world is a different story. I hope that it develops in the right direction and we come up with solutions to stop it's misuse.