.Outcast_Searcher wrote:EnergyUnlimited wrote:Bitcoins are vanishing when passwords (private keys) are lost. Computer crash will not destroy your bitcoins. You can access them from *any* computer, as long as you have your private key at hand. Hence they are for example quite resistant to confiscation. Taking away your computer won't do if your private key is not recorded on it.
What about the widely cited stories about various Bitcoin sites that have been hacked, where many people have lost significant amounts / percentages of their bitcoins?
Bitcoins are not disappearing here but simply changing an owner. Very much like funds from compromised credit cards.
I want no part of a "currency" that isn't regulated well enough to protect against such problems. At least financial accounts have SIPC, FDIC, auditing, etc. (Since I don't cheat on my taxes and the reality of big government, the NSA, etc., I'm not buying any assurances that crypto will give us some magic elixar to avoid all taxes. If that becomes a credible threat, government WILL act to prevent it, via law, regulation, etc).
Physical theft is an issue, which is why I hardly ever use physical cash anymore except to feed parking meters (not having a smart phone) and the occasional pre-cash-card washing machine, and the odd lawn mover or snow shoveler who wants cash.
(Like KJ, I take some serious effort to try to protect my online accounts).
I do not know, what you are doing in your private life and I care little about that, but above you have done a great deal of an ass licking to your TPTB and this will be recorded by them and remembered as a good deed, even if done not out of heart but by desire to be politically correct. You just done your share of flag waving.
Setting aside these, most of money in bitcoin and other crypto is made by buying it cheap and selling expensive. There are millions of cretins on bitcoin exchanges, characters of FOMO-type, and you can perpetually feed them with expensive bitcoins (they tend to buy on the top) which you can buy again during corrections. So within last three months my son have made something in excess of $1 million starting with $20000. Profits are so hefty and wealth grows so fast that he is actually happy to pay these taxes, so government fuck off of him. In normal business he would do whatever needed to minimize these, just to stay above water.
Dont know, how long this eldorado will last, but as long as it does my son won't rest.
This is one shot in life opportunity.