Elon Musk? Why?
Did this guy not date and was obsessed with Amber Heard? Now bitcoin? What happened to Gamestop? I mean what is special about a currency that can vanish like the wind? I mean I want to jump in but help me out here. Pedes? Anyone?
Comments (26)
sorted by:
Other block chains have been infiltrated before, not that I am saying that Bitcoin will or won't but it is cause for pause. Also, I am not sure what would happen if my computer took a shit that was my 'wallet' attached. Also, if crypto becomes the main form of currency, which many governments and companies are leaning towards it worries ne that my main currency can disappear during a power outage.
I think it is neat, but I would never use it as a primary bartering trading tool.
Lately, I like the idea of seeds and rare merals (but the silver market is whacky at best right now). Physical worth and application I would take, even over paper bills which are only good as kindling if there is a massive collapse.
This is why bitcoin is valued much higher than newer cryptocurrencies with more features. It has proven itself secure and the lack of features reduces the potential attack surface and the massive mining investment also greatly contributes to the security model. Smaller block chains are more susceptible to what is called a 51% attack which can roll back transactions.
Your wallet can be reduced to a secret key represented by a 12 or 24 word phrase stored on paper. You should definitely back this up to prevent losses from computer crashes. Hardware wallets are another option which can help prevent loss from hacks as they effectively keep your wallet offline and inaccessible to others even if your computer is hacked.
Good/silver are better apocalypse currencies.
Cryptocurrency is most useful as a hedge against bad central bank policy or as a means of circumventing financial censorship and surveillance (though Monero is what you want for privacy not bitcoin)