http://time.com/money/5053744/hackers-steal-bitcoin-nicehash/
Bitcoins worth 70 Million in USD were stolen - I guess the users won't get reimbursements from the wallet provider???
I have physical control over my wallet - but you don't have physical control over your online Bitcoin wallet.
So you have to compare it to your bank account/Credit Card - not to a physical wallet.
Most likely they are not regulated - and that means again that Bitcoins are not like money/ a financial system in itself etc . It is not a valid alternative to a regular bank account/being part of the old fashioned evil and rotten financial system (which ironically offers some protection).
Easy come easy lose.
I wonder how many of the users lost their complete savings with this monopoly money.
If 70 Euro is stolen from my Bank account or from my Credit Card I would get it back from the bank in most cases
I have physical control over my wallet - but you don't have physical control over your online Bitcoin wallet.
So you have to compare it to your bank account/Credit Card - not to a physical wallet.
See, if the BTC is added without effort, it can be removed without effort, thus losing the immutable properties, making the network insecure.The BTC could have been added without any of this effort
Err this reply doesn't make sense here, proof of work doesn't secure you from getting your bitcoins, which you deposited to a custodial service, hacked.See, if the BTC is added without effort, it can be removed without effort, thus losing the immutable properties, making the network insecure.
So all this crude brute force work that is done, is securing your transactions, because for someone to reverse them he would have to do the cumulative work that the network is doing and surpass it.
Proof of work is important for the network.
Again you are comparing something physical with something digital - my bank reimburses me as previously stated should the bank be hacked...See, if the BTC is added without effort, it can be removed without effort, thus losing the immutable properties, making the network insecure.
So all this crude brute force work that is done, is securing your transactions, because for someone to reverse them he would have to do the cumulative work that the network is doing and surpass it.
Proof of work is important for the network.
Again you are comparing something physical with something digital - my bank reimburses me as previously stated should the bank be hacked...
So having money in a bank account in the Western world with the rotten evil banking system is more secure than having a Bitcoin wallet with provider X.....
That reply of mine was moved from another thread and doesn't belong here.Again you are comparing something physical with something digital - my bank reimburses me as previously stated should the bank be hacked...
So having money in a bank account in the Western world with the rotten evil banking system is more secure than having a Bitcoin wallet with provider X.....
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