Stacy Summary: I suspect this is why I get such vitriolic hate mail filled with all sorts of threats when I post any item related to Bitcoin . . . “no governments, no central banks, and no rules.” I hope Bitcoin succeeds and, if not, I hope currencies inspired by Bitcoin come along and succeed where its predecessor failed. I will post all hate mail along with email addresses on this thread as they come in.
- Bitcoin is one of the first attempts to create a real-world currency with no governments, no central banks, and no rules
Bitcoin isn’t the currency of an online game or Facebook fad – it’s one of the first attempts to create a real-world currency with no governments, no central banks, and no rules. More than 6,500,000 Bitcoins are in circulation, in an online economy, which was worth over $180m shortly before June’s hack.
Because of this, it has attracted the likes of Anonymous, Wikileaks, etc.:
The attractions of Bitcoins to such communities are manifold. It’s an online-only experiment with no government or corporate involvement. It’s accepted as currency on hundreds of sites worldwide, including one claiming to sell illegal drugs and several selling pornography.
And, yes, it’s popularity has attracted, however, a huge influx of speculators and non-techies who apparently have no idea how to secure their digital cash, which led to the crash of bitcoin on one exchange; let’s see what happens when it re-opens:
Schneider also lacked sympathy for the victim of the 25,000 Bitcoin theft which first brought security jitters to the fledgling community. Bitcoin wallets at present are stored with no encryption whatsoever by default, and transfers of stolen material are irreversible unless half of all Bitcoin users agree to it.
As I am not a techie, I would not know how to encrypt a wallet either. So as Stefan Molyneux points out in the video below – until a new company emerges that will provide encrypted wallets, I won’t acquire Bitcoins while they remain unencrypted.
Anyone here have bitcoins traded on MtGox? We’re going to get Rick Falkvinge back on when we can in order to let us know his thoughts on the theft as I believe he transferred lots of savings into the currency.