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      12-24-2013, 12:38 AM   #61

Drives: foot mobile.
Join Date: Nov 2007
Location: san jose

iTrader: (0)

Besides some really good points that have been posted before by other people why bitcoin is not a good currency, I would like to point out two other points.

The first is that, it is not backed by any form of government or authority with the power to track down and bring justice to people who has committed fraud using loopholes on the currency. Just last month there was a guy that swindled 100 million dollars worth of bitcoin and it is up to the people he stole it from to track him down and bring street justice to him (no government is going to bother with it).

The second is that it is based on an encryption method seemed infallible right now...but how can you trust an entire economy on an encryption method? what happened when someone finally find a way to crack it? I know...very unlikely...but there is a chance...I wouldn't bet on that chance especially the way technology is developing...