Quote:
Originally Posted by kk405
All is irrelevant. The only relevant issue is recourse. In case of Bitcoin, there is no recourse if there is any theft. With banks, especially in the U.S., there is definite recourse.
You are ignoring what I am saying. Suppose you have the power to crack encryption. Do you attack Bitcoins and maybe get a hundred thousand out (at best)? Or do you attack banks and get millions or more?
Yes, if you are holding coins and they get stolen, you are screwed, and people are getting attacked this way. But Bitcoin has not been hacked. It is no different than if someone steals cash out of your wallet.
If you had a Bitcoin bank, you could get all of the protections you are seeking. Comparing Bitcoin to a bank account is the wrong compare. Compare Bitcoin to having cash in your house. If that gets stolen, you are screwed no matter what.
If you want extra protections with cash, you use a bank. If you want those protections with Bitcoins, you use a Bitcoin bank that has insurance. Obviously nothing like that exists now, but nothing is to say it couldn't in the future. I don't recommend the average person on the street buy a significant amount until there is, though.