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This page (revision-4) was last changed on 29-May-2014 15:58 by scott  

This page was created on 29-May-2014 09:28 by scott

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"The idea of virtual currency has been one that has long excited. Cybercurrency was a focus of famous science fiction writer Neal Stephenson's 1995 postcyberpunk novel The Diamond Age: Or, A Young Lady's Illustrated Primer, in which digital cryptocurrency was mentioned as a driving force that eliminated the nation state by destroying their ability to collect taxes from citizens. Mr. Stephenson attacked the topic again in his 1999 book Cryptonomicon, in which protagonist search for gold to use as a basis of a digital cryptocurrency."
[http://www.dailytech.com/Inside+the+MegaHack+of+Bitcoin+the+Full+Story/article21942.htm]
!!Concerns
!Exchanges
Any organization that acts as a holder of your bitcoins, for long term storage, or temporarily for an exchange to government fiat money, or as an exchange for product or service, has the ability to steal your bitcoins.
[http://www.wired.co.uk/news/archive/2013-06/11/bitcoin-prism]
Also any exchange or middleman can "front run" the order flow. For example [coinbase.com] has been accused of canceling orders, with the "high risk" excuse, when the USD/BTC price is low, and then offering another transaction after the price has moved up.
!Theft
The block chain does not protect against theft, as it's easy to fragment bitcoins and mix them with into new transactions.
The digital wallet must be backed up and encrypted. Some people are printing their bitcoins out on paper and storing the paper in safe deposit boxes.
If you store your bitcoins on a special site, online wallet, etc. Government will be able to steal them whenever they feel like it. All they need to do is collude with the service provider.
Version Date Modified Size Author Changes ... Change note
4 29-May-2014 15:58 3.607 kB scott to previous
3 29-May-2014 15:03 2.906 kB scott to previous | to last
2 29-May-2014 13:23 1.919 kB scott to previous | to last
1 29-May-2014 09:28 1.676 kB scott to last
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