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Fortunately nothing can go wrong with this plan!
Posted: Mon Mar 20, 2017 10:59 am
by Libertarian666
Re: Fortunately nothing can go wrong with this plan!
Posted: Mon May 22, 2017 2:34 pm
by bitcoininthevp
Holding the underlying assets yourself is always preferred.
Re: Fortunately nothing can go wrong with this plan!
Posted: Mon May 22, 2017 4:17 pm
by grapesofwrath
I love it !
Call me naive and old fashioned but I have more blind faith that some faceless person on the end of the phone at perth mint is going to write my purchase in their little ledger and hopefully give me my gold back sometime in the future, than I have in the "absolute security of an immutable blockchain". (Didn't some hacker empty a bitcoin bank some time ago ?). Anyway how does one know there is actual gold at the end of a "blockchain"..
Any takers ?
Re: Fortunately nothing can go wrong with this plan!
Posted: Tue May 23, 2017 3:49 pm
by bitcoininthevp
Anyway how does one know there is actual gold at the end of a "blockchain"..
Any takers ?
You dont. Ever. Banks have taught us this a million times. This is just another bank holding your real money (maybe).
Didn't some hacker empty a bitcoin bank some time ago ?
The analogy here is that if someone steals gold from a bank, that isnt a weakness of gold. Likewise with a bitcoin or cryptocurrency exchange.
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I think holding bitcoin (yourself! not in a bank) is still valuable because you are holding the underlying asset. Bitcoin
is the underlying asset.