Why This Computer Scientist Says All Cryptocurrency Should “Die in a Fire”

One of the points that Weaver makes is that bitcoin transactions are not reversable. So in the case of fraud or even just making a mistake there is no recourse.
Not to mention the horror stories of exchanges closing, etc where your bitcoin is lost.

At least with a trusted third party when someone steals my credit card I'm protected.
 
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deaddog said:
One of the points that Weaver makes is that bitcoin transactions are not reversable. So in the case of fraud or even just making a mistake there is no recourse.
Not to mention the horror stories of exchanges closing, etc where your bitcoin is lost.

At least with a trusted third party when someone steals my credit card I'm protected.
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Lost in all the talk about fraud is how for centuries humans have committed fraud with paper money and then in the modern times, pre-cryptos, with electronic money.

Same old, same old.
 
Frederick Foresight said:
Unfortunately, I am not very tech-savvy.

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The only reason I brought up the crypto book request is because you've always seemed very well read on a variety of topics in the Health & Fitness forum and have often recommended books to others. So I assumed you had read some books on crypto but maybe the ones you picked were too technical and not written for a beginner to understand.
 
SunTrader said:
Lost in all the talk about fraud is how for centuries humans have committed fraud with paper money and then in the modern times, pre-cryptos, with electronic money.

Same old, same old.
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Not arguing that.There is always going to be fraud. Only that with bitcoin there is no recourse.

What do you do when a vendor takes your bitcoin and doesn't deliver your product?
 
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deaddog said:
Not arguing that.There is always going to be fraud. Only that with bitcoin there is no recourse.

What do you do when a vendor takes your bitcoin and doesn't deliver your product?
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The same can be said for cash and credit. Are all cc fraud victims made completely whole 100% of the time?

Were all Bernie Madoff's victims (and every other Ponzi victim since Ponzi "invented" the first pyramid scheme) made whole?

You're looking at cryptos as if they are something new with regard to fraud. When it is same chit, different day.
 
SunTrader said:
The same can be said for cash and credit. Are all cc fraud victims made completely whole 100% of the time?

Were all Bernie Madoff's victims (and every other Ponzi victim since Ponzi "invented" the first pyramid scheme) made whole?
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For the most part cc victims are looked after. Bernie is in jail and investors got a little bit back.

The point is there is some recourse, with bitcoin none.
 
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