> Those are political problems, not problems with the banking system. If the government decides to fuck with you, then you're fucked no matter what the banking system looks like.
I disagree. Has any government shut down a Bitcoin address for "structuring", or publishing pornography?
Sorry I guess I wasn't specific enough. I was referring to the cryptography that makes bitcoins untouchable to anyone except the person with the private key... not some guy's crappy opsec.
But let's put this in perspective. MtGox lost BTC600k. As a fraction of the primary money supply, that loss was comparable to a USD loss of about $35 billion (M0=$1.2 trillion). So even before most of the Bangladesh money was recovered it was only 1/30th the size of the MtGox loss. And MtGox wasn't even a theft, it was simple mismanagement. Imagine the attacks people would start to mount if they could net the equivalent of $35 billion (or more) risk-free.
I think you're conflating Bitcoin (the system) with Bitcoin opsec skills.
Yes, I agree: Bitcoin is probably easier to steal from people who don't know what they're doing. (And yes there is probably is smaller chance of the thief being caught).
But as of now, properly secured Bitcoin can't be stolen by any criminal, government, or bank. Even if they have physical access to the owner's shit!
The same cannot be said for any modern national/fiat electronic monetary system.
Well if the Bangladesh Bank was also following proper security protocol the money couldn't have been stolen as well.
The 'tech' is, more or less, the easy part. The hard part is all the people involved, and getting them to follow the rules. Sure, you make the tech more resilient to human 'error', but things like MtGox (or Bangladesh Bank) still happened.
Citation needed.
> Those are political problems, not problems with the banking system. If the government decides to fuck with you, then you're fucked no matter what the banking system looks like.
I disagree. Has any government shut down a Bitcoin address for "structuring", or publishing pornography?
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