Comment: There is mistrust in bitcoin.

(See in situ)

There is mistrust in bitcoin.

There is mistrust in bitcoin. That mistrust is warranted. Only, people are mistrusting the wrong aspects of Bitcoin IMO. For starters, it's OPENSOURCE. Meaning, ANYONE can look into the sourcecode to see if there are any shenanigans. If someone wants to alter the sourcecode, the new version that emerges first needs the agreement of the community. So people cannot suddenly make themselves rich by having hidden code in the system.

And the code that Bitcoin uses is very secure. It would take resources that not even the strongest super computers has to break its security. All the newsitems about people hacking bitcoin is about the security of the STORAGE being hacked, NOT bitcoin itself. It's the same thing with regular money. People can rob the bank, but they don't know how to print it.

And like stated, Bitcoin has no central issuer. Because of this, it cannot be controlled by anone person. If the ECB wants to regulate Bitcoin, I wish them good luck, since I can't see any way that they could manage to do this.

If there's one fear to be had, it's this: quantum computing or somehow the government knocking out the internet (though one can defend against this). With quantum computing, current security can be cracked in an instant. That's the most reasonable fear IMO.