Very Active Member
- Jan 20, 2011
Firstly, I get your point. Bitcoins are no more insecure on a technical level, than having a bank account hacked or debit card cloned and having funds removed.How would you redesign bitcoin to be more secure? In what way is it insecure?
Is Bitfloor getting hacked somehow worse than Craig getting ripped off by HSBC?
However, on a non-technical level, banks have business processes in place that offer cover the theft in those situations (provided they can't evade doing so by claiming it was your fault - accusing you of insecure practices, etc.) and rarely (in my experience with Barclays and Halfax banks where I've had all my money stolen in one case and my wallet being pickpocketed on holiday) do they fail to refund your money. To my knowledge HSBC rarely steal from customers (though I believe you if it's happened to you - we all know banks can be greedy, officious, bastards).
With bitcoins, if someone hacks your machine and copies your wallet, then brute forces it with a compute farm. Your cash is gone, forever.
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