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  1. #1
    5 Star Lounger
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    The perils of Bitcoin; the promise of blockchain




    ON SECURITY

    The perils of Bitcoin; the promise of blockchain


    By Dennis O'Reilley

    Bitcoin has been in play since 2009, and there are still many nay-sayers heaping scorn on this much-hyped digital currency and distributed-ledger system. The private-payment system's underlying technology promised to be a game-changer. That hasn't happened yet, but it probably will eventually.

    The full text of this column is posted at windowssecrets.com/top-story/the-perils-of-bitcoin-the-promise-of-blockchain (paid content, opens in a new window/tab).

    Columnists typically cannot reply to comments here, but do incorporate the best tips into future columns.

  2. #2
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    I sure hope somebody at Windows Secrets will soon post an article explaining in the details how the whole thing with bitcoins works. It would have to be an article that is written for somebody like me who just does not get it how this thing works no matter how many online articles I have read about it...

  3. #3
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    +1. While the U.S. long ago went off the gold standard techinically, gold remains the backbone of world currencies. I don't see what's behind the bitcoin except some notion of good will, i.e., not much of anything. It's one thing for banks to investigate using blockchain technology to improve processing and security, quite another as a cryptocurrency (shades of 2008 again or for their rewards programs?).

  4. #4
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    [QUOTE=Kathleen Atkins;1048644][tbl="align=center bgcolor=white cellpadding=0 cellspacing=0 width=100% summary=Top Story"][tr] [td="valign=top align=left width=620"]


    ON SECURITY

    The perils of Bitcoin; the promise of blockchain


    "Bitcoin relies on an untrusted consensus" What on earth does that mean? Any currency that fell in value from 1000 to 400 would be a disaster; even the Euro does better than that (well, so far). Any valid currency needs to be backed by something solid: assets, ability to repay. Bitcoin has nothing.

  5. #5
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    Sounds like the emperors new clothes to me.

  6. #6
    5 Star Lounger ibe98765's Avatar
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    Bitcoin can never go mainstream when the value of the amount you hold can fluctuate on a minute by minute basis. That's the definition of an investment asset, NOT a currency!

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