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  #41  
Old 04-21-2015, 02:33 AM
kimjongfun kimjongfun is offline
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as a libertarian-minded person, I would be all for bitcoin, however at this time it seems too risky to own them. If a hacker can steal all of my bitcoin or all of them get lost with a hard drive crash, then that is not secure enough for me.

I will keep using dollars simply for the fact that a bank protects and insures my cash against theft and natural disaster.

Not that I have a lot of money right now, but still
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  #42  
Old 04-21-2015, 11:01 AM
Fracktuary Fracktuary is offline
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Originally Posted by kimjongfun View Post
as a libertarian-minded person, I would be all for bitcoin, however at this time it seems too risky to own them.
www.coinbase.com

You gotta trust somebody someday.

But yah, BTC has some serious work to do to win over the public's trust.
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  #43  
Old 04-21-2015, 11:05 AM
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Originally Posted by kimjongfun View Post
I will keep using dollars simply for the fact that a bank protects and insures my cash against theft and natural disaster.
As an actuary, I am starting to think that it is better to put my trust in immutable mathematics than a banking system that gave us the Great Recession. Banking laws are designed to prevent fraud, because the system depends on human beings, who are subject to greed. Those laws failed to protect us from bad actors who were looking to make money by selling people houses they couldn't afford.

I like the idea of digital currency, in that it only depends on the laws of mathematics, which are inviolable, not the laws of humans.
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  #44  
Old 04-21-2015, 11:07 AM
Fracktuary Fracktuary is offline
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Originally Posted by Freebird View Post
As an actuary, I am starting to think that it is better to put my trust in immutable mathematics than a banking system that gave us the Great Recession. Banking laws are designed to prevent fraud, because the system depends on human beings, who are subject to greed. Those laws failed to protect us from bad actors who were looking to make money by selling people houses they couldn't afford.

I like the idea of digital currency, in that it only depends on the laws of mathematics, which are inviolable, not the laws of humans.
https://getmonero.org/home
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  #45  
Old 04-24-2015, 03:15 AM
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The author is very well respected in the community. I haven't read the book yet but it should be good.
+1. Thanks!
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  #46  
Old 04-24-2015, 03:28 AM
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Originally Posted by nonlnear View Post
Clearly it can hurt.
What about the Flash Crash? Mark Cuban said something today, something to the effect that (I am paraphrasing):"If a guy in pajamas can bring down the world, we're all in trouble!"

What about the fact that digital currency is controlled by irrefutable mathematics, rather than a person in pajamas?

Would that be a response to Mark Cuban?

And couldn't we say that we already have such a system, and it's called Bitcoin (or Litecoin, or ..., or pick your favorite digital currency)?

Think about it!
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  #47  
Old 04-24-2015, 07:09 AM
nonlnear nonlnear is offline
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My post was in reference to one particular econ degree holding poster whose imagination seems to have been impaired by said education.
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  #48  
Old 04-24-2015, 10:10 AM
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Originally Posted by nonlnear View Post
My post was in reference to one particular econ degree holding poster whose imagination seems to have been impaired by said education.
who me?
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Recommended Readings for the EL Actuary || Recommended Readings for the EB Actuary

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Don't you even think about sending me your resume. I'll turn it into an origami boulder and return it to you.
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  #49  
Old 04-24-2015, 10:15 AM
nonlnear nonlnear is offline
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who me?
The poster in question wouldn't have to ask.
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  #50  
Old 04-24-2015, 10:18 AM
The Biz The Biz is offline
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Quote:
Originally Posted by Freebird View Post
What about the Flash Crash? Mark Cuban said something today, something to the effect that (I am paraphrasing):"If a guy in pajamas can bring down the world, we're all in trouble!"



What about the fact that digital currency is controlled by irrefutable mathematics, rather than a person in pajamas?



Would that be a response to Mark Cuban?



And couldn't we say that we already have such a system, and it's called Bitcoin (or Litecoin, or ..., or pick your favorite digital currency)?



Think about it!

Forgive me for my ignorance but hasn't Bitcoin experienced some the same/similar problems? I thought there were at least a few instances where millions (billions?) of bitcoins just disappeared. Doesn't sound any safer to me...plus you have the problem of trying to convince the masses to trust the digital currency, most of whom never heard of it let alone can understand it.
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