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‘Without third party bitcoin is safer than Fed notes’

‘Without third party bitcoin is safer than Fed notes’

The recent theft of US$1 million in bitcoins will only make open source P2P money exchange stronger, emphasizing that crypto-currency’s main advantage is its independence from any third parties, entrepreneur William Mook told RT.

Bitcoin has the potential to replace world‘s weaker currencies, Mook believes, saying its strength lies in self-regulation that does not require a third-party watchdog. 

RT: This is one of the largest such thefts in bitcoin’s history… It begs the question how safe is the cyber-currency? 

William Mook: It is safer than the Federal Reserve notes. The FBI says that this year there was $38 million lost in bank robberies. Twenty percent of that money was recovered. In this case you had an 18-year-old person who hosted a service for online clients and did not follow appropriate procedure and so is a weak link in the chain. So as bitcoin grows in value, it will attract more and more attacks like these but bitcoin will get stronger and stronger each time. We learn how to get more secure. Bitcoin is an emergent system. It does not require regulation, although foolish people can do foolish things and get hacked on occasion. But each occasion it gets hacked makes the bitcoin stronger because cloud sourcing and software improves online currency. 

 

AFP Photo / George Frey

AFP Photo / George Frey

  

 

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This entry was posted on November 8, 2013 by and tagged .

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bitcoinvancouver2013@gmail.com

bitcoinvancouver2013@gmail.com

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