Posted on 05/14/2018 8:33:40 AM PDT by bananaman22
Just because it’s digital doesn’t mean it doesn’t need a vault, and Silicon Valley millionaires and billionaires now have a way to keep their cryptocurrency safe from the criminals: Underground bunkers packed with encrypted computer servers storing cryptographic keys for billions in bitcoin.
This is cold storage, with a major security twist. It’s a new kind of vault for a new age and one Argentine pioneer has finally convinced the wealthy that this is where their digital currency will be safe.
The brainchild of entrepreneur Wences Casares, a startup called Xapo has built crypto bunkers on five continents—including one in a decommissioned Swiss military bunker, and now he’s housing some $10 billion in bitcoin for the wealthy—though the price volatility of digital tokens makes it impossible to estimate real-time value.
(Excerpt) Read more at safehaven.com ...
Knew a guy in college whose ATM password was: BEER
Can be tied to a hardware key. No need for biometrics or a password.
A totally decentralized cryptocurrency bypasses government control...or any specific government’s survival.
Good question. IMO it's likely a combination of three factors. The first two are scarcity AND the belief that other people will always want it. The third needed criteria is that the thing of value must be timeless, in other words it can't spoil like tulips, it must be capable of lasting forever.
Bitcoin has two of the three for sure. The third being lasting demand has yet to be seen.
Everyone who owns value stored in the blockchain proves their ownership by signing with a private key. If you keep your private key on your person it can be stolen. A software wallet can be hacked and a hardware wallet can be robbed (the robber would have to force the password protecting the hardware from you at gunpoint)
The bitcoin crypto can’t last forever since ECC private keys will be brute forced in a few decades (50 years without any crypto breakthroughs). But the crypto phenomenon will continue regardless of what happens to ECC and bitcoin and the others using ECC.
There are financial backers such as startups that hold and use bitcoin and other CCs in their business plan. They have to make it work or their business plan fails. Of course you could argue that they are part of a pyramid. But they can infuse real money into the pyramid where they need to.
The biggest problem with CC's is that very few people use them for commerce as designed. Without a network of users they will wither away except for the blockchain apps.
I think the blockchain apps are the real breakthrough here, at least based on what I understand about it.
Want it to be safe? Convert it to Gold or Silver, fiat currency is never safe only accepted, and it has a history of becoming unaccepted.
No, USD is simply ephemeral bits.
Bitcoin is at least secured by a voluntary, distributed network.
I have three mining rigs with 22 cards mining Ethereum at a rate of 1.5 per month.
The first and foremost blockchain app is tracking CC values and transactions. Others are good, but they can’t really sustain without a profit motive for miners.
I was under the impression mining was coming to an end.
One source says last Bitcoin will be mined in 2140.
Still going strong at the moment, present price is $8800 which is about 10X one year ago.
An entertaining side; John Mcafee is going to eat his most favorite body part if Bitcoin does not break $1 Million by 2020.
https://diegorod.github.io/WillMcAfeeEatHisOwnDick/
Not looking for little John...
“Bitcoin is limited to 21 million and there can be no more.”
What number of bitcoin is needed to buy my wife a pound of chocolate fudge and me a case of beer? Just for simple reference, let’s say the above fudge and case of beer costs $24.34 in US currency. How much is needed in bitcoin?
24.34 / 8800 = .002765909 = about 2.77 mili-bitcoin (easier denomination to work with)
About .0029 bitcoin is $25. Bitcoin is currently aroun $8700
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