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Originally Posted by facialfreak
I am an Internet Service Provider, and in my line of work, we deal with hacks and exploits all day long ...
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Well, you are better prepared than most people are then.
Quote:
Originally Posted by facialfreak
The operative term is not "what if", but rather "when" ...
hacks, exploits, and roots are up a staggering 40% over this time last year ...
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Sure. I'm not saying that you should run Bitcoin, keep all of your money in a single wallet file and never back it up or patch your system. I was merely remarking on a situation of "what ifs" that could spiral out of control and get rather outrageous. It seems to happen when people are talking about foreign concepts.
Most businesses have operating capital (the money you use to service your debts), and other assets that are somewhat frozen. (The chair you are sitting on, the computers your business purchased, etc.)
The same can be done with Bitcoin. The wallet on your local machine could contain your operating Bitcoin capital. You can "freeze" 1/2 or 2/3rds of it onto a encrypted thumbdrive, or print it to paper and store it in a safe.
Optionally, you can just convert them into dollars again and hold the dollars if you are more comfortable with that. No one is forcing you to hold onto the Bitcoins. You can easily find someone who will eagerly buy them from you.
Quote:
Originally Posted by facialfreak
We no longer live in a cyber "what if" world ... cyber crime profits are snowballing, and attracting more and more people to the "business" every day, as they see how profitable it really is, with limited effort and even more limited risks ....
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I agree. I see fraud increasing too. I am involved in other online businesses. I'd argue that credit cards are far more insecure than Bitcoin is.
Quote:
Originally Posted by facialfreak
I am just playing Devil's Advocate to how secure this system really is ... before I go investing my time into integrating it into my business model, only to find out later that it sounded much better in theory than in practicality ...
thank you very much for your prompt answers!
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Sure. I understand.
No problem.