Friday, June 17, 2016

Why gold over Bitcoin, bank accounts, or the Fed? Security.

A few months ago, Indonesian hackers broke into the most powerful bank in the world and made off with between $80 and $180 million dollars.  And according to numerous sources, this is not the first time the Federal Reserve has seen their operations broken into by cyber-thieves.

So while banking systems and individual accounts are never fully protected from theft or hacking (just ask the 100 million who have experienced identity theft in one form or another), the cypto-currency community has always promoted the idea that holding your wealth in currencies such as Bitcoin alleviates these potential threats.

Until today.

Bitcoin's largest crypto-currency competitor Ethereum was hacked recently and upwards of $60 million in digital money was stolen from accounts using this block-chain.

As Cryptcoinnews reports, Ethereum co-founder Vitalik Buterin has asked digital currency exchanges to “pause” ether and activity on the decentralized autonomous organization, or DAO, activity following a hack of the DAO smart contract address. As a reminder Ethereum is the blockchain platform that enabled the DAO’s creation. 
The DAO is currently being drained of ethers in a still-ongoing breach (as of this morning) to the unknown attacker’sETH address. The ongoing hack and possible theft, deemed as an “attack” on the DAO by Vitalik Buterin, has the co-founder of Ethereum issue a plea seeking digital currency exchanges to pause ether (ETH) and DAO transactions.
Thus we have the most powerful bank, and the second biggest crypto-currency, proven un-secure despite the fact that each are shielded with some of the best firewalls and anti-hacking measures in existence.

Which leaves us with the one form of money that is not subject to cyber-hacking or identity theft... that of physical gold and silver.

What's in your wallet?


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Makes sense...when I seen Bitcoin come in the Marketplace, I knew I didn't want any part of a man-made system--too much area for greed.

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