Cash provides essential fallback when digital payments break down, Payment Choice Alliance points out

Meanwhile, Bitcoin hasn’t had a single hack or a single hour of downtime since it started 15 years ago. Decentralization is the answer.

  • makeasnek@lemmy.mlOPEnglish
    4·
    4 months ago

    Bitcoin has been hacked so many times it isn’t even funny anymore, it’s just sad, including a $300 million hack just a few days ago.

    Bitcoin has never been hacked. Nobody has ever been able to print money the protocol doesn’t allow nor spend money without the appropriate private key. People have had their Bitcoin stolen, which is like getting your wallet stolen IRL, but we don’t say ‘The USD got hacked’ or ‘The USD is insecure’ just because that happened.

    And hour of downtime? Bitcoin has also had that numerous times, where you haven’t been able to process exchanges at all for hours and hours.

    That’s not downtime, that’s congestion. It never stopped processing transactions. If you paid a high fee, you would go through immediately. And that’s happened rarely and doesn’t effect lightning transactions which are the ones you use if speed is a priority.

    • tyler@programming.dev
      2·
      4 months ago

      You’re defining hack as a very small subset of what an actual hack is. Many, many exchanges have been hacked due to security flaws, or phishing attacks, etc. You’re clearly defining “hack” to mean a protocol 0-day or something like that, which is honestly ridiculous.

      Or you can just go ahead and generate valid wallets and hope that there’s money in them. https://github.com/DavidMGilbert/btc-hack

      That’s not downtime, that’s congestion. It never stopped processing transactions. If you paid a high fee, you would go through immediately. And that’s happened rarely and doesn’t effect lightning transactions which are the ones you use if speed is a priority.

      -_- you’re insane. good luck.