Bitcoin Heist Shows Upside of Regulation?

Posted September 5th, 2012 by digitalgloom

Bitcoin heist shows we may all not be ready for a Wild West mentality with currency.

Power to regulate...

iambinarymind 2 years 50 weeks 6 days 13 hours ago

The power to regulate is the power to grant favors.

The "Bitcoin Heist" does not show an upside of regulation. Rather, it provides a valuable lesson to keep your bitcoin wallet locally. Or, it shows a market need for Bitcoin insurance.

But surely, it does not show an upside of bringing State force/coercion into the equation.

Consensual relationships. Inherent property rights via self-ownership. These are the core ideas that must be held up high so that a market of voluntary exchange can flourish.

Lesson to take away from this..

kelvin 2 years 50 weeks 6 days 16 hours ago

It is my understanding that in every BTC "heists" which have happened, the victims were people who stored their coins with outside services. Store your wallet yourself, and keep backup copies on thumb drives. If your wallet isn't already encrypted, encrypt it. If you have an old PC gathering dust, resurrect it and use it for bitcoins related stuff and security software only. Keep it turned off otherwise. I am also wary of smartphone apps. I would only keep a minimal number of coins on my phone account.
The above is only my opinion, based on my limited knowledge of bitcoin. Users, do your own research. FTL- please have one of the experts on to give us the lowdown on personal BTC security. I suspect FTL listeners are big BTC users, if Porcfest is any indication.

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