Is the currency of the future.
In “rare circumstances”, the Android Bitcoin wallet Blockchain could prove a catastrophic failure for users, so its authors have rushed out an update. According to the app's advisory, the bug affected a mere “handful” of users, with one report noting that the bug ended up with one lucky Bitcoin account holder being sent 34 …
More and more people every day. With Greece about to get Cyprussed, cash being made illegal in France and increasingly in the US, bitcoin is looking like a better choice. Even NASDAQ has said that they are looking into using bitcoin for recording securities transactions on bitcoin's instant, open, peer-to-peer trustless ledger (the blockchain).
1) Early adopters who haven't cashed out yet
2) Libertarians/Anarcho-Capitalists (these guys are hilarious, especially the ones hanging out for the imminent collapse of the USD, and who seem to believe that there's still going to be an internet to allow bitcoin to work when this happens)
3) Bagholders who failed to get rich quick (but did help the early adopters get rich)
4) Drug users
For everything else, there's Mastercard or whatever.
Indeed, the idea that bitcoin or gold offers any protection against issues serious enough to take down the USD is ludicrous. Every other major currency would fall along with it, and down would go the internet, electricity and world social order in quick succession. And that's only if we're lucky enough that nukes aren't launched as a last act of the US government before it falls.
The winners in all this might be the sustenance farmers in the poorest countries, the people on the bottom of the economic ladder today. They would hardly notice the difference and already know how to survive in the new world order, while the those of us at the top would starve in vast numbers once our cupboards and our grocery stores are empty. The only currency will be ammo and cans of food. Life in developed countries would be as portrayed on the Walking Dead except without the zombies (we hope)
Fortunately a quick collapse of the dollar anytime in the near/medium term is essentially impossible. If it does collapse it would be decades from now when enough had changed it had already become of less international importance than the Swiss Franc or South African Rand is today.
I think the bitcoin people are hoping for some sort of soft landing that is totally infeasible. The US government won't go down without a fight.
It wasn't that "one lucky account holder" got sent 34 stray Bitcoins. It was that everyone who used the defective version of the app shared the same account, and as you can see it's been fairly active. So 34 BTC is the total amount that has passed through it. It's unlikely that one person was responsible for transferring all of it out.
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